Premium Crypto TL;DRs

BINANCE REVIEW

Honest, Direct, & Hyper-Distilled

Table of Contents

"Binance takes some getting used to, but it's well worth it. It's like a mini crypto universe with anything you could need"
Tommy Rivers
Long-time crypto trader

Get Started with Binance

OVERVIEW

50 +
CRYPTO PAIRS
1
COUNTRIES SERVED
1
LANGUAGES AVAILABLE
1
INNOVATIVE PRODUCTS
01

THE BIG PICTURE

One of the largest global exchanges featuring a massive altcoin list, Binance has transitioned into a full-fledged crypto ecosystem. The platform caters to the needs of both retail traders and institutional investors. If you’re just starting your crypto journey, it is better to stick with the Basic and not the Advanced trading feature. Also, if you’re from the US, you’re limited to Binance US, which doesn’t offer as many features as the global exchange. Read all about this incredible exchange in our bare-bones Binance Review.

BIGGEST EXCHANGE
02

FEES

Both the Binance and Binance US platforms are known to offer the lowest fees. Like most platforms, Binance also follows a flat fee and maker-taker structure, where both maker and taker fees are the same.

At first glance, Binance’s fee structure may seem confusing, but high-volume traders can vastly benefit from it. Besides, you can get additional discounts on the fees based on your VIP Level

At the current rate, Binance only charges between 0.02% and 0.1% for each trade and purchase. Binance also runs a maker-taker fee model with volume discounts, which shrinks your trading fees to as low as 0.012%. If you use BNB to pay the fee, you can get 25% off your spot trading fee and receive a 10% discount on the USD-M futures trading fee. Deposits are always free. 

Binance US charges a 0.50% fee for buy and sell transactions. However, US customers can take advantage of its competitive 0.1% standard fee via spot trade. Deposits and withdrawals are free unless you’re withdrawing via Wire Transfer. In that case, you’ll be charged $15 for domestic transfers and $35 for international transfers. Likewise, if you use your debit card to deposit funds, you’ll end up paying a 4.5% deposit fee.

LOW FEES
03

PRODUCTS

Binance’s global exchanges feature a long list of products, including:

  • 500+ tokens
  • P2P trading
  • Margin trading
  • Derivatives and Futures trading
  • Binance Earn
  • Binance Pool
  • Binance Visa Card
  • Crypto loans
  • Liquid Swap
  • Binance Pay
  • Binance NFT

 

Binance US currently offers 50+ cryptocurrencies, many trading pairs, advanced trading options, OTC trading, and staking.

A UNIVERSE OF CRYPTO PRODUCTS
04

AVAILABILITY

Binance is available in more than 180 countries, while Binance US operates across all American states, except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

WORLDWIDE SERVICE
05

PROS

  • Extremely low fees compared to all other platforms
  • Additional discounts up to 25% on trading fees
  • The most extensive list of cryptocurrencies, 500+ and counting
  • Accepts multiple fiat deposit methods
  • Diverse range of crypto trading and DeFi products
  • Rewards and prizes for active users
  • Enterprise-grade security
    Additional benefits for high-volume traders
GREAT PERKS
06

CONS

  • Average customer support
  • Overwhelming interface, especially for beginners
  • Binance US offers lesser features and products and isn’t available in seven states
NOT MANY DOWNSIDES
07

PAYMENT METHODS

Binance accepts fiat and crypto deposits from external wallets. The platform doesn’t charge any fee for crypto deposits, but you’ll need to pay the standard network fee. For crypto withdrawals, the fee varies based on the token and is charged at a flat rate.

Deposit Fees

  • Crypto: Free
  • Visa/Mastercard: 1.80% to 3.50%
  • Mobile Money: 0.50% to 3.00%
  • GEO Pay: 0.50% to 3.00%
  • Advcash: 0.50% to 3.00%

 

Withdrawal Fees

  • Crypto: Flat fee based on token type
  • Visa/Mastercard: 1.00%
  • Mobile Money: 1.00% to 2.50%
  • GEO Pay: 1.00% to 2.50%
  • Advcash: 1.00% to 2.50%

For fiat deposits and withdrawals, the fee varies by the currency – it’s a long list you can check out for yourself here.

Many Ways to Deposit
08

PRIVACY & SECURITY

Binance’s official wallet is Trust Wallet (we know, cheesy AF), but you’re free to choose whichever wallet you want. Other than the 2019 incident, there haven’t been any other reports of a security breach, which is good news. The platform offers cold and hot wallets, 2FA, and fund insurance to safeguard users’ crypto assets. Other advanced security features include address whitelisting, device management, and the option to restrict certain devices. Additionally, all fiat deposits in Binance US are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts.

SAFETY & INSURANCE
09

WHO'S BINANCE GOOD FOR?

  • People who want to start trading in as little as 6-12 minutes
  • Experienced traders seeking advanced trading options
  • High-volume traders
  • Institutional investors (due to the Binance Launchpad feature)
SUITABLE FOR ANYONE IN THE CRYPTO SPACE

Get Started with Binance

THE FINE DETAILS

General Information

Founded in: 2017

Official Website: https://www.binance.com/en
https://www.binance.us
Support: https://www.binance.com/en/chat
Help Center: https://www.binance.com/en/support
Start Now

Registration

Registering a new account on Binance is simple. All you need to do is visit the homepage and click on Register, then select your country. If you’re from the US, you’ll be redirected to the Binance US platform. But if you’re from any other country, the registration process may vary depending on your location. One of the best things about Binance is that it allows you to register a new account using email or phone numbers.

Once your account is registered, you’ll need to go through two different verification processes that don’t take much time if you upload the correct documents. That’s it, add funds to your fiat wallet and start trading. But remember, Binance’s information security practices can get on your nerves given that it requires you to enter OTP or Authenticator Code every time you log in.
Register

Support

There’s nothing much to look out for besides a detailed e-learning portal called Binance Academy, a detailed FAQ section, and guides to troubleshooting basic issues. In the name of customer support, all you get is the option to raise a support ticket via email.
Check it out

Regulation

The management team has announced that they plan to establish multiple headquarters worldwide and apply for licenses in every jurisdiction. As for Binance US, the entity is registered with the United States Financial Crimes Enforcement Network and designed to comply with all applicable US laws.

Binance offers cold storage (for international users) and hot wallets (for US customers), 2FA, and SAFU (Safe Asset Fund for Users).

Make sure to read the news before registering because Binance has encountered trouble with some financial regulators like the UK FCA and the crypto space can sometimes be unpredictable regulation-wise.

Features

Binance is a dream for every crypto lover. It has almost everything (we mean Binance global, not Binance US). The global platform currently offers a crypto exchange with 500+ cryptocurrencies, a decentralized exchange (DEX), P2P trading, margin trading, derivatives and futures trading, DeFi services like Binance Earn, Binance Pool, Binance Visa card, crypto loans, Binance Pay, and Liquid Swap. Recently, Binance has also launched its NFT platform.

Binance US uses the same technology as Binance, but it currently offers limited features. Sadly, US customers can only use the basic, advanced, and OTC trading features and the Binance Earn feature. Then again, several features aren’t available for international customers, like a secure, standalone hot wallet, the ability to withdraw funds to PayPal, a newsfeed, the flat 0.1% spot trading fee, or the opportunity to earn crypto by watching videos.
Read More

Ease of Use

Binance isn’t a platform that you can master overnight. It has an abundance of products and features that covers almost everything within the crypto ecosystem. It features Classic and Advanced trading modes and allows customization based on your personal preferences. However, finding your way around the web app will take time. The mobile version, though, is pretty easy to master.

We recommend staying away from the Advanced Trading mode for a while if you’re just getting started. It offers a lot of mind-blowing charting tools, live tracking, limit order, stop loss, margin trading, P2P, OTC, and several other features. The fee structure, especially the VIP table and breakdown, is confusing as well. And if you’re a US customer, we are sorry, but your options are rather limited compared to what Binance Global has in store.

FREQUENTLY ASKED QUESTIONS

Common questions we get asked about Binance

Binance was originally registered in China, but it moved its headquarters to the Cayman Islands and Mahé, Seychelles due to legal problems.

Changpeng Zhao and Yi He are the Founder and Co-Founder of Binance. Binance is also owned in part by a group of investors that includes Limitless Crypto Investments, Sequoia Capital, Funcity Capital, Black Hole Capital, Plutus21, Chris McCann, Vertex Ventures China, Vertex Ventures, Vertex Ventures Southeast Asia & India, Karnika Yashwant, Edith Yeung, Phil Chen, AU21 Capital, Dragon Gateway, and several others.

If you have uploaded the correct documents, Binance usually takes 6-12 minutes to verify your account. However, the maximum verification period may be as long as ten days (but that’s very rare) in some cases.

Go to your Coinbase dashboard and select “Receive.” Then select the token and network type and copy the wallet address. Next, open your Binance account, go to send, choose the same token type and then paste the copied address from Coinbase. Hit “Transfer,” and it’s done.

You can buy BNB on the Binance platform using your credit or debit card, bank transfer, or P2P transfer. You can even swap other tokens like USDT/USDC for BNB. Alternatively, you can also search for BNB in your preferred exchange and follow the required steps.

Binance offers mobile, web, and desktop apps. You can simultaneously log in across multiple devices and access all the features.

You can withdraw both fiat and crypto from Binance, depending on your location. For withdrawals, go to your wallet and click on “Withdraw.” Select the token and the network type, enter the recipient’s wallet address, enter the security code, and transfer your crypto. For a fiat withdrawal, follow the same process. Just enter the banking details when Binance asks for them, and your funds will be transferred accordingly.

Click on “Security” and follow the instructions provided on the screen. Note that once you disable your account, you’ll need to contact Binance support to reopen it.

BLC READERS SHARE

MORE REVIEWS

YOU MIGHT ALSO BE INTERESTED IN THESE REVIEWS

Gemini Exchange

A regulated cryptocurrency exchange, wallet, and custodian that securely faciliates buying, selling and storing cryptocurrencies.

Coinbase Exchange

A remote-first, highly liquid and fully regulated crypto spot exchange that offers a variety of services.
  • bitcoinBitcoin (BTC) $ 29,536.00 1.37%
  • ethereumEthereum (ETH) $ 2,012.30 1.61%
  • tetherTether (USDT) $ 1.00 0.13%
  • usd-coinUSD Coin (USDC) $ 1.00 0.18%
  • binance-coinBNB (BNB) $ 292.72 0.55%
  • xrpXRP (XRP) $ 0.416487 2.18%
  • cardanoCardano (ADA) $ 0.559660 3.62%
  • solanaSolana (SOL) $ 53.88 3.71%
  • binance-usdBinance USD (BUSD) $ 1.00 0.03%
  • polkadotPolkadot (DOT) $ 10.79 3.39%
  • dogecoinDogecoin (DOGE) $ 0.087611 2.24%
  • avalanche-2Avalanche (AVAX) $ 32.93 2.33%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 29,478.00 1.44%
  • staked-etherLido Staked Ether (STETH) $ 1,976.86 1.13%
  • tronTRON (TRX) $ 0.068982 1.21%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 2.2%
  • daiDai (DAI) $ 1.00 0.15%
  • crypto-com-chainCronos (CRO) $ 0.187793 0.2%
  • leo-tokenLEO Token (LEO) $ 4.95 0.64%
  • litecoinLitecoin (LTC) $ 65.67 3.95%
  • nearNEAR Protocol (NEAR) $ 6.68 2.03%
  • matic-networkPolygon (MATIC) $ 0.669411 2.06%
  • ftx-tokenFTX Token (FTT) $ 31.04 1.6%
  • bitcoin-cashBitcoin Cash (BCH) $ 198.46 5.92%
  • chainlinkChainlink (LINK) $ 7.23 1.09%
  • stellarStellar (XLM) $ 0.136498 1.69%
  • cosmosCosmos Hub (ATOM) $ 11.51 5.25%
  • okbOKB (OKB) $ 12.13 3.7%
  • algorandAlgorand (ALGO) $ 0.445761 3.23%
  • flowFlow (FLOW) $ 2.87 3.82%
  • moneroMonero (XMR) $ 161.72 2.26%
  • ethereum-classicEthereum Classic (ETC) $ 21.01 0.14%
  • apecoinApeCoin (APE) $ 7.96 5.32%
  • uniswapUniswap (UNI) $ 4.95 4.79%
  • elrond-erd-2Elrond (EGLD) $ 91.79 2.39%
  • vechainVeChain (VET) $ 0.030374 4.02%
  • hedera-hashgraphHedera (HBAR) $ 0.099637 2.73%
  • internet-computerInternet Computer (ICP) $ 8.43 5.74%
  • theta-fuelTheta Fuel (TFUEL) $ 0.069131 2.6%
  • magic-internet-moneyMagic Internet Money (MIM) $ 0.995581 0.26%
  • decentralandDecentraland (MANA) $ 1.19 7.03%
  • chain-2Chain (XCN) $ 0.101865 10%
  • filecoinFilecoin (FIL) $ 8.41 4.06%
  • compound-ethercETH (CETH) $ 41.40 1.05%
  • axie-infinityAxie Infinity (AXS) $ 21.35 2.89%
  • the-sandboxThe Sandbox (SAND) $ 1.31 4.22%
  • tezosTezos (XTZ) $ 1.77 6.54%
  • defichainDeFiChain (DFI) $ 2.98 2.66%
  • terrausdTerraUSD (UST) $ 0.133970 25.69%
  • fraxFrax (FRAX) $ 0.999806 0%
  • terra-lunaTerra (LUNA) $ 0.000222 30.59%
  • kucoin-sharesKuCoin Token (KCS) $ 13.75 3.67%
  • makerMaker (MKR) $ 1,473.49 9.05%
  • pancakeswap-tokenPancakeSwap (CAKE) $ 4.39 2.61%
  • theta-tokenTheta Network (THETA) $ 1.32 5.78%
  • eosEOS (EOS) $ 1.31 4.32%
  • zcashZcash (ZEC) $ 103.66 0.29%
  • the-graphThe Graph (GRT) $ 0.181449 9.6%
  • true-usdTrueUSD (TUSD) $ 1.00 0.07%
  • huobi-btcHuobi BTC (HBTC) $ 29,570.00 0.7%
  • compound-usd-coincUSDC (CUSDC) $ 0.022674 0.2%
  • klay-tokenKlaytn (KLAY) $ 0.398203 0.25%
  • aaveAave (AAVE) $ 82.88 5.78%
  • huobi-tokenHuobi Token (HT) $ 7.00 0.71%
  • bittorrentBitTorrent (BTT) $ 0.000001 0.36%
  • thorchainTHORChain (RUNE) $ 3.33 1.71%
  • bitcoin-svBitcoin SV (BSV) $ 51.63 3.11%
  • iotaIOTA (MIOTA) $ 0.347803 0.24%
  • quant-networkQuant (QNT) $ 71.60 0.62%
  • paxos-standardPax Dollar (USDP) $ 1.00 0.29%
  • heliumHelium (HNT) $ 8.91 7.86%
  • fantomFantom (FTM) $ 0.345869 5.6%
  • arweaveArweave (AR) $ 17.47 15.53%
  • radixRadix (XRD) $ 0.087481 1.88%
  • neutrinoNeutrino USD (USDN) $ 0.961545 1.36%
  • ecasheCash (XEC) $ 0.000045 0.32%
  • stepnSTEPN (GMT) $ 1.41 11.6%
  • gatechain-tokenGateToken (GT) $ 5.38 3.45%
  • cdaicDAI (CDAI) $ 0.022048 0.14%
  • bitdaoBitDAO (BIT) $ 0.838912 1.46%
  • nexoNEXO (NEXO) $ 1.34 0.7%
  • zilliqaZilliqa (ZIL) $ 0.049863 3.3%
  • neoNEO (NEO) $ 10.13 4.83%
  • convex-financeConvex Finance (CVX) $ 10.78 5.49%
  • wavesWaves (WAVES) $ 6.56 5.64%
  • galaGala (GALA) $ 0.087026 7.65%
  • enjincoinEnjin Coin (ENJ) $ 0.692018 4.41%
  • havvenSynthetix Network Token (SNX) $ 2.86 3.67%
  • amp-tokenAmp (AMP) $ 0.013130 1.77%
  • celoCelo (CELO) $ 1.43 7.41%
  • kusamaKusama (KSM) $ 69.25 7.2%
  • dashDash (DASH) $ 57.39 5.6%
  • osmosisOsmosis (OSMO) $ 1.66 7.76%
  • chilizChiliz (CHZ) $ 0.112378 4.27%
  • pax-goldPAX Gold (PAXG) $ 1,811.28 0.21%
  • blockstackStacks (STX) $ 0.563476 0.7%
  • basic-attention-tokenBasic Attention Token (BAT) $ 0.391299 5.48%
  • gnosisGnosis (GNO) $ 224.11 1.65%
  • compound-usdtcUSDT (CUSDT) $ 0.021768 0%
  • loopringLoopring (LRC) $ 0.463301 5.76%

Get Started with your exchange account today