The Binance exchange overview

Binance is the world’s largest cryptocurrency exchange. Founded in 2017 and run by Changpeng Zhao, it offers a self-sufficient crypto trading ecosystem with an extensive toolset to suit traders and investors of any type and skill level.

Binance is a centralized exchange, meaning it’s governed by a parent company. It holds your funds in custody and acts as a broker between traders. There are no plans for a Binance decentralized exchange yet.

Coins and services available on the Binance exchange

Binance offers ~300 digital assets and thousands of trading pairs. Alongside the top cryptocurrencies like Bitcoin or Ethereum, you can find popular altcoins, such as SAND, AVAX, NEAR, XRP, and more. 

The platform also has its own native token, the Binance token (BNB), which gives its holders discounted fees and other perks while using the platform. 

Binance trading options:

On Binance, you can trade Spot, Margin, Futures, and P2P (peer-to-peer). The platform supports futures with up to 125x leverage and margin trading with up to 10x leverage, which could potentially boost your profits to the moon at the expense of extra-high risks. 

You can also take advantage of Liquid Swap Farming, Fan Token trading, and Strategy Trading, which allows you to plan your trades in advance. 

Binance passive income options: 

Binance also offers a variety of options for passive income via the Earn section. These include Locked and Flexible Savings, Staking (also locked and flexible), Dual Investments with high levels of both rewards and risk control, BNB Vault, and Auto-Investment. 

Also, there’s Binance Launchpad — a platform for running initial exchange offers (IEO), allowing you to contribute to the launch of a new coin and thus earn rewards. 

All the trading options are available via both the website and the Binance app.

Other noteworthy features of the Binance exchange

  1. Binance USD (BUSD), Binance’s own regulated stablecoin pegged to the U.S. Dollar 
  2. Trust Wallet is the official cryptocurrency wallet of Binance with an over 5-million user count.
  3. Binance P2P (peer-to-peer) trading is a great way to fund your wallet. With P2P, you trade crypto or fiat money directly with other Binance users with zero commission.

Conclusion 

Binance covers many aspects of cryptocurrency trading and investment and offers broad functionality for just about everyone. Its pros include low fees and a wide variety of options. However, it falls short on the regulatory front as it’s been facing scrutiny in several countries, including the US. Also, it may be a bit overwhelming for newcomers. 

Another major downside of the exchange is its support service — Binance is primarily self-service, so if you have any issues or queries, you might have to sort yourself out via the FAQ or Support section. The platform does have human support, but it’s email-only (no phone calls or chats), and many users are unhappy with the speed at which help is provided. 

Apart from that, Binance is a solid option for crypto traders and investors of any level.

To use the platform, you’ll need to create an account. 

Binance has a KYC (Know Your Customer) verification procedure requiring you to submit your ID/passport details. If you intend to trade full-time, it’s best to complete full verification to access the maximum functionality of the Binance exchange

However, verification is optional. Non-verified users can deposit a limited amount of fiat money (varies from currency to currency) but cannot participate in campaigns on the Binance Launchpad platform. 

Binance KYC  has two tiers:

  • Verify your identity with a photo/scan of a document.
  • Verify your address for extended functionality.

The withdrawal limit for unverified users is 2 BTC per day (or the equivalent in another currency). Verified users can withdraw up to 100 BTC per day.

You can sign up on both the website and via the Binance app (AppStore and Google Play). After sign-up, you can use the Binance app to scan a QR-code on the Binance website for instant log-in. 

Information coming soon

To deposit cryptocurrency or fiat money on Binance, you can use P2P trading, buy directly with a bank card, or transfer your coins from another crypto wallet.

Withdrawing funds from Binance is not much different from depositing. You can withdraw funds to a crypto wallet or card directly from the exchange or do P2P trading. Keep in mind that fees may apply while withdrawing with a card.

Name: Binance
Verification: The passport
Replenishment commission, from: 3.3%
Withdrawal commission, from: 1%
Trading with leverage: yes
Futures: yes
Staking: yes
Support: yes
Trading commissions, from: 0.015%
Marketplace NFT: yes
Withdrawal and deposit limit: yes
Mobile app: yes
Bonus for signing up: yes
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