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:
- Binance USD (BUSD), Binance’s own regulated stablecoin pegged to the U.S. Dollar
- Trust Wallet is the official cryptocurrency wallet of Binance with an over 5-million user count.
- 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.
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.