Binance 2024 Review: Trading with the World’s Largest Crypto Exchange?
Binance is the world’s largest crypto exchange by trading volume, according to CoinMarketCap. It offers low fees, an easy-to-use trading interface, loads of deposit and withdrawal options, and is safe to trade with.
That said, Binance is under investigation for possible violation of American, Australian, and French regulations related to money laundering, tax issues, and other offenses.
Pros |
Cons |
Licensed in many locations around the world (but not everywhere they operate) |
Under investigation for rules violations in various countries |
Low trading fees |
Binance US only available in 41 states Binance will no longer be offered in Canada as of Oct. 1, 2023 |
A variety of ways to deposit and withdraw |
|
Quality trading platform and app |
|
Is Binance Safe to Trade With?
On the whole, Binance is safe to trade with. While it is under investigation by regulators in various countries, these rules violations haven’t involved taking clients’ funds, manipulating market prices, or gouging users.
That said, investigations can have a negative impact on a company, such as financial penalties or services no longer being offered in a certain region. It can also undermine customers’ trust in the exchange.
Binance does have licenses in several jurisdictions, including Abu Dhabi, Australia, Bahrain, Cyprus, Dubai, France, Italy, Japan, Kazakhstan, Lithuania, New Zealand, Poland, South Africa, Spain, and Sweden.
This is a testament to Binance’s effort to work with regulators around the world in an industry that is relatively new and the regulations are still being worked out.
Hacking is always a concern with crypto, and Binance takes that seriously, offering secure/offline storage, advanced encryption, two-factor authentication, and more.
Binance also has a billion-dollar Security Asset Fund for Users (SAFU). In the event of a security breach where client funds are stolen or lost, the SAFU can reimburse clients.
- What Is an Option
- Ally Invest Review 2023 – Is Commission-Free Worth the Lack of Features?
- Do Futures Trade on Weekends? Learn Which Markets Have Weekend Trading
- Best Companies to Invest In 2023
- Influence of Chinese tradition in (modern markets)
- IQ CENT REVIEW 2023: IS THE BROKER TOO GOOD TO BE TRUE?
Binance Trading Fees and Trading Products
If it is a tradable cryptocurrency, then Binance likely has it. Thousands and thousands of combinations of trading various crypto coins versus various fiat currencies or other coins. More than 360 coins are currently available for trade on Binance.
Binance offers straightforward flat fee pricing on all crypto trades.
- 0.1% which is applicable to all trades if you trade less than one million USD equivalent per month.
The more you trade, the cheaper the fees get assuming you also hold the required amount of BNB, which is Binance’s own cryptocurrency. Also, after trading one million in a month (USD equivalent), you pay less of a fee if you place an order that is awaiting to get “hit” (maker) than if you place an order that removes an existing order (taker).
Accounts are broken down into Tiers called VIP 1, VIP 2, and so on, up to VIP 9.
At VIP 1, the maker fee is reduced to 0.09% while the taker remains at 0.1%. The user must have at least 25 BNB in their account.
At VIP 2 (>5 million in trading volume/month), the maker drops to 0.08% while the taker remains at 0.1%. The trader must have at least 100 BNB in their account.
At VIP 3 (>20 million in trading volume/month), the fees drop to 0.042% for the maker and 0.06% for the taker. The trader must have at least 250 BNB in their account.
Binance Margin Fees
If trading on margin, which means you can take larger positions than the capital you have available in your account, then you pay margin fees.
The margin fee on each coin is different because some coins pay you to hold them (see the Binance Earn section below). Therefore, the interest rate you are charged will vary based on how much the coin pays you and the difference between those two rates.
Here are some examples of the daily interest rate charges for holding these cryptocurrencies on margin. These rates are subject to change as interest rates change over time. See current margin rates.
- Is Crypto Trading Legal in India in 2023?
- What Is Swap (XWP) And Why You Should Invest In It
- What is Trend Trading and the Different Types of Trends?
- Most Common Intraday Trading Mistakes to Avoid
- Unbiased (2023) Review of IronFX Trading Platform
- Markets.com Reviews 2023: Is it The Most User-Friendly Trading Platform?
Binance Earn
Binance Earn is how you can earn “interest” on the coins that you hold and enroll in the Earn program. This is a way to offset trading fees and earn some money from your crypto holdings.
Clicking on Binance Earn shows various coins and the yearly interest they are paying. Generally, this interest is paid in the coin you are holding, so you receive more of that coin at the interest rate offered.
Keep in mind that these rates can change frequently, and some may be short-term promotional rates.
If the coin is paying interest in another coin or currency, it will be stated below the interest rate.
You can take advantage of Binance Earn simply by clicking Subscribe (or Stake) and then inputting how much of the coin to lock/invest in order to receive interest.
“Flexible” means you can put your money in and then pull it out at any time without an interest penalty. Receive interest for the time you did invest.
“Fixed” means you must keep your asset within the Earn program for a set amount of time. If you withdraw it prior to that time period elapsing, you forfeit the interest accumulated.
Binance Futures and Options
Binance also offers futures trading. There are contracts that are settled in different cryptocurrencies such as Tether, BinanceUSD, and other cryptocurrencies.
A futures contract means you buy or sell a certain asset now and deliver it in the future. If you exit the trade before delivery, your profit or loss is the difference between where you entered the trade and where you exited.
There are “perpetual” contracts which mean you don’t need to deliver the crypto you bought or sold in the future. There are also “delivery” contracts where you do deliver the crypto you bought/sold the futures contract on.
There are futures on all sorts of cryptocurrencies, including Bitcoin, Ethereum, and many others. Futures are a good option if you need a certain cryptocurrency at some time in the future. You can lock in your rate now, and receive crypto later.
Fees are similar to trading normal crypto. The fee drops the more you trade.
Coin-M futures are settled in various cryptocurrencies. USD-M futures are settled in USDT or BUSD.
Options are another choice. You pay a fee for the option, and then profit if the price of the crypto goes above or below a specified level (called the strike price). Options fees are similar to that of other products.
Binance NFT Fees
Sellers of NFTs incur a fee of 0.9% as a platform fee. This rate drops the more that is traded.
- Market Types in $Financial$ Market(Bull, Bear, Range)!!!
- What Is Flare Network and What Does It Do?
- Common Trading Patterns Cheat Sheet, How to Trade Them
- Etoro Review: A CFD and Forex Broker with a Social Trading Opportunity
- The Types of Trading Costs with Examples
- Learn All About Derivatives Trading, What It Is and How It Works
Binance Deposit and Withdrawal Methods
Binance allows you to buy crypto with various payments depending on which fiat currency you are using to purchase.
Here are ways you buy crypto using various currencies.
- EUR: Bank Transfer, Credit/Debit Card, Cash Balance (deposit EUR and store it in your account until use)
- USD: Credit or Debit Card, P2P Trading (person-to-person, meaning you can buy and sell with others by connecting through the P2P section of the site), Third-Party Payment (Simplex, Banxa)
The deposit methods for other currencies are similar to the one above. In total, you can deposit/buy crypto using more than 50 different fiat currencies.
For withdrawals, you can transfer to another wallet using the withdrawal feature. This will not convert the coin into fiat.
If you want to convert your coins into cash and get it into your bank account, then use the P2P feature. You can select the coin you want to sell and how you want to receive your funds (e-transfer, bank transfer, or third-party payment system).
You can choose from the list of people who are willing to make a deal with you. Sell your coin for cash, verify when your funds are received, and Binance will release your coins to the counterparty.
Binance Account Types
For retail traders, which includes beginners and professional traders, there is one account type. You open an account and then the fees and perks you get depend on how much you trade each month.
All traders receive a low trading fee of 0.1% regardless of how much they trade. People who trade more than $1 million USD equivalent per month qualify for lower trading fees and lower margin interest rates.
For businesses, there is an Institutional Services account geared towards asset managers, brokers, mining companies, or other businesses. The business account includes perks, like no trade fees on certain assets and discounted commissions if using BNB as payment.
- Top Bitcoin Holders: Who Owns the Most Bitcoin (2023)
- CumRocket, The Naughty Boy Of Cryptocurrencies
- Exness Review: A Top-Notch Forex Broker and the Official Partner of Real Madrid
- Uncovering the Benefits of Dukascopy Swiss Forex & CFD Brokerage
- Binarium Review and Feedback on the Binary Options Broker
- Candlestick Patterns Money-Making Tricks (I made $8000)
Binance Trading Platform and App
Binance offers a trading platform via its website as well as a mobile app for when you are on the go.
The platform is straightforward and easy to use – and the app is even easier.
Binance Trading Platform Review
One thing I like about the website platform is that you don’t need to log in to check it out. Just click on Trade>Spot to see the platform. Choose different assets, see all the transactions going through, as well as a live chart.
Along the left see a “level II” which shows the volume of orders available at different prices. As you can see, the spread on Bitcoin/USD is typically $0.01, which means there are lots of buyers and sellers to transact with.
Along the right, you can change which cryptocurrency you are analyzing/trading, as well as see all the trades that have gone through recently and at what price.
The bottom part of the platform is for placing trades. The chart offers multiple indicators including moving averages, RSI, Bollinger Bands, MACD, and many others.
Binance App Review
The Binance app is intuitive and well-designed. It offers both a “Lite” and “Pro ” version which you can toggle between by clicking your account icon in the upper left-hand corner of the app.
The Lite version is simplified. You can make trades, check market conditions, deposit and make withdrawals, subscribe or withdraw from Binance Earn, or transfer money to your bank via P2P.
The Pro version is essentially the Binance website on a small screen. It offers advanced charting and analysis like on the desktop/website platform. You see level II and also pick and choose who you trade with on P2P.
Binance has a 4.4/5 app rating in the Google Play store and a 4.6/5 star rating in the Apple Store.
- IG review 2023: should you sign up with the broker?
- Is Trading Stocks Gambling? Put the Odds In Your Favor
- Top Forex Trading Courses – Get Started Learning From Successful Traders
- How to Invest for Retirement (Simple Effective Approach)
- E*Trade Review 2023: Should you sign up with this broker?
- Definition of Bullish Options Strategies and the Types
Binance Support and Education
Binance offers 24/7 customer service both on the website and within the app. On the website, scroll all the way to the bottom of the site, then under Support, click 24/7 Chat Support.
You don’t need to be logged in to access chat support, but it is recommended so that chat support can see your user information if needed. In the app, click on your user icon (top left), then Help & Support, then Chat. There is also an extensive Support section with helpful guides on common issues.
In terms of education, Binance isn’t a great resource. Binance Feed (currently in Beta testing) covers news and provides some articles on the crypto markets.
The articles are mostly timely pieces on what a certain crypto currency may do in the near future, as opposed to educational articles which teach you how to do similar analysis (like what is available in the Trading.biz articles section).
- FreshForex Review: Is FreshForex Ideal for Forex and CFD Trading?
- Binomo Review 2023: Is It Worth a Try?
- Discover the Magical 300-Year-Old Principles Called Technical Analysis
- What is a Trading Desk, What it Does and How it Works
- Swissquote review 2023: should you sign up with this broker?
- 10 Questions Everyone is Asking about Bitcoin
Binance FAQs
Is Binance good for beginners?
The cryptocurrency exchange is easy for beginners to use while simultaneously providing enough coins and features to satisfy skilled traders. Binance is a useful platform for crypto traders of all levels of expertise.
What is Flexible Savings?
Binance’s Flexible Savings is a one-of-a-kind crypto Binance savings account. When a user subscribes to Binance’s Flexible Savings, interest is earned on those assets. If the asset is flexible, it means the funds/coins can be withdrawn at any time without penalty.
Fixed Savings means the coin needs to stay in the savings account for a set period of time; if withdrawn early, the accumulated interest is forfeited.
Can I keep my coins on Binance?
Yes, you must leave funds on the exchange within a Binance wallet. However, it is strongly advised that you only leave money on Binance that is actively traded. If you have several coins not being traded on your Binance account, store them on a cold wallet so they are safe and offline.
Are Binance and Binance US the same?
Many features are the same, but there are distinctions, such as the number of cryptocurrencies accessible to trade in the United States vs. elsewhere and which states Binance operates in. Only 41 states allow Binance to operate.
How long does it take for Binance to verify the user?
Binance’s verification process is simple and quick. Binance identity verification takes about 15 minutes. Binance verification normally takes less than an hour.
Is Binance better than Coinbase?
Binance is better suited to users knowledgeable in cryptocurrency terminology and investments, whereas Coinbase is designed for quick and straightforward trading. Coinbase is simpler than Binance, but Binance has significantly lower fees than Coinbase.
Which wallet is best for Binance?
Trust Wallet is a commonly used only for smartphones. You can also use a cold storage crypto wallet where your crypto is stored offline, away from potential hackers. Ultimately, it is good to be in control of your own coins, and not have them sitting with an exchange unless they are being actively traded.
- The Forex Order Types: Limit, Stop, and Market
- How Much Money Can Forex Traders Make Per Day?
- How to Get Approved for Options Trading (Any Experience Level)
- Backslide to the Beautiful World of Classical Patterns
- How to profit when others lose? (Dead Cat Bounce)
- What is the Difference Between Bitcoin and Dagcoin?
Final Thoughts on Binance
Binance is an excellent cryptocurrency trading platform. It is the largest in the world, and for good reason: it does a lot of things right.
It offers low fees, lots of trading products, and it is easy to get your fiat or cryptocurrency into or out of the account. It is a quality platform for both experienced traders as well as a wide range of beginners, active traders, and long-term investors.
Binance does have some regulatory issues and is under investigation by several countries. This isn’t ideal and may limit which countries allow it to operate in the future.
See forecasts for the price of Bitcoin and Ethereum.