What is Binance?
If you’re in any way involved in the world of digital currency, chances are you’ve heard of Binance. In fact, it would be fair to say that the cryptocurrency exchange in question hardly needs an introduction. It is, nevertheless, that very same popularity that now compels us to briefly explore the origins of Binance and evaluate its present-day usability. What follows is our 2021 Binance review.
Following its launch in 2017 in China, Binance grew to become the world’s largest platform for trading digital currency in under 6 months. To avoid China’s strict regulations, Chinese-Canadian founder and CEO Changpeng Zhao later moved Binance’s headquarters from China to Japan and then to the Cayman Islands.
Despite this tumultuous beginning, Binance remains a major player in the world of cryptocurrency exchange to this day. It continues to service users from across the globe with an impressive array of currency trading opportunities, the most attractive of which we will explore in this review.
Pros and Cons
+ Hundreds of cryptocurrencies supported
+ Trading fees couldn’t be any lower
+ Fast transaction times
+ Easy to register and access with Binance Login
+ Massive selection of transaction types
+ Tutorials available to help new users
+ Multiple trading platforms based on trader experience
+ High liquidity due to high trade volumes
+ Management team respected in the industry
+ Deposits and withdrawals of fiat currency accepted
+ Constantly improving customer support
– Limited functionality from some locations due to local regulations
– Professional version can be overwhelming
– Lite version can put novice users at a disadvantage
– Customer support department cannot be reached by phone
– At least one substantial security breach in the past
As the list above demonstrates, the pros of using Binance comfortably outweigh the cons. Now let’s take a look at some of the platform’s main features.
Binance is considered one of the most advanced and constantly evolving crypto exchange service providers. The list of features it offers never stops growing. The following is just a small taste of what Binance has in store for its users:
- A mind-boggling choice of cryptocurrencies to trade (350+ with new ones added regularly)
- An in-house blockchain-based token (Binance Coin)
- Futures trading with Binance Futures
- Lending, staking, and savings account options
- Adjustable interface (novice to advanced)
- The ability to shop and make payments with your crypto holdings using the Binance Card
- An active ecosystem with countless subsidiaries for all your cryptocurrency needs
|Supported Cryptocurrencies||Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and +100s more. A comprehensive list can be found on the official website|
|Fiat Currencies||AED, AUD, AZN, BGN, CAD, CHF, CLP, COP, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, ISK, JPY, KES, KRW, KZT, MXN, NGN, NOK, NZD, PEN, PHP, PLN, RON, RUB, SAR, SEK, THB, TRY, TWD, UAH, UGX, USD, UYU, VND, ZAR|
– 3 account verification levels (basic, intermediate, and advanced)
– 9 VIP levels
|Trading Platforms||Lite, Professional, P2P, Futures, OTC|
|Trading Fee||0.10% to 0.02% (depending on VIP level)|
|Withdrawal Fee||Varies depending on currency|
No Binance review is complete without a mention of the supported payment methods. The following options are available to traders on this platform:
- Credit/Debit card
- Bank transfer
- Crypto-for-crypto transactions
- Cash via Binance P2P (multiple e-wallets supported)
It’s fair to say that currencies from far and wide are accepted on Binance. Most major fiat currencies and stablecoins can be used for trading without much hassle.
If you’re of a mind to venture into the digital currency market, rest assured that you are practically guaranteed to find a viable payment option here.
When it comes to withdrawals, Binance supports both fiat and crypto transactions, although crypto withdrawal is the default option. All of the world’s most circulated fiat currencies, such as the EUR, USD, and GBP, can be withdrawn from a Binance account. We will discuss Binance fees and the limits involved in the following section.
Limits and Fees
A flat rate of between 0.1% and 0.02% of each transaction is charged for all exchange activities on Binance. The difference depends on the user’s VIP level. This already trivial rate can be further discounted by a whopping 25% simply by trading with Binance’s own BNB token.
Other Binance fees include fiat transfer costs and charges for making withdrawals. If, for example, BTC is withdrawn, the fee is likewise paid in BTC. The rate is contingent on the kind of currency and the volume being withdrawn. Generally speaking, though, Binance is famous for having withdrawal fees that are significantly lower than the industry average.
The following table summarizes the withdrawal rates and limits for a select few currencies supported by the Binance exchange. A full list can be found on the Binance website.
|Coin/Token||Full Name||Minimum Withdrawal||Transaction Fee|
Trading Platform Versions
Lite: A fresh feature in the Binance exchange ecosystem, Binance Lite takes the ease of trading cryptocurrency to a whole new level. This mode provides a simplified interface with an emphasis on accessibility, speed, and user-friendliness. If “What is Binance?” was the question on your mind before reading this review, this option is most likely for you.
- First-time crypto buyers/sellers
- Seasoned traders trying Binance for the first time
- Experienced traders who prefer uncluttered interfaces
- Passive users
Professional: Active users and experienced Binance patrons can take advantage of the exchange’s most innovative features by using the more sophisticated interface of the Professional version.
- Dynamic traders
- People with experience in the world of cryptocurrency
- Long-time Binance users
- Average users looking to expand their knowledge
Best Payment Solutions
To ensure a smooth and secure trading experience for its patrons, Binance supports deposits from a number of trusted third-party payment systems. The benefits of these systems can be further expanded by opening accounts through Baxity to get the best terms possible.
Below is a list of payment systems that are recommended for use on the Binance exchange, complete with their advantages and the benefits provided to each by opening an account through Baxity.
Trastra VISA Card:
– Free to order
– Anonymous and confidential
– ATM withdrawal
– Online/offline payments
– Card to card transfers
– Priority verification without deposits
– Preferential VIP statuses
– Free prepaid card (EAA)
– Reliable and regulated
– Extensive loyalty program
– Instant VIP Bronze PRO
– Silver, Gold, Diamond and Exclusive statuses on preferential terms
– Free prepaid card
– Priority verification without deposits
– Fast and responsive support
*Note that Skrill and Neteller are available only in P2P trading
Q: Is Binance safe?
The Binance ecosystem includes several layers of security and management protocols to protect the personal information of its customers and their funds. Among the tools used to safeguard its patrons are the customary cold wallet storage and two-factor authentication (2FA) features.
Moreover, every new customer is obligated to undergo the so-called Know-Your-Customer verification process (KYC). This process is identical to that used by international financial institutions to corroborate the identities of their prospective clientele. The idea here is to ward off money launderers, fraudsters, impostors, and other dishonest individuals often associated with the financial sector.
Q: How do I contact Binance customer support?
An online support center with an all-inclusive FAQ section is accessible on the Binance website. Questions left unanswered by the FAQ can be directed to a trained support engineer via one of the exchange’s social media platforms. One thing to consider, however, is that Binance customer support cannot be reached by phone.