Binance Review 2023

Binance is among the most popular crypto exchanges in the world right now (if not the most!). Aside from being the most liquid and largest exchange in the crypto space, Binance also offers a ton of trading opportunities for both crypto newbies and seasoned traders alike.

In terms of fee structure, supported fiat currencies, payment methods, as well as trading options, the exchange definitely merits its position as an industry leader.

Read on to learn why Binance is considered the best crypto exchange today!

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Binance Exchange Info

Website: https://www.binance.com/en
Country: China
Mobile app: Available
Deposit Methods: Peer-to-peer, bank account transfers, wire transfers/SEPA, debit cards, and credit cards
Trading Fees: 0.1%
Fiat Currencies: Over 50
Cryptocurrencies: Over 700

Features

• Peer-to-peer trading available
• 700+ cryptocurrencies
• Largest and most liquid exchange platform
• Supports short selling
• Supports 50+ fiat currencies
• Binance Lite for beginner-friendly interface
• BNB token can give you a 25% rebate on trading fees
• Trust Wallet with price market fluctuations
• Trade anywhere with Binance mobile
• Has its own NFT marketplace
• Up to 125x leverage margin

Pros of Binance

• Favorable fee system with possibilities for discount
• A large spot market with over 700 different cryptocurrencies
• Sleek deposit and withdrawals
• Advanced markets for pro-traders
• Staking options for over 70 coins
• Separate platforms for separate markets

Cons of Binance

• Has some regulatory issues with several countries
• Newbies might get overwhelmed by the vast offer of trading instruments

Cryptocurrencies have been at the height of their popularity in recent years and the demand for them has resulted in the appearance of thousands of cryptocurrency trading platforms. There are so many crypto platforms that offer a wide range of services and features but not a single one has managed to top the crypto exchange powerhouse that is Binance, the subject of today’s review.

Binance is the most popular and widely utilized cryptocurrency exchange in the world. It’s ranked at the first spot on CoinMarketCap by trading volume, liquidity, and user count. Binance offers users a wide range of services, including spot trading, crypto derivatives trading, mobile trading, advanced trading fees, features, and much more.

Stay with our review to find out more about the number one, creme-de-la-creme crypto platform Binance that will include an overview, ease of use, notable features, supported coins and tokens, security, support, and more.

About the Binance Trading Platform

Binance (binance.com) is a world-renowned cryptocurrency brokerage platform that joined the ranks of crypto a bit later than some of its predecessors but has managed to climb the peaks of crypto-greatness in just a few years since it went into operation.

The trading platform was originally developed and launched in Hong Kong, China by the charismatic developer and current CEO Changpeng Zhao in 2017. However, the platform has moved its Chinese headquarters due to China’s strict crypto laws when they cut their partnership with BAM Trading Services which led them to expand their services to the United States through the Binance.US platform. Currently, the platform is headquartered in Malta.

The way things started is when CEO Zhao was involved in a tech-development company called Beijie Technology that was used to create the platform. The ICO for Binance managed to raise more than $17 million in crypto that was issued to investors in the form of a Binance native token called The Binance Coin (BNB). The token’s initial value was under $0.1, but as time went on and the popularity of both the exchange and the token grew, its value also grew. Users can now utilize this token on the platform to trade with crypto or to pay trading fees.

Binance users can trade or purchase crypto in different ways and this is a key part of the success of the platform. The most basic way that crypto can be purchased is via the simple P2P (peer-to-peer) trading platform that connects buyers and sellers around the globe with a variety of payment methods and trading options. Another way is via credit cards and debit cards thanks to the partnership with Simplex. Additional features include wire transfers, SEPA, and simple spot and derivatives trading. We’ll explore all these features a bit more later in our article.

Getting Started on Binance

Binance falls into the centralized exchanges (CEX) category. This means that they comply with KYC and AML policies and user accounts have to be verified to be eligible for conducting transactions with fiat currencies.

To get started and create a Binance account, you only need to visit the main website and click on the Register Now button located in the right corner. After selecting the prompt, you will be redirected to a panel and will be required to provide some basic information. The starter information consists of an email address and a user-selected password. After this, Binance will send a confirmation link to finish the account creation process. The starter account will be restricted with daily withdrawal limits and will lack the option to trade with fiat currencies.

KYC Verification

If you want to gain access to all of Binance’s features, including fiat currency trading, bank transfers, credit/debit cards, etc, you will have to complete a KYC verification. To start the KYC verification, you need to find the verification center on the platform and follow the steps.

Once there, you will need to provide your full name and surname, date of birth, place of residency, address of residency, and personal phone number. After you’ve written the credentials on the form, you will also be asked to provide a copy of a legal document. These documents can be a government-issued ID card, driver’s license, or passport. This will depend on your native country but an ID card works the best for most places.

There is a waiting period for the verification but after the account has been verified, you will be free to fund their accounts and start trading with every feature on the platform.

Binance Features

As Binance is the world’s largest cryptocurrency exchange and trading platform, they host a plethora of crypto services and features. The main trading engine can be divided into two separate categories or platforms called Binance Basic Trading and Binance Advanced Trading.

Basic Platform

The Basic platform on Binance is targeted towards new users. Beginners can take advantage of the platform’s simplicity as it provides the basic features of crypto trading. The Basic platform eliminates all alternative trading features and focuses only on crypto trading. This platform will guide new users into the world of crypto trading and give them a chance to carefully learn the basic skills that go into trading with digital assets.

The Basic platform is very easy to navigate and learn. The trading view is displayed in a straightforward manner – all important information about the trade is displayed on a single panel which enables new users to focus on a single task instead of navigating through multiple windows to conduct advanced trading features. For simplicity, the crypto prices are displayed on the left of the screen while the crypto graphs are located in the middle. The right part of the screen is reserved for purchases and sales along with market history.

The Basic platform is easy to use but experienced users might feel a bit bored by the lack of features so they will probably feel more comfortable using the Advanced platform.

Advanced Platform

The Binance Advanced platform is more complex to use and offers features like data charts, technical indicators, different order types like market, stop market, limit order, etc. These features tend to take up more space on the screen. When compared to the Basic platform, the amount of data required to be processed in the Advanced platform is noticeably higher. This data includes every trade history, market development, and upcoming events in crypto like the recent cutting-edge games conference.

The Advanced platform offers all the features of the Basic platform but provides users with a superior trading experience, thanks to the variety of extra features. Users shouldn’t worry that the platform is overly complicated as Binance offers educational courses to improve their trading experience.

Instant Buy

Back in 2020, Binance announced their Instant Buy with Visa feature. This feature allows users from around the world to instantly purchase cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Binance token (BNB) with fiat currencies such as USD, EUR, and GBP through a Visa card. This feature is currently not available in every state where the platform is supported but over time, Binance will add more supported crypto and more locations.

The Instant Buy feature is also optimized and supported on the Binance mobile app. This feature is very handy as it allows users to purchase some of the major digital currencies instantly via their debit or credit card without having to look for sellers on the platform. This is possible because Binance also acts as a brokerage platform instead of only a P2P platform for trading crypto.

Binance Derivatives

Binance supports multiple features for derivatives options like margins and futures. The basic spot trading platform has a separate function for derivatives trading for certain cryptocurrencies with leverages up to 3x. This feature is best suited for beginners on the platform who would like to learn more about derivatives trading.

On the other hand, Binance released a native futures trading platform called Binance Futures that allows users to trade options with up to 125x leverage.

The two separate functions are completely different from each other. For margin trading, users borrow assets from Binance to open a leveraged position in a 1:3 ratio. The trading fee for this type of order is a fixed 0.1% along with a daily interest fee that changes in value over time.

Binance Futures enable users to undertake 1:125 leverage positions. With this option, users don’t purchase crypto directly but as a contract representation of a commodity. Compared to traditional futures, Binance’s futures don’t have expiry dates and trading with them is very similar to trading pairs on the spot trading platform. Binance Futures supports up to 24 USDT-backed perpetual contracts that incur a periodic fee along with their trading fee.

OTC Trading

In 2020, Binance introduced its OTC-trading desk. This kind of feature is more targeted at high net-worth users with a large trading volume who want to trade with higher amounts of crypto. The OTC-trading desk eliminates the risk of slippage and doesn’t impact the prices of the crypto on the platform’s charts.

There aren’t fees for the OTC desk but it’s reserved for users who wish to trade with more than $10.000 in crypto. These trades can be executed with 25 different cryptos and require users to have a fully verified account before this feature can be unlocked.

Aside from the OTC services, Binance also includes a savings feature called Binance Finance. Users can make use of services like savings, crypto staking, Binance debit card, and cryptocurrency loans.

Ease of Use

One of the main strengths of Binance is its usability. The whole user interface went under a cosmetic and simplifying overhaul in 2019 which made the platform less complicated but it still retained some of its key characteristics that can be used by both beginners and experienced users.

The trading windows come in three categories: Basic, Advanced, and Classic. Since we explained the Basic and Advanced features earlier in our article, we’ll now focus on Classic.

Binance Classic retains some of the pre-overhaul complexity of the Binance platform, as it’s considered to be an advanced platform. It offers advanced features like different order types, price movements, charts, bid and ask order book, trade history, and more. Margin and futures options are also available on the Classic platform.

All in all, the Binance exchange as a whole is more focused on experienced users but after the overhaul, users can choose the platform they think is best for their crypto-level and the type of features they’re looking for to buy Bitcoin or altcoins.

Bitcoin and Other Supported Currencies

Binance supports more than a hundred cryptocurrencies including Bitcoin (BTC) and altcoins such as Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Bitcoin Cash (BCH), Ethereum Classic (ETC), and more. The trading pairs are constantly being updated as new cryptos are added to the platform. Binance also features a digitized version of the US dollar called the Binance dollar (BUSD). BUSD is a stablecoin that was developed by Paxos and Binance and is pegged to the US dollar in a one-to-one ratio.

In terms of fiat currencies, Binance accepts many different ones including the United States dollar (USD), Euro (EUR), Global Pound Sterling (GBP), Australian dollar (AUD), and more. As Binance is supported in most places in the world, they accept payments with different methods and with different currencies.

Trading Fees and Limits

Binance is a platform that’s considered to have low fees. It charges fixed fees that are calculated at multiple tiers of the transaction.

For spot trading, the trading fees amount to a fixed 0.10%. Binance doesn’t utilize the maker/taker model for traders – any investor can make or take orders from the order book and conduct their transactions without a difference in fees. The industry standard in fees is calculated to be 0.25% proving that Binance is a great choice even for traders with a high trading volume.

The withdrawal fees on Binance aren’t fixed. They are calculated based on the user’s 30-day trading volume and depend on the cryptocurrency of choice. The fees are competitive with other platforms, but if users choose to utilize the BNB token to withdraw from Binance, the fees are even smaller.

The minimum withdrawal also depends on the cryptocurrency and payment method while the minimum deposit is $50.

Is Binance Safe to Use?

Binance is one of the safest platforms to use at the time of writing. They had a setback in 2019 when their platform was hacked and more than 7000 BTC were stolen from users. Since then, they have upped their security measures and they’ve had no problems regarding security. Binance has fully reimbursed users who lost their assets in 2019 through their SAFU or Secure Asset Fund for Users.

The platform will encourage you to enable their 2FA or two-factor authentication. You can set up a 2FA using the Google Authenticator or by SMS authentication. Additionally, you can take a look at third-party apps like Authy for additional layers of security. Moreover, you can also whitelist wallet addresses and utilize anti-phishing codes. Withdrawals from Binance are verified by email and if the verification doesn’t match, the transaction will be frozen.

In recent events, Binance has stated that they own an ultra-modern AI (artificial intelligence) risk control system. This system uses user identity, facial recognition, cyber-forensic investigations, and big data analytics to monitor each transaction on the exchange and quickly narrows down and eliminates irregularities and threats.

All in all, Binance is a safe platform despite the 2019 security breach. There have been no complaints since then and users should feel safe using the exchange.

Customer Support

Binance offers a 24/7 customer support team. Users with verified accounts can contact the support team via live chat. Their support site includes various FAQs and even a self-help system where users can find their issue along with the solution with the help of a search bar.

Additionally, users can take a look at Binance Academy where they can attend classes and read various articles and literature regarding crypto trading and other educational tools.

A Few Words Before You Go…

We hope that you’ve enjoyed our review of the most popular crypto trading platform Binance. The Binance exchange has existed for less than 5 years but during that time, it has managed to become the number-one crypto services provider in the world. Its vast trading features, different platforms catering to different types of traders, low fees, a wide range of cryptocurrencies and payment methods, and overall popularity make Binance a platform that deserves to remain ranked at #1.

Alternative platforms like Coinbase and Kraken might be standing close to Binance, but in terms of low fees and trading features, Binance takes the top spot. Despite being hacked in the past, we think that they’ve learned their lesson and tightened their security measures. We’ll see how events will unfold in the future but for now, we can recommend this platform to any kind of trader, even first-timers.

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