Binance Exchange is one of the world-leading cryptocurrency exchanges. It features the best user-friendly experience, low transaction fees, high trading volume, and efficient tools to keep you informed about your cryptocurrency portfolio. In this review, we will help you understand the basics of Binance, operational guides, fees and limitations, and the latest updates offered for traders and investors. Let’s take a look at this exchange review now!
About Binance Exchange
Binance is a centralized exchange launched by Changpeng Zhao, also known as “CZ”, in 2017. Thanks to its mainstream advertising, it became the world’s largest cryptocurrency exchange by trading volume within 180 days.
It focuses heavily on altcoin trading and has its own cryptocurrency called Binance Coin (BNB). Although initially headquartered in China, restrictions and tightening regulations forced it to move. Binance is currently registered in the Cayman Islands, but CEO Changpeng Zhao has not disclosed the current headquarters of Binance, believing that the exchange should be decentralized like cryptocurrencies.
The platform’s outstanding services, user-friendly access, security, low costs, trading speed, and efficient trading tools have retained investors and helped them maintain a leading position in the market.
Verified cryptocurrency accounts can enter cryptocurrency investment and buy cryptocurrencies in various ways. Additionally, Binance also offers P2P trading, futures trading, strategy trading, auto investing, margin trading, Binance NFT, etc. It supports third-party wallets such as Simplex and banxa and has its own acquired wallet “Trust Wallet”. Thus making it the perfect platform to meet cryptocurrency trading needs.
Features
Binance offers a variety of features that enable you to smoothly trade cryptocurrencies. Now let’s take a look at them:
- eWallets: Trust Wallet is the most trusted and secure wallet on Binance, as it was acquired by Binance. The e-wallet has an amazing feature where you can even earn interest through long-term deposits in the e-wallet. It also provides third-party wallets.
- Mobile Trading: Binance mobile application lets you trade and track your cryptocurrency portfolio anytime, anywhere.
- Trading Accounts: Binance has basic and advanced trading accounts. The basic account is specifically for beginner traders. In the advanced trading account, you can see advanced trading options like margin, P2P, and OTC trades.
- SAFU: Binance traders are insured by the “Secure Asset Fund” in case of anomalies such as hacking.
- Multi-level Security: SMS verification, two-factor authentication (2FA), and U2A device authentication. Due to SIM card theft incidents, Binance discourages using SMS verification.
- Inheritance Access: If you pass away, Binance allows your family members to access your account.
- Customer Service: With just a click of a button, you can live chat with a 24X7 customer support executive and clear your doubts. Their website also has a dedicated section for frequently asked questions to answer user queries.
- Analytical Charts: Binance uses Trading View to provide users with technical market indicators, charts, and graphs for real-time analysis of the market. These interactive tools help users discover the next trading opportunity sooner.
- Deposits and Withdrawals: Almost every payment gateway is integrated with the secure exchange. It also supports traders in making bulk deposits and withdrawals in fiat and cryptocurrencies (like BNB, Litecoin (LTC), and BTC Cash) with no deposit fees. However, there are minimum withdrawal amounts and withdrawal fees.
Exclusive Features
- Academy: Binance Academy is a learning section catering to the needs of both newbies and seasoned traders. You can find everything about cryptocurrencies, blockchain, mining, etc. It is literally a one-stop destination for all knowledge about cryptocurrencies and blockchain.
- Learn and Earn: Binance offers a program for knowledge-hungry users where they can learn about blockchain and have the opportunity to win cryptocurrencies after successfully completing quizzes. If you are a cryptocurrency enthusiast, then you should give it a try.
- Launchpad: Binance Launchpad is a unique platform that allows users exclusive access to promising new crypto tokens from various projects. It also helps in raising awareness and adoption for these projects. This is best suited for investment decisions related to ICOs.
- NFT Marketplace: NFTs, as tokens, can be transferred from one person to another on the blockchain just like sending Bitcoin (BTC) from one person to another. Binance’s NFT marketplace allows users to buy, store, and sell NFTs.
- Binance Card: Just like a debit card, you can buy goods from stores of over 60 million merchants using cryptocurrencies. Users can apply for the Binance card and top it up with the desired cryptocurrency.
- Binance Gift Card: Binance allows users to send cryptocurrencies to both Binance and non-Binance users in the form of gift cards, and they can be customized with over 30 different theme templates. These can be used for gift card resale, loyalty and gaming rewards, eCommerce purchases, etc.
Cryptocurrencies Offered on Binance
The Binance platform supports over 600 cryptocurrencies and 1541 trading pairs.
How to Register Using the Binance App?
- Open the Binance App and click on “Register”.
- Choose a registration method. You can register using your email address, phone number, and Apple or Google account.
- Select [Email] or [Phone Number], then enter your email address/phone number. Next, create a secure password for your account.
- You will receive a 6-digit code via email or phone. Enter the code within 30 minutes and click [Submit].
- Congratulations! You have successfully created a Binance account.
How to Buy Cryptocurrencies on Binance?
There are several ways to buy cryptocurrencies from Binance, including credit/debit cards, cash balance, Google/Apple Pay, and P2P. Let’s see how to buy cryptocurrencies using a credit/debit card:
Buying Cryptocurrencies with a Bank Debit/Credit Card
- First, select “Buy with Cash” from the main screen.
- Next, choose “Credit/Debit Card”.
- Click “USD” to open the list of supported fiat currencies.
- Enter the name of your fiat currency in the search bar or scroll through the list to select your local fiat currency.
- Enter the amount of the selected fiat currency you want to spend, then click “BTC” to select the cryptocurrency you want to buy.
- “Add a new card” or select the card, then click [Buy]. After entering the amount, click [Confirm].
- Congratulations, your transaction is complete, and the purchased cryptocurrency has been deposited into your Binance spot wallet.
How to Sell Cryptocurrencies on Binance?
You can sell your cryptocurrencies using fiat currency and the spot wallet or P2P trading. However, if you are looking for a quick and convenient way to sell cryptocurrencies for cash, then Sell-to-Card is the answer. Sell-to-Card is an instant, convenient way where users can directly sell their cryptocurrencies and cash out to a VISA credit/debit card.
- Log in and select Credit/Debit Card.
- Select the cryptocurrency you want to sell and the preferred fiat currency you want to receive. Enter the amount and click [Sell].
- Choose your payment method.
- Confirm the order within 1 minute.
- Congratulations, your sell order has been submitted.
How to Deposit Cryptocurrencies on Binance?
Users can transfer their cryptocurrencies from another platform and deposit them into Binance for trading or to earn passive income using Binance Earn features.
- Open the Binance App, click on [Wallet] – [Deposit].
- Select the cryptocurrency you wish to deposit, for example, USDT.
- You will see the networks you can deposit USDT on. Make sure to select the same network as the withdrawal network.
- You will see a QR code and deposit address. Click on [Save as Image], directly import the QR code to the withdrawal platform.
- Once the deposit request is confirmed, the transfer will be processed. Funds will soon be deposited into your Binance account.
How to Withdraw from Binance?
Binance allows a seamless withdrawal system, the only thing you have to do is follow the step-by-step procedure. Make sure to follow these steps, otherwise, you might end up losing your cryptocurrency. Let’s get on track:
- Log into the Binance App, click on [Wallet] – [Withdraw].
- Choose the cryptocurrency you wish to withdraw, for example, BNB. Then click [Send via Crypto Network].
- Select the correct network you want to withdraw to.
- Enter the withdrawal amount, then click [Withdraw] to proceed.
- The system will prompt you to confirm the transaction again. Please check carefully and click [Confirm].
- Verify the transaction using a 2FA device and follow the instructions on the screen to complete the process.
- Once the withdrawal request is confirmed, please wait patiently for the transfer to be processed.
Binance is a secure platform, however, the withdrawal time for different cryptocurrencies varies. Do not assume that Binance is slow in confirming transactions because withdrawal time depends on the traffic and the blockchain. If there’s high traffic, withdrawals may take more time. Similarly, each blockchain is also different.
Mobile Application
The Binance mobile application is available for Android and iOS users. Interestingly, they offer a demo trading demo account on the mobile application for new users to familiarize themselves with trading methods. Once a user gains confidence, he or she can deposit money according to their budget and start investing and trading.
Binance’s Referral Commissions and Other Income
The exchange offers a referral program where you can earn commissions even if you don’t trade, for every new user you bring into the system, whenever the new referred users trade on any of Binance’s spot (margin) or futures markets, you will receive a commission.
Binance Mining Pool Referral Program
The mining pool is a platform dedicated to enhancing miners’ income. It offers mining services primarily in PoW (Proof of Work) and PoS (Proof of Stake). For every new user, you bring into the pool, and when they start mining, you will earn a 30% commission.
Bottom Line
In this review, we learned that the Binance Exchange is one of the most transparent and secure cryptocurrency exchanges in the world. However, recent hacks and government scrutiny have caused dissatisfaction among many users. But you need to note that Binance offers so many security features for your account, and they are responsible for any asset loss in the system. Compared to competitors, Binance has many advantages. Moreover, Binance also offers a learning section where newbies can learn all about cryptocurrencies and start investing wisely.
