Despite the questions of physicality and uncertainty, cryptocurrency is being welcomed because of its minimal transaction fees, secure payment, standard exchange rate, fast movement, and proper record keeping. These aforesaid benefits of cryptocurrency and the availability of reliable cryptocurrency exchanges have turned it a repeatedly using commodity in international trade transactions.
In 2018, the very next year of its inception in 2017, Binance became the largest crypto exchange on the subject of the trading volume. In this Binance review, we would discuss some backdrops of this trading platform, firstly.
CEO of Binance, Changpeng Zhao has utilized all of his stock exchange and crypto trading experience to grow Binance as the world’s largest cryptocurrency exchange in less than eight months. Binance was launched after raising $15 million funding in an ICO. In 2018, Zhao was third in “The Richest People in Cryptocurrency” list of Forbes. And currently, in 2021, his net worth is $1.9 billion. Binance was accused of facilitating more than $9 million in money laundering in September 2020.
What is Binance?
A combination of two words ‘binary’ and ‘finance’, Binance is primarily an online platform for Digital Assets trading, offering its users a trading platform, financial services, and technical services including C2C (crypto-to-crypto) trading, contract trading, leveraged trading, fiat trading, savings services, staking, market-associated data, research, user activities, and more. With 2.0 billion average daily volume and 1,400,000+ transactions per second, and with users from over 190 countries, Binance is the leading cryptocurrency exchange.
Binance was initially founded in China in July 2017, but the servers and headquarters moved to Japan because of the ban on crypto trading by the Chinese government. The company’s offices were set up in Taiwan in March 2018. Now, Binance headquarters is functioning from Malta, a Sothern European country.
As an ardent supporter of global freedom, Binance’s vision is to better lives around the world by enhancing the freedom of money. And its mission is to build infrastructure for the blockchain ecosystem.
Binance.Us, a branch of Binance, was established in San Francisco, California, in September 2019. It is, now, one of the 10 biggest cryptocurrency exchanges by trading volume. It is a regulated marketplace excelling many U.S crypto exchanges.
Some salient boasts of Binance.US are:
- Trading account minimum is $10
- Spot trading fee is 0.1%
- Instant buy/sell fee is 0.5%
- More than 50 cryptocurrencies e.g. Bitcoin, Ethereum, Bitcoin Cash, Litecoin, etc.
- Digital wallet is available
- Crypto-to-crypto trading
- Peer-to-peer trading
- Mobile App
- Available in all U.S states except Connecticut, Hawaii, Idaho, New York, Texas, Vermont
How Binance Works
Before using Binance services you have to get registered and open an account.
Registration and Login
Getting registered and opening an account on Binance is fairly simple and free of cost. Just go to https://accounts.binance.com/en/register. You open an account by using your email or mobile number. In the case of an email account, just enter your email address and 8-character password consisting of 1 upper case letter and a number. You will get an account verification code via email. Enter the “account activation code” given in the confirmation email and you are all set to go.
Your Binance withdrawal limit is 2BTC for 1 day (24 hours) if you do not complete identity verification. To withdraw more than 2BTC you have to verify your identity according to KYC (Know Your Customer) rules.
Classic and Advanced Interfaces
Binance offers two interfaces for trading. The classic (basic) interface is simple and easy to use while the advanced interface renders access to all trading tools.
Binance Lite and Professional Mode
If you are using Binance mobile app you can choose from Lite mode and Pro mode. Lite mode was formerly available in the selected regions, but now it is available in more countries around the globe. The Lite Mode is based on simplicity, speed, and ease of use. This mode is great for crypto amateurs, and first-time users because of its onscreen less information or you can say only the most important information.
On the other hand, the Professional Mode has more onscreen information than the Lite Mode. The Pro Mode is particularly designed for advanced crypto traders who want to grow their business with a full ecosystem and access broader crypto products and services. This mode is replete with advanced charting features, and complex order books.
BNB is Binance Chain’s native token (cryptocurrency). It has multiple uses within the Binance exchange ecosystem such as stimulating transactions, paying transaction fees, and receiving discounts on trading fees.
A large Number of Cryptocurrencies and Pairs
Binance has a huge variety of crypto tokens and pairs to trade. There are more than 290 cryptocurrencies and more than 740 pairs on the Binance exchange. The selection is yours.
On Binance you can find lower trading fees as compared to other crypto trading platforms. Even Binance.US offers trading fees lower than local US crypto platforms.
Binance offers a fast pricing process on its OTC trading. Now, you can get price quotes as quickly as in minutes.
Get the Binance trading settlement done in minutes and it is done within your account without the involvement of any other party.
Languages and Fiat Currencies
Binance exchange offers 33 languages for ease of use of its users. Some of the languages are English, German, French, Italian, Arabic, etc.
Besides languages, a wide variety of currencies is also available on Binance such as USD, EUR, RUB, CNY, TRY, NZD, etc.
Binance supports Windows and macOS, Linux deb, Linux rpm machines for desktop customers. You can also download Binance mobile app for Android and Apple users. The mobile app has Lite Mode and Pro Mode. Binance API is also available for efficient integration.
Personalized Customer Support
Binance considers every trader unique. That is why Binance offers 24/7 personalized customer service to discuss markets and every step of trades i.e. onboarding, pricing, and settlement. Binance has more than 150 agents from 20 different countries who are dedicated to handling 1,000 tickets and 3,000 online chat sessions every day. The customer support is available in the following 8 languages.
You can easily buy and sell cryptocurrencies on Binance via different payment options including cash, bank transfer, and debit or credit card.
Binance offers up to 1,000 sub-accounts for each Master account and there is no fee to transfer funds between sub-accounts. You can freeze any sub-account and can also enjoy full control over your sub-accounts by resetting 2FA, removal of API keys, orders, and passwords. However, this feature is available for customers having VIP 1 tier or higher.
Binance offers fee discounts through its tiered trading program. You can get more fee deductions with more trading.
Binance gives you a chance to earn up to 40% commission for each trade your friend makes on Binance.
Binance exchange is the largest by volume and the fastest cryptocurrency exchange around the globe. Electronic funds of the users can be stored in a crypto wallet. It offers its own token Binance Coin (BNB). Exchange’s supporting programs help traders make their investing decisions. Low transaction fees, high liquidity, and additional discounts through BNB earned immense popularity globally.
Some order types available on Exchange:
- Buy market orders
- Sell market orders
- Buy limit orders
- Sell limit orders
- Stop-loss orders
- Stop-limit orders
- OCO (one-cancels-the-other) orders
- GTC (good ‘til canceled)
- IOC (immediate or cancel)
- FOK (fill or kill)
Binance Academy is a proud product of Binance. As an open-access platform Binance Academy is universally available to educate the masses about cryptocurrency and blockchain technology. On this platform, you would find more than 200 articles almost about everything, from computer security, blockchain advancement to economics, in 17 different languages. This unique product is a boon for beginners to sharpen their knowledge about finance, cryptocurrencies, crypto trading, and much more.
BCF (Blockchain Charity Foundation)
Binance’s humanitarian purpose is vividly done employing Blockchain Charity Foundation, a revolutionary donation platform. It is the world’s first decentralized, non-profit charity platform to attain sustainable global development and back the idea of blockchain for social good. The mission behind this philanthropic foundation is to develop a 100% transparent donation platform to benefit individual beneficiaries and keeping naught from it.
- The Malta Community Chest Fund Foundation
- Crypto Savannah
- Afrexim Bank
- Blockchain Association of Uganda
- FCSSC (Finance Center for South-South Cooperation
- Amount raised – 1,327.82 BTC
- Donors – 2,012
- Beneficiaries – 106,643
- Crypto Against COVID
- Australian Bushfire Donations
- Mama to the Rescue
- Binance Lunch for Children
- Binance for Children_Textbooks, Pencils, Rulers, and other materials
- Beirut Explosion Relief
- Humanity First Project for Refugees
Binance Visa Card
When Visa Card by Binance is in your hand, you can convert your preferred cryptocurrencies and spend them anywhere, anytime at more than 60 million locations worldwide. What you need to do is to channelize crypto from spot wallet to card wallet, and that’s all.
Here are some perks of the Binance Card
- Binance Visa Card is absolutely free. There are no subscription, maintenance, or processing fees but the third-party fees are applicable
- With Binance Visa Card you can carry crypto in your card wallet and can exchange only when you are to pay
- With Binance Card security is not an issue because your funds are under Binance’s highest security standards
- Binance allows you to link your Visa Card with Google Pay and Samsung Pay virtually
- Binance Visa Card pays up to 8%, the highest cashback rate (in BNB) to your card wallet on weekly basis, on all eligible purchases
Binance Labs is an investment arm of Binance to empower blockchain projects, startups, communities, and technical teams through investing. It is an infrastructural fund, and the mission behind this incubator is to find solutions to the most threatening ecosystem problems so that a decentralized web could be built up and maintained. This infrastructural fund now supports 21 startups.
- Binance Labs conducted $12 million Series B funding for MATH.
Binance Launchpad and Launchpool
Matchless products by Binance, Binance Launchpad, and Launchpool are distinctive token launch platforms. Their main purpose is to support and advise blockchain project teams so that they might raise funds and expand their limits through the crypto ecosystem by issuing and launching their token (cryptocurrency).
The main functions include:
- Allowing project teams to concentrate on development and products
- Handling marketing, exposure, and initial user base
- Providing World-class liquidity to the projects launched on Launchpad or Launchpool
- Distributing token immediately and unceasingly
- Rendering future synergy and extensive support
- Launchpad Lottery
Another member of the Binance ecosystem, Binance Research was introduced to speak knowledge of blockchain to all and sundry. The bottom line of this product is to uphold transparency and accuracy of the information within the digital asset industry.
- Institutional-grade analysis
- In-depth insights
- Unbiased information
The recent landmark of Binance Research is its first-ever global report on crypto user motivations, behaviors, and preferences under the name, “2021 Global Crypto User Index”.
Latest insights and analyses
- What is the Outlook for the Crypto Brokerage Industry?
- Is the Crypto Market Turning into a Kangaroo Market?
- What Does Data Say About TRON?
Latest Project Reports
- Perpetual Protocol (PERP)
- Linear (LINA)
- Beefy.Finance (BIFI)
- Dego Finance (DEGO)
The authenticity of Binance Research is evident as it was quoted by Bloomberg, Yahoo finance, coindesk, FORTUNE, BANCODE ESPANA, COIN TELEGRAPH, INDEPENDENT, and Decrypt.
Binance Trust Wallet
Trust Wallet by Binance is a trusted and secure crypto wallet to enhance your crypto experience. Now, you can join 5 million+ Binance Trust Wallet users and buy, store, exchange, and earn crypto outside of Binance with peace of mind.
- Free to use
- More than 40 blockchains available
- Private and secure
- Buy crypto with your card
- DApp browser
- Trade or swap crypto
- Market monitoring
- Custom networks
- Test networks
- Native DEX
- Integration with Binance’s infrastructure
- Downloadable from App Store, Google Play, and Android
In 2019, Binance Broker Program was launched to form working relationships with the main global crypto brokers. Partner brokers are assisted with order matching services, account management, and settlement systems.
3 sub-categories of this program are:
- Widget Broker
- API Broker
- Exchange Broker
Under this program, you would be benefited from:
- Unbeatable rebate system
You can expand your revenue with the help of the best commission rates
- Unique API functionality
Highest liquidity backed API functionality
- Blockchain and Mainstream Markets
The broker program is designed to befit your needs. Customizable solutions are ready to cater to you through your crypto exchange, digital wallet, or traditional financial platform.
Binance is going limitless to elaborate its enterprise services through Binance Cloud. It is an all-in-one-go solution to establish digital asset platforms independently. Through this product, Binance will take care of all of the technology and security of your exchanges.
Binance Cloud offers solutions for the following.
- Spot Trading
- Fiat Trading
- Futures Trading
- Quantitative Trading
- KYC Solution
- Risk Control
- Management System
- Perpetual Futures
- P2P Trading
Besides the main centralized Binance exchange platform, Binance has also coined its decentralized platform known as Binance DEX built on the Binance chain.
On a centralized exchange, you lose control of your fiat or cryptocurrency after deposit. This loss of control is in terms of technical access and not from a usability point of view. But on a decentralized exchange, you hold technical control of your deposit in your hand and you can possess their private keys.
Some salient features of Binance DEX are as under.
- Web-based trading platform and UI similar to Binance
- TradingView Charts
- Wallet creation
- Similar to core Binance Chain technology
- Periodic auction
- No makers and takers
- No custody of funds
- Investors have control over private keys
- Customer Support
- Github page
- FAQ section
The Binance fee system is based upon cumulative 30-day trading volume and average 24-hour holdings. They are automatically updated daily at 00:00 UTC while the VIP level and fee rates are updated daily at 01:00 UTC. It is a level-based trading fee structure and ranges from Level 0 to Level 9. In the case of using BNB, both the makers and takers can get a 25% discount.
Margin Borrow Interest Rate
USD-M Futures Trading Fee Rate
COIN-M Futures Trading Fee Rate
Deposit and Withdrawal Fees
On each withdrawal, Binance users pay a flat fee to address the transaction costs. The withdrawal rates are unstable and can change without any notice.
The full fee schedule can be viewed here:
- Wide variety of cryptocurrencies and crypto pairs
- High trading volume
- User-friendly platform
- High liquidity
- Deposit and withdrawal of crypto and fiat currency
- Low fees
- Emphasis on traders’ security
- 24/7 customer support
- KYC verification
- Mobile App
- Discounts to use BNB
- Unsupportive to most traditional payment methods
- No phone customer support
- Not best for novices