Let’s find the answer to all these questions in our special edition of the Binance review.
Binance is currently the most popular cryptocurrency exchange in the world, and this is a complete review of the Binance exchange.
Note: Binance international is not available for U.S. users. If you are from a country where Binance does not offer its services, you should check out these Binance alternatives.
It wouldn’t be wrong to say that many of us in the present, or at a certain point in the past, have come face to face with the paralyzing problem of too many choices. And needless to say, the crypto space today compliments that statement to the T!
Update: Binance futures is launched as invite basis. Use the link below to create a Binance futures account for free.
With more than 2100+ cryptocurrencies and +200 cryptocurrency exchanges to choose from, it can get traumatizing to choose the right ones. The plethora of options on cryptocurrency exchanges can be a headache for both newbies and experienced crypto enthusiasts.
Apart from that, with most of the exchanges being centralized, there is always a looming fear of getting hacked.
However, amidst all the fears and difficult choices to make, one centralized exchange has stood out and certainly made life easier – Binance.
Disclaimer: I have used Binance on numerous occasions and in this post, I am going to tell you everything I have noticed and also the things you need to know before getting started.
Note: Binance.com does not allow registration from the USA. If you are from the USA, You can either use Binance.us or one of these Binance alternatives.
Binance is the world’s largest cryptocurrency exchange. Binance came into existence around 2017
Binance means “Binary Finance”, and as an exchange, it aims to power the future of crypto finance.
It is a centralized exchange and they’re based out of China. It claims to be a better alternative to many other centralized exchanges because they have identified the most major pain points of centralized exchanges and are working rapidly to provide solutions.
Problems That Binance Is Aiming To Solve
These are the following problems that Binance is claiming to solve:
Binance’s Answers To These Problems
Binance has introduced and is in the process of introducing, several features to counter these problems.
Some of the features that Binance has in place are:
Binance offers trading terminals for all kinds of traders. Be it a seasoned hobbyist or pro trader. They started as a spot trading crypto exchange, and now they offer Margin and futures trading.
Binance offers crypto lending feature where you can earn interest on your crypto holding. They support many coins including Bitcoin, Binance, and Stablecoins to name a few.
Many of you may be aware of proof of stake coins and you would be surprised to know that Binance also offers crypto-staking features. One benefit I see here is, you can also discover profitable projects that provide staking features.
How often you wish to have multiple accounts on the same exchange? Well, the Binance sub-account feature is exactly for you. You can use it for creating and managing the binance account of your friends, family, and clients. You can create up to 200 sub-accounts under a single Binance account which is something remarkable.
Read everything you need to know about the Binance sub-account here.
If you want to trade or use Binance exchange under a legal entity (Corporation, LLP, Pvt. limited) or any other, you can apply and open a corporate account as well.
Binance has started adding a lot of fiat payment options to enable users across the globe to be able to buy Crypto assets using their local bank account or credit card. The benefit that you get here is, they charge pretty low fees for the same and you can directly start trading or even earn interest.
Binance pay feature was added in 2022. It works as a payment gateway and also you can use it for P2P payment. To use Binance pay, you need to have a verified Binance account, and then you can follow these video steps to start using Binance Pay.
Binance is one of the top P2P exchange platform as well. Once you have done your KYC, you can perform a P2P transaction with other interested traders. This video guide will help you get started with Binance P2P:
Binance’s team members have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and they have accumulated a large network of partners in this space.
They are clearly not newbies trying to run a scam exchange; they understand the risks and challenges very well.
In my opinion, the Binance exchange and BNB tokens are here to stay.
Binance started in China in mid-2017 but shifted its base to Hong Kong and is now in Malta after the China government banned cryptocurrency exchanges.
It is a centralized exchange but a reliable one because despite handling the volume it does on a regular basis, there have been no reports of it or going down.
Binance, being a centralized exchange like Bittrex and Poloniex, adopted a unique way of funding themselves through the ICO, which concluded in July 2017. And with the money raised, Binance has to an extent, and continues to solve the pain points of centralized exchanges that they had identified and elucidated in their white paper.
Some more important points…
Binance offers both (Crypto-to-crypto) and (fiat-to-crypto) exchange, and you will find a very good market for these pairs with enormous volume and liquidity on Binance.
Currently, Binance is #1 exchange in terms of volume on CoinGecko.
They have their native Binance tokens too which I will explain further in this article.
Binance Registration, Login, and Security
Binance’s registration process is quite straightforward and your account gets activated immediately. To get started with Binance, you need to register using your email ID following which you will be granted the basic account in which you have a withdrawal limit of 2 BTC per day.
After you register, you can log in using your email ID and password to be able to see the screen below, where you can, and MUST, setup your 2FA and SMS authentication for extra security (highly recommended to do so).
You can also use this dashboard to submit additional KYC documents to increase your withdrawal limit from 2 BTC to 200 BTC.
After you log in and have set up all the security measures, go to Binance’s home page to see this dashboard.
Binance’s dashboard also gives you access to both advanced and basic dashboard versions. The main difference between the advanced and basic versions is that the former has more charting tools and a compact UI with more parameters to analyze whereas the latter has a more open UI and less charting features.
The basic version looks like this:
Binance Mobile Apps
The Binance mobile app is absolutely fantastic, to say the least. I came across the Binance app when I was searching for options to trade on the go.
To reiterate, the Binance trading apps for both iOS and Android is the best you can find in the market.
To use the mobile app, you need to create an account on Binance for which you can register here. Once you are registered, you can download their iOS or Android app and start trading cryptos from your smartphone.
(Android App | iOS App)
Do watch this video tutorial to get hold of how to use Binance mobile apps.
The fee structure on Binance is also very competitive compared to its peer exchanges.
The standard trading fee is 0.1%. However, to withdraw different currencies, this fee schedule is applicable.
Also, you can reduce your trading fee significantly if are a HODLer of Binance tokens (i.e. BNB). When you use BNB to pay for fees, you will receive a significant discount (as per below).
You can enable this feature of 50% trading fee reduction from their dashboard here.
Not just this, holding Binance tokens itself is rewarding because their price appreciation is almost certain in the long run considering Binance burns a decent amount of BNB tokens every quarter to economically reward its holders.
Here is the updated trading fees of Binance, as per March 2022:
Binance supports a flurry of cryptocurrencies and has enormous volumes on it. Needless to say, you don’t need to worry about the liquidity of your funds.
You will find all the popular cryptocurrencies like BTC, ETH, DASH, LTC, NEO, ETC, XRP etc on Binance and also some rare gems like Sushi, FTT, UNI.
The volume on this exchange that has more than 260 cryptocurrencies listed on it is 165,711 BTC ($ 1.4 billion), an impressive figure.
The Binance exchange is accessible to users all around the world. However, there are certain parts of the world that have a high concentration of their user base:
These are their latest traffic stats which show that Binance is accessible in most countries.
Update: Binance is no more available for U.S. Citizens. Check out Binance alternatives for U.S. Users.
The support is also exemplary if you compare it with its peer exchanges. To emphasize, Binance provides support in 7 languages!
As of now, there is no customer care number, but they do have a support portal where you can submit your requests. Expect the turnaround time to be 24-hours.
You can also use their live chat support option as shown here in the restricted operating hours.
Apart from that, their FAQ section is quite robust and if you go through it well, you may not really need to contact their support.
Additionally, the Binance exchange keeps on holding various competitions, prize distributions and other initiatives for its users, some of which are:
Now they have launched 3rd party project reports that are having insights into institutions to aid investors in making better decisions.
The first question that came to my mind while reading Binance’s whitepaper was:
What’s the need of an ICO for an exchange?
The answer to this is based on their unique business model, which is self-sustaining and easy to understand without any complex mathematical formulas that you generally find in a whitepaper.
But before discussing their business model, it’s important to understand their token economics.
Binance Coin (i.e. BNB) is an ERC20 token with a fixed supply of 200 million. Out of this total supply, 100 million BNB tokens were distributed during the ICO.
Here is what the final allocation breakup looks like:
In my opinion, one of the reasons for having an ICO for Binance was to accelerate the development process while catalyzing its mass adoption through fee incentivization for its users. This puts everyone in a win-win situation.
This fee incentivization is made possible by BNB tokens which are an integral part of this exchange. You can use BNB to pay for any fees on the platform, including but not limited to:
Apart from this, when you use BNB to pay for fees, you will receive a significant discount according to the below-shown schedule. You can see their fee structure in detail here.
And last but not least, to ensure that everyone participating with Binance ends up in a win-win situation, every quarter they will use 20% of their profits to buy back BNB and destroy them until they eventually buy 50% of all the BNB (100M) back.
They announce all buy-back transactions on the blockchain and will eventually destroy 100M BNB, leaving 100M BNB in circulation.
This is meant to drive up the price of BNB tokens.
The best place to buy Binance coin is from Binance exchange itself.
Click here to buy Binance coin
Once you have registered an account, click on funds and add funds using credit card/debit card.
Below is a list of established cryptocurrency exchanges listing BNB:
In 2023, there are many supported pair for BNB token.
Keeping all these facts in mind and my experience, I can confidently say that no exchange even comes close to Binance regarding security, volume, and community initiatives.
Also, as I said, their mobile apps are an absolute delight.
Even during the crypto mad rush in December 2017 when exchanges like Bittrex and Bitfinex closed their doors, Binance was the last exchange that stopped taking new registrations.
I’d say, to conclude, if you have not used Binance yet, you should start right away.
Have you used Binance for buying, selling, and/or trading BTC/ETH? How has your experience been? Let us know in the comments section below. Want me to review any other cryptocurrency exchange? Let me know in the comments.
Binance.us is an extension of Binance for the US citizens, and it is a legit website. They don’t have same number of tokens like Binance.com, but the volume of Binance us is growing steadily.
For a withdrawal up to 2BTC a day, Binance does not require KYC. If your withdrawal requirement is more than 2 BTC a day, then you are suggested to get KYC done, which increases your daily withdrawal limit to 100 BTC.
Yes, Binance works in India, and there are no issues reported by any Indian users related to Binance.
Binance launched the P2P feature somewhere in 2020, and it is safe to use. However, to use the Binance P2P feature, you need to complete your KYC.
If you wish to circumvent the rules, that is your own prerogative but also your own risk. If you are not a US citizen but you are living in the USA, and still want to access Binance, you can use any VPN like NordVPN that let you hide your location and have a kill-switch feature. A better thing to do is to use Binance.us which allows users from USA to access the Binance website. (this is not financial or legal advice)
Almost all the reliable crypto portfolio apps support Binance. You can use the Binance API key to automatically sync with the portfolio manager. CoinStats, Blockfolio are some of the easy-to-use Portfolio managers for Binance with the auto-sync feature.
Cointracker and Koinly are the two best software for tax accounting for Binance. You can read about crypto tax software here.
In the initial days of Binance operation, US clients were allowed to trade on Binance platform. However, in 2017 Binance decided to stop service the US residents, and later on launched Binance.us which is fully compliant with the USA law.
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