Binance Summary

Binance is the largest cryptocurrency trading platform in the world. Because it offers a robust selection of trading options and features, it is not particularly user-friendly. Investors of all skill levels will likely experience a steep learning curve with Binance. Through its desktop or mobile dashboards, Binance offers a wide array of trading features, including an impressive selection of market charts and hundreds of cryptocurrencies. Users can also access a variety of trading options including futures and options, as well as several order types.

binance logo

Via Binance's website

Trust Score

90 / 100

Minimum Deposit

$15-$50

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What is Binance?

 

Changpeng Zhao, a developer well-known for creating high-frequency trading software, founded Binance in 2017. Since then, the Binance crypto exchange platform has helped thousands of clients safely buy and sell cryptocurrencies and learn more about market trends.

Binance was developed for highly experienced traders who want to add another layer of security to their online money exchanges. With relatively low trading fees and an excellent client support system, Binance allows its clients to keep most of their earnings.

Binance is not regulated or licensed, but that doesn’t make it illegal. As there aren’t any laws prohibiting cryptocurrency exchange, you can use this platform in many countries without worrying about legal issues. Crypto counts as any other asset, such as gold or real estate, and as long as you pay your capital gain taxes on time, you won’t have any trouble with the authorities.

Binance important financial  details

Is Binance Safe?

 

Binance is one of the world's most secure and trustworthy exchanges that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customers personnel information and funds. Examples of the secure technologies used to provide a safe and secure trading environment for users that decide to leave their coins on the exchange include cold wallet storage and two factor authentication. 

However, there is always risk when storing funds on a centralised crypto exchange. The safest way to store cryptocurrency is to transfer funds from Binance to a reputable hardware wallet such as the Ledger Nano X.

Who Is Eligible to Trade at Binance?

 

Only people over 18 have the total legal capacity to use Binance as their trading platform. As of the first quarter of 2021, the Binance verification policy features mandatory identity verification for all users. Before that, only US citizens had to upload a photo of their valid ID.

So, if you want to create a new account, you will have to follow this policy. In addition to that, all users have to provide personal identifiable information (PII) to use Binance services. That includes any representation of information that confirms your identity, such as photos of a government-issued identification card and face verification.

Moreover, clients in over 180 countries can use Binance as their trading platform. However, although this platform is available in numerous countries, some countries like Hong Kong and Japan have issued warnings against this currency exchange. On the other hand, Binance will continue to offer its services to Britons, but the company has to clarify on its website that it isn’t authorised to operate in the UK.

binance sign up offer

How Much Does it Cost to Trade at Binance?

 

What makes Binance an excellent platform for experienced traders are its low fees. As a result, Binance is a favourite online currency exchange platform among many traders, as most other companies charge much more for the same trading process.

If you buy cryptocurrencies on Binance with a debit or credit card, you might have to pay up to 4.5% in fees. Of course, these are the most expensive charges, but you should consider the many other payment methods to avoid additional costs.

Namely, you won’t be charged any transaction fees with wire transfers. Still, this payment method isn’t available everywhere. So, check whether your homeland supports wire transfers. If it does, you should use it to avoid high fees.

As you already know, Binance won’t charge any fees when depositing your assets. However, when it comes to Binance exchange fees, you will be charged 0.1%, which is, again,  a below-average fee for trading on a secure platform. In addition, you will also have to pay a 0.5% fee for Instant Buy/Sell, and the amount of money Binance takes for allowing you to use the platform will depend on the trade.

Binance withdrawal fees will be calculated based on which cryptocurrency you want to withdraw when you want to get a hold of your money. As the market status fluctuates all the time, you will know how much money you need to set aside for fees when you try to withdraw crypto to the bank.

Deposits, Withdrawals, and Payments

 

Deposits

 

There are many ways to deposit money on Binance. It’s also worth noting that this platform accepts fiat and crypto deposits from external wallets and bank accounts. However, not all methods are the same, and they will vary based on the currency you want to deposit.

For example, Binance bank transfers are undoubtedly the most favoured payment methods on Binance, mainly because they allow Binance clients to send money to one another. However, when it comes to conventional bank transfers, clients will have to connect their bank account to the platform because it allows users to quickly receive or deposit the money.

Binance provides several payment options. For example, you can trade crypto using a cash deposit and buy bitcoin through an ATM. Next-generation and SWIFT networks are also popular choices, so be sure to check which method suits your trading needs the most. Keep in mind that there are also Binance deposit limits — you can add up to $1,000,000 to your Binance account via bank wire.

Withdrawals

 

You can withdraw money from Binance to your bank account regardless of where you live. However, the payment method will depend on your country and region. Nevertheless, the Binance exchange supports a few payment methods and roughly 60 fiat currencies, including USD, EUR, CAD, AUD, JPY, and more.

In addition, most countries allow Binance clients to use the Instant Card Withdrawal payment method. That means you can safely withdraw money to your credit or debit card if you have Visa Fast Funds. The Binance withdrawal policy allows you to withdraw up to $7,500,000 via bank wire.

You can also withdraw money via the SWIFT network, but you will have to wait a few days for Binance to verify and process the transaction. On the other hand, instant card withdrawals are usually processed within a few minutes.

Moreover, daily Binance withdrawal limits are adjusted to 0.06 BTC for clients who have completed only basic account verification.

The Binance minimum withdrawal amount will depend on the crypto you have in your possession. That is because each cryptocurrency has its own withdrawal amount. But, as you start trading new crypto, you will eventually learn how much money you can transfer to your bank account.

Payments

 

Binance includes Binance Pay on its platform all clients can use to send and receive crypto. This cryptocurrency payment technology offers a fast and safe way to transfer crypto from one account to the other. Binance Pay is an excellent solution that won’t burden you with any charges. If you create an account and start trading at Binance, you will be able to use this cryptocurrency payment technology — all with zero fees.

Trade 100+ cryptos on Binance the fastest growing exchange

What Cryptocurrencies Does Binance Support?

 

With Binance, you can trade over 500 cryptocurrencies and virtual tokens, including the Binance Coins (BNB). Of course, you can trade Bitcoins, Ether, Ripple, Litecoin, Dogecoin, Cardano, EOS, Stellar, and many more!

Security

 

Binance Security

 

Binance values safety, and it stores most clients’ funds and assets in cold storage facilities. In addition, this trading platform boasts about its risk management system that will analyse withdrawal attempts, password resets, and email address changes.

Binance protects its users by investing in advanced security measures, such as multi-signature and threshold signature schemes that add another layer of security to all Binance users’ funds.

Binance’s strict protocols protect client trading data and personal information. This company encrypts all its data, and it’s worth noting that data in transit is secured via end-to-end encryption. Luckily, that means only you can access your private information.

User Security

 

Binance features strict sign-in protocols. It uses two-factor authentication, meaning you’ll have to confirm your identity via the app, mail, or an SMS. Moreover, all users receive emails and alerts if Binance detects suspicious activities on the platform. On top of that, you will be able to secure your account by restricting access to third parties.

Regulatory Status

 

Interestingly enough, Binance doesn’t have headquarters. That is because the founder, who was inspired by the nature of crypto, wanted to create a decentralised company. However, some regulators have been sceptical of this risky business practice.

In addition, some speculate that businesses use Binance to launder money. As it usually goes, these rumours have affected the company’s reputation in many ways. Therefore, Binance is currently banned in the US, and Hong Kong and Japan regulators aren’t happy about allowing their citizens to use this platform either.

So, the main question in this Binance review is whether this platform is safe for traders. Although some may disagree, Binance is a legitimate company that has helped many clients reach their trading goals and create a passive income through crypto.

Conclusion

 

If you're looking for the best place to trade cryptocurrency, then Binance will deliver on all of your expectations. It's leading the way to provide its customers with a beginner-friendly, modern, advanced and innovative platform to profit in digital assets. Simply put, Binance offers the widest range of products and services and is always at the forefront of new and innovative features.

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