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Binance is the leading digital currency exchange across the globe for its liquidity and trading volume. This is a beginner-friendly platform that is super easy to use and provides a huge option of crypto pairs, features, innovative products, responsive customer support, and competitive fees. In this Binance exchange review, we will go through the key features of the platform, along with its services.
So before we begin with our review, let us go through the features in a gist.
- Ranked in the 1st position in the world for trading volume
- 150+ trading pairs against altcoins, fiat, and stablecoins
- 0.1% flat spot trading charges with 25% discount if the user uses BNB
- Offers savings and loan accounts to earn interest on crypto
- Spot, futures, and margin trading are available
- Beginner and advanced interface available with Tradingview charts
What Is Binance Exchange?
Binance is a digital currency exchange that was established in July 2017 after its successful raise of an ICO of 15 million USD. This exchange has served millions of users across the globe and is still continuing to do so. This exchange is often termed as the best crypto exchange in the world for several reasons. Here the users can trade, buy, earn, sell, stake, and also instantly swap digital currencies.
This is a renowned platform for having a wide range of digital currency that is available to the users for the above mentioned purposes. Here is a quick overview of this exchange.
Exchange Name | Binance |
Fiat Currency | AUD, USD, EUR, GBP, SGD & UGX |
Cryptocurrency | 250+ |
Payment Type | Bank transfer, SEPA, Bank card (VISA) & SWIFT |
Trading Fee | 0.1% |
Deposit Fee | Bank transfer: None, Credit card: 1% |
Withdrawal Fee | Bank account: None, Crypto: Standard network fee |
Mobile App | Yes |
Binance Exchange Review: Services And Features
As stated before, Binance is the leading provider of digital currency across the globe that has expanded its services and features over time so that they can offer complete services and products through their official website or through the Binance app as well. The essential features that Binance offers are mentioned below.
Suitable For Everyone
This is one of the best features that are worth mentioning in the Binance exchange review. It is completely designed for beginners and advanced professionals as well. The interface is super easy to use and is very user-friendly. If you are a novice in this cryptocurrency space, then also there will be nothing in Binance that you will not understand.
Variation In Payment Methods
The popularity of Binance as a trading platform is because of its global availability, support for many fiat currencies, and a wide range of ways for fund transfer. This trading platform offers varied methods of payment for individuals around the globe to fund a trading account using credit/debit cards, bank transfers, wire transfers, SEPA, and also cash deposits.
Supported Assets
This digital currency exchange supports more than 150 crypto coins that can be traded, bought, and sold. There is a wide range of available pairs which can be traded against BTC and other altcoins. The users will find no difficulty in finding the right trading opportunity.
Binance Savings Account
Binance has joined the lending and borrowing area to provide its users a savings account that will allow the users to earn interest on the crypto. This is similar to Nexo, BlockFi, and also crypto.com. The rate of interest offered by Binance on selected coins is up to 7% APY. This savings account is an easy way to get cryptos for holding or buying funds through Binance Earn.
Binance Review: Is Binance Safe?
Binance is one of the most trustworthy and secure exchanges in the world that features several layers of security that is “bank-like” and also offers management protocols to make sure there is 100 percent safety of the funds and the personal information of its customers. The secured technologies that are being used to offer a safe trading space for its users that take the decision to leave their coins on the exchange include 2FA (2 Factor Authentication) and also cold storage.
However, even after so many security protocols, there always remains a risk when you are storing funds on a crypto exchange that is centralized. The safest way to keep digital currencies is to transfer all your funds from Binance to a reputable hardware wallet like Ledger X or something similar to that.
Binance Review: Supported Countries
Binance is a centralized global digital currency exchange that is being used by several companies across the globe that use the brand name and technology of Binance. The partners of Binance are situated in various jurisdictions to serve more than 180 countries across the globe. The main comparison is between Binance.US vs Binance.
Exchange | Location | Currency | Deposit Method | Website |
Binance.US | United States | USD | Wire transfer, debit card, bank transfer (ACH) | |
Binance Australia | Australia | AUD | Bank transfer (PayID) | |
Binance Singapore | Singapore | SGD | Xfers | |
Binance.UK | United Kingdom | GBP and EUR | Wire transfer, credit card | |
Binance Uganda | Uganda | UGX | Mobile money, bank transfer |
Binance Exchange Review: Is Binance Free?
In Binance the user will need no cost to create an account or to even maintain a Binance wallet. There are some minimal charges involved to use the Binance account. These Binance fees include buying and selling, depositing money to the exchange, withdrawing to an external wallet, and trading between assets. These fees are common on any centralized exchange, but still, among them, Binance is the cheapest compared to its competitors in the market. When we compare Binance vs Coinbase, the difference can be understood better.
Binance Review: Supported Cryptocurrency
Binance is known to support more than 150 digital coins that can be traded, purchased, and also sold using the exchange such as Ethereum, Bitcoin, XRP, Litecoin, Chainlink, Cardano, etc. These assets can be traded using different digital currencies as collateral. Against altcoins, the following pairs are available at Binance:
- Binance Coin (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tron (TRX)
- Ripple (XRP)
- Fiat currencies (e.g. USD, GBP, EUR)
- Stablecoins (e.g. BUSD, USDT, TUSD)
Advantages Of Binance Exchange
Now that you know the services and the features offered by Binance, here are some of the advantages that will attract you more towards choosing this exchange.
- Transaction fees are low compared to other competitors
- Most cryptos are available for exchange or trading
- Secure and safe 2-way authentication by using google-authenticator
- All Major coins BCC, ETH, BTC, DOGE, LTC are available in this exchange for trading
- Binance Exchange is now available in the USA as well
- Trading can take place using a coin combination of BTC/ETH.
- The great customer service team
Disadvantages of Binance Exchange
Binance exchange review is incomplete without knowing its pros and cons. Now that you know the reasons why you should choose this exchange, here are some drawbacks of this exchange that will allow you to make your decision better.
- Any transaction on the Binance exchange is always converted into BTC or Binance coins
- User requires to purchase BTC or Binance first to trade
- Coins here are suspended and so the users are facing losses so Binance needs to support their buyers for losses they face.
By the end of this Binance exchange review, it has been concluded that if you are looking for an overall exchange for your digital currency with an easy and user-friendly interface then Binance is your answer. It offers its users with the best and a variety of services at a low cost which you will not find anywhere else.
