Binance, the world’s biggest crypto exchange with 120 million registered users, $38 Billion of 24-hour trading volume, and support of 350+ cryptocurrencies. It was founded in 2017 by Changpeng Zhao. The exchange has its headquarters in Malta but has expanded globally, offering its services to users in over 180 countries and making Binance crypto world a favored choice for traders worldwide.
Binance offers over 1,400 cryptocurrency trading pairs on its platform, which is an impressive array of cryptocurrencies on Binance. Some of the popular trading pairs are:
Above pairs use USDT and TUSD, regulated stablecoins backed by the US dollar. Binance also has trading pairs with BUSD, a stablecoin issued by Binance and Paxos. However, due to regulatory issues, Binance is now swapping BUSD holdings for USDT and TUSD as per this announcement. Trade with Binance to access a broad selection of coins, including Bitcoin, Ethereum, and a diverse range of altcoins.
Binance crypto exchange employs a high level of security measures to protect its users and their funds.
- It uses blockchain technology, two-factor authentication (2FA), and anti-phishing codes to to ensure user assets remain safeguarded while engaging in Binance crypto trading.
- Binance security features also include address whitelisting, device management, and the ability to restrict device access. Like Coinbase, all USD balances are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts.
- Binance also has an emergency insurance fund called Secure Asset Fund for Users (SAFU) that holds a percentage of all trading fees on the platform to cover any losses in case of a hack.
Binance charges based on a tiered system, from regular users to VIP 9. For regular users, a 0.10% maker taker fee is charged for spot trading. In July 2022, Binance announced zero-fee trading for BTC spot trading pairs, and in August for ETH/BUSD pair. You can check the fee schedule for each service, market, and currency pair on Binance’s website. Here are some brief details:
Trade with Binance and benefit from competitive fees, making it an attractive option for traders. Binance charges a fee when your order is executed (matched with another order). The fee ranges from 0% to 0.1% of the total cost (value) of your order and depends on the following: The currency pair that is being traded, your 30-day trading volume (in USD), whether your order is maker or taker, and whether you use BNB (Binance Coin) to pay for fees. A maker order adds liquidity to the order book and a taker order removes liquidity from the order book. Maker orders usually have lower fees than taker orders. Using BNB for fees applies a 25% discount to your trading fee.
Binance charges fees for depositing and withdrawing funds on its platform. The fees vary depending on the currency, the payment method, and the network conditions. Some currencies and payment methods have no fees or minimums, while others have fixed or variable fees or minimums.
Binance also charges fees for other services, such as margin trading, futures trading, options trading, swap farming, P2P lending and borrowing, and more. The fees vary depending on the service, the currency pair, the volume, the leverage, and other factors. The platform features reasonable trading fees, often with discounts for using Binance Coin (BNB) for transactions, particularly advantageous for Binance futures trading.
Beyond crypto trading on Binance, Binance offers a variety of cryptocurrency-related products for crypto market Binance users, including spot trading, futures trading, options trading, margin trading, staking, and savings. Below are some notable products:
A feature that allows users to earn interest on their idle crypto assets by lending them to other users or participating in staking or liquidity pools.
A platform that allows users to create, buy, sell, and trade non-fungible tokens (NFTs), which are unique digital assets that represent art, music, games, collectibles, etc.
A payment service that allows users to pay and get paid in crypto with no fees.
A derivatives market that allows users to trade with Binance futures and options contracts with up to 125x leverage.
A type of derivatives contract that gives the buyer the right but not the obligation to buy or sell an underlying asset at a specified price and time.
A platform that helps new blockchain projects raise funds and gain exposure through token sales.
A platform that provides custody and liquidity solutions for institutional clients who want to store, manage, and use their crypto assets securely and efficiently.
A venture capital arm that invests in and supports blockchain startups.
An educational platform that provides free resources on blockchain and crypto topics.
A research division that produces in-depth reports and analysis on blockchain and crypto projects.
A philanthropic initiative that uses blockchain technology to empower social good projects around the world.
Binance has its own cryptocurrency called Binance Coin (BNB), which can be used to pay trading fees on the platform. BNB holders can also participate in token sales on Binance Launchpad, where new cryptocurrencies are introduced.
- Paying for trading fees on Binance with a discount
- Participating in token sales on Binance Launchpad
- Staking or lending on Binance Earn
- Buying or selling NFTs on Binance NFT
- Paying or receiving payments on Binance Pay
- Voting for new projects or initiatives on Binance
- Accessing exclusive features or benefits on Binance
Binance also operates its own blockchain network called Binance Smart Chain (BSC), which is compatible with Ethereum and supports smart contracts and decentralized applications (DApps). BSC also has its own native stablecoin called BUSD, which is pegged to the US dollar and can be used for transactions on BSC. Many DeFi applications have been built on BSC, which has gained popularity due to its fast transaction speeds and low fees.
- Binance has one of the largest selections of coins and trading pairs in the industry, with over 350 cryptocurrencies and thousands of pairs.
- Binance has low fees for most transactions, especially for users who pay with BNB, the native token of Binance.
- Binance offers advanced trading features such as margin, futures, options, leveraged tokens, and a peer-to-peer platform.
- Binance has high-security standards and has implemented various measures to protect user funds and data.
- Binance has a user-friendly interface and a mobile app that make it easy to access and use the platform.
- Binance is not available in all countries or regions, and some features may be restricted depending on your location.
- Binance has faced regulatory issues and investigations in several countries, such as the US, UK, Japan, Germany, and Singapore.
- Binance has poor customer service ratings and reviews and may take a long time to respond to your queries or issues.
- Binance does not offer fiat deposits or withdrawals for most currencies, which may limit your options for funding your Binance trading account or cashing out your profits.
- Binance may not be suitable for beginners who are not familiar with crypto trading or its advanced features.
Binance is subject to various regulations depending on the jurisdiction it operates in. As a global company, it has to comply with different laws and rules regarding anti-money laundering (AML), know your customer (KYC), taxation, consumer protection, etc. Some countries have restricted or banned Binance from offering certain services or features due to regulatory reasons. For example:
The United States has banned Binance from operating in its territory due to concerns over its compliance with securities laws. Binance has launched a separate platform called Binance.US for US customers1. However, US regulators are still investigating Binance for possible insider trading, market manipulation, money laundering, and tax evasion. The Commodity Futures Trading Commission (CFTC) charged Binance on 27 March, 2023 for allegedly violating US laws that require futures and derivatives trading platforms to be registered.
The United Kingdom has also banned Binance from operating in its jurisdiction due to concerns over its lack of authorization and consumer protection. The Financial Conduct Authority (FCA) has issued a warning to Binance’s UK affiliate for operating without approval.
Japan has also warned Binance for operating without permission and accused it of violating Japanese laws that require crypto exchanges to be registered and licensed.
Thailand has filed a criminal complaint against Binance for operating a digital asset exchange without a license and soliciting Thai customers without authorization.
Germany has also raised concerns over Binance’s offering of stock tokens, which are synthetic instruments that give exposure to traditional stocks such as Apple and Tesla. The German financial regulator has said that the tokens would violate European Union securities laws and require a prospectus. Binance has stopped offering the tokens in July 2022.
The European Union has also imposed restrictions on Binance’s payment services, such as Binance Pay and Binance Card, which allow users to pay and get paid in crypto with no fees. Binance has suspended deposits from the European Union’s Single Euro Payments Area (SEPA) network in July 2022 due to regulatory issues.
Binance has said that it is committed to complying with local regulations and working with regulators to ensure the safety and legality of its services. It has also said that it is constantly reviewing its products and services to align with global standards and best practices.
However, some regulators have expressed doubts over Binance’s ability and willingness to cooperate and follow the rules. Therefore, Binance users should be aware of the potential risks and uncertainties associated with using Binance services in different jurisdictions.
There are many alternatives to Binance crypto exchange, each with its unique features and focuses in the Binance exchange currency domain. You may also check below alternatives to Binance exchange:
- What is Binance Exchange?
- Binance is one of the world’s biggest crypto exchanges, providing a platform for users to trade various digital assets, including cryptocurrencies and tokens.
- How do I create an account on Binance?
- Creating an account on Binance is straightforward. Visit the Binance website, click on Register, and follow the steps to sign up by providing your email, password, and verification for a new Binance account.
- What cryptocurrencies can I trade on Binance?
- Binance offers a wide range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and numerous other altcoins in the Binance exchange crypto market.
- What is Binance Coin (BNB) and its utility?
- Binance Coin (BNB) is the native cryptocurrency of the Binance platform. It’s used for various purposes, including paying for trading fees, participating in token sales, and more within the Binance currency exchange.
- What is the best Coin to Trade on Binance
- Choosing the best coin to trade on Binance involves evaluating factors like liquidity, market trends, and potential for profit. Traders often look for coins with high trading volumes and strong community support for successful Binance crypto trading.