Binance is the highest-volume cryptocurrency trading platform in the world. Originally started in China in 2017, it was quickly forced to move to Malta when the Chinese government banned cryptocurrency trading. With a diverse distribution of servers in crypto-friendly locations around the globe, Binance was able to quickly scale and expand its services and gain millions of users in countries all over the world.
Read on for a full review of features and about fees, security, and other important details.
Fiat and Cryptocurrencies Supported
Presently the Binance Exchange does not provide support for any fiat currencies. Binance does support 149 different cryptocurrencies as of the publication of this article. The exchange updates and adds new options on a regular basis.
Payment Methods
Purchase of cryptocurrencies listed on the Binance Exchange can be completed with any of the currently supported tokens on the exchange. Recently, Binance did introduce an option to purchase a limited number of cryptocurrencies with a credit card. These include BTC, ETH, LTC, and XRP. There is an added fee of 3.5% for credit card transactions.
Fees and Limits
The standard trading fee on the Binance Exchange is only 0.1%. This is one of the primary reasons Binance has grown so rapidly over the past 2 years. Many other exchanges charge 0.25%. Of course all transactions deposited or withdrawing cryptocurrency will incur the usual network fees. The exchange also offers a discount of 12.5% off trading fees for holders of Binance’s BNB coin.
Deposit Fees
As mentioned above, the Binance Exchange does not charge any fees for making deposits. The only charge you will see is the negligible network fee associated with completing the transaction of sending your cryptocurrency to the Binance Exchange.
Withdrawal Fees
These fees can vary a bit depending on the cryptocurrency and adjust in relation to the relevant blockchain network involved. Like their low trading fees, users can expect these to be less than a dollar and amongst the lowest in the industry.
Limits
There are no limits on deposits on the Binance Exchange. Users can make as many deposits as they please per day with no limit on the amounts that can be deposited. There are 2 different limitation rules for withdrawals. Anonymous users who have not been verified through a KYC procedure can only withdraw up to 2 BTC every 24 hours. Verified users may remove up to 100 BTC from the exchange every 24 hours.
Funds Availability
The Binance exchange completes deposits and withdrawals very quickly. Users will find their deposits are available for trading within minutes. System-wide, the exchange posts withdrawal transactions to the blockchain within 30-60 minutes. Once there, users should see their balances in their designated wallet within a few minutes.
Binance Exchange Functionality
The site is broken-down into four different market categories:
BTC Market: Trade BTC against other cryptocurrencies.
ALTS Market: Trade ETH and XRP against other cryptocurrencies.
BNB Market: Trade Binance’s native BNB coin against cryptocurrencies.
USD Stablecoin Market: Relatively new. Trade USDT, TUSD and PAX against cryptocurrencies.
Users can also identify particular trading pairs and set those to be displayed in their favorites for quick and easy access. When users pull up a trading pair they will find a wide range of detailed trading information displayed. The platform has advanced trading options that also provide detailed market information.
Security
The Binance Exchange offers two-factor authentication and has received a stamp of approval from the Blockchain Transparency institute. They are constantly upgrading their cyber security measures and use cold storage and multi-signature wallets for all customer deposits. The exchange has also taken the added precaution of creating a fund to insure user assets.
Customer Support
The Binance Exchange has a searchable customer support center that includes a FAQ section, user’s guides and a portal to submit support requests. Receiving a reply from an agent for a support ticket can take some time due to the large volume of users and requests.
API and Mobile Capabilities
Binance supports open API development allowing third-party developers to enhance your experience and the site’s capabilities. SmartBotCoin.io utilizes this secure connectivity to the market data to give you powerful trading superpowers in a simple and straightforward manner.
Trade anywhere and anytime while on the go by installing the Binance App. Currently the exchange has apps for Android, iOS, macOS, and Windows.
Getting Started
Creating a new Binance account and getting started only takes a few minutes and an email address for verification. Users who want increased withdrawal limits will need to submit a photograph of a passport or other state-issued identification. Deposits can be made quickly by copy and pasting the address or utilize the QR code. From there, users can start browsing for trading pairs to get started or explore the advanced orders trading page for stop limits and other options.
IMPORTANT NOTICE FOR US PERSONS:
Previously, the Binance exchange has been open for people from every country in the world to create accounts. Recently they have added language to their terms stating that they cannot provide services to anyone from the United States. They go on to say that they will be blocking trading and deposits by verified US passport holders starting September 12, 2019. Wallet access and withdrawal activities will not be impacted.
Our Final Take
The Binance Exchange is the largest volume exchange for a reason. With low rates, fast and reliable transactions, and world-class security millions of satisfied users have trusted Binance with their digital assets.
Pros
Competitive Fees
Optional Identification Verification
Secure
Cons
No Fiat Currency Options
Limited Advanced Trading Features
Operates in Limited Regulation Countries
How to get more out of your Binance Exchange account:
Capfolio takes your cryptocurrency trading to the next level with advanced portfolio management and asset allocation capabilities. Advanced testing tools, manual and automated trading options, and the ability to build custom algorithms will help you maximize profit opportunities in the market.
Linking your Binance accounts with Capfolio is secure and can be completed in 5 simple steps detailed in the help article or video below.
Help article: Step-by-step instructions to link your Binance account