What is Binance?
In this article, we will review Binance is the world’s leading cryptocurrency exchange founded by Changpeng Zao (aka CZ) in July 2017. It was initially situated in China; however, it was later moved from there because of China’s strict cryptocurrency laws and currently has its headquarters in Malta. It has been experiencing astounding success since it was developed, and today it processes up to 1.4 million transactions in one second.
Table of contents
- What is Binance?
- Binance Review: Summary (TL;DR)
- How to use Binance?
- Binance Review: Deposits and Withdrawals
- Binance Trading Features
- Binance Derivatives
- Binance Earn
- Binance Pool
- Binance Visa Card
- Crypto Loans
- Binance Liquid Swap
- Binance Review: Cryptocurrency support
- Binance Review: Security
- Binance Review: User Experience
- Binance Fees
- Binance Review: Customer Support
- Binance Review: Pros and Cons
- Binance Review: Conclusion
- Frequently Asked Questions
Binance Review: Summary (TL;DR)
- Binance is the world’s leading cryptocurrency exchange, founded in 2017.
- They support various methods to deposit, withdraw and trade cryptocurrencies. Multiple fiat currencies such as GBP, EUR, USD, and more are supported.
- Binance Convert allows you to convert one cryptocurrency into another instantly.
- They offer classic and advanced trading terminals according to your trading experience.
- Binance Peer to Peer allows you to buy and sell cryptocurrency directly with other users.
- Binance offers USDⓈ-M Futures, COIN-M Future, Leveraged Tokens, and Vanilla Options Contracts.
- Binance Earn allows you to lend your funds, stake your PoS (Proof of Service) coins, or deposit your funds to a DeFi service via Binance to earn interest on your crypto.
- Binance Pool helps you in earning passive income.
- The Binance Visa Card is a cryptocurrency card that works just like any other debit card with additional features.
- Binance crypto loans help you in getting crypto loans by using your digital assets as collateral.
- Binance Liquid Swap enables you to attain extraordinary annual profits by offering liquidity to liquidity pools on the Binance.
- Binance supports more than 150 cryptocurrencies.
- Binance is entirely secure and uses various measures to secure the platform, such as anti-phishing measures, KYC, YubiKey, whitelisting addresses, tracking login activities, and devices.
- Binance ICO Launchpad allows you to lists new currencies as soon as their ICO is finished.
- They offer 24/7 customer support.
How to use Binance?
You have to follow four steps to Create a Binance Account.
- Open the Binance homepage and then click on ‘Register.’
- Now enter your email address and choose a strong password.
- Verify the email address entered by entering the verification code received on your entered e-mail ID. You have now created a Binance account. It will direct you to the screen as shown below:
- Click on ‘Go to Dashboard.’A notification will ask you if you want to set up two-factor authentication. Select the desired security verification to enhance your account’s security. You can enter your mobile number and complete the account setup process to enable phone verification.
Now, you can deposit funds and start trading!
Binance Review: Deposits and Withdrawals
Binance allows you to deposit, withdraw and trade cryptocurrencies. They support FIAT. The accepted payment methods include:
- External wallets
- Bank transfer
- Credit and Debit cards like Visa and MasterCard
- Third-party payment via organizations such as Banxa and Simplex
Binance Trading Features
Binance provides the following trading platforms:
Convert and OTC
Binance Convert allows you to convert one cryptocurrency into another in just a few seconds. You can easily convert your assets on the platform without worrying about complicated matters like trading fees and order books. This platform provides faster trading and offers a better price.
Binance Classic is a standard and traditional platform that provides traders with access to charts. The platform is simple and has an easy-to-use interface. It allows you to trade with OCOs, stop limits, market order, or limit order. It gives traders access to various cryptocurrency pairings. This platform has a unique feature, ‘One Cancels the Other,’ in which if a limit order and a stop-limit order are placed simultaneously, one gets executed. In contrast, the other one is automatically canceled. This will result in the cancellation of the OCO pair as well.
Binance Advanced is more suitable for advanced traders because it allows them to view more detailed statistics. It provides all the features that are offered by the Classic platform. Additionally, it also provides charts to assist in trading and technical analysis.
P2P (Peer-to-peer Exchange)
Binance P2P allows you to buy and sell cryptocurrency directly with the other users on the P2P platform. It offers negligible overhead costs for buyers and sellers. The trading fees charged is zero. It provides over a hundred payment methods to buy and sell crypto, like PayPal, cash, M-Pesa, bank transfer, and multiple e-wallets. Binance P2P allows you to trade at your preferred prices. You can also create your trade advertisements to set your prices. Unlike bank or credit card transfers, P2P exchanges do not collect any information about the buyers or sellers.
Binance Derivatives offers you the following options to trade:
- USDⓈ-M Futures: Binance Futures allows you to trade Perpetual and Quarterly USDⓈ-M Futures with leverage up to 125x. It has no expiration and is not an inverse contract. These contracts have clear pricing rules and are settled either in BUSD or USDT.
- Coin Futures: You can trade Perpetual and Quarterly COIN-M Futures with leverage up to 125x. These tokens may or may not have an expiration date.
- Leveraged Tokens: Binance Leveraged Tokens are a type of derivative product that offers you enhanced leverage without the risk of liquidation or putting up any collateral. You can trade these tokens on the spot market. They let you gain exposure to leverage positions without maintaining a margin level.
- Vanilla Options Contracts: Binance allows you to buy or sell Vanilla Options. These are European-style Options, which allow you, as a trader, the right to sell or buy a commodity at a specific price. You can buy or sell directly from the start time until the time the options are exercised.
If you buy an Options contract, you are not obligated to settle your positions. If you are a buyer and hold an Options to the expiration date, you can choose whether you want to exercise or give up that right. However, if you are the seller of an Options, you must match the Buyer.
There are two types of Vanilla Options:
- Put Options: These options allow you to sell a specific quantity of a particular commodity at a specific price and timeframe in the future.
- Call Options: These options allow you to buy a specific quantity of a particular commodity at a particular price and timeframe in the future.
- Battle: In Binance Battle, you can open a position and compete against the other traders to gain points. If you expect the prices to rise after 5 minutes, select ‘Long,’ select ‘Short’ if you expect the prices to fall. To know in detail about the steps, you can check here.
Binance Earn allows you to lend your crypto for interest, stake your PoS (Proof of Service) coins, or deposit your crypto to a DeFi service via Binance. It offers various options by making assumptions about the desired returns, time horizon, and risk profile.
- Flexible Savings: This feature allows you to earn daily interest on your deposited cryptocurrency funds. You can withdraw your funds anytime. It is effortless to use and provides flexibility. The interest starts getting from the next day after you subscribe to a Flexible Savings product. You can check the interest rates here.
- Launchpool: Binance Launchpool results from putting IEO (Initial Exchange Offering) and yield farming (or liquidity mining). It allows you to farm new assets by staking your existing assets and earning new token rewards, which get updated every hour. You can withdraw your deposited assets anytime you want and prove to be an excellent source of passive income.
- BNB Vault: The Binance BNB Vault allows you to earn and maximize your income potential on your BNB assets by just the means of a single click. Investing in the BNB Vault will enable you to integrate centralized and decentralized Binance Finance products easily.
- Fixed Savings: Fixed Savings offer less flexibility to access your funds but higher interest returns. Unlike Flexible Savings, you will have to deposit your funds for a predetermined duration to gain interest. They are available only for USDT, BUSD, and USDC. The interest rates differ according to the number of days. You can check the complete list here.
- Activities: These are unique staking opportunities that become available from time to time. They offer even higher returns than Fixed Savings and need to be subscribed very quickly because they have a capped supply.
- Locked Staking: You can earn rewards by staking cryptocurrency assets. You can subscribe to the Locked Staking service and redeem these rewards after a certain unlocking period. Staking rewards can be earned on your assets by simply holding PoS coins in your Spot Wallet. If your PoS coins are locked for 7-90 days, it can yield an even higher return.
Binance Pool is a platform that helps you in enhancing your income. It allows you to achieve higher profits by auto-switching hash rates to mine different currencies with the same algorithms. It offers the following features:
- Secure: It protects your account information and your crypto. The Hash rate is visible on the Binance Pool.
- Steady Earnings: The platform gives you access to regular earnings and avoids fluctuations. You can use the instant settlements and Pay-Per-Share(PPS), Full-Pay-Per-Share(FPPS) model to achieve so.
- Comprehensive service: It aids in terminating the gap between mining and trading and increases your income.
Binance Visa Card
The card supports payments with Binance USD (BUSD), Binance Coin (BTC), Bitcoin (BTC), Swipe’s SXP token, and Ethereum (ETH).
It works just like any other debit card with additional features. You can deposit funds in the form of cryptocurrency or fiat currency to your card through the Binance Card App. The process is just like transferring a cryptocurrency from one wallet to another. The card uses these funds as payments, and the expenses keep on deducting after payment is made. It can also be used for regular shopping activities like buying groceries or gifts without selling cryptocurrency to make a payment. The aim behind creating the Binance card is to make the entire cryptocurrency experience easier and more seamless.
Binance Card offers the following benefits:
- Minimal fees: Binance does not charge any additional processing or administrative costs for the Binance Card. Some third-party fees, however, might be applied.
- Security: The cards are highly secure and protect your account information and funds.
- Cashbacks: The cards offer up to 8% cash back on every eligible purchase made.
- Hold funds: The cards can hold cryptocurrency in the Binance Card Wallet, and you need to make an exchange only when making a payment.
Binance Crypto Loans is a service offered to traders to satisfy their funding requirements on Binance. You can repay the borrowed loans in advance through the Binance Order page, and the interest is charged for the actual number of days.
To borrow Crypto Loans on Binance, you can use your digital assets as collateral. The loan period can be seven, fourteen, thirty, and ninety days. If a loan is overdue, an overdue duration of three days and seven days is given in a seven or fourteen-day loan and thirty or ninety days loan, respectively. In this duration, the interest charged is thrice of the original interest. In case the loan is not paid even after the overdue period, the collateral is liquidated to repay the loan.
Binance Liquid Swap
Binance Liquid Swap is based on the principle of Liquidity Pools. It combines enables you to attain extraordinary annual profits by offering liquidity to liquidity pools on the Binance. You can swap your cryptocurrency with the other traders in the liquidity pool. The assets can be removed from the pool whenever you want; however, if you’re going to swap only one asset, it will require a handling fee.
Binance Liquid Swap offers benefits such as:
- Low handling fees
- Low slippage
- Stable prices
- Lower fees for large transactions
- Provides interest for pooling
Binance Review: Cryptocurrency support
Binance supports almost all the mainstream cryptocurrencies, which include well-known coins such as Bitcoin(BTC), Litecoin (LTC), Ethereum (ETH), as well as less popular ones such as ZCoin (XZC) and Uniswap (UNI).
This large number of supported cryptocurrencies is one of the main reasons behind Binance’s astounding popularity and success.
Binance Review: Security
Binance is highly secure, and it uses the CryptoCurrency Security Standard (CCSS) to protect the registered accounts. It protects the private information and user assets of its customers. The trading platform includes the following safety measures, which makes it a comprehensive security suite:
- Anti-phishing measures: Binance allows you to set up anti-Phishing code, which will differentiate between phishing attempts and Binance emails.
- You are provided with the following authentication measures for trading, withdrawals, and security modifications:
- E-mail Address authentication
- SMS authentication
- Two-factor authentication (2FA)
- YubiKey,( hardware device) is used as a 2FA measure on your Binance account to increase account security.
- Binance requires KYC verification at the time of setting up your user account.
- It lets the users save and write notes for every withdrawal address. Binance also provides you with a Whitelist option, which helps you in allowing withdrawals to the whitelisted addresses only.
- You can click on ‘Manage’ to view the devices that have permission to access your account. You can also delete the unwanted devices from here.
- You can view your login activity and security activity using this option.
To change any of your security settings, select the ‘Security’ option from your account drop-down menu, as shown below.
Binance Review: User Experience
Binance offers an easy-to-use interface that supports light and dark modes. The platform supports multiple languages such as English, Chinese, Japanese, Korean, Spanish, and many other languages.
Binance and Binance US have different fee structures. Check out our detailed guide on the Binance Fees structure.
- Binance Launchpad: Binance is well-reviewed by a lot of cryptocurrency companies as it lists new currencies as soon as their ICO is finished. It helps you get exposure, liquidity, and token distribution. Additionally, They offer advisory, post-listing, and marketing support.
- Prizes: Regular Binance exchange traders get the benefit of winning prizes. So far, these prizes have included free cryptocurrencies like Ontology (ONT) and Waves (WAVES), and even a Maserati car. The traders can earn rewards for staking cryptos, and they can even earn interest by saving cryptos.
- Binance API: Binance API allows you to integrate your trading application with Binance easily. You can also check the documentation.
Binance Review: Customer Support
Binance offers extensive customer support. They offer live chat functionality.
You can connect to them through various social media channels.
- Youtube channel – they share helpful guides and tutorials.
- Telegram Channels are available in Chinese and English. Additionally, They also have a different channel for announcements.
Binance Review: Pros and Cons
- Binance is a user-friendly platform that provides you with plenty of tutorials and supports to get familiar with the platform.
- It offers support for more than 150 cryptocurrencies.
- The platform provides you with a high trading volume, which results in greater liquidity.
- Binance is one of the most affordable crypto trading platforms.
- It supports withdrawals and deposits using cryptocurrency and fiat money.
- The platform is entirely secure.
- It allows you to earn interest and rewards for saving or staking cryptocurrencies.
- Binance is compatible with desktop and mobile, which helps you to manage your accounts on the go.
- Binance has low trading fees.
- Since Binance has lots of options, it can be overwhelming for beginners sometimes.
- Only the Binance Futures platform provides t, while no other platform provides that.
- While some users consider the KYC authentication as positive, it is considered negative by the users who seek anonymity.
Binance Review: Conclusion
Binance is the largest cryptocurrency exchange. It is a one-stop shop for almost anything you need in cryptocurrency trading. You can get crypto loans, earn interest, liquid swap, buy and sell cryptocurrencies with peers directly, make payments through Binance card, list your cryptocurrencies, and many more on one platform.
They provide an easy-to-use secure interface for crypto trading. They are constantly adding more cryptocurrencies, payment methods, and innovative products.
Frequently Asked Questions
Binance is entirely secure and uses various measures to secure the platform, such as anti-phishing measures, KYC, YubiKey, whitelisting addresses, tracking login activities, and devices.
Binance was initially situated in China; however, it was later moved from there because of China’s strict cryptocurrency laws and currently has its headquarters in Malta.
Binance ICO Launchpad allows you to lists new currencies as soon as their ICO is over. It helps you get exposure, liquidity, and token distribution. Additionally, They offer advisory, post-listing, and marketing support.
The Binance Visa Card is a cryptocurrency card that works like any other debit card with additional features. You can deposit funds in the form of cryptocurrency or fiat through the Binance Card App. You can use it for regular payments without selling cryptocurrency, making your entire experience seamless.
Due to strict regulations in the US, Binance launched a separate platform Binance US. Binance US supports fewer cryptocurrencies and trading features compared to Binance. Apart from that, both the platforms are almost identical.
BNB is the native cryptocurrency token of Binance. It helps you to receive discounts on trading fees. You can also shop with BNB using a Binance card.