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Binance, based in Dubai and founded in mid-2017, has undoubtedly become the leading exchange in cryptocurrency trading.
The platform offers so much more than crypto trading. It is packed with product offerings such as the Binance Launchpad, Launchpool, Binance Earn, Megadrop, crypto-fiat on and off-ramps, Binance Futures, and a lot more.
It has become a hub for crypto users seeking not only trading but a range of other activities and has managed to cement its place as the leading cryptocurrency exchange not only by trading volume but also by active users.
Binance is not limited to crypto-to-crypto trading—it offers FIAT-to-crypto trading and buying Bitcoin and other cryptocurrencies with a credit card. For advanced traders, Binance offers its Futures exchange, which enables leveraged trading.
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Quick Navigation
- Binance Review: Pros and Cons Explained
- Binance Security Review: Is Binance Safe?
- Supported Cryptocurrencies and Payment Methods
- Binance Fees Explained
- Supported Countries
- Customer Support and Client Reviews
- Step-by-Step Binance Guide: Everything You Need to Know
- Other Services Offered by Binance: In Brief
- What is Binance Coin (BNB), and what is it used for?
Binance Review: Pros and Cons Explained
Pros explained:
Low fees. Binance is the exchange with arguably the most competitive fees in the industry. It has also integrated a tiered VIP structure where users holding BNB get discounts on their trading fees.
Most liquid crypto exchange. Binance is the world’s largest cryptocurrency exchange by means of trading volumes, and, as such, it provides the deepest liquidity compared to any other exchange in the industry.
Large variety of supported cryptocurrencies. The exchange supports hundreds of cryptocurrencies and is usually quick to add new pairs if its users show demand. However, they follow security measures before new token listings.
Support for multiple fiat currencies. Beyond crypto, Binance also provides a seamless fiat on and off-ramp, and users can buy crypto with fiat and withdraw in fiat directly to their bank account through a SEPA transfer or through some of the other payment providers.
User-friendly trading interface. Binance is one of the veteran crypto exchanges and has implemented a relatively straightforward trading interface that’s streamlined and easy to use.
Plenty of advanced and beginner trading tools. While the interface is simple enough for beginners, it’s also packed with advanced trading features for more seasoned and professional traders.
Diverse ecosystem that goes beyond crypto trading. Binance has become a hub for crypto users as it also boasts a number of different products, such as Binance Earn, Binance Launchpad, Binance Launchpool, Megadrop, Binance Futures, and more.
Cons explained:
The US Version is somewhat limited. Because of the regulations imposed in the US, the local version of Binance is more limited than those available in other regions.
Customer service can be quicker. Some users have outlined that the customer support they’ve received isn’t as timely as it used to be. This could be explained by the platform’s user growth.
Binance Security Review: Is Binance Safe?
Binance is the world’s largest cryptocurrency exchange and is widely regarded as one of the safest in the industry. It suffered only one reported incident back in 2019, but the company was quick to reimburse all of the incurred losses, and users didn’t lose anything.
Moreover, the exchange employs many tools and measures to protect its users from scams and attacks aimed at account takeover. These include real-time risk monitoring, user-focused tools such as two-factor authentication (2FA), anti-phishing codes, timely alerts and notifications, and many more.
In summary, some of the ways Binance protects its users include:
- Warning notifications
- Binance verify
- Watchlists of suspicious wallets
- Reporting tools
- Anti-scam educational content
- 2FA
- Passkeys
- Anti-phishing codes
- API key security measures, and more.
The exchange also maintains a real-time proof of reserve dashboard where the funds deposited into the exchange are cross-checked against the current funds in the exchange wallets to make sure they always exceed liabilities.
Users are also able to download all of the exchange’s wallets and verify their holdings through a Merkle Tree system.
Supported Cryptocurrencies and Payment Methods
Supported Cryptocurrencies and Fiat
As the world’s largest crypto exchange by means of total trading volume, Binance supports hundreds of trading pairs and cryptocurrencies.
Moreover, the exchange is focused on constantly adding new coins based on user demand and security audits. In addition to cryptocurrencies, however, Binance also supports a wide number of fiat currencies, including, but not limited to:
- USD
- EUR
- JPY
- TRY, and more.
Payment Methods to Buy Crypto on Binance
In terms of payment methods, users are able to buy crypto in a range of different ways because Binance has multiple payment providers. These include:
- Google Pay (VISA/Mastercard)
- Paymonade (SEPA/VISA/Mastercard)
- Bank Transfer (SEPA)
- Wello
- Wello Ramp
- Bank card (VISA/Mastercard), and more.
Payment Methods to Withdraw from Binance
Binance also provides a fiat off-ramp, and users can convert their crypto to fiat and withdraw it from the exchange. Depending on the fiat currency of choice, the payment options may vary. For EUR, however, there are three options:
- Traditional SEPA Bank Transfer (charges 1 EUR fee)
- SEPA Bank Transfer facilitated by Paymonade (charges 0.3 EUR fee)
- ZEN
Binance Fees Explained
The spot trading fee structure on Binance is based on a model where the more BNB a user holds, the fewer fees they will pay. This is a VIP structure that’s tiered into nine different levels, all based on the number of BNB held in the account.
In general, however, the fees on Binance are amongst the lowest in the industry.
The following is a chart that shows what are the trading fees based on the above structure:
It’s worth noting that there are exclusive programs that may also play a role in defining the specific fees you would have to pay. These are the VIP Program and the Liquidity Program, both of which can also earn you additional benefits.
Supported Countries
Binance is one of the most internationally-accepted cryptocurrency exchanges, and it welcomes users from a plethora of countries.
Here’s the list broken down by supported countries and regions.
Africa
- Nigeria
- South Africa
America
- Argentina
- Brazil
- Chile
- Colombia
- Mexico
- Peru
Asia & Pacific
- Afghanistan
- Australia
- Cambodia
- Mongolia
- Kazakhstan
- Japan
- Vietnam, and more.
Europe
- Bulgaria
- Czech Republic
- France
- Latvia
- Italy
- Portugal
- Greece
- Hungary
- Spain, and more.
Middle East
- Egypt
- Israel
- Saudi Arabia
- United Arab Emirates
You can check the full list, as well as the specifics for each country here.
Customer Support and Client Reviews
Binance has had some of the best customer support in place for many years. However, as the exchange became so popular and onboarded hundreds of millions of users, it’s had some difficulty scaling the customer support, and some users have complained that it can take time for them to solve an issue.
There are multiple ways to contact a Binance representative, with Live Chat on the platform seemingly the best option. Some users have reported that it may take up to 12 hours for someone to contact them, but that’s not necessarily the case all the time.
In addition to its live customer support, Binance has done some of the finest jobs in the industry when it comes to onboarding new users. It has arguably the most detailed FAQ pages, which cover some of the most important topics, such as:
- Account functionalities
- Trading
- Security Tips, and more.
Binance is also doing a lot of work on delivering educational content, covering broader cryptocurrency-related topics for beginners and advanced users alike.
Step-by-Step Binance Guide: Everything You Need to Know
How to open a new Binance account?
Step 1: Go to Binance Website
Click here to access the Binance registration form. The link will open in a new window, so you can continue following this guide.
After signing up, it is worth mentioning that the Binance trading platform can also be accessed via Apple iOS, Google Android, and Windows dedicated apps. For security measures, make sure to download the Binance app only from the official Binance website.
Step 2: Fill up your email and a designated password
Now, fill up the simple form, which includes basically your email address and password.
You will want a strong password combination. Rules: The password must be at least 8 characters with 1 upper case letter and 1 number.
The referral field will assure you will receive the 20% off fees, as a unique offer to CryptoPotato’s users.
After you checkmark and agree to the Terms, click the yellow “Create Account” button.
Once you do it, Binance will send you a verification email. Click on the link there.
Step 3: Enable 2-Factor Authentication (2FA)
Welcome. When you log in for the first time, a pop-up will show up and ask you to enable the 2FA, which provides a second layer of security.
If you are new to 2FA, you’ll need to download the Google Authenticator mobile app and then scan the QR (or enter the secret key) in order to get a 1-minute changing 6-digit code. Every time you log in to your Binance account, you will need to provide this code, as a second layer of security beyond the typical username password login.
Don’t skip this step! Be aware of phishing attacks: It’s wise to add Binance homepage to your bookmarks for quick access, and also due to security reasons. Many traders lost high amounts of cryptocurrencies due to phishing attacks, which are simply fake URLs that pretend to be the original website, but all they do is collect the user’s login details and send them to the attackers.
For this reason, it’s crucial to enable 2FA before depositing any funds.
How to Deposit Bitcoin and Other Funds to Binance?
Now, after your account is well secured, use the top main menu in order to select “Wallets” and select from there the “Spot Wallet” sub-menu item. The Spot wallet is for the regular Binance spot trading.
Binance also offers more advanced features such as margin and futures trading. After selecting Spot Wallet this is the screen you will see:
From here, you can get an overview of all cryptocurrencies Binance offers, and your current balance (which is likely to be zero at this time).
You will find the list of all traded coins on that page. Locate or search, using the search field, for your currency, which you want to deposit and then press the corresponding button named ‘Deposit,’ which is present on the same raw.
Once clicked, you will be redirected to the dedicated coin-wallet page. In this example we decided to deposit Bitcoin:
On the right side of the page, we can see our new dedicated wallet address. This address is unique for our Binance account; in other words, anything that will be transferred to that address will be credited to your account.
Important: The wallet address for each coin is different. Make sure you do deposit only the specific currency to its wallet; otherwise, it can result in complete loss of the funds.
The next step is basically to copy-paste this wallet address to any crypto wallet. If this is your first deposit, it’s better to transfer only a small amount, wait until it’s received (you’ll be notified by email, and you will see it on the coin’s wallet page on your Binance), and only after that send the main part.
Keep in mind that any coin has its own deposit processing time.
Your deposit history is also here: On the bottom part of the page, you can see your past deposits of the specific coin.
How to Buy or Sell Cryptocurrencies on Binance?
Once your funds arrived, or if you have a positive balance of any base-asset like Bitcoin, Ethereum, or USDT, you can start your cryptocurrencies shopping.
On the main menu, select “Spot” and choose “Classic.”
Now select the desired pair from the right pane. Use the search field for faster navigation. Make sure to select the base asset before the actual pair itself. For example, if you want to buy ETH using BTC, you will need to select BTC markets or BTC as your base asset.
In this example, we want to trade our Bitcoin (BTC) for Ethereum (ETH). We start by selecting the ETH/BTC pair market, and then we’ll get the following screen:
The left pane displays the order book, whereas, in the middle, we see the last price. In the middle, we can see the chart, and right under it, we can see the control to place our order.
There are 3 types of orders:
To buy using a Limit order: Set the desired price, then select amount in ETH units, or choose a percentage of your total Bitcoins from the provided scale: 25%, 50%, 75%, and 100%. The total BTC (the cost) will then be calculated automatically. Selling ETH for BTC will be the same, but the opposite.
If you want to buy at market price, then select Market from the top menu. Stop limit is more advanced and lets you set a stop loss or stop buy orders, in other words, you can state that you will buy ETH only when the price of ETH/BTC reaches a specific price (i.e., “buy ETH/BTC at a limit price of 0.031, only when ETH/BTC is higher than 0.03”).
Other Services Offered by Binance: In Brief
While this is a review and a guide of the Binance spot exchange, it’s worth noting that the Binance platform does contain a lot more product offerings, and some of them are interlinked with the exchange or – at the very least, enhance the user experience. Let’s have a brief look at some of them.
Binance Earn
Binance Earn is a platform where users are able to perform various staking operations with their cryptocurrencies and receive interest for the period of their stake.
There are numerous iterations of the platform depending on the goal of the user. For example, there are “principal protected” products that are designed to provide a secure way to earn rewards through both Locked or Flexible terms. They also have “high yield” options where the principal is not protected.
Binance Launchpool
The Binance Launchpool is the second iteration of the platform’s token launch mechanisms, following the Binance Launchpad.
It is a platform that’s specifically designed to help users discover and get involved with new cryptocurrencies before they are officially listed on the exchange. In essence, those who are holding certain cryptos like USDT, BNB, and others, can lock them for a certain period of time within the Launchpool (whenever there’s a new launch) and receive an amount of the new tokens before they are officially listed on the exchange.
Binance Megadrop
The Binance Megadrop is a platform that is designed to enable users to participate in token launches and airdrops through a gamified approach where they have to carry out certain tasks to be eligible for an allocation.
It integrates Binance Web3 Wallet and the Binance Simple Earn to offer users early access to projects within the Web3 space and the opportunity to also earn more rewards through various activities.
What is Binance Coin (BNB), and what is it used for?
Binance has created its own native cryptocurrency – the Binance Coin, with the symbol BNB. BNB was first issued during Binance’s Initial Coin Offering (ICO), which took place in August 2017.
As of writing these lines, Binance Coin is the eighth largest cryptocurrency by market cap, with a market share of almost $3 billion.
BNB is one of the most traded currencies on Binance and is the payment method of the exchange.
For holding BNB, you will receive an extra 10% discount on Binance trading fees (make sure to enable this option if you like). If you are trading for high volumes on Binance, you should consider holding BNB. Fees schedule of Binance fees can be found here.
Besides discount on fees, Binance Coin holders can enter the exchange’s lottery to participate in Initial Exchange Offerings or IEOs. Binance runs fundraising campaigns for new projects via its Binance Launchpad platform.
Another interesting fact is that Binance allocates 20% of its profits to repurchase BNB tokens in the market so that over time, BNB’s currencies inflation rate decreases.
