Summary: Binance is the largest cryptocurrency trading platform in the world with over 120 million registered users globally. Founded in 2017 by Changpeng Zhao, Binance has quickly become one of the most popular and trusted exchanges in the crypto space, with its intuitive interface and low fees making it easy for beginners to get started with trading.
The platform is widely regarded for its extensive range of products & features, as well as its deep liquidity on over 350 crypto assets. Binance is well-regulated across 20 countries and is available in over 150 nations globally, supporting various deposit methods and fiat currencies.
- Buy and sell 350+ cryptocurrencies including Bitcoin, Ethereum, Binance Coin, Litecoin and many more.
- Access up to 10 different markets including spot trading, derivatives trading, margin trading and options trading.
- Earn yields on over 200 tokens via 8 different staking options with both fixed and flexible terms.
- Deposit 27 different fiat currencies directly on Binance to purchase tokens including USD, EUR, GBP, CAD & AUD.
- Spend any of Binances supported tokens on the Binance VISA card and earn 8% cash back paid out in BNB.
- Use your cryptocurrencies as collateral to borrow other digital assets through 'Crypto Loans'.
- Buy and sell select tokens directly with other Binance users through the platforms P2P marketplace.
- Get free tokens through Binance's 'Learn & Earn' feature which rewards users for completing courses and quizzes.
- Buy BNB (Binance Coin) to get lower trading, deposit and withdrawal fees on the platform.
- Invest in NFTs through Binances NFT marketplace, which stocks famous projects like Bored Ape Yacht Club.
- Auto-trade and accumulate tokens with Binances 'Auto-invest' feature.
- Learn about crypto on Binance Academy, a blog with educational resources about crypto, DeFi, NFTs and Binance.
- Get help with Binances 24/7 customer support team through email, phone, live chat or through its help centre.
Regulation and Licensing
Ensuring the safety and reliability of your funds is crucial when selecting a crypto exchange. Binance adheres to all relevant regulations in the countries where it operates, including mandatory KYC/AML verifications for users. This compliance guarantees a secure trading experience on Binance.
Binance ranks among the world's top exchanges in terms of security, maintaining complete transparency regarding user funds. CZ, Binance's CEO, emphasized this commitment after FTX's scandal involving stolen customer funds. Refer to CZ's tweet here.
Another key feature of Binance is its competitive fees schedule. Binance's trading fees are relatively low compared to other cryptocurrency exchanges, and offer significantly lower fees than the industry average. This makes it an affordable option for both beginner and experienced traders. Below we have provided a quick summary of Binance's Fees.
Deposit & Withdrawal Fees
Binance offers zero fees to deposit cryptocurrencies onto the exchange. There is a small fee to withdraw crypto to cover the cost of gas. As for fiat currency deposits and withdrawals, the fees vary depending on what country you are based in and what method you choose to deposit/withdraw funds with. For the full list of deposit/withdrawal methods and their respective costs, visit Binance Deposit Fees.
Binance is currently running a promotion where they are offering zero trading fees on selected Spot markets and BUSD trading pairs. Their regular spot trading fee starts from 0.1% but gets lower (even negative) the higher your monthly trading volume is. As for the Maker/Taker rebate, the fees start from 0.02%/0.04% and get lower the higher your VIP level is. See the full list of trading fees here.
In addition to its competitive fee schedule, Binance supports a wide range of cryptocurrencies. You can trade hundreds of different tokens on Binance, including popular coins such as Bitcoin and Ethereum, as well as many other more obscure altcoins. There are a total of 355 tokens you can directly buy and sell on spot markets through Binance.
As for derivatives/futures trading pairs, there are over 1000 options to choose from. If you would like to see the full list of available pairs, visit Binances Futures Overview.
Available Trading Types
Binanc offers one of the most diverse range of trading types to meet the needs of different traders. It supports spot trading, multiple types of derivatives/futures trading with leverage up to 50x, plus margin trading for experienced traders who want to take on additional risk in order to increase their potential gains. Refer to the below list for a quick breakdown of the supported trading types on Binance.
- Instant Buy: Instantly buy any of Binances supported tokens with fiat currencies at a set price chosen by Binance.
- P2P Trading: Buy or sell select tokens for a pre-arranged price with other Binance users.
- Binance Convert: Swap between any tokens on Binance at a set price chosen by Binance.
- Spot Trading: Buy and sell any of the supported tokens on Binance for a price set by you.
- Margin Trading: Margin trading allow traders to obtain more funds and support them in opening positions.
- Strategy Trading: Use automated tools to trade like Spot & Futures grid bots.
- Binance OTC: Over-The-Counter trading for institutional and corporate clients.
- USDS-M Futures: Perpetual or quarterly contracts settled in USDT or BUSD.
- Coin-M Futures: Perpetual or quarterly contracts settled in cryptocurrencies
- Options: Buy or sell the underlying asset at a predetermined price and date with zero obligations to commit.
- Leveraged Tokens: Trade with leverage without the risk of being liquidated.
What is BNB?
Binance Coin (BNB) is the native utility token of the Binance platform. It was created to be used on the Binance Exchange and can be used to pay for transaction fees on the platform. BNB can also be traded on other cryptocurrency exchanges. The value of BNB is derived from its utility on the Binance platform and the demand for it on the market.
With staking, users can earn passive income simply by holding their Binance tokens in their exchange wallets. BNB also allows you to purchase trading fees at a discount or receive an additional 50% discount when using the BNB token for transaction fees.
Crypto staking is the process of holding a certain amount of a particular cryptocurrency in order to earn interest on that investment. This is done by locking up those coins in a special wallet or smart contract, which generates new coins over time as rewards.
On Binance, there are several different crypto staking options available, including fixed and flexible term staking, BNB staking and Dual-sided investment. With BNB Staking, users can earn up to 50% per year just by holding their BNB tokens in an official Binance wallet or another compatible wallet. Below you can find a quick summary of the staking options offered on Binance.
- Simple Earn - Stake over 340 cryptocurrencies for fixed or flexible terms.
- DeFi Staking - Stake 14 different DeFi coins on flexible or fixed 120 day terms.
- Swap Farming - Earn 50% off fees in BNB rebates when you trade via Swap Farming.
- Dual Investment - Choose to buy or sell token at your desired price and date in the future, while earning yields on your crypto.
- BNB Vault - BNB Vault is a BNB yield aggregator for tokens staked in Launchpool, Simple Earn and DeFi staking.
- Auto Invest - Automate your crypto investment and earn passive income by using dollar-cost averaging (DCA).
The Binance Card is a crypto VISA card designed to make it easier and more convenient to use cryptocurrencies for everyday transactions, the Binance Card allows users to spend their crypto funds directly at any merchant that accepts VISA cards.
With the launch of the Binance Card, Binance is helping to make it easier for users to take advantage of all the benefits offered by cryptocurrencies. Whether you're purchasing everyday items at your local store or making larger transactions like paying bills or buying groceries online, using a Binance Card allows you to spend your crypto funds quickly and easily.
Binance also offers a mobile app for both iOS and Android devices, making it easy to trade on the go. It is currently the highest rated the number #1 cryptocurrency mobile app in the world. On the Apple App Store it is rated #65 overall in the Finance category and has a rating of 4.7 stars from 127K reviews. It has a rating of 4.4 stars from 1.9 million reviews on the Google Play Store.
There are several ways to contact Binance customer support, including email, phone, and live chat. All of these options are available 24 hours a day, 7 days a week, so you can get the assistance you need whenever you need it. Whether you have questions about how to use Binance or want help troubleshooting an issue you're having with your account, there is always someone ready to help.
If you need help with your Binance account, you can visit the Support Centre to browse through commonly asked questions or submit a support request. Alternatively, you can reach out directly by emailing firstname.lastname@example.org, calling +1 888-908-7930, or using the live chat function on the website.
Binance Restricted Jurisdictions
Binance Restricted Jurisdictions: While Binance offers extensive trading services globally, regulatory constraints and compliance requirements result in certain unsupported jurisdictions. These include the United States, China, Cuba, Iran, North Korea, Sudan, and Syria. Binance also enforces strict KYC and AML regulations, necessitating user identification during account registration.
Nevertheless, Binance supports numerous countries beyond these restricted areas, covering most major European markets, Australia, Japan, South Korea, and other regions worldwide. To view the complete list of restricted countries and jurisdictions, visit this link. [link to restricted countries list].
In conclusion, Binance stands out as the largest and most diverse cryptocurrency trading platform in the world, offering a plethora of features and products to cater to both beginners and experienced traders. With its low fees, extensive range of supported cryptocurrencies, deep liquidity, and robust security measures, Binance provides a user-friendly and reliable platform for trading and investing in digital assets.
Moreover, Binance's global presence, comprehensive educational resources, and dedicated customer support demonstrate its commitment to serving its growing user base effectively. Despite certain jurisdictional restrictions, Binance continues to lead the industry as a trusted and innovative exchange.