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Binance is the largest cryptocurrency exchange by trading volume, technological advancement, and the range of services offered for active trading and investment in cryptocurrencies. It was founded in 2017 in China and has since been continuously growing. For a long time, the founder and main face of Binance remained Changpeng Zhao, who also owns the OKCoin platform.

Binance stands out from its competitors in many respects. The platform regularly demonstrates the highest trading volume, which has now closely approached the $80 billion mark. The number of trading instruments offered is 1,682, with a vast diversity of coins, totaling 395. Additionally, over its existence, Binance has supported a wide range of fiat currencies, totaling 46.

Furthermore, Binance offers a plethora of additional services – an NFT marketplace, a launchpad for crypto startups, P2P exchange, cryptocurrency staking, etc. The exchange offers more favorable trading conditions for clients who hold its native token, BNB, which consistently ranks in the top 5 cryptocurrencies by market capitalization. In recent years, Binance has actively worked with local cryptocurrency exchanges to improve the integration and availability of Binance Coin (BNB) in different regions, especially in Latin America. It has even implemented cross-exchange liquidity agreements to strengthen BNB's position in the global market.

Binance Rating

Binance is rightly considered the leader of the industry, providing a very high level of services and a wide list of opportunities. The table below contains the rating of every aspect of the platform’s operation.

Total score 9,4
Commissions 8
Security and regulation 9
Markets 10
Passive income 10
Deposit and withdrawal 8
Trading platforms 10
Analytics 10
Education 10
Customer support 9
Bonuses 9

Binance Pros and Cons

Binance is the leader, but not in all aspects. The exchange offers many benefits, but still has some drawbacks, which we will also mention, as this review aims to provide impartial information about the platform and give you the fullest picture.

Pros
Recognized leader among cryptocurrency exchanges, which is confirmed by key indicators
Extensive list of trading instruments of spot and futures and options markets
Wide opportunities for earning passive income from staking and mining
Very simple and clear referral bonus system that can be set up in just a few clicks
Quick deposit and withdrawal
Multilingual support, which responds within a minute
Cons
High cost of margin lending
No way to contact customer support by phone
The headquarters of the company is registered in an offshore jurisdiction

Basic information

Binance is well-known, in part, due to its powerful advertising campaign, the scale of which significantly surpasses its competitors. As part of its global expansion strategy, Binance has invested in key regional cryptocurrency exchanges and fintech companies. Through the Binance Charity Foundation, the company has supported various humanitarian initiatives, including assistance to Ukraine. Nevertheless, there are still those who have never heard of it. Let's highlight the most important points:

Name Binance
Website www.binance.com
Exchange type Centralized
Regulation Binance Holding Limited – offshore (The Cayman Islands), Binance.US – USA, holds licenses of 34 states, there is no definitive information about a license in Europe
Taker’s fee 0.100 – 0.040%
Maker’s fee 0.100 – 0.020%
Demo account Yes
Minimum deposit No
BTC withdrawal limits None for verified accounts, minimum withdrawal is 0.002
USD withdrawal limits $50,000 per day, up to $2,000,000 per month
Withdrawal in Fiat USD, EUR, GBP, CAD, AUD, CHF, HKD, SGD, ZAR, RUB, TYR, UAH, a total of over 40 currencies
Time frame for account opening From 2 minutes for basic registration to 2 days for full registration
Author of the review
Alex Brown
Alex Brown

Alex Brown is a financial consultant and analyst with over ten years of experience. He has been an active trader in the cryptocurrency market since 2017. Brown specializes in building and diversification of investment portfolios.

“I am confident that the financial risks must be calculated mathematically, otherwise it’s not investing, it’s gambling,” he says.

Binance Commissions and Fees

8

Binance charges rather flexible fees. Initially their level is average, but as the volume increases they can be considerably reduced. Also, the fees are lower if you use BNB. Let’s review the pros and cons:

Pros
Simple and clear volume-based system of charging fees
Trading fees are reduced if you hold BNB
Low deposit/withdrawal fees
Cons
You need a high trading volume for lowest fees

Binance trading fees

Binance charges fees both for spot trading and futures trading. The rates cannot be called the best in the industry; they are rather average. Let's consider the fees in the Spot and Margin markets:

Level 30-day trading volume (USD*) and/or BNB balance Maker / Taker Maker / Taker
BNB Discount 25%
Standard user < 1 000 000 USD or ≥ 0 BNB 0.1000% / 0.1000% 0.0750% / 0.0750%
VIP 1 ≥ 1 000 000 USD and ≥ 25 BNB 0.0900% / 0.1000% 0.0675% / 0.0750%
VIP 2 ≥ 5 000 000 USD and ≥ 100 BNB 0.0800% / 0.1000% 0.0600% / 0.0750%
VIP 3 ≥ 20 000 000 USD and ≥ 250 BNB 0.0420% / 0.0600% 0.0315% / 0.0450%
VIP 4 ≥ 100 000 000 USD and ≥ 500 BNB 0.0420% / 0.0540% 0.0315% / 0.0405%
VIP 5 ≥ 150 000 000 USD and ≥ 1 000 BNB 0.0360% / 0.0420% 0.0270% / 0.0360%
VIP 6 ≥ 400 000 000 USD and ≥ 1 750 BNB 0.0300% / 0.0480% 0.0225% / 0.0315%
VIP 7 ≥ 800 000 000 USD and ≥ 3 000 BNB 0.0240% / 0.0360% 0.0180% / 0.0270%
VIP 8 ≥ 2 000 000 000 USD and ≥ 4 500 BNB 0.0180% / 0.0300% 0.0135% / 0.0225%
VIP 9 ≥ 4 000 000 000 USD and ≥ 5 500 BNB 0.0120% / 0.0240% 0.0090% / 0.0180%

The higher the trading volume, the lower are the fees, which is a great advantage for active traders. However, in order to reduce the fees considerably, you will have to achieve rather high volume indicators.

There is also an option to reduce your fees by 25% when using BNB; it applies to spot and to future trading.

Binance non-trading commissions

There is no fee on deposits in cryptocurrency and the withdrawal rates are determined by the blockchain network only. If your deposit is in fiat money, the fee will be floating, up to 3.3%. Also electronic payment systems are available; for example AdvCash or Payeer can be used for depositing funds with no fee charged.

The exchange does charge a withdrawal fee. For every currency, there is a different fee. For example, if you withdraw to a USD card, the fee is fixed at $15. Withdrawals in cryptocurrencies are also charged with a fee. Here are the most popular ones:

  • BTC – 0.0005BTC
  • ETH – 0.005ETH
  • USDT – 6.55USDT

For the clients with small amounts, a fixed withdrawal fee may turn out to be rather inconvenient, while for large amounts, it will definitely be a big plus.

Average commission compared to competitors

The best way to evaluate the level of the fees is to compare the exchange to its competitors:

Binance Kraken HTX (Huobi)
Taker 0.06% 0.15% 0.09%
Maker 0.05% 0.06% 0.08%

The rates of Binance commissions and fees can be considered average; they do not match the level of the best offers in the industry, although they are better than those charged by the majority of competitors.

Margin lending

Binance provides clients with an opportunity for margin trading. This means that the traders can use borrowed funds provided by the company. For example, if you have 1 BTC, you can trade 3 BTC with the provided loan. This raises your potential profit, but also the risks.

On the Binance cryptocurrency exchange, different cryptocurrencies are classified into tiers based on their liquidity, and each tier has its own borrowing limits. As the debt amount increases, the maximum available leverage decreases, and the required maintenance margin rate and the minimum initial margin rate increase.

In Cross Margin Pro Margin mode, the margin level is calculated as the ratio of the user's net capital to the total required maintenance margin and is divided into several different levels.

Cross Margin Pro Margin Level = ∑Net Equity / ∑Maintenance Margin,Please refer to FAQ for detailed information.

More detailed information on margin trading, including various levels and limits, can be found in the relevant section on the official Binance website.

Example:
The user borrowed 13 BTC and 13 ETH. Suppose that BTC price = 30,000 USDT and ETH = 3,000 USDT, then the required Initial Margin and Maintenance Margin are calculated as follows:

  • USDT value of BTC Liability = 13 * 30,000 = 390,000, which falls in Tier 3. USDT value of ETH Liability = 13 * 3,000 = 39,000, which falls in Tier 2.
  • Required ∑Initial Margin =∑Initial Margin required by BTC liability + ∑Initial Margin required by ETH liability= 50,000*11.12%+(100,000-50,000)*14.29%+(390,000-100,000)*20%+ 30,000*11.12%+(39,000-30,000)*14.29% = 75,327.1 USDT
  • Required Maintenance Margin = ∑Maintenance Margin required by BTC liability + ∑Maintenance Margin required by ETH liability = 50,000*5%+(100,000-50,000)*7%+(390,000-100,000)*8%+ 30,000*5%+(39,000-30,000)*7% = 31,330 USDT
  • Required Maintenance Margin can also be calculated in a faster way by using the Maintenance Amount. Liability token Maintenance Margin = Token Liability in USDT* Maintenance Margin Rate - Maintenance Amount. So the Required Maintenance Margin = ∑Maintenance Margin required by BTC liability + ∑Maintenance Margin required by ETH liability= (390,000*8% - 2,000) + (39,000*7% - 600) = 31,330 USDT

This example illustrates the importance of understanding the mechanism of margin trading. The initial margin is the collateral that a trader must provide to open a position, and the maintenance margin is the minimum level that must be maintained to avoid the liquidation of the position. Such calculations help manage risks and determine how much funds need to be maintained in the account to support trading positions. It's important to remember that margin trading amplifies both potential profits and potential losses. Therefore, traders should be cautious and always consider their risk level and experience in trading on financial markets.

Binance Reliability and Regulation

9

Over the years of its existence, Binance cryptocurrency exchange has grown to be an undisputed leader of the industry with its name known to every person, who is interested in cryptocurrency. The exchange has not been involved in any major scandals and the reviews about the platform are mostly positive. There was an incident involving the theft of funds, but the exchange learned from it and improved its security, including by introducing two-factor authentication. Additionally, the exchange holds licenses in 34 US states.

In 2022, the company increased the staff of its security and compliance team by 500%, invested over $500 million to support innovations in the Web3 and blockchain space through Binance Labs. During the so-called "crypto winter," the company established a $1 billion Industry Recovery Fund, promising to increase the contribution to $2 billion if necessary.

At the same time, the holding itself is registered in an offshore jurisdiction; only certain companies of the holding are licensed. The company is officially called Binance Holdings Limited and it is registered at Sertus Chambers, Governors Square, Suite # 5-204, 23 Lime Tree Bay Avenue, P.O. Box 2547, Grand Cayman KY1-1104, Cayman Islands. Prior to that, Binance was registered in Hong Kong and Malta. Such moves happen often and they are mostly due to the changes of the law, as the cryptocurrency industry still does not have the level of regulation that is usually typical for other financial markets. On the one hand, such jurisdiction makes the operation of the company easier and the tax burden lighter, while on the other hand not all clients are prepared to open accounts and put money into an offshore exchange.

The management is aiming to expand the geographical presence of Binance, actively obtaining licenses, where it is required.

In 2023, Binance underwent significant management changes due to the departure of Changpeng Zhao, related to an investigation in the USA. Zhao agreed to pay a bail of $175 million, leaving $15 million in the court's trust and stepped down from any management role in the company while retaining his status as a major shareholder.

Following these events, Binance faced a massive outflow of funds amounting to about $956 million, which caused concern among users and impacted market stability. In response to these challenges, Binance is considering changing its strategies and business models, strengthening anti-money laundering measures, and improving the transparency of its operations.

Throughout 2023, Binance actively expanded in Southeast Asia, including Vietnam, the Philippines, Malaysia, Indonesia, Thailand, and Singapore, forging partnerships with local players and striving to obtain VASP and EMI licenses.

Binance invested in local fintech sectors and the banking industry and also acquired strategic stakes in local cryptocurrency exchanges, such as MX Global in Malaysia and HG Exchange in Singapore. The company continued to support various initiatives, including charity through the Binance Charity Foundation and investments in blockchain technology capabilities.

Binance Markets and Products

10

Binance offers its clients a very large list of trading instruments. It is not the largest there is, but the platform is not chasing this record. Usually the cryptocurrencies that pass the inspection in terms of their reliability and legality are admitted to the exchange. This allows the platform to prevent ‘image’ losses due to listing dubious projects.

Pros and cons of market diversity on Binance

Let’s review the pros and cons of the list of markets the exchange offers:

Pros
A big list of available trading instruments
A large number of pairs, including exotic ones
ETFs
NFT marketplace
Cons
Small list of new coins

For a long time, the Binance exchange offered its users its own stablecoin, BUSD, which is fiat-backed and pegged to the US dollar. However, in 2023, Binance announced the gradual discontinuation of support for BUSD by February 2024. This decision was made after Paxos, the issuer of BUSD, stopped issuing new BUSD tokens. Users are encouraged to convert their BUSD into FDUSD (First Digital USD), another stablecoin supported on the platform. A 1:1 conversion is offered through the Binance Convert feature.

Notably, there are also interesting crosses between altcoins and ETFs.

Binance Markets

Let’s review and compare trading instruments offered by Binance and the competitors of the exchange:

Binance Kraken HTX (Huobi)
Cryptocurrencies* 584 195 584
Trading pairs* 1594 598 1135
Bitcoin Yes Yes Yes
Ethereum Yes Yes Yes
Altcoins Yes Yes Yes
Futures and options Yes Yes Yes
Cryptocurrency funds (a basket of cryptocurrencies in one lot) No No No
NFT Yes No Yes
*The information is current at the time of writing this review

Binance is one of the best platforms in terms of the offered trading instruments, which includes the number of the coins and the pairs, including exotic ones. Binance does not hold the record in terms of this and there are exchanges even with a larger choice of instruments, but what Binance offers is more than enough. Not every trader will be able to view this number of charts, but it is definitely an advantage for professional traders.

Binance also has a developed NFT marketplace. This is a new, but already popular area of trading, where you can buy ownership rights to a cryptographic artifact. In other words, you can buy a tune or an image in the form of a token, which is non-fungible.

Cryptocurrencies - Spot

A large number of the coins available on Binance allows the platform to create many cryptocurrency pairs, the spot market is represented by 1,561 trading pairs. The competitors do not have such a number of pairs and only 2 platforms offer a bigger selection. However, Binance management does not add just any coin; it is rather an advantage, since it takes some time to understand the prospects of a new coin. Binance offers a separate section with cryptocurrencies that were recently added to the listing. If you want, you can start trading them.

Cryptocurrencies - Futures

Binance provides access to trading cryptocurrency futures. It is a convenient and simple instrument that allows you to reduce your commission expenses, as they are much lower than in the spot market.

There are futures of two types:

  • Quarterly.
  • Perpetual.

This type of trading attracts speculators with a large number of trades the most. They don’t hold positions for long and some can open several dozen positions within a trading day. In these conditions, the expenses become an important factor and they are the lowest for futures.

Passive income on Binance

10

Binance provides great opportunities for earning passive income. It will require either capital or equipment. Let’s take a look at the offers:

Binance Launchpad

What it is: Binance Launchpad acts as a platform for Initial Coin Offerings (ICOs) and token launches. It aids crypto project developers in launching new tokens and raising funds by providing access to Binance's large user base.

Functions: Launchpad conducts thorough selection and vetting of projects, offering investors quality and reliable options for investing in new cryptocurrencies.

Advantages: Users are given the opportunity to participate in the early stages of projects, which can lead to high returns if these projects are successful.

Binance Launchpool

What it is: Binance Launchpool is a platform that allows users to earn new tokens by staking their cryptocurrency assets.

Functions: Users can stake their funds in special pools on Binance and receive new tokens in return. This is a way to earn from staking, where users can simultaneously support new projects.

Advantages: Launchpool provides a simple and less risky way of obtaining new tokens, as well as helps in distributing these tokens among Binance's wide audience.

Both platforms strengthen the Binance ecosystem by offering new opportunities for investment and earning to users, and effective tools for raising capital and community engagement to crypto project developers.

It's noteworthy that at the beginning of 2024, there were more than 80 launched projects available for participation on the platform.

The Binance exchange has also created the Binance Pool mining platform. It provides users with opportunities for mining various cryptocurrencies, including Bitcoin (BTC) and other popular coins. Binance Pool is closely integrated with other Binance services, including spot and futures trading, as well as staking products.

Key advantages of Binance Pool:

Low Fees: Binance Pool offers some of the lowest fees in the market, making it an attractive choice for miners.

Support for Various Algorithms: The platform supports multiple mining algorithms, giving miners flexibility in choosing the most profitable option.

Community and Support: Miners in the Binance Pool can take advantage of the resources and support of the Binance community, as well as access to educational materials.

Binance Referral Program

Binance cryptocurrency exchange offers a very simple and convenient system of referral bonuses that allows you to make passive income by referring new clients. You only need to generate a referral link in your personal account and send it to the future client of the exchange and that person needs to use it during registration. After that, the commission will be calculated in real time mode and will be credited once an hour. You can also specify some settings:

  • The referral rate
    It is set depending on the daily volume. If it is less than 500 BNB the referral rate is 20. If it is higher than that, the referral rate can be up to 40%.
  • You can also share the commission with the invited friend.
    You can also set it up on your own.

Notably, there are different links for spot and futures markets. They can also be generated as a QR code, as this technology is becoming increasingly popular.

Account opening on Binance

10

Opening an account on Binance literally takes a couple of minutes. First, basic features will be available and you will need to verify your account in order to have access to wider features. Verification of documents may take up to 2 days. Once it is complete, you will be able to use the full range of the services offered by the exchange and with rather extended limits.

Pros
Simple and clear process
Minimum level of verification is enough to start trading
Document acceptance and verification are rather quick
Cons
For withdrawals, the company may ask for more detailed verification within the framework of KYC

Residents of which countries can trade at Binance

The situation with client service and account registration changes constantly due to the pressure of the authorities. Nonetheless, Binance cryptocurrency exchange manages to get some limitations lifted. At the moment, registration is prohibited for the residents of Belarus, Iran, and North Korea. This, however, is a standard list for many platforms and not only cryptocurrency exchanges.

A separate company was established for the US residents, which obtained licenses for each state and this process continues. Despite the statements about stopping the services for the clients from Europe, registration for EU residents is currently available.

How to open an account on Binance:
a step-by-step guide

In order to become a client of the exchange, you need to access binance.com and take several simple steps:

Step
1

Click Register www.binance.com

Registrations on the Binance website
Step
2

Provide your email and come up with a password. Pass security verification (anti-spam).

Opening an account on the Binance exchange
Step
3

The account has been created. Now you need to verify your ID. Select Individual.

Create an account on the Binance exchange
Step
4

Provide your name, country/area of residence. Next, enter your mobile phone number, where the text message with a code will be sent. Also provide your date of birth.

Binance Registration Confirmation
Step
5

After you’ve entered the code, you will be assigned Level 1. This means that you can trade and withdraw cryptocurrency with a daily limit of $2,000.

Account on Binance
Step
6

Next, you need to pass personal verification.

Verification on Binance
Step
7

Upload the documents and wait for the verification to be completed.

As you can see, everything is simple and clear. You shouldn’t experience any difficulties. In order to have all trading features and expanded limits, upload documents for verification. Usually, it does not take longer than 2 days for Binance specialists to verify your documents and upgrade your status.

Minimum deposit on Binance

You can trade any amounts on Binance; the limitations apply only to the transfers. If the exchange accepts 0.01 of any cryptocurrencies, then that is the minimum deposit. As for fiat money, deposits through providers usually have a minimum amount of $10. Accordingly, those amounts should be viewed as minimum deposits.

Binance Account types

Trading possibilities of Binance clients depend on the volume of information they provided about themselves. There are three verification levels:

Level Withdrawal limit Specifics
Verified Up to 50K USD per day Scanned copy of the passport with a photo and address, photo holding the passport
Verified Plus Up to 2M USD per day Verified + as well as address verification.
Verified Plus (Extended) Unlimited fiat transactions Comprehensive Enhanced Verification

Deposit and withdrawal on Binance

8

Binance cryptocurrency exchange boasts one of the longest lists of supported fiat, which includes 46 currencies. Here are the most popular ones:

  • USD – US dollar.
  • EUR – Euro.
  • GBP – British pound.
  • CAD – Canadian dollar.
  • CHF – Swiss franc.
  • AUD – Australian dollar.
  • MXN – Mexican peso.
  • UAH – Ukrainian hryvnia.

There is also a long list of cryptocurrencies. It is important to see which blockchain network you choose when making a deposit. The most popular coins are:

  • BTC
  • ETH
  • EOS
  • BNB
  • USDT

The best way to deposit funds to your account on Binance is with cryptocurrency as no fees are charged on those deposits. On the Binance cryptocurrency exchange, one of the features is the ability to trade peer-to-peer (P2P) without charging any fees. This means that users can directly exchange cryptocurrencies without incurring additional transaction costs.

The advantages of this approach are numerous. Firstly, the absence of fees makes the exchange process more favorable for both parties involved. It also contributes to increased liquidity on the platform because market participants can conduct transactions more freely and frequently. Secondly, P2P trading on Binance gives users more control over exchange rates as they can directly negotiate prices with other market participants.

This is why many users use P2P trading on Binance as a convenient way to deposit or withdraw funds. With a wide selection of payment methods and currencies, users can effectively manage their funds, conducting exchanges at their convenience and with minimal expenses. This makes P2P trading on Binance a popular choice among traders seeking maximum efficiency and flexibility in managing their cryptocurrency assets.

Deposit and withdrawal options and processing time

Let’s review the information about fees in the table below:

Method Deposit/Withdrawal processing time Fee
Cryptocurrencies Determined by the regulation for transaction confirmation. Usually up to 1 hour Specific for each cryptocurrency
Wire transfers 1-3 working days, depends on the bank and whether there are intermediaries for the transfer Up to 3.3% depending on the bank and 0% for electronic payment systems

Binance Trading Platforms

10

Binance stands out among other cryptocurrency exchanges by having its own desktop application. Not everybody finds it convenient to trade in the browser, particularly professional traders. Taking into account the large number of clients and different demands, the company decided to provide a trading platform for PCs featuring increased performance and advanced functionality.

Pros
Displays TradingView charts
Wide selection of trade orders
Availability of desktop app for Windows and Linux PCs
Cons
There are some complaints about the platform not responding from time to time
Comparative table of features

If you look at the trading platforms offered by the exchanges, you will see that all of them have more or less the same features. Binance stands out with its PC version, which can also be installed on a Linux OS, which many people consider an advantage.

Web Desktop Mobile
Two-factor authentication Yes Yes Yes
Time frame range From one minute to one month From one minute to one month From one minute to one month
Order types Stop, Limit, Trailing Stop, Stop Market, Post Only Full set – Limit, Market, Stop Limit, Stop Market, Trailing Stop, Post Only, Limit TP and SL Basic set with Stop and Limit orders
Quote history Yes Yes Yes
Number of indicators Over 100 Over 100 Over 30
TradingView charts Yes Yes No

The desktop version is characterized by the widest functionality, which fully duplicates the web platform and has a number of additional features, for example, a larger list of order types. Notably, it is particularly popular among miners, including on Binance pool, as it is easy to manage farms on Linux OS – a special version was created on the basis of this operating system.

Trading platforms. Comparison with competitors

Let’s look at the list of Binance platform as compared to the competitors:

Binance Kraken HTX (Huobi)
Web Yes Yes Yes
Android Yes Yes Yes
iOS Yes Yes Yes
Desktop Yes Yes Yes

Cryptocurrency exchanges are similar in terms of the software they offer, although the largest platforms try to offer the widest list of options and also offer desktop apps. In terms of this, Binance is definitely the leader, offering not only Windows, but also Linux.

Binance trading platform specs

Despite the generally similar features, the platforms do have some distinctions. First, let’s list the common features:

The web app also offers:

Desktop version has the most features, including original indicators, which are not available in the standard list.

Analytics on Binance

10

Binance has launched a separate YouTube channel that has been rapidly filling with content for several years. The content primarily focuses on events related to the exchange itself, and here are the main directions:

Exchange News: The channel covers news and updates related to the exchange, providing users with the latest information about Binance's activities and developments.

Educational Materials: The channel offers materials that explain various mechanics of how the exchange works and how users can interact with the exchange and other trading participants. This educational content helps users better understand the cryptocurrency market and trading strategies.

Trading Principles and Strategies: It also provides insights into trading principles and some trading techniques. These videos can be valuable for both novice and experienced traders looking to improve their trading skills and strategies.

This YouTube channel serves as an informative resource for Binance users and the broader cryptocurrency community, offering a platform for learning, staying updated, and enhancing trading knowledge and skills.

Overall, analytics on Binance corresponds to the level of the industry leader. The exchange’s website features a large number of articles and materials dedicated to new projects, analysis of the existing ones and general research on the digital assets. Let’s look at the pros and cons:

Pros
Big reviews of news and outlook of cryptocurrency market on the website
Availability of global studies related to cryptocurrency market in general
Cons
No trading analytics on the website

Education on Binance

10

There is a section on the website titled Binance Academy, where you can find useful articles with information about cryptocurrencies – from what a blockchain is to technical analysis. In addition, the exchange holds webinars on its YouTube channel.

Information for beginners is divided into categories, which allows one to learn about cryptocurrencies and how they work step by step. This also provides an opportunity to quickly learn basic information. After you’ve done that, you can move on to more complex materials, for example, detailed descriptions of specific projects, their pros and cons. Binance educational program is one of the most extensive ones online and it is well structured.

It's important to note the inclusion of current topics such as DeFi, NFTs, Bitcoin ordinals, and inscriptions, ensuring users receive the most up-to-date and relevant information. The enhancement of interactive elements and self-learning tools, including videos, articles, and quizzes, is also noteworthy.

Binance regularly conducts webinars on various topics, ranging from cryptocurrency basics to advanced trading strategies and market analysis. The platform collaborates with renowned experts and influential figures in the crypto community to conduct these webinars.

In 2024, it's notable that the expansion of course offerings includes interactive modules and tests, aiding users in better assimilating the information.

Binance has stepped up collaborations with leading universities worldwide to integrate cryptocurrency and blockchain courses into educational curricula. The provision of internships and participation in research projects cannot be overlooked, as it allows students to gain practical experience in the cryptocurrency field. The implementation of grant and scholarship programs to support education and research in cryptocurrency and blockchain technology is also significant.

Pros
Educational information for novice traders and investors
YouTube Channel with video tutorials
Collaboration with Universities and Educational Institutions
Cons

Customer support on Binance

9

The exchange offers an extensive FAQ section with the answers to the most popular questions. If you still haven’t found the answer, you can contact customer support via a live chat. First, a bot will respond and try to help you and then, if that does not help, an operator will respond within a minute and help you resolve your issue. There is also a feedback form; in this case the response is sent to your email within 24 hours. Let’s review the pros and cons of Binance customer support:

Pros
Operators speak several languages
Quick response
You can ask a question using a feedback form and get a detailed response to your email
Cons
It is not possible to contact customer support by phone
Communication channels

The exchange has accounts on social media, where you can ask questions and learn useful information:

Customer support languages

Due to the fact that Binance is available in many countries, customer support of the exchange is available in several languages:

Binance Bonuses and Promo

9

Binance often conducts a variety of contests and promotions, the terms of which can significantly differ for users from different regions.

Referral Program: Users can earn bonuses for attracting new clients. For example, if someone uses a user's referral link to register and conducts transactions for a certain amount, both receive a bonus.

Limited-time Promotions: Binance frequently runs temporary promotions, offering increased interest rates for staking or bonuses for participating in specific trading activities.

Special Offers for Certain Cryptocurrencies: At times, Binance provides bonuses for buying or trading specific cryptocurrencies.

Contests and Competitions: Various contests are held where users can win prizes for activity on the platform or achieving certain goals in trading.

It's important to note that the conditions and details of these promotions are constantly updated, and they are available at different times throughout the year. Moreover, some promotions are only available in certain regions or for specific users. Therefore, we recommend registering now and checking the current information directly for your account on the Binance website or in the company's official announcements.

Summary

9,4

Summing up, you can definitely agree that Binance is the true leader of the industry. While you can find better offers in certain aspects, in terms of their totality the exchange does not have many competitors. Binance will be an ideal choice for:

  • Active traders and speculators. Quick increase of trading volume will help you substantially reduce commissions and fees and a wide selection of instruments helps you receive a large number of trading signals.
  • Supporters of reliable and reputable projects. Binance thoroughly selects coins for listing. This leads to a significant increase in cost as compared to the initial price, but reliability takes priority.
  • Miners. Availability of own pool makes the work with mined cryptocurrency much easier.
  • Stakers. Developed staking system offers new options and the annual interest is enticing.

Traders with small capital are the only category of crypto traders, for whom Binance may not be as interesting. Commissions are not favorable for trading with a small deposit. In order to reduce them, you need to either have BNB or high turnover. It is possible to trade exclusively futures, as the commissions are lower there, although there are exchanges that don’t charge fees on futures.

Reviews

4.7
54 reviews
Rachel
2 days ago
As a freelance web developer, I needed a reliable platform for receiving payments. Binance has been a game-changer. The variety of coins and low transaction fees are fantastic. Their Launchpad for new projects is also intriguing - it's opened up new investment opportunities I hadn't considered before.
Michael
3 days ago
As an e-commerce entrepreneur, I was looking for efficient ways to handle international transactions. Binance exceeded all expectations. Low fees, fast transactions, and excellent customer support. Now I use them for paying suppliers and receiving payments from clients.
Priya
5 days ago
Binance best exchange, no doubt! So many coins, always new features. Sometimes support slow to answer, but overall great experience. I use 2 years, very happy.
Tempest
15 days ago
The platform offers a wide range of instruments and high liquidity, which makes it ideal for professional traders. Every action here is permeated with logic and precision, creating an atmosphere of confidence and peace of mind. Binance is the epitome of stability and reliability.
Zephyr
23 days ago
I have been using this exchange for a few months now and completely agree with your review. I especially like their user interface and fast order execution.
Arthur
30 days ago
It's a stock exchange for quick, decisive action. Just like in love - come, see, win!
Jogan F
40 days ago
Binance is like a bright light in the darkness, illuminating the path to financial freedom. The user-friendly interface and numerous tools for trading make you feel like you're on the right path. Every time I work with Binance, I feel inspired and believe in the future.
Mark
41 days ago
Why do I love this exchange? The user-friendly interface and high security standards make trading here a pleasant experience.
Moris Linsdy
56 days ago
Binance gives the impression of a reliable and well-organized exchange. The interface is concise and intuitive, with all the necessary functions in their places. A wide selection of trading pairs and instruments allows you to implement almost any strategy. The commissions are quite reasonable, and there are additional discounts for active traders.
Akiro77788
70 days ago
According to a combination of factors, Binance seems to be the most optimal choice. A wide selection of trading pairs, competitive commissions, a sufficient level of security and stability of the platform. The interface is logical and ergonomic, although some minor functions could have been realized more optimally. In general, Binance is a rational solution for most crypto trading tasks.
PlutoNIX
84 days ago
They are constantly adding new pairs and launching products. I was recently sitting at night studying their new savings option - very decent interest rates, I'll tell you a secret. In general, Binance is a classic that is always on trend.
Samantha
107 days ago
I'm actually a big fan of Binance's educational academy. It's helped me, as someone fairly new to crypto, get up to speed. The exchange itself is solid too - lots of pairs, decent fees. Could be a bit more intuitive though.
Lenny Macci
118 days ago
Binance's market dominance isn't by accident. Their aggressive expansion and feature set are something I can respect. However, their customer service feels like a bottleneck. In a world where efficiency is king, this is one area where being more responsive could solidify their reign.
Elodie
132 days ago
Binance offers a playground for my analytical mind, with its rich array of technical indicators and market data. Yet, the overwhelming focus on quantitative analysis occasionally neglects the intuitive aspect of trading, which I find equally important.
Ash Max
145 days ago
Binance's vast ecosystem offers a playground for my ambitious projects, with its endless possibilities fueling my drive. Yet, in quiet moments, I yearn for a more intimate, less bustling environment to focus deeply on specific investments.
Nadia
155 days ago
he fast-paced environment of Binance suits my labile personality, offering excitement and quick changes that keep me engaged. However, this can also be a double-edged sword, as the rapid fluctuations in the market can sometimes exacerbate my emotional swings. I value the platform's efficiency and the variety of tools available, which allow me to adapt quickly to new situations.
Isabella_1881
163 days ago
As a platform, Binance excels in offering a comprehensive trading experience, with a wide array of tools and cryptocurrencies. Its commitment to innovation and security is evident, though it faces its share of regulatory scrutiny. The learning resources are extensive, aiding in the development of trading skills. However, improvements in customer service responsiveness would enhance the overall user experience.
David Green
174 days ago
Despite regulatory challenges, Binance has managed to remain a leader in the crypto exchange market. Their extensive range of coins and advanced trading features keep them at the forefront in 2023.
Marcus Young
175 days ago
Given the tumultuous year Binance has had with regulatory challenges, it's been intriguing to see how they've navigated these waters. Despite the controversies, their platform has remained a top choice for many due to its extensive coin offerings and advanced trading features.
Lisa Green
218 days ago
Binance offers an impressive range of features and is great for both beginners and experienced traders. However, navigating through its many functions can be a bit daunting at first.
Tom Anderson
231 days ago
Binance is a powerhouse in the crypto world, offering an unmatched variety of cryptocurrencies and trading options. It's a go-to platform for anyone serious about crypto trading.
Michael
237 days ago
Yah! Their security and innovation approach makes them a market leader. Binance is not just an exchange, it's a complete crypto ecosystem.
DataFunck
251 days ago
Analyzing Binance through the lens of data security and privacy, it becomes evident that further enhancements in encryption and user data protection can fortify its position as a leader in the crypto exchange sphere.
PhD_CryptoQuant
254 days ago
Although I bypassed the full review, my empirical analysis suggests Binance could significantly reduce slippage by improving their market aggregation algorithm. This enhancement would be a monumental step towards optimizing trade execution for institutional investors.
CryptoConnoisseur
256 days ago
While I did not indulge in the full-length review of Binance, I am quite familiar with its operations. It's imperative to acknowledge the platform's contribution to the liquidity and stability of the cryptocurrency markets. Their pioneering of 'Binance Smart Chain' has been nothing short of revolutionary in the blockchain space.
Jake Wilson
261 days ago
Binance remains the gold standard for me. Its user-friendly interface combined with the vast array of coins makes it unbeatable.
Tom Jacobs
261 days ago
Binance has been a game-changer for me. The variety of altcoins, low fees, and top-tier security measures are unbeatable. I can't imagine trading anywhere else.
Sirash
271 days ago
Trading cryptocurrencies feels sometimes as challenging as mastering a difficult yoga pose. But Binans has been a great platform, allowing me to trade confidently with its secure and user-friendly interface.
Big Bro
294 days ago
It will be interesting to see which system will stand in this race - crypto or the Fed? Buckle up and place your bets)))) I have converted everything to USDT for now.
Mike Lee
302 days ago
The Binance Academy is your friend. Seriously, it's an invaluable resource for any trader, beginner or pro.
TikTokQueen
327 days ago
Yo, if you're not on Binance, are you even in the crypto game? Seriously, this app is lit ?. Super easy to navigate and it makes me feel like a Wall Street pro. #ToTheMoon ?
Zenon_Z
332 days ago
Working in non-profits, I've always valued community and collaboration. Binance's community support and forums have made me feel welcome and provided guidance. It's more than trading; it's being part of a movement.
Janos Alt
334 days ago
Binance is the best offer, hope they last long enough!
Jennifer_98
347 days ago
I've been in real estate for a while and always thought that was enough. But then my friends started talking about crypto and I didn't want to miss out. I'm new to Binance and it's a bit of a learning curve, but I'm taking it one step at a time.
Jack_BikeTravel
361 days ago
BEST! Great for my travelling lifestyle. I can trade on the go, the mobile app is sleek and the fees are reasonable.
Maria
371 days ago
A large selection of trading pairs, quick withdrawals. The complexity of the interface for beginners is a bit confusing, but after some acclimatization, everything becomes clear.
Mark Tiger
415 days ago
Exceptional work on the Binance review! The low-down on their futures trading interface was a gem. How about an examination of their KYC practices in your upcoming writings? Keep the content rolling!
CryptoPro
485 days ago
I have been using Binance for several years now, and I can confidently say that it is one of the best exchanges out there. The platform is incredibly intuitive and user-friendly, making it easy to trade various cryptocurrencies. As a logical person, I appreciate the analytical tools that Binance offers, as they allow me to make informed decisions about my trades. I am always curious to learn more about the latest cryptocurrency trends, and Binance provides a wealth of information and resources for traders. Overall, I highly recommend Binance for anyone looking for a reliable and comprehensive exchange
Marcus H.
658 days ago
I’m not that active trader, prefer long term investments. I’ve got a Binance card which I used several times last year (2021): online shopping and in a restaurant. Somebody tried to pay with it in Greece a few days ago but the card was with me in my wallet in Austria at that moment. All the security measures are on. Nothing but magic )) I’m waiting for an intelligible answer from support.
miss Jasmin
658 days ago
Very bad app experience. Abnormally slow, constantly down, extra annoying and does not let me change the password. Who is experiencing this either? It’s been a while I logged into my binance acc. So I’m trying to log in today and it tells me ’incorrect password’ There was no point asking for help at the customer support to reset password ’because I didn’t get any help, I still got an incorrect password. These are trivial issues and they are not able to fix them.
gainzy
664 days ago
Regarding transactions they are pretty much ok. Some features could be improved though. The support service is very poor and even useless in some cases. Complicated verification beats off desire to join the platform. The essence of customer focus is being lost in the race to be a top1 exchange.
R. Beko
664 days ago
KYC verification is a kind of nightmare. No matter how much required information I provide I keep receiving emails that my verification process isn’t finished. The webpage is always hanging and redirecting me to do an address verification by sending them all kinds of personal bills, receipts etc. And what if none of these I have in my name? The page keeps redirecting me to a verification process, without even letting me chat with support. Hopeless exchange and overregulated.
Carole Chaney
667 days ago
Great rank 1 exchange: fast, secure and has great campaigns. Easy in use, good liquidity. Only the trusted and vetted tokens are on this exchange. Unlike many of the fraud exchanges out there.
rekt86
670 days ago
It took nearly 40 mins to send an email verification code for the transaction. It’s so insanely wrong! Within that time your assets might be worth half the value. And it happened several times. This is unacceptable.
return2ozma
671 days ago
Perfect at all. Quite satisfied. The only disappointing things are the spreadsheet and the picks of futures. They are high and very bad for scalping with these volatilities and whales altering the market with high volatilities.
Maxx3141
673 days ago
My opinion about Binance is controversial. Start with cons: crypto exchange is way too conservative and there’s too much bureaucracy here. The verification process is exhausting. And technical failures take place during peak hours. Pros are obvious: a great cold wallet for secure storage of crypto assets, a large variety of coins for trading and exchange, low commissions, etc. No alternative.
superstonk
673 days ago
Binanse has lots of users and a huge profit turnover. On the one hand, this is cool, but on the other hand, due to the large volumes of trade, you may face system dulls in the most crucial moment.
psychothumbs
674 days ago
I have no experience with other exchanges, but this one seems to be the one with the largest trading volume and highest scores (according to CMC). I prefer P2P trading. They made it very simple…
Avelino Gales
675 days ago
Compared to other exchanges, Binance has many great simple, convenient and fast features. The most helpful quality of the app is P2P, it gives the user many options to buy or exchange crypto using bank transfer, Visa or MasterCard. App security is a plus. But the iPhone app consumes a lot of mobile data.
spooky
677 days ago
Binance is one of the oldest and most trusted platforms where you can buy/sell crypto up to your taste. They made it easy to buy NFTs so that’s why I’m here. I’ve been working to get KYC verified and have submitted required docs. Currently waiting for a response for a week already. Too long.
Mohamed Ragab
679 days ago
I believe that Binance has earned a lot of user confidence, not just like that. Over the years of my trading on this platform I have observed its active growth. The company is really trying to improve the service, constantly adding new features. For example, the launch of native BNB token can be obtained for activity and then used to reduce trading fees. This is one of the ways to express loyalty and customer care. In general, they’ve got lots of interesting “perks” there.
SHILA
679 days ago
There is a reason I chose Binance. I have been interested in P2P trading for a long time, and Binance, as far as I know, is one of the few exchanges where you can make money this way. I myself also trade, but I get the main income precisely through P2P. Binance is not really bad, but sometimes my terminal gets frozen. And the verification process took quite long. But what’s really attractive is that commissions are low, and the deposit requirements are minimal, so I’d recommend it for beginners.
Mbets22
680 days ago
I read reviews about Binance and decided to try trading too. I registered here about a month ago, the verification process was fast, loaded some funds to the exchange quickly as well, but have not tried withdrawals yet. Trading is still difficult for me. Support is great so far.
Savage Game
681 days ago
If I’m asked to recommend a crypto exchange, I would definitely recommend Binance. The hugest trading volumes in comparison with others. Low commissions, which is very pleasing. Wide functionality. But there are 2 disadvantages, I would say. It happens that you simply can’t sign in, these temporary difficulties are usually caused by server overload. And also the site is a bit tricky, it might be difficult for a beginner to understand it.