Binance Review 2023

Binance is the largest cryptocurrency exchange in terms of trading volume, technology and the range of services offered for active trading and investing in cryptocurrencies. It was established in 2017 in China and has continuously grown since. Changpeng Zhao is the CEO of Binance; he also owns OKCoin.

Binance stands out among the competitors by many criteria. The platform has shown the highest trading turnover, which is currently approaching the $50 billion mark; the number of instruments is 1,561, with a wide variety of coins, the total number of which is 403. Notably, the exchange also offers a huge choice of fiat money; Binance supports 46 currencies.

In addition, Binance offers many additional services, such as an NFT marketplace, a launchpad for crypto startups, P2P exchange, cryptocurrency staking, etc. The exchange offers better trading conditions for the clients who hold BNB, the platform’s native token, which holds a stable place in the Top 3 cryptocurrencies by market capitalization.

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
Account opening	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.

Basic information

Binance is a well-known exchange, partially thanks to the powerful advertising campaign, which is much more extensive than that of competitors. Nonetheless, there are also those who have never heard about it. Let’s take a look at the basic information:

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:

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 take a closer look at the fees in the spot trading:

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. Next, let’s look at the fees for futures trading, which also depend on the volume:

There is also an option to reduce your fees by 25% when using BNB; it applies to spot and to futures 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 card, the fee is $15 for the US dollars. 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:

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.

In over four years of its operation, 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.

However, 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.

Changpeng Zhao works to expand the geography of Binance, actively obtaining licenses, where it is required.

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:

Binance offers its users its own stablecoin BUSD, which is secured by fiat and tied to the US dollar rate. Lately, there has been a lot of talk around the security issues of the popular USDT, and therefore many are interested in the alternative offered by Binance.

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 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 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.

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

• Staking
  The assets are frozen for a specific period of time and bring profit. For example, freezing BNB brings around 5.23% annual profit and the profit is credited also in BNB. This means if you stake 100 BNB, in a year you will have 105.23 BNB. If you don’t want to risk freezing volatile cryptocurrencies, you can stake stablecoins – USDT, with expected profitability at 4.79% annual.

• Mining
  Binance created its own mining pool, where you can join to mine several cryptocurrencies, including BTC, ETH, LTC. The pool is not considered big, but it is growing. It is very easy to withdraw to the exchange’s wallet and this feature attracts new users.

• 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.

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.

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

Step

2

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

Step

3

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

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.

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.

Step

6

Next, you need to pass personal verification.

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

Binance Account types

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

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.
• RUB – Russian ruble.
• 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

Another popular method is P2P service. This means direct interaction between the clients of Binance, where different kinds of exchanges are offered. All you need to do is to find the most suitable option and execute a trade. For example, you have fiat and you want to deposit funds to your account on Binance without having to pay a fee. In order to do that, you can simply buy cryptocurrency with fiat through P2P.

Deposit and withdrawal options and processing time

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