Binance Review

As cryptocurrencies grow in popularity, more and more exchanges are being created for trading. Some are aimed at beginners, while others are better for more advanced traders, making it very difficult to decide which exchange you are going to use. In this Binance review, I'll give you a complete overview of this exchange so you'll find out whether it is the right choice for you.

First, I will give you some background information on Binance and how it became one of the most popular exchanges. I will then explain the advantages and disadvantages of using Binance.

There will also be a step-by-step guide on how to deposit, trade and withdraw coins, along with some helpful images. By the end of my Binance review, you will have all the information you need to start trading on the exchange yourself!

Tiago Amaral

Co-Founder at Inevitable Future Institute

What are the key factors to consider when choosing a cryptocurrency exchange for trading NFTs?

It is important to know who the team and investors behind the company are. In a world full of scams, new platforms emerge every day, and it is always important to look for those with a reputable presence in the market. Additionally, basic security concerns, such as the permissions being granted by the wallet to the exchange, are also crucial points to consider.

Binance Review: What is Binance?

Binance is a centralized exchange that hosts crypto-to-fiat and crypto-to-crypto trades. This means that it does accept real-world money, such as U.S. dollars (USD) or Euros (EUR).

The exchange was first created in 2017 and was originally located in China. However, as cryptocurrency laws are very strict in China, the exchange moved to Japan for a brief time, but then it left Japan and moved to Malta. As of writing, though, Binance has no official company headquarters.

The man who created Binance, Changpeng Zhao, better known as CZ, used to work with some of the trading systems of the Tokyo Stock Exchange. I guess he utilized this experience to help make Binance what it is today! While CZ stepped down as CEO in November 2023, he still remains its largest shareholder (the current CEO of the exchange is Richard Teng).

Before Binance opened its exchange, it raised money through an initial coin offering (ICO). This is very similar to crowdfunding, where people can invest to help a company get started.

However, an ICO is still different, as people invest in cryptocurrency instead of real-world money. In 2017, people invested more than $5 billion in ICOs, and Binance ICO raised the equivalent of $15 million. In return, it gave investors its own crypto token, which is named Binance Coin (BNB).

Even though it was called “coin” from the get-go, initially, it was a token built on the Ethereum blockchain. However, Binance later launched its own blockchain and migrated BNB to this new network. Today, it operates natively on the BNB Chain, which makes it a true coin.

Binance grew so quickly that in January 2018, they had to suspend new registrations because too many people were trying to open a Binance account. In one day alone, Binance received over 240,000 new applications. As years passed, its user base grew even more, eventually reaching over 255 million traders—and still counting!

Binance is not just a simple exchange, though. It also offers various other features. For example, it has two types of wallets:

• The Binance Wallet is the exchange's built-in wallet, which makes it easy to manage your assets directly on the platform.
• The Binance Web3 Wallet is also built into the exchange, but it has more external use cases.

Now, by reading my Binance review so far, you should have a pretty good understanding of the exchange’s background. However, let’s dig deeper and find out why you should use Binance!

Why Binance?

Before registering a new account at an exchange for the first time, it is important to consider their advantages and disadvantages. This will ensure that you’re choosing the right exchange for you.

Advantages of Binance

First up, let's discuss the actual advantages of this crypto trading platform.

• Relatively Wide Selection of Cryptocurrencies

There are currently more than 20,000 individual cryptocurrencies in the global crypto market, with new ones being created almost every day. One of the main reasons why the Binance exchange is so popular is its wide range of listed coins and tokens.

It supports more than 500 different cryptocurrencies (including NFTs). They range from well-known coins such as Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH) and Litecoin (LTC) to smaller assets like Shiba Inu (SHIB) and ICON (ICX). Obviously, Binance Coin (BNB) makes the supported asset list, as well.

While it's not the widest selection compared to some other exchanges, keep in mind that Binance has a rigorous listing process, which means it lists high-legitimacy crypto assets.

• Low Fees

Another excellent feature of the exchange is that, when trading crypto-to-crypto, Binance fees are some of the lowest in the industry. By default, customers are charged 0.1% on every trade, meaning if you traded 1 ETH, you would only be charged 0.001 ETH.

Though, as your trading volume and BNB balance increase, so does your VIP level, which results in even lower fees. On top of that, Binance offers a 25% discount on Spot and Margin trading fees when you pay with BNB!

📚 Learn More: Binance Fees

Moving further, deposits are always free, but withdrawals do cost money. However, most exchanges operate in the same way. Withdrawal fees are different for each cryptocurrency, and change depending on their value.

For example, at the time of writing, for every Litecoin (LTC) that you want to withdraw from BNB Chain, it would cost you 0.006 LTC in fees. However, if the value of Litecoin increased, so would the withdrawal fee. This is because the fee is fixed to the price of Litecoin not to the price of USD (or your local currency).

	BINANCE
Maximum Trading Amount (Daily)	-
Withdrawal Fees	0.0001 BTC
Trading Fees	Up to 0.1%
	See TOP10 Brands Read review

Table: The pricing options on Binance

There are no limits to the value of deposits you make, but if you want to withdraw cryptocurrency, then you would need to verify your account. This can be done by submitting identification documents, such as your passport.

• Supports Fiat Currencies

Binance initially didn’t support fiat deposits and withdrawals. However, it collaborated with SEPA and Faster Payments Service (FPS) in 2021, which allowed users to transact in EUR and GBP. Today, you can use more than 30 fiat currencies to carry out your payments, and deposit fiat to your account.

Not only that, it also allows you to pay using a debit or credit card, bank transfers, and even P2P transactions. Thus, you don’t need to worry if you are a beginner and buying your first crypto—Binance has you covered!

• Various Ways to Earn

If your not only looking for trading features in an exchange, Binance has got you covered with plenty of earning opportunities.

Regular traders on the Binance exchange have a chance to win prizes during various limited-time events. These prizes change all the time and have so far included free cryptocurrencies, such as Waves (WAVES), Ontology (ONT), and other cool stuff. They have even given away a Maserati car!

Besides that, with Binance Academy, you can complete various learning activities to earn crypto rewards. It's a great way to start if you're new to crypto. By the way, if you love the idea of learning and earning at the same time, check out BitDegree Missions.

Now, as I mentioned earlier in this Binance exchange review, the platform isn’t just for beginners—it's also great for more experienced crypto enthusiasts. For instance, it offers Binance Earn, which is divided into Simple Earn and Advanced Earn tools.

Simple Earn includes flexible and locked products, allowing you to earn passive income with minimal risk. Flexible products let you withdraw funds anytime, while locked products offer higher returns for a fixed period. If you’re a long-term HODLer, it can be a great way to generate steady income while holding your assets.

On the other hand, Advanced Earn features riskier options like Dual Investment and Smart Arbitrage, which may provide higher rewards but come with greater uncertainty.

📚 Read More: Binance Earn

In addition to that, there is Binance Megadrop, which allows you to complete tasks and earn points that can be used to join airdrops for yet-to-be-listed tokens.

• IEO Launchpad & Launchpool

Binance is well-known for listing new cryptocurrencies as soon as their ICO has finished. However, the exchange doesn’t just list any cryptocurrency; it has to really prove itself as a solid and legit asset for the exchange to list it.

Speaking of new token listing, Binance offers an IEO-based token Launchpad where projects can incubate their assets and hold crowdfunding events. Many have launched their tokens via this tool (like the HMSTR token, for example), which shows that Binance is often viewed as a favorite exchange, not only by traders.

Besides the Launchpad, there is also the Launchpool, where you can stake your crypto, like BNB or BUSD, into specific pools and earn rewards in the form of new project tokens. It’s a simple and low-risk way to explore new cryptocurrencies while keeping your assets secure. Plus, you can withdraw your staked funds anytime!

• Robust Security

Binance takes security very seriously. For example, all customers are asked to set up two-factor authentication (2FA) when registering an account. It is an extra level of security that sends a special code to your mobile phone every time you want to log in, trade, or withdraw funds.

Of course, this is not enough to answer the question “Is Binance safe?”. So, let's look at other security measures it implements:

• Uses the Cryptocurrency Security Standard (CCSS), an internationally recommended security standard^[1] for crypto exchanges;
• Stores most of the users' funds offline in cold wallets for protection;
• Detects suspicious activity and suspends withdrawals for 24-48 hours if needed;
• Ensures that only you can access your personal data with end-to-end encryption;
• Tracks password and email change requests with a dedicated system to prevent unauthorized access.

All these features make sure that your account and funds are safe, but even if Binance were to face hacking incidents, it has the Secured Asset Fund for Users (SAFU) to cover losses incurred during malicious activities.

• High Trading Volume

As Binance has become one of the most popular exchanges to buy, trade and sell cryptocurrencies, there are lots of trades happening all the time. Thus, its trading volume is very high, especially compared to other exchanges.

This is a key advantage as high trading volume means high liquidity,^[2] providing you with the ability to complete your buy or sell transactions immediately whenever you need to.

For example, if you wanted to buy a cryptocurrency, but it has a low trading volume, then it’s harder to do so because there aren’t that many sellers. However, if lots of people are looking to sell that coin, it will be easy to buy. Yet, all this wouldn't be possible if the technology supporting Binance couldn't process up to 1.4 million transactions per second!

Disadvantages of Binance

Now that we've discussed some of its advantages in this Binance review, let’s take a look at the exchange’s one less-than-ideal point.

• Customer Support

There are mixed reviews about the customer support offered by the Binance exchange. Although you can contact Binance by email or live chat, some users have reported long delays. This might be because the exchange has a large number of customers. However, I hope that Binance will improve its response times. There is also no phone support, which is something offered by other popular exchanges like Coinbase.

Did you know?

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How to Use Binance?

If you have read this Binance review all the way through, you should now have a better understanding of what Binance is, what it does, and the advantages and disadvantages of using this exchange. So, now, I'll show you how to use Binance!

How to Open an Account at Binance?

To be able to trade on Binance, you need to create an account and complete the first level of verification. Let's create your account first, and then I'll show you how to deposit and trade on Binance.

Step 1: Visit the Binance official website and then click on [Start Now].

Step 2: Enter your email address, confirm the Terms of Service & Privacy Policy, and then click [Next].

Step 3: Copy the verification code sent to your email address.

Step 4: Paste the code to the registration page.

Step 5: Choose a strong but memorable password. Make sure it is at least 8 characters long and includes at least one uppercase letter and one number.

Step 6: When you log in for the first time, a notification will ask you if you want to set up two-factor authentication. Remember how I explained earlier that this protects your account?

So, enter your mobile number and complete the setup.

Step 7: As I mentioned before, you need to verify your identity to use the platform fully. Even though you can explore some features without verification, you need to complete the KYC process to be able to deposit, or trade.

📚 Learn More: How to Pass KYC Checks on Binance

How to Deposit Funds at Binance?

As we discussed before in this Binance review, the exchange allows you to deposit fiat to your account with several payment methods, such as a debit card or bank transfer. So, before starting to trade, let's deposit money into your account!

Fiat Deposits

If you want to deposit fiat, follow these steps:

Step 1: Go the the homepage.

Click [Deposit] on the right corner of the website.

Step 2: Choose the deposit type.

After clicking the Deposit button, a new window will open where you can choose what to deposit. I chose the Deposit EUR option, so I could later use it freely from the integrated wallet. You can also deposit crypto or directly buy with crypto.

Step 3: Select currency and payment method.

You will now need to select the currency and payment processor that you'd like to use.

I opted for the credit card method as I found it more convenient. If you're depositing larger amounts, a bank transfer could be a much cheaper and faster option. However, to use this method, you must complete advanced verification, as the basic level verification alone will not suffice.

Step 4: Enter your details and the amount you want to deposit.

Next, you'll be asked for the amount that you'd like to deposit and will need to add your card (if you chose a bank card as your go-to deposit method, that is).

Step 5: Check your wallet.

That's it! You only click [Pay Now], and your funds should arrive in your fiat wallet in a matter of minutes.

Crypto Deposit

If you want to deposit crypto instead of fiat money, follow these steps:

Step 1: Go to the "Deposit" section on Binance and click [Deposit Crypto] to begin the process.

Step 2: Choose the cryptocurrency you want to deposit into your Binance wallet.

Step 3: Once you select your cryptocurrency, Binance will generate a deposit address for you. Copy this address carefully and double-check it to avoid any mistakes.

Step 4: Go to your external cryptocurrency wallet, paste the Binance deposit address and enter the amount you want to transfer.

Step 5: Before confirming the transaction, make sure you double-check the address after copying and pasting it. It is very important that you send the coins to the correct Binance deposit address.

Binance will update your Total and Available balances to reflect the deposited amount.

Congratulations! Your Binance exchange account is now funded, and you’re ready to make your first trade.

How to Trade on Binance?

Now that I have shown you how to add fiat and crypto to your Binance account, let's move on to making your first trade. There are over 500 different cryptocurrencies to choose from, but in this example, I will show you how to trade (in other words, buy) Bitcoin. Don’t worry; if you want to buy a different coin, the steps are the same: just replace Bitcoin with the cryptocurrency you want to buy!

Step 1: Go to "Spot" trading.

Locate the "Trade" menu on the homepage. You don't need to click on it; just hover your mouse over it. Find the "Spot" option and click on it.

Step 2: Find a pairing.

So, this stage can be a little frightening for beginners… but don’t worry, I’ve got you covered. Just follow the steps.

When you click on spot trading, the page automatically directs you to trade BTC/USDT. For now, I chose this option to proceed with the steps, but in the top right corner of this page, you can find all available pairings (including fiat-to-crypto) and select the one you prefer.

Step 3: Scroll down to buy.

Once you click on the currency pairing (BTC/USDT, for my example), you need to scroll down to the trading screen. If you don’t have USDT, you can click the plus (+) icon next to USDT to buy or deposit it, which you already know how to do.

Step 4: Choose an order type.

Those scary graphs will now display the market information of your chosen pairing. Scroll down and look for the Buy BTC. Make sure you click on the Market trading type.

Why "Market" and not "Limit"? Selecting the Market order will allow you to buy your cryptocurrency for the current market price. This will offer you the best price that’s currently available. If you select Limit, this will allow you to enter the exact price you would like to buy at, and this is an option for more experienced, short-term investors.

Step 6: Complete the trade.

To complete your trade, you need to enter the number of coins you want to buy. You have two options:

1. Enter the specific amount of coins you want to buy or;
2. Choose a percentage of your Binance balance. For example, if you deposited 50 USDT into your account and want to use it all to buy Bitcoin (BTC), you can simply select 100%.

To complete your trade, click on the green [Buy BTC] button. As you selected Market, your order should be completed within a few seconds! If you want to make sure that your trade was successful, you can go back to the Wallet > Overview section.

Congratulations, you just did your first crypto-to-crypto exchange!

📚 Read Next: Binance Convert

How to Withdraw from Binance?

At this stage of my Binance review, you already know how to trade on Binance, but what if you want to withdraw your funds? Well, let’s see how to do that, too!

Step 1: Click on the profile icon located in the top right corner of the page, and you will be directed to a screen where you can view your assets. Then click [Withdraw].

Step 2: Select the cryptocurrency you would like to withdraw.

Step 3: Enter the wallet address that you want to send your coins to.

Make sure you enter the correct address, as any mistakes could be costly! The best way to do this is to copy and paste the address you want to withdraw to.

Step 4: Finally, enter the number of coins you want to withdraw, select the network, and click accept.

Binance withdrawals are normally quick and usually take no longer than 30 minutes to reach your destination wallet. However, if the network is busy, it could take longer.

📚 Read More: How to Withdraw Money From Binance

Who Should Use Binance?

Anyone can use Binance – it is great for both beginners and advanced users. Why? Because Binance offers two dedicated versions to choose from – Lite and Pro. As you might've guessed, Lite is for newbies, and Pro is for more seasoned traders.

Binance offers not only spot trading but also more advanced options like margin trading, copy trading, and futures trading. Moreover, you can even create your own automated strategy by using trading bots!

However, it’s crucial to understand these features before using them. To help protect your funds, these options are only available on Binance Pro. You can easily switch between Lite and Pro modes by tapping the profile icon in the app. There’s no need to complete any tasks or hold a specific amount of assets to access the Pro version.

Table: Features of Binance Lite and Binance Pro

If you are a more experienced trader, the advanced options allow you to view more detailed statistics. For those interested in the price movements between Bitcoin and Ethereum, there are more advanced graphs to analyze.

For example, candlestick bars allow you to view the opening, highest, lowest, and closing price of a cryptocurrency over a specific time period.

Just remember, if you are just getting started with cryptocurrency trading, it is probably best that you use the Lite version until you feel more comfortable!

Pros

• Secure and reliable
• Accepts fiat currencies
• Lots of trading options

Main Features

• Reputable exchange
• Accepts fiat currencies
• Offers various trading options

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Beginner-friendly
• Secure
• Decent trading and withdrawal fees

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Conclusions

If you have read my Binance review from start to finish, you should now be able to decide if it is the right exchange for you. There are many advantages of using Binance. However, there are also some disadvantages to consider — such as not being able to reach customer support via phone.

Whether you decide to use the platform or not, at least now you know how to use Binance, and you can easily deposit, trade, and withdraw funds!

In my opinion, Binance is one of the best cryptocurrency exchanges for trading. It offers a great, easy-to-use interface that caters to all types of traders. Not only that, but it’s a platform you can trust.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Y. Suga, M. Shimaoka, M. Sato, H. Nakajima: ‘Securing Cryptocurrency Exchange: Building up Standard from Huge Failures’;

2. D. Bianchi, M. Babiak, A. Dickerson: ‘Trading Volume and Liquidity Provision in Cryptocurrency Markets’.