This Binance review dives deeper into the Binance ecosystem to understand why the exchange continues to amass popularity. When people want to buy and sell cryptocurrencies, they can do so through a cryptocurrency exchange platform. These platforms operate like stock brokerages, where traders deposit fiat currency and then purchase the assets they want to invest in.
Binance is an example of these platforms. Binance ranks as the leading cryptocurrency exchange, with over $12 billion in trading volumes in the last 24 hours. These volumes are over three times those of the second-largest exchange by the same metric.
Data from CoinGecko shows that the exchange supports 383 different cryptocurrencies with a trust score of 10/10, demonstrating its popularity among traders.
The reason why many traders pick the Binance exchange is because it has been around for a long time. This assures users of the safety of their funds.
The Binance exchange also makes it easy for users to access their exchange accounts and digital assets through its website and mobile applications. Ease of access and user-friendliness are also additional features that crypto traders look out for when picking an exchange.
Background of Binance
The Binance exchange was founded in 2017 by Changpeng Zhao. In its early years, Binance operated as a simple cryptocurrency-to-cryptocurrency exchange where users could trade a wide range of digital assets.
Binance swiftly gained inroads in the crypto industry by offering low fees and fast speeds. During its early years, the Binance exchange was based in China, but it was forced to wind up operations in the country in 2018 due to regulatory scrutiny.
Binance later launched its blockchain currently known as BNB Chain, whose native token is now known as BinanceUSD (BUSD).
Over the years, Binance has expanded its offerings to offer staking services, a decentralized exchange known as Binance DEX, a peer-to-peer lending platform, and a wallet service. Binance also acquired a popular crypto price tracker known as CoinMarketCap.
In its mission statement, Binance states that it aims to be “the world’s leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange. Our mission is to be the infrastructure provider for crypto in tomorrow’s world.”
Binance Overview
The Binance crypto exchange offers a wide range of trading services. The platform is used by millions of digital asset traders looking to exchange and invest in multiple cryptocurrencies.
Binance comes with an easy-to-use interface. If you are not an expert trader, the Binance mobile app allows you to have a beginner view where you have access to a beginner-friendly interface.
Binance further appeals to new crypto investors because of the Binance Learn platform. This platform gives beginner crypto investors access to all the information they need to get started with the cryptocurrency industry.
The Binance exchange is accessible through its official website, iOS devices, and Android devices. Its mobile app makes it easy for crypto investors to access trading on the go.
Creating An Account on Binance
The process of creating a cryptocurrency exchange account on the Binance exchange is quite easy. Unlike most cryptocurrency exchanges, you can easily create an account on Binance through a few simple steps.
Below is a step-by-step process on how to create an account on Binance:
- Provide an email address/phone number
When one wants to create an account on Binance, they can simply do so using an email address or a phone number. New users can also choose to create their accounts using Google or Apple.
- Verify your email/phone number and set a strong password
Once you create an account using your email or phone number, you will be prompted to verify the details through a code sent to your device. You will also have to create a strong password to secure your account.
- Complete KYC verification
To complete the account signup process, you will be taken to the Binance homepage where you must complete Know Your Customer (KYC) requirements.
The KYC requirements for opening an account on Binance include submitting a real-time image that verifies your appearance. You must also submit a government-issued identification document like a national ID or a driver’s license.
- Set up account security features
When setting your account password, ensure it is strong and has a low risk of being compromised. It is also advisable to set up two-factor authentication (2FA) to verify the login process to guarantee no unauthorized access.
Which Cryptocurrencies Are Supported on Binance?
Data from CoinGecko shows that Binance supports 383 different cryptocurrencies. The exchange supports all of the major cryptocurrencies including Bitcoin, Ethereum, Solana, BNB Coin, XRP, and Cardano.
The Binance exchange also supports a wide range of meme coins including Dogecoin, Shiba Inu, PEPE, and Floki Inu.
The Binance exchange usually sends out announcements on platforms such as X or its website whenever there are any new listings. New listings are the altcoins that the exchange will start supporting and allowing users to buy and sell.
Sometimes, Binance can also delist some trading pairs. Such pairs include cryptos that are not traded often or those that face regulatory scrutiny.
Trading on the Binance exchange is done using stablecoins such as USDT and USDC. Some select fiat currencies such as USD and EUR can also be used to trade on the exchange.
Trading on Binance
The trading options on Binance are also a crucial factor to look at in this review. The Binance cryptocurrency exchange supports a wide range of trading options including spot trading, futures trading, and margin trading. It also allows users to engage in decentralized finance (DeFi) activities such as staking and lending.
Spot trading
Spot trading is when Binance allows a trader to buy and sell cryptocurrencies like Bitcoin and Ether at the prevailing market price. With spot trading, a trader has direct ownership of digital assets while also unlocking utilities like voting and staking.
Futures trading
Futures trading is where Binance users access contracts representing the value of digital assets. When trading futures, a Binance user will not own the underlying cryptocurrency. Instead, a trader owns a contract where they agree to trade cryptocurrencies at a later date.
Margin trading
Margin trading is where Binance users can access funds offered by a third party to conduct transactions. In margin trading, a trader can access more funds on the exchange than they hold, allowing them to open new trading positions.
Staking and lending
Besides offering trading opportunities, the Binance exchange also allows traders to stake and lend digital assets.
Staking is an activity where a holder of digital assets locks them up on a staking platform for a specific period. These assets earn an annual percentage yield (APY), which can be lucrative on some platforms.
For instance, Binance supports Ethereum staking. At the time of writing, the APY on the platform’s ETH staking platform was around 3.18%. Binance also allows stakers to redeem their digital assets at any time.
Trading fees
One of the main reasons why the Binance exchange ranks as a leading trading platform globally is the availability of low trading fees. The exchange offers a flat trading fee of 0.10%, which is notably below the industry average of 0.25%.
On Binance, you are required to start trading with as low as $10. However, your Binance exchange account will only be open to deposits when you complete KYC verification.
Binance Trading Features
Binance offers a wide range of trading tools to improve experiences including:
- Charts: The Binance exchange supports trading charts to improve trading experiences. With charts, a trader can make price analysis to improve the chances of making profitable trades.
- Launchpad: Binance also comes with a Launchpad that allows new users to access new digital assets. The assets listed on the Binance Launchpad are new tokens that are yet to be listed on many exchanges.
- Academy: The Binance Academy seeks to allow cryptocurrency traders to learn more about digital assets. These educative guides are useful to beginners who are not yet conversant with cryptocurrencies.
Deposits And Withdrawals
The Binance exchange supports a wide range of deposit options such as the peer-to-peer option, cryptocurrency deposits, and bank transfers.
The users looking to withdraw from Binance can also select between crypto and fiat withdrawals. Whenever a user is withdrawing from Binance, they have to follow various steps and complete security verifications.
The Binance exchange does not impose any fees on deposits to the platform. In the case of withdrawals, the fee payable will depend on the blockchain one uses.
The process of depositing and withdrawing from Binance can take a few minutes to several days. The time can depend on multiple factors like security verifications.
Security Measures
When one wants to secure their Binance exchange account, the first thing to do is to set up a strong password. Users should also implement two-factor (2FA) authentication to avoid unauthorized access to their accounts.
Traders should also practice other safe practices like not following malicious links to prevent them from falling victim to phishing campaigns.
Over the years, hacking attacks have led to the collapse of many cryptocurrency exchanges including Mt.Gox. The Mt.Gox exchange was hacked in 2014, and it recently started rehabilitation for the affected users.
The Binance exchange has shown much resilience over the years. However, the BNB Chain has been a victim of hacking attacks. In 2022, the Binance blockchain suffered a $570 million hack after a threat actor exploited a bridge and gained unauthorized access to BNB tokens.
Binance halted the blockchain immediately after the hack and also froze the stolen funds. Binance also announced a bug bounty reward program to prevent future attacks from happening.
Customer Support
Binance has a customer support section known as the “Help Center.” On this platform, the Binance exchange provides a wide range of articles for frequently asked questions (FAQs) that a user might have.
If a query is not covered under the FAQ self-service section, a Binance user can contact the 24/7 chat support team. To chat with Binance customer support, you can choose between logging in or simply providing your email address.
The Binance customer service has received positive reviews from users because of timely and helpful responses. Reading a review from past users helps demonstrate the growth of Binance.
Binance Mobile App Review
The Binance mobile app offers a simple and portable solution to traders who might want to trade digital assets while on the go. Some features of the Binance mobile app in this review include the following:
Lite and Pro versions
One of the unique features of the Binance mobile app is the lite and pro versions that make it easy for beginner and expert traders alike to use the Binance platform. These versions come with varying tools depending on the needs of the user.
Trading
The Binance mobile app allows a trader to access a wide range of trading options including spot trading, margin trading, futures trading, and P2P trading.
Binance Earn
The Binance Earn feature on the Binance mobile app also ensures that a trader can earn returns on the coins that they do not plan to sell soon.
Wallets
The Binance mobile app also comes with a wallet that allows you to view the cryptocurrencies that you have in your portfolio. The wallet option also allows you to withdraw cryptocurrencies to external platforms.
Charts
The Binance mobile app also lets you access trading pairs and charts to analyze the performance of a digital asset and make informed trading decisions.
New Listings
If you want to check the newly listed apps on Binance, the exchange’s mobile app has a dedicated feature with all the latest additions to the trading platform.
The features of the Binance mobile app and its flexibility and ease of use compared to the desktop version have seen it garner positive feedback and a stellar review from users.
Binance Coin (BNB) Token Review
The Binance Coin (BNB) is the native token for the Binance ecosystem. The token launched in July 2021 through an initial coin offering (ICO).
Binance sold 100 million ICO tokens for 15 cents each. The tokens have since gained in value, and it has since emerged as the 5th-largest cryptocurrency with a market capitalization of $86 billion.
Uses of BNB Coin
The BNB token has the following uses:
- It helps traders save on trading fees if they qualify for the VIP program
- Traders can lend BNB tokens to generate passive income
- BNB token lets a holder qualify for Binance loans
- Traders can stake BNB tokens and earn returns
The BNB token also acts as a good investment option to holders given that its value has surged significantly over the years.
In January 2021, the BNB token was trading at around $37. However, the value has surge increased to $591 on July 29 as of 00:28 a.m. EST.
Binance Community And Resources
Binance is the largest cryptocurrency exchange with millions of users globally. The exchange looks to interact with these teams through various meetups. During these meetups, Binance staff meets with users in specific countries to answer any queries they might have and boost engagement.
The Binance Academy also provides access to a wide range of learning resources to beginner crypto investors. These educational resources make it easy for traditional investors with zero exposure to cryptocurrencies to have an easy time trading on Binance.
Binance also has a vast social media presence on platforms such as X. The exchange has more than 12 million followers on X, making it the most-followed cryptocurrency exchange.
Regulatory Compliance
The Binance exchange has obtained several licenses and regulatory approvals over the years. According to its website, the exchange is licensed in Europe, Kazakhstan, the Middle East, Asia-Pacific, Mexico, El Salvador, and South Africa.
However, the exchange has often faced regulatory and legal challenges. In the US, Binance operates under the Binance US platform. The exchange was sued by the US Securities and Exchange Commission (SEC) for offering unregistered securities and operating as an unlicensed broker.
Binance executives were also arrested in Nigeria in early 2024 after the country accused the exchange of operating illegally.
Binance founder and former CEO, Changpeng Zhao, was sentenced to four months in a US prison after pleading guilty to charges of enabling money laundering and other violations on the exchange.
Comparison To Competitors
Below is a table to review the Binance exchange and compare it with competitors such as Coinbase, OKX, and Kraken.
| Feature | Binance | OKX | Coinbase | Kraken |
| Supported Cryptocurrencies | 370+ coins | 320+ coins | 240+ coins | 260+ coins |
| Trading Pairs | Over 1,200 | Over 560 | Over 400 | Over 700 |
| Fiat Support | Yes | Yes | Yes | Yes |
| Trading Fees | Flat trading fee of 0.1% | 0.08% trading fee for makers, and 0.1% for takers | 0.5% flat trading fee and 0.1% fee for Pro users | 0.25%-0% fee for makers and 0.4%-0.1% fee for takers |
| KYC Requirements | Yes | Yes | Yes | Yes |
| Staking | Yes | Yes | Yes | Yes |
| Mobile App | Yes (iOS & Android) | Yes (iOS & Android) | Yes (iOS & Android) | Yes (iOS & Android) |
| Customer Support | 24/7 customer support | 24/7 customer support | 24/7 customer support | 24/7 customer support |
User Experience And Feedback
The Binance exchange has received mixed review statements from customers over the years. On Sitejabber, the exchange has a 1.8-star rating, with users stating that the large trading volumes make it easy to settle trades.
While KYC requirements are needed by every crypto exchange, some Binance users on TrustPilot have complained about the need to verify identity whenever one is making trades on the platform.
Binance Future Prospects
The Binance exchange has secured a significant footprint in the cryptocurrency market. However, the exchange is still planning to grow further and possibly compete against traditional financial platforms.
Binance has onboarded several reputable influencers as part of its growth journey. These influencers include soccer star Cristiano Ronaldo, who recently celebrated the exchange-s seventh anniversary.
Binance also continues to launch additional features. In 2021, the exchange launched the Binance NFT marketplace to cater to non-fungible token traders.
The expansion of the Binance exchange will also depend on whether the exchange attains regulatory approvals in other countries. Regulatory challenges have hindered the exchange’s plan for global expansion.
Last year, Richard Teng was appointed as the new Binance CEO. Teng previously served as the CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market. While taking over the new role, Teng said he would his experience in regulatory circles to achieve growth.
In Summary – Binance Review
Binance is the world’s largest cryptocurrency exchange. It offers a wide range of trading options, features, and tools that appeal to both beginner and expert traders.
The Binance exchange’s growth is largely attributed to the low trading fees. Moreover, in this review, the availability of a mobile trading app makes it easier for crypto traders to buy and sell cryptocurrencies while on the go.
Binance also supports the highest number of cryptocurrencies and trading pairs compared to any of its rivals, which has also been another catalyst for growth.
One of Binance’s main hindrances to growth has been regulatory challenges. However, it plans to achieve regulatory compliance globally with the appointment of its new CEO, Richard Teng.
FAQs
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Is Binance safe?
Yes, Binance is safe to use. However, as a Binance user, it is advisable to implement security measures such as having a strong password for your account and enabling 2FA authentication.
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What are the fees associated with Binance?
Binance imposes a flat trading fee of 0.1% on cryptocurrency transactions.
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How does Binance compare to other exchanges?
Binance has a larger footprint than other exchanges as it has the highest trading volumes. It also supports more cryptocurrencies and trading pairs and has the lowest fees.
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Can I use Binance in my country?
Binance is available in many countries. To check whether Binance is registered in your country, check the licensing page. If you are a US user, you will be required to use Binance US.
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What is Binance’s customer support like?
Binance has a Help Center with FAQs with answers to any queries users might have. Users can also opt to chat with the 24/7 live support team available on both live chat and email.
