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Binance Overview
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Binance Cryptocurrency Broker Review 2024

Binance is the largest and one of the most popular and trusted cryptocurrency exchanges in the world. It is the most widely licensed digital assets platform, with registrations and approvals from over 18 global markets. Low exchange rates and a great incentive programme elevate trader experiences on the platform.

Binance is a reliable and secure trading platform, offering services in over 180 countries with a robust assortment of trading options and features. It has been reviewed as one of the “most complete” crypto brokerages, with over 350 cryptocurrencies, a crypto launchpad, NFT trading facilities, charity enablement and a multi-chain compatible crypto wallet.

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Pros & Cons

  • Pros
  • 350+ tradable cryptocurrencies
  • Specialised exchange for trading digital assets
  • Low fees
  • One of the most secure crypto platforms
  • Multichain-enabled wallet
  • Feature-rich mobile app
  • 24×7 customer support in 40 languages
  • Cons
  • Steep learning curve

Binance Overview

Binance is active in more than 180 countries. The largest exchange by volume and the most trusted, with 18 licenses, it is the ultimate hub for trading, staking, and lending cryptos. The exchange has openly available proof of reserves and 1:1 user assets, strengthening trust in the organisation’s reliability.

Binance is the most extensively regulated crypto exchange with a massive selection of tradable digital assets. It offers trading with low fees and competitive spreads. It allows traders to trade cryptos through futures and spot, with leverage, and in blocks while facilitating bot and copy trading.

  • Overall
    5.0
  • Fees
    5.0
  • Deposit and Withdrawal
    4.0
  • Asset selection
    5.0
  • Ease of account opening
    5.0
  • Regulation and Security
    3.0
General info
Headquarters No official HQ
Website https://www.binance.com/
Website Languages English, Arab, German, Spanish, French, Russian, Chinese Bulgarian, Czech, Danish, Greek, Indonesian, Italian, Korean, Kazakh, Latvian, Polish, Portuguese, Romanian, Slovenian, Swedish, Turkish, Ukrainian, Vietnamese info
Regulated check
Country of Regulation France, Italy, Spain, Australia, South Africa
Regulation Type FCA / CySEC / DNB / ASIC / FinCen / IIROC / CFTC / FMA / FSCA / SEC / FSC / SFC / FSA AMF, OAM, FIU, Bank of Spain, Polish Tax Administration Chamber of Poland in Katowice, SFSA, AFSA, FSRA, Central Bank of Bahrain, VARA, AUSTRAC, Registration of Trader Candidate by Bappebti, FSA, New Zealand Financial Service Providers Register, Thailand Ministry of Finance through the Securities and Exchange Commission, SAT, CNAD, FSCA info
Account Base Currencies EUR / USD / CAD / AUD / ILS / SGP / GBP / JPY ARS, AED, AUD, BRL, BHD, CZK, COP, EUR, GBP, GHS, HUF, IDR, JPY, KZT, KWD, NGN, NZD, OMR, PKR, PHP, PLN, QAR, RON, RUB, SAR, TRY, USD, UAH, UZS, VND, ZAR, 800+ cryptocurrencies info
Staking and Rewards check
Minimum Deposit $0
Deposit Fee Currency/cryptocurrency dependent
Deposit Types Bank wire / Credit Card
Minimum Withdrawal Currency/cryptocurrency dependent
Withdrawal Fees Currency/cryptocurrency dependent
Crypto-to-Crypto Trading Pairs check
Cryptocurrencies as CFDs uncheck
Islamic Account uncheck
Demo Account check
Research & Education Tools check
Customer Support Live chat
Customer Support Languages English / Spanish
Support Days & Hours 24/7
Automated Trading check
Social Trading check
Copy Trading check

Company Background

Binance was established in 2017 and became the most popular crypto exchange. The BNB coin, the native token of the exchange’s proprietary blockchain, is ranked 4th in market cap after Bitcoin, Ether, and Tether. With communities on over 10 global social platforms, Binance had over 89 million users worldwide as of August 2023. The exchange hosted 55% of the international spot crypto trades in January 2023 and swept the market with 92% of all spot Bitcoin trades through 2022. Binance is on track to accomplish its mission to become the world’s leading digital asset ecosystem and serve as infrastructure for the crypto economy of the future.

 

The exchange enables traders to earn, hold, spend, stake and gift their assets with unmatched security. The 24×7 on-chat support in 40 languages differentiates it from other brokerages, both crypto and traditional. The platform offers a rich set of tools and tonnes of educational material to assist traders with all trading-related activities.

Unique Features

Binance has many features that make it an extraordinary platform for crypto traders worldwide.

  • User-Friendly Interface

    The exchange provides a dashboard with diverse features for saving, earning, lending, staking or gifting crypto assets.

  • Wide Range of Cryptocurrencies

    The exchange lists over 350 tradable cryptos. Customers are spoilt for choice with options to diversify their crypto portfolios.

  • Advanced Trading Tools

    Binance offers real-time charting tools for technical analysis on its website and via mobile and desktop apps. It provides multiple order types, including stop-limit, limit, stop, stop-market and trailing stop. Traders can also opt for their preferred view – classic, margin or OTC.

  • Security Measures

    Binance has an extensive security set-up with 2-factor authentication, address whitelisting, device management and device restriction facilities. It is also registered in over 18 countries as a digital assets services provider.

  • Customer Support

    Customer support at Binance is excellent. See below for more.

  • Mobile Trading App

    Binance offers a proprietary mobile app. See below for more.

  • Leveraged Tokens

    Binance sells leveraged tokens, which helps traders multiply their purchasing power.

What is the Downside of Binance?

The only downside of the exchange is that the user interface takes some practice to get used to. The good news is that the customer support is superb, guiding traders efficiently through the initial phase.

Binance Crypto Fees

FeesAmount
Deposit Fee $0 For most fiat and coin dependent for crypto info
Credit/Debit card Deposit Fees uncheck
E-wallets Deposit Fees uncheck
Bank transfer Deposit Fees Bank dependent
Withdrawal Fee Up to 2% for fiat and coin dependent for crypto
Credit/Debit card Withdrawl Fees Up to 2%
E-wallets Withdrawl Fees uncheck
Bank transfer Withdrawl Fees Bank dependent
Inactivity Fees uncheck
Swap Fees(Instead of Overnight Fees) uncheck
Spread / Commission Fees check
Currency conversion Fee check
Max Leverage 1:5
Minimum Spread 0.018%

Trading Fees

Trading fees vary according to the trading volume over the last 30 days and the amount of BNB in the trader’s account. Additionally, make orders entail lower fees than take orders. Also, the exchange offers discounts occasionally for payment in the ecosystem’s native currency.

Binance Crypto Wallet

The Binance Wallet is a multi-chain-enabled crypto wallet native to the BNB chain. It can be used for storing cryptocurrencies and other digital assets.

Leverage Fee

The fee structure for leveraged tokens is as follows:

Trading Fees

 The fee schedule is like spot trading, i.e., dependent on the user level and trading volume.

Subscription Fees

This is chargeable when traders subscribe to a leveraged token. It is charged at 0.1% per subscription.

Redemption Fees

0.1% per redemption.

Daily Management Fees  

0.01% of the net asset value of leveraged tokens.

Funding Fees

Depends on the funding mode, amount and currency used.

Margin Trading Fees

The margin trading fee rate depends on the user’s level and varies for each crypto, starting at $0.

Binance Payment Methods

All the popular crypto and fiat payment methods are accepted on the platform. Binance accepts payments in various currencies directly to and from the user’s wallet.

The exact mode of payment available and charges differ according to the currency and regulatory body controlling trading in the jurisdiction a trader belongs to.

Deposit & Withdrawal

Funding methodSupportedMinimum DepositMinimum Withdrawal
Bank wire check $0 $0
Credit Card check $0 $0
PayPal uncheck
Skrill uncheck
Neteller uncheck
FastPay uncheck
UnionPay uncheck
PayRedeem uncheck
PerfectMoney uncheck
POLi Payments uncheck
Przelewy 24 uncheck
Payoneer uncheck
Rapid Transfer uncheck
Scroll for more details >>

Traders can deposit and withdraw funds in over a dozen fiat currencies and transfer cryptos to their wallets via their preferred method. Traders need to verify their accounts before they can make a deposit and fulfil the KYC requirements, including face verification.

 

Fund Your Account:

The steps to deposit via the website are:

  1. Click on the Deposit button in the top right corner.
  2. Choose to fund your wallet with Fiat or Crypto.

If you have chosen crypto:

  1. Select any one of the available coin options.
  2. Select a network.
  3. Fill in the deposit address.

If you have chosen fiat:

  1. Select a currency from the dropdown menu.
  2. Select from among the methods available for the chosen currency.
  3. Make the payment.

To Directly Fund Your Binance Account with Crypto

  1. Click on Buy Crypto in the bottom right of the screen.
  2. Use one of the P2P payment methods to purchase USDT directly.

Binance Supported Cryptocurrencies

Coin nameCoin SymbolCoin icon
AvalancheAVAXAvalanche
PolygonMATICPolygon
BitcoinBTCBitcoin
TetherUSDTTether
EthereumETHEthereum
BinanceBNBBinance
CardanoADACardano
ChainlinkLINKChainlink
CosmosATOMCosmos
DaiDAIDai
DogecoinDOGEDogecoin
EOSEOSEOS
PolkadotDOTPolkadot
RippleXRPRipple
Shiba InuSHIBShiba Inu
SolanaSOLSolana
StellarXLMStellar
TRONTRXTRON
UniswapUNIUniswap
USD CoinUSDCUSD Coin

How Do You Trade Cryptocurrency with Binance?

Binance offers two types of trading pairs: crypto-to-crypto and fiat-to-crypto. For trading spot crypto, the TradingView interface is most suitable. The order book data helps traders assess whether the market has more sell or buy pressure. Like forex, traders overlay technical indicators on the price chart of their chosen pair to discover opportunities and identify entry and exit points. Here is how to trade crypto on Binance:

  1. On the TradingView site or app, select Binance as your broker.
  2. From the Binance Spot List, choose the pair you want to trade.
  3. From the Navigation Bar, select Order Panel.
  4. Select your order: Sell/Buy
  5. Select Order Type
  6. Set Stop Limit value to mitigate risk.
  7. Click Sell/Buy accordingly.

Can you Trade CFDs on Crypto?

You can buy and sell cryptos directly via Binance rather than trading crypto CFDs. This ensures direct ownership of cryptocurrencies.

Binance Trading Platforme

PlatformSupported
Proprietary Platform check
MetaTrader 4 (MT4) uncheck
MetaTrader 5 (MT5) uncheck
cTrader uncheck
DupliTrade uncheck
ZuluTrade uncheck

The Binance Mobile App

Binance has a mobile app for both Android and iOS operating systems. The app is fast, responsive and secure. The gift card feature is much loved among all types of users.

How to Open a Binance Account?

Traders can open an account on Binance via the mobile app or the website.

Steps to open an account via the website:

  1. Click on the Register button on the top right.
  2. Select a mode to sign up – mobile number or email.
  3. Verify your credentials through the chosen mode.
  4. Create and set a secure password.

Binance Regulation and Security

Country of the RegulatorName of the RegulatorLicence Number
New ZealandFMA – Financial Markets AuthorityFSP1003864
SwedenFinansinspektionen – Swedish Financial Supervisory Authority66822
FranceAMF – Autorité des marchés financiersPSV5
ItalyOAM – Organismo Agenti e Mediatori700601
SpainCNMV – Comisión Nacional del Mercado de ValoresD661
PolandPFSA – Polish Financial Supervision AuthorityRDWW – 465
South AfricaFSCA – Financial Sector Conduct AuthorityFSP 51619
JapanJFSA – Japanese Financial Services Authority

Customer Service

Customer Support
Days Monday to Friday
Hours 24/7
Live Chat check
Email uncheck
Phone uncheck
Supported Languages English / Spanish
How fast was customer support when we tried? Slow

Is Binance the Best for Crypto Trading?

Our Daily Crypto assessment found that the exchange offers diverse ways of optimizing your crypto portfolio, including staking, farming, lending, pooling, and trading. The extensive collection of educational content and feature-rich analysis tools help traders make the most of the digital asset class. Although the exchange is battling the US regulatory bodies as of 2023, the leadership is confident that they will prove their credibility, resume operations in the region, and be back in full swing soon.

Conclusion

Binance is a globally trusted crypto exchange with a massive selection of tradable coins. The largest crypto exchange by a broad margin, Binance offers trading facilities for traders of all experience levels, maintaining the highest security standards. Its unbeatable trading volumes stand as a testament to its popularity. With 24×7 chat support in 40 languages, the broker ensures that traders know that the team is available for assistance at all times.

FAQ

  • Is Binance a regulated broker?
    Yes, Binance is the most extensively licensed crypto broker, with registrations in over 18 countries.
  • How do you sign up for Binance as your broker?
    You can sign up to Binance from the mobile or desktop app or the website.
  • Is Binance a safe broker?
    Yes, Binance follows industry best practices and offers multiple authentication mechanisms, stringent KYC and compliant trading services to ensure the security of traders’ assets.
  • Do I own my crypto on Binance?
    Yes, you can buy and sell crypto directly on Binance, giving you legal ownership.
  • How can I withdraw funds from Binance?
    You can withdraw funds in your preferred fiat currency or transfer crypto to your wallet.
  • Does Binance broker offer margin trading?
    Yes, Binance offers margin trading with competitive leverage and trading conditions.
  • Is Binance better than Coinbase?
    Binance has more cryptocurrencies, lower spot trading fees, and the highest number of licenses than any exchange worldwide. However, the US version of Binance offers limited options and could be more robust. On the other hand, Coinbase offers limited options for advanced traders.
author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.