Binance is a very familiar cryptocurrency exchange platform for well-trained and advanced traders. As we explore reliable information about Binance, it offers low trading fees and a diverse range of cryptocurrency trading choices worldwide.
In this Binance review you can know everything within minutes. This article will explain based on the Binance UK review.
Quick insights
Binance review
Binance was founded in July 2017 by Changpeng Zhao (CZ). In 180 days, he founded Binance. This international crypto exchange is well known for its large trading volumes and wide range of services. It was initially founded in China, then established in Japan, after it moved to George Town, Malta.
The Binance Europe Service Limited is located in Malta and serves as the organization’s headquarters. More than 13.5 million people have registered, and it has users in over 180 countries and territories. An average of 1 million transactions per second are processed by Binance. More than $13 billion in assets are held by Binance users.
Regulations of Binance
Binance is often regulated by top-tier regulators around the world. The services of this organization are provided in countries like the USA, UK, Uganda and Nigeria. The regulatory bodies are given below:
| Regulated country | Regulated by |
|---|---|
| UK | Financial Conduct Authority (FCA) |
| Europe – France | (Autorité des marchés financiers – AMF) |
| Europe – European union | Markets in Crypto Assets (MiCA) |
| US | Security and Exchange Commission (SEC) |
| Kazakhstan | Astana International Financial Centre (AIFC) |
| Canada | Canadian Securities Administrators (CSA) |
| Dubai – Middle east | Dubai Virtual Assets Regulatory Authority (VARA) |
| Bahrain – Middle east | Central Bank of Bahrain (CBB) |
Binance security measure
Is Binance safe? Yes, Binance crypto exchange is a safe trading platform. Because it provides a variety of security measures. These are given below:
- Two-factor authentication (2FA)
- KYC is mandatory
- Proof of reserves (PoR)
- Security notification
- Data encryption
- Real-time monitoring
- Whitelisting of IP address
- API whitelisting
- Secure storage with wallet suggestion
- Withdrawal address whitelisting
- Anti-Phishing email codes
Available cryptocurrency on Binance
Binance offers over 350 cryptocurrencies to trade along with various fiat currencies including USD, EUR, AUD, GBP, and INR. Available crypto pairs vary depending on the user’s location. Binance supports many other popular cryptocurrencies such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- 9-Litecoin (LTC)
- Binance Coin (BNB)
Solana (SOL)
- Avalanche (AVAX)
- Cardano (ADA)
- Dash (DASH)
- Cosmos (ATOM)
- Compound (COMP)
How to create a Binance account?
Binance account opening is very easy and simple steps. There are just 4 steps to open a Binance account process. These are:
- Step 1: First step you need to create an account on Binance.
- Step 2: Complete your KYC form and verification on Binance.
- Step 3: Deposit money into your Binance wallet.
- Step 4: Start trading on Binance.
Binance trading tools
Binance provides two types of trading tools such as basic and advanced trading tools.
These are:
Basic trading tools – Spot, Margin, P2P, Convert & Block trade.
Advanced trading tools – Trading bots, Copy trading, APIs.
Spot trading
- Binance’s spot trading market is known for its high liquidity, which allows trades to be executed quickly and efficiently.
- The platform provides real-time price updates, providing traders with the most accurate market data.
- A major advantage is its easy-to-use interface, which makes trading accessible to users.
Margin trading
- Binance margin trading allows users to borrow funds for Forex crypto trades by executing long or short positions.
- Fees vary based on trade volume, BNB balances, and payment method.
- Collateral and interest payments are required, making it ideal for experienced traders.
P2P trading
- On the Binance P2P platform, users trade digital assets directly with each other.
- Binance oversees the transaction by releasing the assets once both parties confirm the offline exchange of fiat currency.
- The user who posts the ad sets the trade amount, price, and terms.
Convert & block trading
- Binance Convert allows users to quickly convert cryptocurrencies without having to deal with order books or complicated trading strategies.
- It simplifies the process by enabling direct conversions.
- There are more than 800 payment options and 100 local currencies supported by Binance P2P Block Trade.
- It provides a secure platform to buy or sell large amounts of cryptocurrency with verified users.
Trading bots
- A finance trading bot is software.
- It uses algorithms to automatically execute trades, manage portfolios, and optimize strategies.
- It helps traders by saving time, reducing emotional bias, improving results, growing portfolios, reducing stress, exploiting price movements, spotting opportunities, and executing trades faster.
Copy trading
- Copy trading on Binance allows users to automatically replicate the trades of leading traders.
- After selecting a trader and allocating funds, trades are replicated in real time.
- It provides portfolio diversification and performance monitoring but carries market risk if the lead trader’s strategy fails.
- This is also known as mirror or shadow trading and is usually legal in the US when done through a regulated platform.
APIs
- Binance offers an application programming interface (API) that enables developers to build their cryptocurrency trading tools.
- The Binance API is commonly used to automate trading strategies, create custom data analysis interfaces, and connect third-party applications to the Binance ecosystem.
Binance earn services
Binance Earn offers various products to generate passive income from your crypto:
Flexible savings: Freedom to withdraw money anytime, convenience and earn interest while balancing income.
Locked savings: Earn higher interest by locking up crypto for a specific period (e.g., 7, 14, or 30 days).
Dual investment: Invest in two cryptos (e.g., BTC-USDT) and earn returns based on which performs better over a period.
Mining pool: Earn rewards by contributing computing power to Binance’s mining pools without the need for your equipment.
Crypto loans: Take ownership while accessing liquidity and borrow using your crypto as collateral.
Binance products and features
Binance offers plenty of options to its investors. The product and features of given below:
Future and derivatives
- Binance Futures allows you to trade cryptocurrency price movements without owning the assets.
- It offers two types of contracts: USD-M, settled in stable coins like USDT, and COIN-M, settled in cryptocurrencies like Bitcoin, which have higher risk due to volatility.
- Binance offers perpetual contracts that do not expire and quarterly contracts that expire every three months. It helps traders benefit from short and long-term trends.
- The key insights include leverage, multi-order type, and risk management tools.
Binance Launchpad
- Binance Launchpad connects promising blockchain projects with Binance’s large user base.
- Project teams apply to list their tokens, and Binance selects those with the strongest potential through a review process.
- Select projects will undergo a multi-stage release, allowing users to acquire BNB or FDUSD to acquire new tokens.
- With 93 projects launched so far, it has become a popular platform for crypto ventures looking for exposure and liquidity while providing investment opportunities to users.
Leveraged token
- Finance Leveraged Tokens (BLVTs) provide forex exposure to cryptocurrencies without margin trading.
- There are two types of derivatives: Bull and Bear. Bull derivatives help you profit from rising prices. Bear derivatives help you profit from falling prices. They have leverage ratios of 1.25x and 4x.
- For example, BTCUP aims for 3x leverage.
- Aim for a 15% gain if the price of Bitcoin rises by 5%. BTCDOWN, with 3x leverage, aims for a 15% gain if the price of Bitcoin falls by 5%.
Binance NFT
- Binance NFT Marketplace has quickly become a popular platform for trading non-fungible tokens (NFTs) by enabling trading on multiple blockchains such as the BNB chain and Ethereum.
- This feature allows access to a wide variety of NFTs, including digital art and collectibles.
Binance wallet
- Binance Wallet is a secure wallet that supports multiple cryptocurrencies, allowing users to store, send, and receive digital assets.
- It seamlessly integrates with Binance exchange for easy trading and offers strong security features including two-factor authentication.
- This wallet provides access to decentralized applications (DApps) and DeFi services, making it user-friendly for both beginners and experienced users.
Binance fees and discount
Binance has many types of fees including spot maker taker fees, future fees, option fees, and leverage & margin fees.
Binance spot maker/taker fees
Binance Spot fees are divided into three tiers based on trade volume, with a focus on potential savings through native tokens and discount schemes. This system benefits casual traders who trade less than $10,000 monthly and large-volume traders.
It provides clear fee insights for all levels, categorizing users by trading style and transaction cost.
| Pricing tier | Maker fee | Taker fee |
|---|---|---|
| Up to $10 k | 0.10% | 0.10% |
| Up to $100 k | 0.10% | 0.10%1 |
| Up to $ 500 k | 0.10% | 0.10% |
Binance future fees
Using a modified maker-taker model for large derivatives positions, Binance offers the lowest futures trading fees in the industry. For example, a $100 trade at 10x leverage with limit orders and BNB discounts is just $1.80. Finance charges are also competitive compared to other platforms.
| Trade volume 30 day | Maker fee | Taker fee |
|---|---|---|
| $0 – $100,000 | 0.020% | 0.050% |
| $100,001 – $1,000,000 | 0.020% | 0.050% |
| $1,000,001 – $5,000,000 | 0.020% | 0.050% |
| $5,000,001 – $10,000,000 | 0.020% | 0.050% |
| $10,000,001 – $20,000,000 | 0.016% | 0.040% |
| $20,000,001 – $50,000,000 | 0.016% | 0.040% |
| $50,000,001 – $100,000,000 | 0.014% | 0.035% |
| > $100,000,001 | 0.012% | 0.032% |
Binance option fees
Binance has two types of option fees such as transaction fees and exercise fees.
Transaction fee
A transaction fee is charged when a position is opened or closed. It is based on the spot index price of the asset at the time of closing the order, subject to a cap of 10% of the value of the option. The payment rate is 0.03%, calculated using the formula:
- Transaction fee = Minimum (transaction fee rate x index price x contract unit, 10% x option traded price) x option traded size.
Exercise fee
Exercise fees are charged when an option is exercised. The fee is based on the settlement price at order completion, capped at 10% of the option’s value. The fee rate is 0.015%, calculated using the formula:
- Exercise fee = Minimum [exercise fee rate x settlement price x contract unit, 10% * option value] x position size.
Binance leverage & margin fees
Binance provides 12 tiers of leverage and margin fees. These are given in the table:
| Tier | Position Bracket (Notional Value in USDT) | Max leverage | Maintenance margin rate | Maintenance amount |
|---|---|---|---|---|
| 1 | 0 – 50000 | 125x | 0.40% | 0 |
| 2 | 50,000 – 600,000 | 100x | 0.50% | 50 |
| 3 | 600,000 – 3,000,000 | 75x | 0.65% | 950 |
| 4 | 3,000,000 – 12,000,000 | 50x | 1.00% | 11,450 |
| 5 | 12,000,000 – 70,000,000 | 25x | 2.00% | 131,450 |
| 6 | 70,000,000 – 100,000,000 | 20x | 2.50% | 481,450 |
| 7 | 100,000,000 – 230,000,000 | 10x | 5.00% | 2,981,450 |
| 8 | 230,000,000 – 480,000,000 | 5x | 10.00% | 14,481,450 |
| 9 | 480,000,000 – 600,000,000 | 4x | 12.50% | 26,481,450 |
| 10 | 600,000,000 – 800,000,000 | 3x | 15.00% | 41,481,450 |
| 11 | 800,000,000- 1,200,000,000 | 2x | 25.00% | 121,481,450 |
| 12 | 1,200,000,000 – 1,800,000,000 | 1x | 50.00% | 421,481,450 |
Binance deposit and withdrawal methods
Binance provides a wide range of deposit and withdrawal methods. Such as SEPA transfer, ZEN, P2P, and more. Let’s take a brief look here at payment method, accepted fiat, fees and processing time.
| Payment method & withdrawal method | Accepted fiat | Fee | Processing time |
|---|---|---|---|
| SEPA transfer | D & W – EUR | D & W– 0.3 – 1 EUR | D & W – Instant to 2 business day |
| P2P | D & W – 121 currencies | D & W – Change by provider | D & W – 15 to 30 minutes |
| ZEN | D & W – EUR, PLN, CZK, HUF, RON | D – 1 to 1.2 % W – Free | D & W – Instant |
| Debit / credit card | D – EUR, UAH W – N/A | D – 2 to 2.5 % W – N/A | D – Instant W – N/A |
| Bank transfer | N/A | N/A | N/A |
| E-wallets like Google pay and Apple pay | N/A | N/A | N/A |
| Cash deposit | N/A | N/A | N/A |
Pros and cons of Binance
All platforms have pros and cons in some way. Similarly, the Binance platform also works with its pros and cons. These are given below:
| Pros | Cons |
|---|---|
| Low fees on spot, margin and futures. | Limited customer support. |
| The biggest cryptocurrency exchange that is active right now. | Charges of Binance card can be little high.Limited US version. |
| Available demo, P2P, Launchpad, copy and BOT trading. | |
| API access for trade automation. | |
| It is an easy-to-use trading platform. | |
| More than 150 currencies are available for US customers. | |
| Easy-to-use mobile apps and desktop trading. |
Education and research
Binance provides educational and research services to help users learn about cryptocurrency and blockchain technology. The services are:
- Binance Academy – It provides free educational material, including articles, videos, and guides. It covers topics like crypto, blockchain, trading strategy, security alert and market analysis.
- Binance blog: The blog provides the latest news, tutorials, and other insights to the users.
- Binance research: It provides in-depth reports on the crypto market, project analysis, market trends and regulatory development.
- Binance learn & earn program: The program offers users to earn free Bitcoin by completing instructional courses and quizzes regarding blockchain, crypto projects, and trading principles.
Customer support
Binance provides 24/7 customer service to its investors. The services are given in several ways such as live chat, and FAQ section.
- Live chat: 24/7 live chat is available on the official website of Binance. It shows the bottom of the right corner with the icon of support.
- FAQ section: A key self-service tool is the FAQ center, covering topics like security, troubleshooting, account setup, and trading basics.
Note: Phone and email are not supported.
Conclusion
Binance is known as a leading cryptocurrency exchange. It provides many services, including spot and futures trading. Users can also access an easy-to-use NFT market. Additionally, Binance offers a secure wallet for managing digital assets.
Its wide range of products is made for both new and experienced traders. This helps them trade, invest and take part in decentralized finance (DeFi).
Binance has strong security protocols and features like the Binance Launchpad for new projects. This makes Binance important in the growing cryptocurrency world.
Pro Tip
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