Binance Exchange

Binance Exchange

Add your review
Compare
FavouriteAdded to wishlistRemoved from wishlist 0
9.5/10 (Expert Score)
🥇 Product is rated as #1 in category Exchange

Binance was founded in 2017 but, following a strong IPO in June, initiated a series of steps to bypass China's cryptocurrency trading ban, the first of which was a move to Japan in 2018. As a result, they were able to rapidly expand, and later established offices in Taiwan, Jersey, Uganda, Malta and more. Some locations are supposedly kept private for security concerns. Today, Binance offers 150 different cryptocurrencies and numerous trade options along with the usual spot and margin trading options.

One of the main advantages of Binance is the low fees: the basic trading fee set at a mere 0.1%. This can be brought down further to 0.75% by holding BnB. After that, there are incremental reductions in taker/maker fees that reflect the amount of bitcoin held on the user's exchange wallet. Binance is an excellent choice for first-time traders too as it has zero fees for fiat deposits and withdrawals, which can be a costly entrance barrier for small-time traders. When making FIAT deposits via bank cards (VISA, MC) the fees are set at 1.8% for GBP, and 0% via instant BACS and SWIFT transfers. In order to increase deposit and withdrawal limits to 5,000 USD per day. As it goes, Binance has some of the lowest fees and spread of any exchange.

The platform is also incredibly secure, making it a great exchange for storing and trading larger quantities. When Binance was hacked in May, $40 million in Bitcoin was stolen from its online wallets, and every dollar was returned to users.

Binance also offers one of the widest ranges of Cryptocurrencies, with 150 different coins on offer in addition to a number of novel futures trading options, leveraged trades and a decentralised exchange called Binance DEX that is separate from their main centralised exchange.

Binance's manoeuvrability and vision have made it a key player in the world of cryptcurrency trading. Its multinational bases and huge trade volume make it one of the most well-respected establishments in the space. We expect its reputation will continue to grow: with Binance, your funds are safe and are likely to stay safe, and well-insured. This is less than we can say about a number of other exchanges.

PROS:
  • Great for new traders
  • Elegant and intuitive interface
  • Excellent hub with abundant resources
  • Multiple staking options
  • 150+ coins on offer, making it one of the most diverse exchanges
  • Easy to open an account and start trading
  • Verification only required for withdrawals and deposits > 5000 USD
  • Secure multi-currency wallet
  • Wide range of basic and advanced trading options
  • Great liquidity
  • The main centralised exchange is offered side by side with a decentralised exchange called Binance DEX
  • Available on iOS and Android
CONS:
  • Limited deposit options
  • No fiat to cryptocurrency trading on the main exchange

Specification: Binance Exchange

Loan Information
Accepted Collateral ,
Company & Availability
Year of origin 2017
Number of users 100,000,000
Insurance Coverage 10% of trading fees go towards an insurance pool
Previously hacked Yes
Eligible regions , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Excluded regions Afganistan, China, Congo (Brazzaville), Congo (Kinhasa), Connecticut, Cote d’Ivoire, Cuba, Democratic People's Republic of Korea, Eritrea, Hawaii, Idaho, Iran, Iraq, Kyrgyzstan, Lebanon, Libya, Louisiana, New York, South Sudan, Sudan, Texas
KYC
Credit Check No credit check is required. Cryptocurrency can be used as collateral.
Savings Information
Withdrawal fees 0.1-0.5% (depending on payment method)
Features
Anonymity No
Copy Trading Yes
Exchange: Supported cryptocurrencies AAVE, ADA, ALGO, ALPHA, AMP, ANKR, ANT, ARPA, ATOM, AVA, AVAX, AXS, BAL, BAND, BAT, BCH, BEL, BIFI, BLZ, BNB, BNT, BSV, BTC, BTT, BURGER, CAKE, CELR, CGLD, CHZ, COCOS, COMP, COS, COTI, CREAM, CRV, CTK, CTSI, CVC, DAI, DASH, DGB, DIA, DNT, DOT, EGLD, ENJ, EOS, ETC, ETH, FET, FIL, FIO, FTM, FTT, GNT, GRT, GUSD, HBAR, HOT, HUSD, ICX, INJ, IOST, IQ, JST, KAVA, KNC, KP3R, KSM, LINK, LOOM, LRC, LTC, LUNA, MANA, MATIC, MBL, MFT, MITH, MKR, NEAR, NEO, NEXO, NMR, NU, OCEAN, OGN, OMG, ONE, ONT, OXT, PAX, PAXG, PERL, PROM, REN, REP, RSR, RUNE, RVN, SAND, SC, SKL, SNX, SOL, SORTJ, SPARTA, SRM, STMX, STX, SUSHI, SWRV, SXP, THETA, TROY, TRX, TUSD, UMA, UNI, USDC, USDT, VET, VTHO, WABI, WAN, WAVES, WBTC, WIN, WING, WNXM, WRX, WTC, XLM, XMR, XRP, XTC, XTZ, XVS, YFI, ZEC, ZEN, ZIL, ZRX
Social Trading Yes, through futures leaderboard feature
Trading Options Currency Converter, Futures, Hedging, Margin Trading, P2P, Spot Trading
Exchange Fees & Pricing
Spread ~ 0.25%
Funding Fees During bull markets the long traders play short traders, the opposite occurs during bear markets. Binance makes no money from the funding fee rates.
Purchase options Credit card, Cryptocurrency, Debit card, Wire Transfer
Trading Fees 0.10%, 25% discount on fees for Binance's native token (BnB) holders, Incremental maker/taker discounts depending on amount of BTC held on the exchange
Card Features
App Payments Apple and Google Pay through Curve
Security
2FA Yes
Asset protection & Insurance
Audited DNV GL, United Kingdom Accreditation Service (UKAS)
Cold Storage Yes
Company Backing Temasek Holdings
FDIC insurance Up to 250,000 USD insurance per individual
Insured by Personally insured
Specification
Headquarters Seychelles
Futures Markets Yes

User Reviews

0.0 out of 5
0
0
0
0
0
Write a review

There are no reviews yet.

Be the first to review “Binance Exchange”

Your email address will not be published.

CreditBit
Logo
Enable registration in settings - general
Compare items
  • Cards (0)
  • Savings (0)
  • Loans (0)
  • Exchanges (0)
  • Hardware Wallets (0)
Compare
0