Binance Exchange

Binance is an online exchange platform for trading cryptocurrency, founded in 2017 in Hong Kong.

Binance formed its resonating brand by combining the words “bitcoin” and “finance” to create the world’s fastest-growing cryptocurrency exchange.

The exchange features the highest standards in transaction speed, wallet and personal data safety, and processing throughput by leveraging a complex, multi-faceted architecture and infrastructure built around deep liquidity.

Binance provides an array of products to grant a one-stop-shop for users under one roof, ranging from leveraged margin trading, futures trading, options trading, staking platform, and lending platform.

In addition, Binance continuously upgrades its regulatory footprint by ensuring a global presence to protect against regulatory crackdowns; as explained by Changpeng Zhao (CZ), CEO of Binance, “In response to China’s decision, we are moving our IPs from Hong Kong to an offshore location, so we are registered in multiple locations and we have people in multiple locations. That way, we will never be affected by one regulatory body.”

Binance is the leading cryptocurrency exchange by trading volume, generating over 76.0 billion USD in daily volume while processing over 1.4 million transactions per second.

Binance offers crypto-to-crypto trading featuring more than 600 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and its own native cryptocurrency Binance Coin (BNB), which can be utilized to secure fee discounts on Binance.

Moreover, users enjoy access to advanced charting tools with the possibility of benefiting from leverage on a range of crypto-pairs.

Binance falls under the umbrella of centralized exchanges, which require new users to submit an array of personal documents to fulfill the requirements of the KYC (Know Your Customer) to enhance regulatory stability and trust to fight against any illicit activities.

The exchange is committed to providing 24/7 support, coupled with an extensive support section that covers an exhaustive array of frequently asked questions.

Is Binance Exchange Limited To Expert Traders?

Binance is a simple-to-use crypto-trading platform that grants access to any user, whether a novice or an expert trader who passes the KYC requirements.

The exchange provides all the necessary introductory tools to kick-start novices’ crypto-trading journey led by the Binance Academy section.

On the other hand, Binance provides numerous complex trading tools that appeal to expert traders ranging from leveraged margin trading, derivative products such as options trading and futures trading, and complex charting tools.

Albeit, the tools are accessible upon passing a simple quiz which can open the door to risky trading whereby beginners may fall into too soon.

However, specifically for U.S. crypto-traders, the sub-product of Binance, namely Binance US, offers less robust tools and higher fees than competitors operating within the U.S.

Pros & Cons Of Binance


  • Wide selection of more than 600 cryptocurrencies to trade
  • Lowest and most competitive trading, deposit, and withdrawal fees
  • An array of products, e.g., derivatives, staking, borrowing, and Binance Visa Cards
  • Deep liquidity for instant trading execution and best-in-class price quotes
  • Access to multi-faceted platform available on browser, mobile browser, desktop app, iOS app, and Android app


  • Relatively easy access to a complex selection of options and leveraged trading, which can be overwhelming even to advanced traders
  • Limited access to U.S. traders on the Binance platform, whereby Binance.US is limited and features higher trading fees
  • Non-transparent hierarchical corporate structure
  • Hitches and limitations on KYC completion with slow response from the KYC support team to remedy such hiccups
  • Restrictions on the listing of new trending cryptocurrency pairs lead to exchange traders missing capturing new coins early on

Our Take On Binance

Binance has continuously proven to be the leading cryptocurrency exchange globally in terms of trading volume, with a fair twist toward experienced users.

The exchange offers relatively low trading fees compared to competitors while offering a vast collection of cryptocurrencies to trade.

Albeit, the primary advantages of the exchange are limited in the U.S., even after factoring in its partner platform, Binance US.

Although the advanced tools and low fees are appealing to new traders, Binance has run into regulatory hurdles and is continuously under scrutiny by various regulatory bodies, especially in the U.S. Compared to competitors.

The Binance exchange scores the highest on multiple fronts, especially when coupled with the volatility of cryptocurrency, which warrants a large enough institution with sufficient protective measures to fight against liquidity depletion.

Our take is that the Binance exchange is an excellent first step towards indulging in the world of cryptocurrency.

However, as more experienced traders develop advanced skill sets, a migration towards decentralized exchanges is encouraged.

Centralized exchanges, such as Binance, tend to be highly regulated, require issued licenses to operate within certain jurisdictions, and are required to comply with regulatory authorities continuously.

On the other hand, decentralized exchanges feature anonymity and offer on-chain trading through interacting with the blockchain, as opposed to off-chain trading which is not backed entirely by the blockchain but instead handled by the centralized exchange internally.

Binance Fees

Binance exchange fees are one of the lowest fees across the industry.

However, U.S.-based traders utilizing the partner portal Binance.US will face higher than global fees but are arguably on the low end compared to available competitors, such as Coinbase.

Below is a snapshot of the key takeaways of the fees structure:

  • Normal trading fees are fixed at 0.10% of the trade value
  • Margin trading carries a special fee structure; note that advanced skillsets are warranted on topics of initial and maintenance margin
  • Futures trading features a unique fee structure and fee calculations
  • Utilizing Binance Coin (BNB) to purchase cryptocurrency will lower related fees by 25.00% on spot trading, and 10.00% on USDⓈ-M Futures Trading
  • Referring friends through the referral code offers trading fee discounts
  • High-volume traders will benefit from upgraded VIP tiers which provide discounted fees
Deposit Fee StructureFiat DepositCrypto Deposit
Withdrawal Fee StructureFiat WithdrawalCrypto Withdrawal

Is Binance Safe?

Users are encouraged to store crypto funds in a hardware wallet, also known as an offline wallet, which cannot be accessed online but rather through being plugged into the computer and entering the secret keys to the hardware wallet.

Any centralized exchange is susceptible to a series of risks, and Binance is not exempt from those risks.

The risks involved include platform hacking, user account hacking, liquidity depletion, and privacy risks.

Specifically, for Binance.US users, all deposits are held at a custodial bank account which is insured by the Federal Deposit Insurance Corporation (FDIC) for up to balances of 250,000 USD.

Binance has been a target for one of the largest cryptocurrency hacking attacks, whereby nearly 7,000 bitcoins worth 40 million USD have been stolen.

Although Binance has covered all the stolen funds, the fact that the hack occurred in the first place suggests that no centralized exchange is exempt from being hacked.

Binance continuously boosts its security fund, which now sums to over 1 billion USD, to cover losses stemming from such attacks.

Thus, the Binance exchange, or any other centralized exchange, should not hold a user’s entire portfolio of crypto funds but instead be utilized to benefit from the complex products and as a bridge between fiat currency and hardware wallets.

Trading Options

Binance offers a wide selection of transaction types, including but not limited to over-the-counter (OTC) crypto-conversions, market orders, limits orders, stop-limit orders, trailing stop orders, post-only orders, peer-to-peer trading, margin trading, and futures trading.

One special aspect that differentiates Binance is the Convert & OTC Portal, which offers zero fee and no slippage; although the Portal’s market price quotes tend to be higher than market averages.

Traders can access leveraged trading through two main products.

The first option is to utilize the margin trading platform, allowing users to borrow against the collateral and use margin levels up to 125 times the collateral committed.

Utilization of leverage follows a four-step approach under margin trading following a transfer, borrow, trade, and repay methodology.

The alternative method to trade with leverage under Binance is to enroll in the futures trading product.

Futures trading adds another layer of risk whereby traders buy and sell contracts with the expectation of the future price of a cryptocurrency.

However, future contract prices have continuously converged with cryptocurrency spot prices.

Binance exchange offers two types of leverage that traders can apply to margin and futures trading.

The first type is isolated leverage, whereby the margin balance is only allocated to one particular trading position allowing for better risk control of positions individually.

The alternative leverage type is cross margin, which collects the combined profit and loss stemming from all open positions collectively to calculate current margin levels.

Although profits from one position offset losses from another in the latter case, portfolio liquidation can occur under the gross margin.

Beginner traders may be overwhelmed with the breadth of products offered.

However, a sizable educational series can be accessed under the Binance Academy to better grasp the details of each product offered by Binance along with all crypto tidbits to better familiarize a trader with all the related terminology.

Alongside, Binance continuously provides the latest in-house and crypto-related market news to ensure that traders are up-to-date with all the market updates and new token listings.

Banking At Binance

Deposit and withdrawal options vary by currency.

For example, USD deposits and withdrawals are only allowed through Bank Transfers utilizing Signet or SWIFT, as opposed to EURO deposits and withdrawals, which permit Visa and Mastercard Bank Cards.

Furthermore, restrictions on currency deposit and withdrawal options and fees are constantly being updated.

Thus, users are advised to regularly check the related documentation under the Binance website.

On top of that, Binance offers a selection of Banking-like services, such as the Binance Visa Card, crypto loans, and crypto savings account.

Binance currently lists more than 600 cryptocurrencies, whereby each cryptocurrency is paired with multiple other cryptocurrencies.

The wide breadth of cryptocurrencies is coupled with a large selection of earning products.

Binance offers various forms of crypto-staking, which refers to users committing cryptocurrencies for a set period in exchange for a pre-agreed yield return.

In addition, Binance offers liquidity pool swapping, which relates to bonding two cryptocurrencies together to provide liquidity for buyers and sellers alike in exchange for a portion of the transaction fees.

Binance Pool is available for users who engage in crypto-mining, offering a comprehensive service with instant and secure settlements.

Binance App Experience

Binance offers a variety of trading tools with high accessibility to ensure users can stay updated with market data, whereby users can view their portfolio and place trades through the browser, mobile browser, desktop app, iOS app, and Android app.

Binance iOS app, which can be downloaded from the Apple Store, rates at 4.7 out of 5.0 stars, as opposed to 4.0 stars for the Android app, which can be downloaded from the Android Store, although sharing the same functionality and user interface as its counterpart.

Links for downloading the respective mobile apps can be found on the official website.

Binance app, on both iOS and Android platforms, is an easy-to-use platform with an intuitive interface and highly secure architecture.

The Binance app provides a series of login options, including email and password combination, phone number and password combination, touch ID and face ID login options, and Apple login option, along with two-factor authentication (2FA) for enhanced security.

At times, Binance prompts users to complete a slider CAPTCHA to improve login security.

In addition, users can choose from two versions of the mobile app, namely Binance Lite and Binance Professional.

Binance Lite is a simplified version of the app whereby new users can find it easier to navigate to engage in buying and selling cryptocurrencies.

Binance Professional is designed for advanced users who want to fully capitalize on the app’s complex features.

Binance Site Experience

Binance users can access the dashboard through a compatible desktop browser simply by logging in to the designated profile.

Binance dashboard allows users to view the portfolio balance by cryptocurrency, view charts and import charting tools, access market analysis and trends, review current and past trade history, and engage in cryptocurrency trading.

In addition, users can access deposit and withdrawal options by navigating to the Spot Wallet section and selecting the fiat or cryptocurrency to deposit or withdraw by following the on-screen guide.

Utilizing the easy-to-use navigation, the user feels at ease.

The various products can be accessed from the main menu, divided into seven main sub-menus: Buy Crypto, Markets, Trade, Derivatives, Earn, Finance, and NFT.

The trading interface is intuitive and easy to navigate allowing the user to focus on cryptocurrency trading rather than being overwhelmed with unnecessary particulars.

Registration Process

Given that Binance is a centralized exchange, any user who wishes to register at Binance must complete a country-specific KYC application.

First, simply press the register button on the Binance website and enter the country of residence, the account email, and a sophisticated password.

Next, finalize the application by entering all the required personal information such as mobile number, home address, and other personal data.

In addition, Binance now requires all new users registering to upload a selfie and undergo facial verification.

As for verification documents, Binance requires users to fulfill an ID verification and proof of residence.

Finalizing ID verification will unlock the Verified status; completing a proof of residence verification will unlock the Verified Plus status.

ID Verification Documents

Government Issued ID-Card

  • Social Security Number
  • Driver’s License
  • Passport
  • Pan Card
  • ID Card

Proof of Residence Documents

  • Municipal rates & taxes statement
  • Municipality bill for utility services
  • Internet service bill
  • Landline telephone bill
  • Bank statement
  • Mortgage statement
  • Government-issued documents

Binance Global Restrictions

Binance earned the title of the global cryptocurrency exchange whereby users in more than 180 countries can trade on Binance, especially in Australia, Turkey, Argentina, Brazil, the U.K, Japan, and the E.U. As for the U.S., users can utilize the Binance.US platform, but only 43 states can use Binance.US, excluding Idaho, Louisiana, New York, Texas, Connecticut, Hawaii, and Vermont.

It is worth noting that Binance constantly faces regulatory hurdles with regulatory authorities, which may affect user funds.

Binance Customer Service

Binance offers users three main customer support options, essential support via chat available 24/7, submitting a ticket, and reaching out via Twitter.

The chatbox can be accessed from the bottom right corner of the Binance website.

To submit a support ticket, users can fill out a form and wait for email assistance. In addition, Binance can be reached through the Twitter account BinanceHelpDesk to report issues users are facing.

Lastly, the Binance support page has a comprehensive FAQ section covering an exhaustive array of frequently asked questions ranging from deposit and withdrawal inquiries to trade inquiries and personal account functionalities.