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Exchange Review

Binance


Exchange Fees

BTC Withdrawal Fee 0.0002 Taker Fee 0.10% Maker Fee 0.10%

Deposit Methods

Yes Wire Transfer Yes Credit Card


EXCLUSIVE OFFER: If you sign up to Binance using this link, you can get up to USD 100 in sign-up bonus by completing certain tasks.

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Binance Review

Binance is a cryptocurrency exchange previously based in Hong Kong and is one of the absolute giants in the industry. It launched in July 2017 and has then really developed into being the undisputed leader when it comes to the trading volumes on a crypto exchange. At the end of 2021, according to Bloomberg, this was the size of Binance’s yearly trading volume relative to some of the other giants in the industry:

Binance Trading Volume

And FTX, Coinbase and Kraken aren’t small either…

Binance supports a very large number of cryptocurrencies, more than 600 different ones. This makes it one of the exchanges in our Cryptocurrency Exchange List with the most supported cryptocurrencies overall. The platform also has some form of quality assurance system. This system ensures that projects that have once qualified to be listed but later fail to meet such qualification requirements are delisted. 

To see all of Binance's supported cryptos, please visit this page.

Binance Supported Crypto

Binance-users have the opportunity to choose between two different trading alternatives. The first one is called basic and does not cater as good to people interested in more detailed technical analysis as the advanced version does. None of them can really be considered extremely easy-to-use though. The basic version’s trading view looks like this:

Binance basic trading

As is evident from the picture, the basic trading view is quite straightforward and inherently easy to understand. Most of the crucial information is included on one page. Prices are to the left, graphs in the middle (with buy and sell options), and the history to the right.

The advanced version’s trading view looks like this:

Binance advanced trading

In the advanced version, the charts take up more space. As in the basic version, the trade history is on the far right. The buy and sell boxes, however, are here in the low right corner (instead of in the bottom center as in the basic version). It is of course up to each individual to decide which trading view suits him/her best.

There is also a version called the “Binance Convert”, which is the easiest of them all to understand and navigate with. It looks like this:

Binance convert

On 17 September 2019, Binance officially launched their futures trading. Futures are also known as Option contracts. An option contract is a contract that gives the holder of the option a right – but not an obligation (thus an “option”) – to buy (call option) or sell (put option) a certain asset at a certain price. Certain options give you the right to exercise the option whenever (before expiry of the contract), and other options are only permitted to exercise during a specific date. The former is known as American Options, and the latter is known as European Options. 

You can trade four different types of futures here: USD-M Futures, COIN-M Futures, Binance Leveraged Tokens and Binance Options. The USD-M Futures consist of Perpetual or Quarterly Contracts settled in USDT or BUSD. COIN-M Futures are Perpetual or Quarterly Contracts but settled in crypto. The Binance Leveraged Tokens are what you would like when you trade with leverage without any risk of liquidation. And, finally, the Binance Options – these are what Binance themselves call the “crypto options made simple”.

Binance futures

Sign up on this link to save 10% of your trading fees on your futures trading forever.

Binance also has an OTC-desk. With an OTC Trading Portal (OTC is acronym for Over The Counter), you can execute larger trades without any risk of “slippage”, which is what we call price movements due to large transactions.

In the OTC Trading Portal, Binance claims to have, among other things, “Seamless Settlement” and the “Widest Support for Digital Assets”.

Binance OTC

The minimum trade size for the OTC Trading Portal is an equivalent value of 200,000 USDT, and 25 different coins and tokens will initially be available for trading. Users simply need to have a KYC verified (level 2) account on Binance.com to begin trading.

Binance has for a long time accepted US-investors for trading at the exchange. However, on 13 June 2019, they announced that they were launching an American version of the trading platform. Later the same year, Binance.US was launched.

Binance.US is a separate company from Binance that this review covers. Binance.US is a licensed and regulated digital asset marketplace in the United States. That platform was created with the mission to expand access to crypto for Americans and in November 2020, they recently added their 42nd state they are allegedly "working tirelessly to expand coverage to the entire US". Binance.US offers 40+ cryptocurrencies, 100+ trading pairs, 6 staking coins and recently launched SEN integration to help our institutional customers.

In June 2022, Binance US became the first crypto exchange in the world to offer free Bitcoin trading, regardless of trading volume. Just over a month later, on 1 August 2022, they sent an email to its users announcing their new fee schedule. In their new fee schedule, different trading pairs have different fees, ranging from tier 0 (zero fees), tier 1 (from 0.20% for takers to 0.10% for makers) to tier 2 (from 0.60% for takers and 0.40% for makers).

Binance Fee schedule

Binance also has what they call “Binance Crypto Loans”. With the use of these, you can lock certain assets in for a certain period and then receive an interest on the locked-in assets. Here are the various interest details and the user interface available to someone who wants to loan 1,000 BUSD (the equivalent of 1,000 USD) on 2 August 2022:

Binance Crypto loans

This exchange has a very strong team in all possible aspects. The CEO of Binance is actually one of the forefront figures of the entire cryptocurrency industry (together with the enigmatic Satoshi Nakamoto and Ethereum’s founder Vitalik Buterin).

Binance Team

The fees at any exchange are very important to consider. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers “makers” because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. The maker-taker model encourages market liquidity as the makers providing the liquidity often receives a fee discount compared to the takers.

There are also a number of top crypto exchanges that don’t charge different fees between takers and makers. Usually, we call such exchanges’ trading fees “flat”.

Binance offers a flat trading fee of 0.10%. Accordingly, Binance does not care about whether you are a taker or a maker. For investors who prefer to pick up existing orders from the order book, this might be an attractive trading fee model. Binance’s trading fees are far below the industry average which, according to the most extensive industry report on trading fees, was 0.2294% during the second quarter of 2022.

The trading fees are also reduced based on trading volume and holdings of Binance’s native token, the BNB, as set out in the below table (retrieved from Binance’s website on 2 August 2022):

Binance Trading fees

Withdrawal fees are usually fixed and vary from crypto to crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH.

Binance charges 0.0002 BTC per BTC-withdrawal, which is below the global industry average (being 0.0004599 BTC per BTC-withdrawal according to this report) and a quite competitive fee. 0.0002 BTC is if you withdraw on the regular Bitcoin blockchain. You could lower your withdrawal fees even further if you would just use the BEP20 chain or the BEP2 chain.

This exchange offers a very wide range of deposit methods in order to open its door to anyone who wants to enter. This makes it a so-called “entry-level exchange”.

Good work, Binance!