Binance Crypto Exchange Review

What Is Binance?

Binance is the largest exchange for trading cryptocurrencies, offering the largest number of trading pairs. Binance operates globally, offering a convenient option for buying cryptocurrencies with fiat money and fast withdrawals to your card.

Exchange products

Unlike many other exchanges, Binance is not solely limited to trading and offers traders a range of products that are useful to them:

Binance's development team is always striving to improve not only its platform, but also the blockchain industry as a whole, contributing with their products to the creation of new projects, the promotion of cryptocurrencies and the development of educational materials.

How to register on Binance in the UK

The user does not need registration to work with the exchange as a source of information on markets, but an account needs to be created in order to make transactions.

To start with, you need to specify your country of residence

Then you have to give your email address and password. The password must be at least 8 characters long and must contain numbers, upper and lower case letters.

Once these details have been entered, a confirmation code will be sent to the specified email, which must be entered in the special window that will appear after clicking on the Create Account button. This completes the registration process.

Verification on Binance

Verification of identity at the exchange is not mandatory. You may start trading as soon as you create an account. You will only be required to go through this procedure if you wish to increase the trading volume limit, which is up to 2 BTC in a basic account. In order to be verified you will be required to fill in the forms with your personal details and provide scans of your identification documents. Once your personal details have been verified, the limit will be raised to 100 BTC.

If you wish to increase your fiat limit, you will also need to confirm your residential address.

Deposit and withdrawal of funds

You can start trading on the exchange after depositing your first deposit. You can fund your account with Bitcoin as well as more than 50 altcoins. You may also replenish your account with fiat currency, for example, in pounds sterling.
We do not limit the minimum deposit amount in fiat currency, but the maximum amount and commission will depend on the chosen method.

Cryptocurrency deposits are limited only by the functionality of the network itself and its fees.

Crypto exchange commission

The Binance platform has a trading commission of 0.1%. There are discounts for BNB token holders. In this way, clients receive a certain rating. The higher the position, the lower the commission the service charges. There are 10 levels in total:

Withdrawal fees

The service also charges an additional fee for the withdrawal of earnings. For users who have passed the basic verification, the fee is 0.06 BTC.

How to buy cryptocurrency

Under "Buy Crypto" you can buy digital assets with fiat money by paying with your bank card. The algorithm is simple:

You will then be taken to the payment page, where you will need to enter your card details and carry out the payment transaction.

Similarly, you can buy cryptocurrency for a fiat balance available on the exchange by selecting the appropriate section from the Buy Cryptocurrency tab drop-down menu.

To buy cryptocurrencies for another digital asset, you will need to go to the "Base Trade" section. Here, you will need to select the direction of the exchange: on the top line, select the currency you wish to give away, and on the bottom line, select the currency of purchase. Then click on "Pre-conversion". Once the transaction is confirmed, the specified amounts will be debited and credited to your balance.

Trading on Binance

Let's take a look at the main blocks of the trading screen:

Binance was originally created as a centralised exchange for trading cryptocurrencies. On the platform, you can buy the cryptocurrency you are interested in with fiat money by paying for it with your card, or you can trade cryptocurrencies.

The exchange offers a large number of trading pairs, with new currencies added every month. The appearance of a new cryptocurrency on Binance always boosts its value due to the surge in demand, so experienced traders often purchase tokens on other exchanges and then transfer them to Binance's balance at the time of placement. Binance announces in advance the tokens that will be added to the platform, so the rise in value begins immediately upon announcement.

The exchange's interface has all the necessary features, including stop-loss, margin trading, and built-in analytics. The exchange charges a commission at the time of trading, but you can reduce the commission by having the domestic currency BNB on your balance. Currently the commission is reduced by 25%, but already this year it will be reduced to 12.5%.

Spot trading

Spot trading is available in 3 different interfaces depending on your trading experience. In the simplest version you can quickly buy or sell cryptocurrencies at the average market price, while the professional version of the interface will give you access to in-depth analytics.

The commission for spot trading is 0.1%.

Binance futures and derivatives

Futures trading was added to the platform in 2019. This feature allows you to speculate on the implied price of cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple and others.

You can multiply your income (or loss) by a factor of 125 - more than on any other cryptocurrency exchange.

The balance for futures trading is separate from the user's main wallet and is fixed in USDT Stablecoin.

The futures trading interface itself is identical to the exchange trading interface, except for the multiplier block and open position control.

Commission on futures trading is 0.004%.

What is BNB?

BNB is an internal utility token of the Binance exchange. It is used in many sections of the exchange and allows you to get a discount on commissions, as well as many other features.

It is used for:

BNB is one of the most useful tokens you can find on the exchange. In addition to savings and passive income, BNB will regularly delight you with pleasant surprises, such as AirDrop coins being added to the exchange. In 2021, the BNB token is considered one of the most profitable of all cryptocurrencies.

Binance Visa card

The exchange offers a free Binance Visa card linked to a separate account within your account. You can transfer stabelcoins or fiat money (which can be exchanged in the normal spot trading interface) to this wallet and pay with the Visa card in all hundreds of thousands of locations around the world, including online retailers.

The Binance card is free, and you will be charged a cashback to use it. The amount of the rebate depends on the number of BNB tokens in your account at the time of purchase with the card. In the beginning, your rebate will be 1%, and once you have over 6,000 BNB in your account, you will earn 8% rebate.

To get the card, you will need to verify with the exchange, including your address. Cards are only sent to the European SEPA area. By entering your name and address, you will receive your card in the mail within a few weeks. The card is sent from London.

After ordering your card, the exchange will automatically create a Binance Visa Virtual card for you to use before you receive your physical card.

P2P exchange

P2P is a platform for exchanging currencies directly between users within the Binance interface. You can use a p2p exchange at your own risk, and the platform itself will not guarantee you the security of the exchange. Instead, you will see the reputation of the user who offers you the exchange.

The section itself is not considered by the exchange as an option for withdrawal, but is located in the Trading section. By entering the p2p section you will see hundreds of options for exchanging funds at a specified rate. At the time of writing there are more than 150 proposals for exchange of rubles. You can select the amount of currency you want to exchange, as well as the payment system you want to receive.

This section allows you to withdraw funds from your Binance account to many payment systems, which the exchange does not directly add itself. Sometimes you will even find offers with exchange rates more favourable than those of your bank.

Some users find that transferring between users within the same bank attracts less attention than transferring from a cryptocurrency exchange to a card.

Binance itself does not charge a fee for p2p exchanges.

Other Binance features

Binance Smart Chain

Binance Smart Chain is a new project from Binance that enables the development of new products on the BSC blockchain. The ecosystem of decentralised applications included in BSC is rapidly evolving and is based on the BEP-20 token, whereas the previous Binance Chain project was based on the BEP-2 token.

MetaMask cold wallets and Binance's own Trust Wallet work with BSC.

Other projects in the ecosystem include decentralised exchanges PankcakeSwap and BurgerSwap, credit service Venus, yield aggregator Autofarm and others.

Mining

Within Binance, there are several pools for mining Ethereum and Bitcoin (+ its forks) that you can connect to. This is essentially a separate project, and the only instructions inside the exchange are how to connect.

Trading education

Binance has created the best academy teaching trading. At the moment the academy offers over 200 articles of different complexity. By selecting a catalogue of articles you will immediately see the level of difficulty and the time it takes to read an article.

Within the section, there is a division into topics, including a topic on learning to trade.

The Research section deserves special attention, where you will find professional research on the cryptocurrency market and individual tokens.

Decentralised exchange

Binance DEX is Binance's own decentralised exchange that allows you to exchange cryptocurrencies directly between users with minimal fees. This exchange allows you to eliminate the central person in the exchange, thereby making the exchange cheaper, but more risky. You will be able to exchange a large number of currencies, including those that are not represented on the centralised Binance exchange.

In fact, it is a separate project, which is called the "binance killer".

The project operates within the BSC network and is a fast-growing DEX exchange.

Advantages and disadvantages of Binance crypto exchange

Conclusion

In this Binance review, we have read a bit about the history of the platform Binance and its coin, the Binance Coin (BNB). Want to read more about different crypto currencies? Then go to our article about the crypto exchange!

Furthermore, in the Binance review we talked about the different services of Binance, the customer service of Binance and the security of the Binance Exchange. The Binance fees and costs were also discussed in the Binance review.

All in all, we can say that Binance is a good and beautiful platform that has managed to attract so many users in its 4 years of existence. The platform is user-friendly and well-organised. The Binance site also offers a lot of information on crypto trading and the use of the platform.

Extra points go out to the Binance app. We give lesser points to the support services of Binance and the security breach that Binance suffered some time ago.

So always be aware of the risks of investing and protect yourself as much as possible from hackers. In our Binance review, you have already read a few tips on how you can best do this.

Do you want to start crypto trading right away? Then read our eToro review or start trading immediately by using the button below!

Comparison of Binance exchange