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Swen Keller
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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    Binance Review: Fees & Features

    BinanceReview

    Binance Review: Our Opinion

    Binance is the world’s largest cryptocurrency exchange offering low trading fees and advanced trading features like margin trading, ample trading pairs, and futures trading. When compared to other cryptocurrency exchanges the Binance platform stands out for its numerous offerings – Binance USD, a large selection of digital assets, its NFT marketplace, Binance Pay, the Binance Smart Chain, etc.

    It also caters more to advanced traders, which means beginners will find the Binance cryptocurrency exchange hard to navigate. The major con here is its regulation battles.

    Binance crypto exchange has been barred from operating in several nations preventing crypto traders from using their services.

    An Overview of Binance

    Binance Review Home Page

    Registered as Binance Holdings Ltd and branded Binance, the cryptocurrency exchange is a global company that is termed the largest cryptocurrency exchange on the globe in terms of its daily crypto trading volume.  

    Binance crypto exchange has a 24-hour trading volume of $38 billion, over 120 million registered users, and low transaction fees – 0.10%. 

    The Binance platform was founded in 2017 by Changpeng Zhao and Yi He. Changpeng Zhao is a developer who had previously built a high-frequency trading platform before creating Binance, which was initially based in China. 

    Binance moved its headquarters out of China before the nation imposed tight regulations on crypto trading. 

    Binance offers a global presence for its services but is barred from operating in particular nations like the United States due to regulatory challenges. In 2021, the crypto exchange was put under investigation by the Internal Revenue Service and the United States Department of Justice in allegations of tax offenses and money laundering. In addition, the Financial Conduct Authority (FCA) in the United Kingdom ordered the cryptocurrency exchange to cease all regulated activity in its nation. 

    To surmount its regulation woes, Binance began partnering with subsidiaries to create localized crypto exchanges subject to the regulatory demands of certain countries. An example is Binance US, which offers a limited range of services to users in the United States and abides by prescribed regulations. 

    Concerning its services, Binance cryptocurrency exchange offers over 350 cryptocurrencies, over 1,000 trading pairs, 2 native coins (Binance Coin and Binance USD), Binance Pay, Binance Visa card, an NFT marketplace, margin trading, futures trading, low spot trading fees, and much more. 

    In comparison to other crypto exchanges, Binance offers one of the largest selections of crypto products.

    Pros

    Cons

    Key Features of Binance

    Binance Pay

    Binance Pay - Cryptolifestyle

    This is a secure borderless and contactless payment service that enables Binance users to send and receive crypto payments from their mobile devices. With this service, crypto can be sent via email Binance ID and Pay ID. 

    Binance Pay supports over 70 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Binance Coin, Decentraland, Dogecoin, Binance USD, Litecoin, Chainlink, Ethereum Hedera Hashgraph, Polkadot, etc. 

    All payments made via Binance Pay are confirmed instantly and cannot be reversed. Users are advised to check the accuracy of the information provided before confirming the transaction. 

    Binance Pay is only available to users who have completed their registration and identity verification on the Binance exchange. 

    Binance Pay can be accessed from the Binance mobile app. To do so, login to your mobile app, and click on “Wallets”. 

    Next click ” Funding” and then ” Pay”. 

    Binance Pay users can also create payment requests by sending a payment link to the concerned person. 

    To send a payment request via Binance Pay, do the following:

    • Login to your account and go to ” Pay”. Tap on “Receive” then ” Request a Payment”. 
    • Next, select the currency you wish to receive the payment in and enter the amount you want to receive. 
    • There is also a provision for including a description. This is optional. 
    • Next click ” Share Request Link”. The request link can be shared via a messaging app or social media platforms like WhatsApp, Facebook, and Telegram. 

    Binance Pay also runs a crypto cashback program on eligible purchases. In January 2023, Binance Pay entered into a new partnership with Picodi. Picodi is an international cashback platform that gives users spending rewards and discount codes whenever they shop online. 

    With this new partnership, Binance Pay users can enjoy all of Picodi’s benefits as well as crypto cashback. Picodi’s cashback program is available in 5,000 online shops in over 40 countries worldwide. The cashback program is also supported by big merchants such as North Face, Adidas, Samsung, Nord VPN, Nike, Aliexpress, and Booking.com.

    To get the crypto cashback via Binance Pay, all you need to do is to choose a store you want to shop at from the Picodi website and click on your preferred available offer. You will be redirected to the relevant site.

    Once your order is complete, your reward will be credited to your Picodi account from where it can be withdrawn as crypto cashback on your Binance account. 

    Binance Pay can also be used on Token.store. This means that Binance Pay users can buy ePins, digital gift cards, and game codes using crypto.

    Binance P2P

    Binance P2P Feature

    Binance P2P is Binance’s peer-to-peer crypto marketplace that allows users to trade cryptocurrencies directly with other Binance users. 

    Binance P2P trading offers over 700 flexible payment methods including in-person cash transactions, SEPA, bank transfers, etc. It also supports 100 local traditional currencies.

    P2P traders get to choose the terms of the trade. They can decide to make the trade at their price, in their preferred currency, and using the best payment method. Transactions in the P2P marketplace are completed within 15 minutes. 

    Binance P2P offers verification badges to merchants who have been verified by the platform. Verified traders have a yellow badge next to their nickname on the profile. Asides from providing an additional level of credibility in the marketplace, verified merchants also play an important role in providing liquidity in the P2P marketplace. 

    Verified merchants have access to pro-level trading tools through the merchant portal. These tools help them manage their ads and other aspects of their trading. 

    Merchants can also get up to 20% off trading fees on all fiat markets as well as low fees on the market for posting ads. 

    All verified merchants who have reached a trading completion rate of at least 98% in the previous month and reached a 30-day trading volume of at least 6 BTC enjoy up to 30% discount on fees on all fiat markets. 

    On Binance P2P, users who post trade advertisements are known as P2P makers while those who buy or sell assets using existing advertisements are known as P2P takers. Unlike what is available on most cryptocurrency exchanges, Binance P2P charges take zero trading fees. 

     To become a Binance P2P merchant, do the following:

    • Login to your account, go to the navigation menu, and click on “Trade” then “P2P” this will take you to the P2P homepage. 
    • Scroll to “P2P User Center” and click on ” Become a Merchant”. This button is located at the top right corner of the page. 
    • You will be prompted to complete your advanced identity verification and SMS or email authentication. Ensure you have enough Binance USD in your funding wallet. 
    • Once you are done with the verification and all other requirements, submit your application by clicking ” Apply Now”. That’s it, you are done. The Binance team will review your application and reach out to you within a few days if you are qualified. 

    For the security of funds in the P2P marketplace, Binance has an escrow service. This will hold the asset being traded until both parties in the transaction have fulfilled their part.

    Binance Visa Card

    Binance Visa Card

    The Binance card is a Visa debit card that allows you to spend cryptocurrency like cash. The card is preloaded with the cryptocurrency selected by the user and Binance does the real-time conversion of the cryptocurrency to EUR currency when you make your transaction. The Binance card is denominated in EUR. 

    Currently, the Binance card supports the conversion and spending of DOT, SANTOS, LAZIO, ETH, BNB, DOT, BTC, ETH, EUR, AVAX, SHIB, ADA, XRP, SXP, USDT, BUSD, DOT, SANTOS, and PORTO. 

    The Binance Card is available to Binance users living in the following countries: Aruba, Austria, Belgium, Bulgaria, French Guiana, Croatia, Curaçao, Netherlands, Norway, Poland, Portugal, Réunion, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guadeloupe, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Romania, Saint-Martin, Sint Maarten, Slovakia, Slovenia, Spain, and Sweden.

    Binance has different withdrawal limits for the EEA virtual card and the EEA Physical card. The daily spending limit for the EEA Virtual Card is 870 EUR while the daily spending limit for the EEA physical card is 8,700 EUR. 

    Binance exchange users in eligible countries who wish to get the card can apply for the card by doing the following:

    • Go to “Finance” scroll to the top navigation bar and click “Binance Card”. Alternatively, you can scroll to the footer of Binance.com and select “Card” 
    • Login to your account, go to the Binance card page, and click “Get Started” 
    • Choose how you want your name to appear on the card and click “Next” 
    • If you wish to order a physical card, create a PIN. Follow the onscreen prompts to complete the process

    Once you get your physical card, you can activate it by going to your Card Dashboard and entering the last 4 digits of the Binance card. 

    Next enter the CVV on the card. Once you do this, your Binance card has been successfully activated. 

    The virtual card is automatically activated upon successful order. The card can be added to Samsung Pay or Google Pay and can also be used for online payments.

    Cryptocurrencies Available on Binance

    Binance supports over 350 cryptocurrencies. 

    Available cryptocurrencies include Binance, Ethereum, Litecoin, Chainlink, Cardano, Binance USD, Binance Coin, Filecoin, XRP, Fantom, Polygon, Aptos, Lido DAO, Polkadot, Optimism, Shiba Inu, Dogecoin, Tether, DyDx, Stargate Finance Render Token, Curve DAO token, TRON, EOS, Sandbox, Trust Wallet Token, etc.

    Binance Review: Can You Buy and Sell NFTs on Binance?

    Binance NFT Marketplace section

    Yes, you can buy, sell, and mint NFTs on Binance via the Binance NFT marketplace. The platform, like the crypto exchange, is arguably the largest gaming NFT marketplace. It supports over 2.5 million NFTs and half of these NFTs are gaming art. 

    For its minting services, the Binance marketplace only allows verified users to do so on either the Ethereum blockchain or the Binance Smart Chain.

    Binance Review: Fees

    Binance charges some of the lowest trading fees when compared to other cryptocurrency exchanges. There are options for trading fee discounts when you hold particular amounts of their native tokens. 

    However, its fee schedule is complex and confusing. The platform uses a taker fee and maker fee model based on your previous 30-day trading volume and the amount of BNB you hold. 

    Here are the tiered maker and taker levels and BNB discounts:

    Deposits and Withdrawal Fees

    Binance does not charge users for deposits excluding credit and debit card payments where the platform charges 4.5% of the transaction amount. 

    For cryptocurrency withdrawals, Binance withdrawal fees for cryptocurrency are dynamic.

    Binance Review: Payment Methods

    Binance users can use several supported payment methods to fund their Binance accounts with fiat currencies. Supported payment methods include bank transfer, credit or debit card, Binance Pay, or the P2P network

    The bank transfer option differs per country. For example, Australian Binance users will use their local networks for transfers such as POLi, PayID, etc.

    Binance Review: Security

    Binance Security Features

    Binance stores the majority of its crypto holdings in cold storage wallets offline. It also encrypts all personal information and data. 

    All customer accounts are protected with security features such as two-factor authentication, password, IP whitelisting, address whitelisting, API access control, and device management

    Changes to account security features like email address change, two-factor authentication, and password reset must be reviewed by the Binance team before approval. Any attempt to withdraw money from users’ accounts is also reviewed.

    If there is unusual activity on a user’s account, all withdrawals from the account are suspended for about 24 to 48 hours.

    Binance Review: Staking Rewards

    Binance offers its staking services via Binance Earn which offers up to 104% APY on over 60 eligible cryptocurrencies. Some supported assets include just USDT, BTC, BUSD, etc.

    Binance Review: Supported Countries

    Binance operates in over 100 countries.

    Supported countries include Canada, Argentina, Australia, Chile, South Africa, Afghanistan, Vietnam, Philippines, Bulgaria, India, Kazakhstan, Peru, Mexico, Spain, Europe, France, Italy, Slovakia, France, Switzerland, Slovenia, Turkey, Egypt, United Arab Emirates, Saudi Arabia, Ukraine, Isreal, etc.

    Binance uses another entity for US citizens to comply with US legislations. Read our Binance.us review to know more.

    Binance Review: Opening a Binance Account

    create an account page on Binance

    To register a Binance account go to the Google Play Store or Apple App Store and download the Binance App. 

    Next, open the Binance mobile app and tap on the grey Sign Up button. 

    Choose a registration method. You can open an account using your phone number, email address, and Google or Apple account. 

    If you want to open an entity account, tap the Sign Up for an Entity Account button. It’s important to state that after you’ve registered a particular account type you cannot change it. 

    Select your phone number or email and input your email address/phone number. Next, create a password (the password must include 8 characters, one number, and one uppercase letter) for your Binance profile. 

    Go over the Terms of Service and Privacy Policy. If they are agreeable, tick the agreement box. 

    Tap Create Account. You will receive a verification code to your phone or email, depending on which one you choose during registration. 

    Input the code within 30 minutes and press submit. 

    That’s it! You’ve created a Binance account.

    Binance Review: Trading Experience

    The Binance trading services are available on desktop, web, and mobile. For its mobile trading platform, Binance supports both Android and iOS devices. 

    Binance crypto exchange targets advanced users as it offers a steep learning curve and supports expert products such as margin trading, futures trading, and detailed charting tools. 

    For simple buy and sell orders, Binance supports multiple payment methods and ample fiat currencies.

    Binance Review: Binance Customer Service

    The Binance customer support team can be contacted via live chat or by submitting a support ticket

    Binance also has a well-equipped Help Center and lots of educational resources that can provide customers with the required solutions to their problems. Customers are encouraged to check the Help Center before contacting the support team.

    Binance Review: Customer Satisfaction

    Binance rating on trustpilot

    While the Binance support team provides good customer support, the limited support channels are a major challenge. 

    Also, the various regulatory challenges faced by the exchange have made a lot of crypto investors wary about leaving their crypto assets with the exchange.

    Binance Review: Does Binance Offer Crypto Education?

    Yes, Binance offers crypto education via the Binance Academy which provides resources about blockchain, security, cryptocurrencies, and much more.

    The resources target both beginners and advanced users. There’s also a Learn to Earn program that rewards users for learning about an asset and then taking a quiz on it.

    Is Binance Right For You?

    Binance is best for advanced traders searching for a large selection of cryptocurrencies and advanced trading tools.

    Binance Review: Conclusion

    Binance is an advanced cryptocurrency exchange that offers low spot trading fees, margin trading, futures trading, native assets (Binance Coin and Binance USD), a large selection of digital currencies, and numerous blockchain products. This makes it a great choice for crypto traders looking for low fees and ample crypto assets beyond the popular options. 

    Our deep analysis of the various cryptocurrency exchanges doesn’t stop here. You can also check out our Kraken review page as an alternative to Binance or visit our best crypto exchanges to see how Binance compares to other exchanges.

    FAQ

    Most frequent questions and answers

    The crypto exchange has been in operation since 2017 and is the world’s largest cryptocurrency exchange by trade volume. However, the platform has been riddled with regulation challenges which have caused some investors to steer clear of it.

    Yes, you can make money on Binance. However, cryptocurrencies are volatile assets which means that while you can make money trading them, you can also lose money depending on market conditions.

    To become a millionaire on Binance or other crypto exchanges you need to understand cryptocurrency and the blockchain space as a whole and implement your knowledge when trading held assets

    However, crypto trading isn’t a get-rich-quick scheme. It requires an understanding of the particular asset you’re trading, staking, or holding. Also, because cryptocurrencies are volatile you can lose your entire investment in the wrong market conditions.

    Coinbase is an excellent platform to use if you’re a beginner in the crypto space, however, it is expensive. If you’re an advanced investor looking for low fees then Binance is the better option of the two.

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