Gianluca Longinotti Fact checked by Gianluca Longinotti
Updated: 28 may 2024
5 minutes

Binance is the crypto exchange with the largest trading volume. Is Binance as good as they say? This Binance review from Tokize shall answer any questions you may have.

What is Binance?

buy sell crypto binance

Binance is a cryptocurrency platform that allows you to buy, sell, and trade digital assets whenever and wherever. With Binance, you can buy, sell, and trade several pairs with low commissions and, depending on where you reside, fund your account with a debit or credit card.

Launched in 2017 by Changpeng Zhao (CZ), this trading platform supports numerous crypto assets, including small and big tokens. Within 180 days of its launch, Binance became the most prominent global crypto exchange. Today, it is the largest exchange by trading volume. It has so far facilitated transactions worth more than $294 billion.

Binance

  • Low fees
  • One of the largest crypto exchanges
  • Fee discount for using native BNB

In addition to classic cryptocurrency exchange services, Binance offers other specific services, such as leveraged crypto derivatives, Bitcoin futures, and options. It also provides peer-to-peer (P2P) trading and savings accounts that enable you to earn interest on your crypto holdings.

Regarding fees, Binance is reputed for its low-cost commission style. It starts at a mere 0.1% per slippage but can be further reduced if you trade larger volumes or hold Binance Coin (BNB). To deposit funds, you can either make a bank transfer or use a debit/credit card, based on where you live.

In the next segment of this Binance review, we shall examine which tokens and markets you can access.

Supported Tokens and Markets

To detail the amount of tokens that Binance supports is no small feat for Binance as the trading platform offers a remarkable number of crypto assets.

The Top 10 Crypto:

This is a list of the top ten cryptocurrencies that Binance offers:

  • Bitcoin BTC
  • Ethereum ETH
  • Tether USDT
  • Binance Coin BNB
  • USD Coin USDC
  • Cardano ADA
  • Solana SOL
  • XRP XRP
  • Terra Luna
  • Polkadot DOT

bitcoin binance

Fiat Markets

Binance offers a good selection of fiat markets, enabling you to buy digital assets with your currency of choice. Most of the market is denominated in US dollars, with the BTC/USD and ETH/USD markets possessing the largest volumes. Nonetheless, you can also buy digital assets in other fiat currencies, such as:

  • British pound (GBP)
  • Euro (EUR)
  • Australian dollar (AUD)

Direct Purchases of Crypto

Our Binance review for 2023 also disclosed that you can buy cryptocurrencies directly by using a debit/credit card. While this feature is available in many countries, for others, it is not. Therefore, you will have to confirm whether your country of residence supports it or not.

The process of purchasing cryptocurrencies directly works in this manner:

  1. Create an account with Binance and upload a valid identity document (passport or driving license)
  2. Select the currency you want
  3. Choose the crypto asset you want to buy
  4. Choose the amount you want
  5. Confirm transactions

When purchasing crypto on Binance in this manner, you don’t need to trade a fiat-crypto or crypto-crypto pair. Rather, immediately after you confirm the transaction, the payment will be processed instantly, and the crypto funds will be added to your Binance wallet.

Cryptocurrency Derivatives

Binance lets you trade cryptocurrency derivatives. It is a trading market appropriate for proficient and accomplished investors who grasp the risks and rewards of leveraged financial instruments. These include many Bitcoin futures markets that enable margin trading of up to 125x. Therefore, a stake of just $100 gives you access to a trading capital of $12,500. 

In addition, you can also trade Bitcoin options and leveraged tokens. The latter lets you trade cryptocurrencies with leverage and can choose between a long or short position. This would, however, benefit experienced traders who want to speculate more flexibly. 

Binance

  • Low fees
  • One of the largest crypto exchanges
  • Fee discount for using native BNB

Binance: Platform Fees

When you look at the number of marketplaces and trading products Binance offers, it is not shocking to notice that the fees differ significantly. They fluctuate not only depending on the market you want to access but also based on how much you trade and whether or not you have BNB tokens in your Binance wallet.

This part of the review will highlight the essential fees you must know before signing up. As it is crucial to consider the tax declaration, you can check the tax guide for Binance account reporting and associated taxes.

Payment Fees

Payment fees are the first set of fees that will be imposed based on your payment mode and the country you reside. For instance, if you deposit funds with a digital currency, you will only reimburse the corresponding blockchain fees on your side of the transaction. Conversely, the fees will increase tremendously if you deposit funds with a debit/credit card.

In the UK, debit/credit cards have a commission charge of 1.8%. In other regions, these fees usually surpass 3-4%. Hence, you need to inquire about the precise fees based on where you live. It is often free if you choose to use a bank transfer on Binance, but this isn’t applicable in all countries.

bitcoin acheter binance

Withdrawal fees on cryptocurrencies should not be higher than the reciprocal blockchain fees. Debit/credit card and bank transfer withdrawals differ based on your country of residence. Check out the detailed guide for withdrawing and transferring money to Binance. 

Trading Commission

Trading commissions come into play when you buy, sell, or trade a digital currency on Binance. Like other trading platforms, it utilizes a “content” and “taker” commission style. For context’s sake, a market maker provides liquidity to a platform and profits from the most competitive fees. A market taker uses liquidity already accessible on Binance, which is at the disposal of most traders. 

  • The standard commission for takers is 0.1% per swipe.
  • This means you pay 0.1% when you enter a position and again when you close it.
  • If you trade more than 50 BTC in 30 days, your commission reduces to 0.09%.
  • This commission cutback will go on as your volume enlarges throughout the month. 
  • The lowest mark-taking fee obtainable is 0.04% per swipe. Nonetheless, you must trade more than 150,000 BTC in a single month.

You can also reduce your trading commission by holding BNB tokens. It is the native digital currency backed by Binance, now one of the biggest in market capitalization. You will receive a 25% reduction in your commission when holding BNB tokens and a 10% reduction when trading futures.

Binance Fees Overview

The following is an overview of the significant Binance fees to be aware of:

Direct Debit/Credit Card Purchase1-4% depending on the country of residence
Deposit by bank transferFREE in many countries
Crypto DepositBlockchain fees only
Standard commissionStarts at 0.1% by slippage
Futures tradingFrom 0.04% by slippage
Margin rateDepends on the part

Final Thoughts

For many, Binance is the best thing since sliced bread, while for others, that couldn’t be further from the truth. Here, we consider the merits and demerits of this crypto exchange and examine which side has a stronger argument:

Pros and Cons of Binance

  • It has the largest volumes amongst crypto exchanges.
  • It possesses excellent safety features.
  • It has low commissions.
  • It has a wide choice of markets.
  • It offers futures and options on crypto.
  • Fiat currency payment facilities are not available in all regions.

Binance

  • Low fees
  • One of the largest crypto exchanges
  • Fee discount for using native BNB

Frequently Asked Questions about Binance

Binance’s native token is BNB – previously known as Binance Coin; its official name is now Build and Build, an ERC-20 token. The Binance platform also issues a stablecoin, the Binance USD (BUSD), backed by the standard dollar rate.
Binance is predominantly a cryptocurrency platform that lets you buy, sell, and trade digital assets. This comprises several crypto-to-crypto pairs like BTC/USDT and ETH/BTC.
You can withdraw crypto or fiat currency from your Binance wallet, with a fee being charged on every withdrawal. There are multiple ways to withdraw fiats – credit card (Visa or Mastercard), bank transfer, Advcash, P2P Express, etc.- some of these methods require payment. Also, note that the availability of withdrawal methods may vary.
Binance is not regulated like brokers, casinos, or some other business firms. Nonetheless, it offers some essential guarantees, such as offline storage, 2FA, device whitelist, and SAFU (Safe Asset Fund for Users).
It is totally legal to use Binance in France. Since the end of 2021, Binance France SAS has been officially registered in France. Thus far, the Binance platform has not been regulated by the AMF (Financial Markets Authority), but the company declares that it is actively working on it.
Yes, Binance has a functional app for both iOS and Android devices.
You can register for a Binance account on the app with your email address or phone number. Follow these steps:   Open the Binance app and click “Sign Up.” Choose a registration method – email address, phone number, and Apple or Google account. Select “email” or “phone number” and enter the details. Then, choose a safe password (containing at least 8 characters, including one uppercase letter and number) for your account. You will receive a 6-digit verification code in your email or phone, which you should enter within 30 minutes and tap “Submit.” Your Binance account is ready for use.