Binance Exchange Review 2023: A TOK Comprehensive Guide
As a cryptocurrency trading robot, Bitcoin Superstar buys and sells cryptocurrencies automatically on behalf of its users. To find out if using the platform is safe, how much it costs, and more - keep reading.
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?
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.
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:
Binance Coin BNB
USD Coin USDC
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)
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:
Create an account with Binance and upload a valid identity document (passport or driving license)
Select the currency you want
Choose the crypto asset you want to buy
Choose the amount you want
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.
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.
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 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.
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 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 Purchase
1-4% depending on the country of residence
Deposit by bank transfer
FREE in many countries
Blockchain fees only
Starts at 0.1% by slippage
From 0.04% by slippage
Depends on the part
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
What we like
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.
What we don't like
High deposit fees with a debit or credit card.
Fiat currency payment facilities are not available in all regions.
It is not a very user-friendly exchange.
It lacks strict regulations and laws.
It is more suitable for advanced traders and market speculators.
Tobi began his career in 2017 as a crypto writer, where he focused on producing educational content. He worked with Stockbossup, an investment platform dedicated to educating black people. Prior to that, he worked as a copywriter with Turboxbt, a crypto trading platform. In 2021, Tobi joined Watcher Guru as a crypto news editor. He was recognized as one of the top 333 web3 creators on LinkedIn for crypto in 2022.
Frequently Asked Questions about Binance
What is Binance’s cryptocurrency?
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.
How does Binance work?
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.
What types of withdrawals are possible on Binance?
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.
Is Binance safe?
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).
Is Binance banned in France?
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.
Does Binance have an app?
Yes, Binance has a functional app for both iOS and Android devices.
How do I register on the Binance app?
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.
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