Binance: Number one crypto exchange?
Binance Exchange Review
Even if you’re only getting started in the world of cryptocurrency, there’s a good chance that you’ve heard about the Binance cryptocurrency exchange. The exchange, which was launched in 2017, quickly grew to become a favorite among cryptocurrency traders thanks to listing a huge number of different cryptocurrencies and offering attractive features for traders.
Basic information about the Binance exchange:
- Exchange type: centralized exchange
- Launch date: July 14, 2017
- Location: International
- CEO: Changpeng Zhao
This Binance review will be going through the most important features of the exchange to help you decide if Binance is the right exchange for you or if you’re better off choosing another exchange. Here’s a quick overview of the advantages and disadvantages of Binance:
The pros of trading cryptocurrency on Binance:
- Strong liquidity and trading volume, which means that your trades will be executed quickly at predictable prices
- Over 100 cryptocurrencies listed
- Leveraged trading, IEOs, lending and other advanced features
The cons of trading cryptocurrency on Binance:
- Not open to traders from the United States
- Fiat currency support only through third-party providers
- The exchange was successfully hacked in 2019 (users were fully refunded)
Binance features review
Of course, the most important feature provided by Binance is the ability to exchange between different cryptocurrencies. The exchange lists over 100 cryptocurrencies that are traded in over 600 trading pairs. However, there is a lot of competition between different exchanges and Binance is constantly introducing new features to attract traders. On Binance, you can also buy cryptocurrency with a credit card or debit card, trade futures contracts with leverage, participate in token sales and lend out your cryptocurrency to earn interest.
Binance trading – trade over 100 different cryptocurrencies and choose your trading interface
The Binance trading platform offers a pretty strong set of features, and users can choose to use a basic or advanced trading interface. You can select between four types of orders:
- Limit orders
- Market orders
- Stop-limit orders
- OCO (one-cancels-the-other) orders
If you have the most basic type of Binance account (VIP 0), both the maker and taker fee is 0.1%. However, if you hold some BNB and pay your fees with it, both the maker and taker fees drop to 0.075% (25% off).
Deposit fees and withdrawal fees are different depending on the cryptocurrency you’re dealing with. For a more detailed of Binance’s fees, head over to Binance’s fee schedule page.
Binance’s trading fees are competitive with other major cryptocurrency exchanges.
Here’s some guides we have created to help you guide through the process of trading cryptocurrency on Binance:
- How to buy Bitcoin (BTC) on Binance?
- Leverage Bitcoin: How to Trade BTC With Leverage on Binance Exchange
- How to margin Trade on Binance?
Buy cryptocurrency instantly with a debit or credit card
Binance gives its users the option to buy cryptocurrency with their credit/debit card. You can choose between:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
The fees for credit/debit card purchases are 3.5% or $10, whichever is higher. This method of purchasing cryptocurrency is very convenient, but more expensive than a bank transfer. Binance doesn’t directly support bank transfers for purchasing cryptocurrency, but provides integrations with third-party providers such as Paxful to streamline the process.
Leverage trading – trade Bitcoin with up to 125x leverage and altcoins with up to 75x leverage
Binance also offers leveraged trading with up to 125x leverage for Bitcoin and up to 75x leverage for other cryptocurrencies. The exchange’s futures contracts are denominated in the USDT stablecoin, which is pegged to the US dollar. Leverage trading is a form of advanced trading that’s not best suited for beginners.
Binance’s contracts are perpetual contracts, which means they don’t have an expiration date and can theoretically be held indefinitely. Here are some of the supported cryptocurrencies for leverage trading on Binance and our accompanying guides:
- Leverage Ethereum: How to Trade ETH With Leverage on Binance Exchange
- Leverage XRP: How to Trade XRP With Leverage on Binance Exchange
- Leverage Stellar Lumens: How to Trade XLM With Leverage on Binance Exchange
- Leverage Litecoin: How to Trade LTC With Leverage on Binance Exchange
- Leverage EOS: How to Trade EOS With Leverage on Binance Exchange
Binance Launchpad – participate in token sales from up-and-coming blockchain projects
Binance was arguably the driving force behind the new initial exchange offering (IEO) trend – its platform for hosting token sales is called Binance Launchpad. In order to be able to participate in IEOs on Binance Launchpad, you need to hold a certain amount of the BNB token – this requirement can change depending on each token sale. Examples of tokens that were launched through Binance launchpad include BitTorrent Token, Matic Network and Celer Network.