Binance Review: Some Good Things, But Is It For You?

Its reputation may be enough for prospective customers, but big doesn’t necessarily mean better. The world-class platform has evolved; you can learn more about it in this review.

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Our Verdict

Binance is one of the world's top cryptocurrency exchanges for a reason. Aside from its high trading volume and liquidity, the exchange implements its features and markets very well to the general public. Not only that, but the platform also stays ahead of the curve by evolving and fine-tuning its features to meet market demands.

Investors and traders will likely find something that appeals to them. Its trading fees prove to be low barriers to entry, and it has excellent trading facilities, an abundance of crypto and markets, and a good security track record. They also offer several Binance referral bonuses and codes for completing tasks in their activity and rewards center.

Create an account with Binance and get a $100 USDT deposit bonus.

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Pros

• Trading fees of 0.1% with further discounts available.  
• TradingView charting for technical analysis.
• An all-in-one trading and investing platform.
• World-class trading volume and liquidity.

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Cons

• Regulations in several countries limit the availability of some functions.
• Although Binance is deemed secure, it has previously encountered security concerns.

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Review of the Top Features on Binance

Ample crypto to buy and trade 

Although Binance does not offer the widest assortment of digital currencies, it has substantially increased its coin and token offerings, with 416 assets and 1,642 trading pairs. 

Binance offers all of the major currencies for purchase, including Bitcoin (BTC), Ethereum (ETH), stablecoins like Tether (USDT), Dai (DAI), and Binance USD (BUSD). Popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are supported, as well as a slew of exotic and low-market-cap coins and tokens.

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Straightforward Recurring Purchases

Binance continues to cement itself as a world leader in the cryptocurrency space by evolving its features for the general community. An example is its recurring buy feature, prominently presented under the ‘Buy Crypto’ tab.

Customers who prefer Dollar-Cost-Average (DCA) their way into the crypto market can set up a plan that suits them. Many crypto assets can be exchanged with fiat; the only options to amend are the investment amount and frequency.

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A growing NFT marketplace

Binance offers its own NFT marketplace to existing customers. Users can buy or sell NFTs using their Binance accounts. The marketplace intends to unite artists, creators, and cryptocurrency aficionados by allowing them to purchase, mint, and sell NFTs. 

With a 1% processing fee, investors can buy NFTs on the exchange with multiple coins, including BUSD and Ethereum. 

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Trading bots for different strategies

Traders who want to automate their strategies can use one of the existing bots or select one from the marketplace. While Binance offers five trading bots, including spot grid, futures grid, arbitrage bot, rebalancing bot, and algo order, the marketplace offers unique bots for specific strategies. 

Here, there are bots for both the spot and futures markets and specific trading pairs on popular coins and tokens that traders are involved with. Marketplace bots are shared, meaning that anyone can use or copy them. The interface is straightforward: select the trading bot and input the investment to commit, usually in USDT.

The ability to browse and copy others' trading bots is fairly unique and helps Binance distinguish itself from other platforms. 

Create an account with Binance and get a $100 USDT deposit bonus.

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P2P marketplace

Binance's P2P trading marketplace allows users to trade directly using various deposit methods and currencies without fees. The platform offers an escrow service for secure transactions. With the recent closure of competitors, Binance's P2P platform has become one of the larger P2P exchanges available.

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A fully equipped trading interface

Binance is well-known for its cutting-edge trading platform, which enables users to trade digital currencies using various trading tools, indicators, and charting options. TradingView allows traders to analyze historical and live price action. The software provides numerous features, including drawing trend lines, adding indicators, and uncovering trustworthy charting patterns to enter a trade.

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Margin trading with leverage

Margin trading gives traders access to larger sums of capital through leveraged positions. To begin trading, funds must be sent to a Binance margin wallet or the Futures wallet for use as collateral. 

Binance enables cross and isolated margin trading, with leverage of up to 3x and 10x available for short and long positions.

Binance Futures supports the following markets:

• USDS-M futures are perpetual or quarterly contracts settled in USDT or BUSD.
• Coin-M Futures are perpetual or quarterly contracts settled in cryptocurrency.
• Leveraged Tokens: Trade with leverage without providing collateral, maintaining a margin level, or worrying about liquidation.
• Options are cash-settled contracts that can be exercised before their time limit ends.

Binance's cutting-edge trading platform provides superior margin and futures markets. Binance has everything users need to margin trade, including substantial liquidity, a world-class charting interface, and powerful tools.

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Demo trading, for futures only

Binance has a testnet, or a demo account for crypto that can be loaded with 3,000 USDT of virtual trading funds. It's a replica of the Binance trading platform with access to all the trading tools, making it a good way to learn how to trade crypto. While it's more complicated and involved to set up, newer crypto traders can experiment with futures trading up to 125x leverage without risking their capital.

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Supported Fiat Currencies and Deposit Methods

Binance users can deposit over 27 fiat currencies, including USD, GBP, EUR, and AUD, with bank transfers, credit/debit cards, SEPA, wire transfers, and cash deposits to acquire cryptocurrency. Its P2P marketplace is an additional option with different payment options.

Additionally, Binance facilitates cryptocurrency deposits for all tradable assets and allows users to deposit fiat and buy digital assets directly with a credit or debit card. However, this method may result in up to a 2% per-purchase fee.

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Binance Fees 

Fees for deposits and withdrawals

Depositing fiat currencies depends on the currency and method used. For example, AUD can only be deposited via credit or debit cards, and there are no options to transfer funds from a bank. Usually, no fees will apply unless those are from third-party payment providers.

Like most exchanges, Binance does not charge a fee to deposit cryptocurrency to the exchange. Users can transfer coins from other trading platforms or a personal hardware wallet to Binance for free. 

When withdrawing crypto from Binance, a flat fee is charged to cover network costs, which vary based on the asset.

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Trading fees

Binance has a volume-based maker/taker pricing structure, which reduces fees for active traders. Binance's regular spot trading costs are 0.1% per transaction (buy/sell). These costs, however, can be reduced to 0.012% (maker) and 0.024% (taker) dependent on trade volume by storing Binance Coin (BNB) in a cryptocurrency wallet or its supported non-custodial Trust Wallet.

Purchasing BNB tokens is an effective way to gain additional discounts, as using the platform's native cryptocurrency to pay trading fees provides an extra 25% discount on top of any volume-based reductions.

The fees for Binance futures contracts start from 0.02% (maker) to 0.05% (taker). Like spot trading, users can qualify for reduced fees based on trading volume and an additional 10% discount for trading USDT or BUSD-denominated pairs.

Create an account with Binance and get a $100 USDT deposit bonus.

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Binance Ease of Use

Binance is a user-friendly crypto exchange offering a clear and intuitive interface, especially for those familiar with crypto trading. Its interface is arguably better designed than most other exchanges since certain features that matter most are easily accessible (e.g., recurring purchases and not hidden in clutter.

Related: Binance vs. Coinbase: Which is better for beginners?

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The exchange has integrated TradingView, the leading cryptocurrency charting software, to provide comprehensive charting features, superb sketching tools, technical indicators, and real-time price data. The order-book-based trading window is jam-packed with features, including transaction history and recent market activity, but it might be difficult for first-time users.

Placing orders on Binance is simple since users can choose a percentage (e.g., 25%, 50%, or 75%) of their balance to trade. The exchange supports various advanced order types, including stop-loss, take-profit, limit, market, stop-limit, and One-Cancel-Other (OCO) orders for exact position entrance and exit.

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Final Verdict

Binance is one of the world’s best crypto exchanges for a reason. Besides its superior trading volume and liquidity, the exchange executes its features and markets extremely well to the broader community. The platform also keeps ahead by evolving and refining its features to suit the market's needs.

Due to its wide appeal and low barriers to entry, Binance will continue to find itself as a starting point for most investors and traders in the crypto space.

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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