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General Overview
- The most popular crypto exchange in the world
- 1000+ cryptocurrencies supported
- Binance Visa card
- Lots of advanced trading features
The Binance crypto exchange started in 2017 to enable people to trade cryptocurrencies, like Bitcoin, Ethereum, USDT and BNB. Very quickly, Binance established itself as one of the top cryptocurrency exchanges. The CEO is Zhao Changpeng. He is a popular face on financial news channels and regularly gives interviews. The main driving force behind the exchange.
Key advantages of Binance include:
- Low fees
Binance offers one of the lowest fees for buying cryptocurrencies with debit or credit card and very low fees for trading. - Wide array of financial features
Binance supports the latest innovations in cryptocurrency field, like NFT marketplace, stacking and crypto loans. The exchange is always up-to date with the latest developments in the field. - Great mobile app
The mobile app of Binance is easy to use and supports all the features of the exchange. It supports simple and fast login with a fingerprint.
Cryptocurrency support
Binance.com supports more than 1000 cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- Poligon (MATIC)
- 1000+ others
Security
Binance is one of the most secure cryptocurrency exchanges, according to a security research company CER. They invest heavily into the latest security protocols to protect its users. The following security features are in place:
- Two-Factor Authentication (2FA)
- Deposits, withdrawals, and password changes are protected with 2FA
- Withdrawal Whitelist and Anti-Phishing Code
- Device Management
Country availability
The exchange is available to all countries of the world except those on a sanctions list: Russia, Sudan, Iran, Syria, and North Korea. And those under regulatory prohibitions: United States, China, Indonesia. See, up-to-date list of supported countries here.
Binance Visa card
You can order a Binance Visa card to spend your cryptocurrency balance anywhere Visa is accepted. You can pay in-store, online or withdraw cash from an ATM cash machine worldwide.
Here are the benefits of the card:
- Spend cryptocurrency anywhere
- No fees for ordering or using it
- Cashback of up to 8% depending on BNB held in the account
The Visa card makes it convinient to use your cryptocurrency for day-to-day purchases.
Trade Volume
Currently, Binance has the highest trading volume among all cryptocurrency exchanges. The number of trades is equal to 40% of the total crypto market. Binance has a transparency rating of ‘A’ which suggests that it can be trusted. In terms of currency pairs, Binance leads exchanges, with around 700.
Deposit methods supported and fees
You can buy cryptocurrencies with a credit/debit card after identity verification.- Credit/debit cards (requires identity verification)
– 2% per transaction or 10 USD, whichever is higher
– Daily limit is 50,000 USD per user
– Monthly limit is 500,000 USD per user
– Minimum transaction: 15 USD - Bitcoin and other cryptocurrencies
No fees
Trading fees
In general, the trading fee is 0.1%. Based on the user’s 30-day trading volume and BNB (Binance Coin) balance, the maker/taker fee varies from 0.015% to 0.075%. Basically, the more you trade the less fees you pay. If the trading fee is paid using BNB, then a discount of 25% is applied. See trading fee information here.
Withdrawal fees
The withdrawal fees and the minimum withdrawal vary based on the cryptocurrency. For BTC, it’s a fixed fee of 0.0005 BTC. Withdrawing of other cryptocurrencies is generally cheaper than Bitcoin.Withdrawal limits
The limits are quite good compared to other cryptocurrency exchanges.- 0.001BTC minimum withdrawal
- For unverified accounts – withdraw a maximum of 0.06 BTC in 24 hours
- For verified account – withdraw a maximum of 2 BTC in 24 hours
Mobile app
The Binance exchange has an easy to use cryptocurrency trading app. It is a safe and has all the featuers of the website. It allows buying of Bitcoin and other cryptocurrencies with credit debit card and has live chat support! The Binance mobile app is available for both iOS and Android platforms. The Binance app is great to have while you are not at home.Identity verification
Documents required: a valid government-issued picture identification document, which is any of the following:
- National Identification Card (ID)
- Permanent Residence Card
- International Passport
Binance doesn’t accept documents like driving licenses, electoral cards, health cards, temporary permits, military cards, and any other forms of identification.
Usually, it takes about 1 to 3 days to get your account verified. However, in busy periods, it could take about a week before they verify the account.