Detailed Full Review of Binance: All you need to know (2024)

What is Binance?

It is the undisputed leader in the global market for trading (buy/sell) crypto assets.

Founded in 2017 in China by Changpeng Zhao (often called by its initials CZ) in China, it quickly gained popularity and reliability.

• Elle Holds the world's largest trading volume among cryptocurrency exchanges.
• In 2019, it established a separate exchange for its American customers, registered with FinCEN and complying with the American regulatory framework.
• It is renowned for its transparency, reliability, and strict compliance with standards and regulations, including security laws (ID required).
• It remains at the forefront of innovations in the sector and stands out as the most used gateway to the crypto markets.

Binance stands out for selling or buying cryptocurrencies for its transparency, regulatory compliance, and commitment to providing a quality service.

It has greatly contributed to legitimizing the digital currency phenomenon as an asset class while providing easy and secure access to markets for everyone.

Platform features

Here are the most interesting features that it offers in its complete and interactive application:

• It offers electronic wallets for the secure storage of cryptocurrencies.
• It is possible to trade cryptocurrencies from any mobile device thanks to the application.
• Several account types (Margin, P2P, OTC) are available, adapted to the needs of each user.
• Customer support is easily accessible and their comprehensive library of research articles is a valuable resource.
• For real-time market analysis, she uses Trading View, offering technical indicators and interactive charts.

1. Basic cryptocurrency trading

It offers two types of interface - basic and advanced.

In the basic model, it allows them to stick to a primary format; instead, they stick to cryptocurrency trading as their main activity.

However, the basic format is only designed for beginners.

Sooner or later, active traders may be less interested in basic functions. If they need more detailed technical analysis, then they should upgrade to the advanced trading version.

It is fairly easy to learn. It is not extremely complicated like its advanced version.

The trading view of this exchange is quite simple. It's inherently easy to use and displays all the crucial information on a single page.

Prices are in the left panel, while charts are shown in the middle. Information about what to buy or sell and market history are shown on the right-hand side.

2. Advanced crypto trading

In the advanced version, it provides charts and other technical indicators, which take up more space on the page.

Compared to the basic version, there is much more data that needs to be processed.

This data includes history, current market developments, and upcoming events. The buy and sell boxes on this page continue to reflect changes resulting from these factors.

It also offers an exclusive training course for its traders where each user can decide what margin level they want to achieve.

1. Supported cryptocurrencies

Binance has covered multiple digital currencies, including its own BNB coins, and is designed to help users with all aspects of crypto, including bitcoin.

Besides bitcoin (BTC) and Ethereum (ETH), Binance also covers over a hundred assets.

These digital currency tokens are part of his exchange and are displayed in his wallet list. These exchange pairs are updated regularly and are also the most supported stock exchange in the world.

‍

2. QA system

This exchange has a quality assurance system that ensures that every new decentralized financial project to convert fiat currencies into crypto can be qualified to be listed.

If the project does not meet Binance's qualification requirements, it is removed from the list as stated on its blog posts.

In 2019, Binance removed five assets from the list in a row: Modum, CloakCoin, Wings, Substratum, and SALT.

3. OTC trading

• In April 2020, Binance launched an OTC trading portal, accepting 25 different cryptocurrencies.
• This OTC portal helps to minimize risks and does not charge additional trading fees.
• Fast transactions are guaranteed for transactions of at least $10,000.
• These options are reserved for those who have completed Level 2 of account verification and KYC (know your customer) registration on Binance.com.

4. Binance US Investments

• In 2019, Binance launched a specific exchange for US-based investors, complying with US crypto and currency regulations.
• The exchange, from the fiat to crypto type, is open without restrictions to American investors.
• Users who do not comply with the terms of use can manage their Binance wallets and withdraw funds to a bank account, but are excluded from trading and depositing at Binance.com.
• CEO Changpeng Zhao stresses the importance of these measures to ensure “long-term gains.”

5. Loan products

Binance has a series of cryptocurrency products through funding.

These lending products are used to lock in certain digital currency assets for a certain period of time. You can earn interest in these locked assets and earn monthly through Binance.

In September 2019, it also published a fixed term of two weeks for its loan products.

You can now earn interest by locking up your assets for only 14 days. The yield figures on locking cryptocurrencies like BNB, BTC, and USDT-tokens for 14 days are quite impressive.

The Binance exchange has a strong team responsible for generating this interest and sharing its top-tier figures from across the crypto industry.

3. Futures trading

Since 2019, Binance has allowed trading in futures contracts that offer an option to buy or sell a financial asset at a certain price point:

• Offers futures and options, including American and European options, as well as perpetual or quarterly futures.
• These options allow you to have the exclusive right to trade futures during the term of the contract.
• Trading fees vary depending on contract specifications, price changes, and the user's VIP level.
• Trading fees for futures contracts are relatively low compared to the industry average.
• They can benefit from a 10% discount on their fees.

Trading futures is an attractive option for those who want to diversify their portfolios.

Binance offers a variety of options, including buy and sell options, perpetual and quarterly futures, and American and European options.

Step-by-Step Guide to Getting Started

If you are new to the world of cryptocurrencies, here are the different steps to:

1. Registration: Go to the official site and register by providing your email address and a secure password.
2. Verification: After registering, you will need to go through a KYC (Know Your Customer) verification by providing personal information and an ID.
3. Security: It is highly recommended that you enable two-factor authentication to increase the security of your account.
4. Deposit: Once your account is created and secured, you can deposit funds in cryptocurrency or regular currency, whichever you prefer.
5. Exchange: You are now ready to start trading on Binance. Choose from the numerous cryptos available and get started!

How to register and verify your account

To register you need to:

1. Visit the official site and click on “Register.”
2. Provide your email address and choose a secure password
3. Verify your email address by clicking on the link sent by this application.
4. Sign in to your account and set up two-factor authentication to increase the security and privacy of your account.

Once registered, you will need to have your account verified. For this, you need to provide personal information and upload identification documents.

Fresh

Binance, one of the largest cryptocurrency trading platforms or wallets, has a particular fee structure.

They are applied at several levels of the trading process, contributing to the overall liquidity of the platform.

• Binance does not apply variable fees
• Brokerage fees are applied for each transaction carried out.
• The platform offers high liquidity and promotes a “maker-taker” model, allowing users to benefit from lower fees.
• An increase in the volume of assets traded leads to a reduction in fees.
• It follows a fixed fee model, unlike other platforms that apply different fees to “makers” and “takers”.

Binance's fee structure is designed to encourage maximizing market liquidity. This, combined with brokerage fees and fixed fees, makes it an attractive option for all levels. The more you trade, the less fees you pay, which makes Binance particularly attractive.

1. Spot trading

Binance, the cryptocurrency exchange platform, offers a unique boundary structure that is distinguished by its accessibility and attractiveness for its users.

• Binance applies fixed fees of 0.10% for spot trading.
• There is no distinction between 'makers' and 'takers', simplifying the process.
• The fee model is attractive and competitive thanks to fees that are significantly lower than the industry average of 0.25%.
• Benefits are offered to Binance Coin (BNB) holders with high transactions

2. Withdrawal fees

In this Binance review, the withdrawal process has been analyzed to verify its impact on the income source of traders. The withdrawal fees charged by Binance are not fixed. They can vary from one crypto to another and depending on transaction volumes.

If the user wants to withdraw money in the form of a BNB token, a very small amount of the withdrawal is paid to the platform.

This pattern is the same for all other cryptocurrencies. BTC's low withdrawal fees are average compared to its competitors in the cryptocurrency exchange market.

In other words, a withdrawal of 0.0006 BTC per BTC is approximately charged to users. Binance also charges a fixed amount of 0.0004 BTC on BTC withdrawals, making its crypto withdrawal fees more competitive.

Deposit methods

In this review, we look at the different deposit methods on the Binance cryptocurrency exchange. This platform now accepts various digital currencies and different deposit methods, making it accessible to numerous users.

• It accepts various deposit methods, including real money, fiat currencies, and debit or credit card deposits.
• Partnership with Simplex allowing the purchase and sale of crypto via Visa and Mastercard, but with a deposit fee of 3.5%.
• Credit card deposits are restricted in some American countries and states due to regulations.
• Have been able to link their Visa credit cards to their Binance accounts since December 2019 to buy crypto directly.
• Simplex is accessible to many European countries.
• Binance offers several deposit options for cryptocurrency traders, including credit card deposits, bank transfers, and fiat currency deposits.

However, Simplex's geographic limitations and filing fees should be considered.

Customer service

Customers can submit ticket requests through the account portal.

Customer service has an active live chat on the account and a presence on social media (Twitter, Telegram and Reddit), which allows for faster responses.

Any important announcement is usually posted on the official Twitter account. Simultaneously, the Telegram group channels are always quite active and responsive to all questions and queries.

@BinanceResearch provides current institutional-grade analysis and deeper insights for more sophisticated traders and investors.

It should be mentioned that it has worked to significantly expand its customer support team (CS) in order to ensure an optimal quality of service. According to the CEO, the platform's CS team has recently increased by 5 times.

security

In terms of safety and regulation, she has demonstrated an impressive ability to adapt to different regulatory environments. In 2023, it is still focusing on the safety of funds:

1. A “Cold Wallet” storage system: The vast majority of funds are stored offline to minimize the risk of hacking.
2. Two-factor authentication (2FA): it strongly encourages its users to use 2FA to strengthen the security of their account (Authenticator code)
3. The SAFU program (Secure Asset Fund for Users): In the event of a security breach, it uses this fund to compensate affected users.

1. 2FA

Two-factor authentication via the Google Authenticator application or SMS authentication is performed on each action performed.

The platform adds this extra layer of protection to ensure the security of its online account.

THEtwo-factor authentication not only protects the username and password, but also secures credible information.

The established dual exchange store contains a massive amount of valuable information that is personally identifiable.

Whether it's addresses or names, this information is protected to prevent it from being abused using their government identification data or taxpayer identification number.

2. Safety score

Countless hacks are attempted on the website.

However, it does not allow such embezzlement and even goes so far as to temporarily suspend its service to protect the money.

Other stock exchanges are facing similar results and may be plundered in millions of dollars. The safety score is tested periodically.

Mozilla system administrators and security professionals manage its web page.

They set up sites securely and help them achieve a much higher than average B+ safety score.

Visa card

The growing popularity of cryptocurrencies has encouraged several platforms to offer new features to facilitate their daily use.

Binance, a major Hong Kong-based cryptocurrency platform, has taken the initiative by launching a special card for its users.

• Practical use of cryptocurrencies : It allows them to pay for their daily purchases using their cryptocurrencies. The conversion into traditional currency (fiat) is automated and takes place at the time of payment.
• Absence of fairies and cashback : One of the main advantages of this card is the absence of transaction fees. In addition, it offers a cashback program that can reach up to 8%.
• Availability : The card is accessible in France, thus expanding the possibilities for French residents to spend their money.
• Obtaining conditions : To get the card, they need to live in an eligible country and have completed the KYC (Know Your Customer) verification process to reach the “Verified Plus” level.

The introduction of the bank card once again demonstrates the platform's commitment to facilitate the adoption and use of cryptocurrencies to create passive income.

This card represents an important intermediate step in the intersection of traditional finance and the new cryptocurrency economy known by Bitcoin, making it possible to spend their cryptocurrencies as easily as they would with traditional money.

Final review

Through this review, it is undoubtedly a leading cryptocurrency exchange. Its wide range of services, competitive fees, strong security, and commitment to education make it an excellent choice for everyone from beginners to professional traders.

• The Binance Visa card allows you to use your cryptocurrencies for everyday purchases.
• Binance Earn is a great way to maximize your passive income.
• Binance NFT is an attractive marketplace for digital art collectors.
• Binance Academy is a valuable resource for those looking to deepen their knowledge about blockchain and cryptocurrencies.
• Multiple currencies like Bitcoin or Ethereum.

If you're looking to get started with cryptocurrency trading, this is definitely an option to consider. It offers a robust, secure, and easy to use trading platform, with a wide variety of services to meet all of your cryptocurrency trading needs.

Recommended items:

READ MORE >> Best crypto exchanges