Founded in 2017 by Changpeng Zhao, Binance is the world’s largest cryptocurrency exchange. It offers access to a wide variety of cryptocurrencies and has some of the lowest gas fees in the industry—these two things that have contributed the most to its vast success around the globe. It has over 28.5 million verified users at the time of this writing.
But is it the right crypto wallet for you? That depends on your specific needs. Everyone’s looking for different qualities in a crypto wallet. So we can’t say for sure if Binance, or any other wallet for that matter, is the right fit for you. Only you can decide if a wallet is ideal for you because no one knows what you need better than yourself. To find out whether Binance is the right crypto wallet for you, read our comprehensive review and decide for yourself.
Is Binance Legal and Safe?
Whether Binance is legal for you depends on the area of your residence. Currently, Binance is available in 198 countries. You can read the entire list of countries that have whitelisted Binance here.
As far as safety is concerned, Binance is one of, if not the safest cryptocurrency exchange on the web. Their team is highly motivated to keep the account information of their users as safe as possible. They take extensive security measures to ensure that your account remains safe at all times. All that being said, security is ultimately a shared responsibility. No matter how safe a system is, your account may still get hacked if you don’t take the following safety measures:
- Use a strong password that’s not easy to guess.
- Use 2-FA (two-factor authorization) on your account.
- Keep your email protected.
- Bookmark Binance on your browser and only use that web address. If you get an email that’s addressed to you by Binance, check the link to ensure it’s not a fake version trying to steal your account information.
- Protect your cloud storage data.
How Does Binance Work?
Binance has a complex interface with a multitude of tools that can help you maximize your trading efficiency. Among those tools, the most valuable ones are the real-time charting tools that have moving averages and exponential moving averages.
On Binance, traders can access their portfolios, trade history, and order book along with price charts at the click of a button. Furthermore, the platform also provides several order types, including trailing stop order, stop order, limit order, stop-limit order, and stop-market order. These order types offer traders the versatility that they can’t find on most other platforms.
How Does Binance Make Money?
Binance has multiple sources of income, including profits earned from trading fees, fees from its broker program, spreads, interest on loans, cloud offerings, mining services, interchange fees, and investments.
Who Can Use Binance?
As long as you’re over 18 years of age and Binance is legal in the area you reside, you can use their platform. They really have no other criteria for joining. So basically, anyone can join.
What Can You Trade On Binance?
Binance offers access to one of the widest ranges of cryptocurrencies of any exchange on the internet. You can buy, sell, or hold the following cryptocurrencies on their platform:
- Aave
- BAT (Basic Attention Token)
- Binance Coin
- Binance USD
- Bitcoin
- Bitcoin Cash
- BitTorrent
- Ethereum
Those are just some of the cryptocurrencies that Binance supports. The total number of cryptocurrencies you can trade on their platform is over 65. You can find the entire list here. On top of the current tokens already supported on their platform, they are regularly adding new cryptocurrencies as well.
How to Deposit Money In Binance?
Here’s a step-by-step method to deposit money on Binance:
- Sign in to your Binance account.
- After logging in, scroll your pointer over to the “Wallet” button and select the “Fiat and Spot” option.
- Select the “Deposit” option.
- Click on the “Fiat” tab.
- If you didn’t verify your account when signing up, you will be asked to do so at this point. So go ahead and follow their instructions for account verification.
- Select the cryptocurrency you want to buy and then choose your method of payment.
- Double-check your details and confirm your payment.
How to Withdraw Money from Binance?
Here’s a step-by-step method to withdraw money from your Binance account:
- Sign in to your account and select the “withdraw” option, which is located on the top of the screen.
- Click on the “Crypto” tab.
- Select the cryptocurrency that you want to withdraw.
- Choose the network that you want to withdraw your cryptocurrency to. Make sure the network and address are correct.
- Click on the “BNB” option and tap on “Receive”.
- Next, you will be asked to insert your BNB address.
- Once you’ve added your BNB address, click on the “Send Code” button and enter the code sent to your email.
- Enter your 2-FA code.
- Double-check all the information and if everything checks out, click on the “Submit” option.
The Fees Users Have to Pay at Binance
Binance users have to pay three different types of fees.
- Withdrawal Fees: These fees vary by the cryptocurrency we are talking about. You can view the entire list of withdrawal fees for every cryptocurrency on the Binance platform here.
- Margin Borrow Interest Rates: These rates also vary by cryptocurrency. But that’s not the only factor at play here. They also vary by the VIP level status of the user. You can view their entire list here.
- Trading Fees: These fees make up most of the money you will have to pay to the Binance platform. They are based on either the 24-hour Binance Coin holding volume or 30-day cumulative trading volume. Depending on those volumes, traders are divided into nine levels, each of which has different takers’ and makers’ fees. You can view the entire list here.
Insightful Tips for Using Binance
Here are three insightful tips from successful traders on the Binance platform.
- Use the Binance Referral Program: You can save on fees by using the Binance Referral Program. There are links that only certain individuals are allowed to share. You can easily find one of them and use it for signing up. It will save you 10-20% on spot market fees.
- Pay With BNB: When you pay with BNB on the Binance platform, you can save money on fees. Using BNB can save you 25% trading fees on the spot market, 10% on the futures market, and 5% on the margin market.
- Leverage Binance Peer-to-Peer (P2P): Binance P2P allows you to buy and sell popular cryptocurrencies to and from local fiat currencies without spending as much as a cent on trading fees!
Binance – Pros and Cons
Like any other platform, Binance has multiple pros and cons, among which the following are the most noteworthy.
Binance – Pros
Here are the top three pros of the Binance platform:
- It offers over 65 tradable cryptocurrencies for U.S customers. Platform users who reside outside the U.S have access to even a wider variety of tokens that can be bought, sold, or stored.
- Compared to other cryptocurrency exchanges, this platform offers significantly lower gas fees.
- It offers a wide variety of trading options and order types, including spot trading, margin trading, peer-to-peer trading, limit orders, market orders, stop-limit orders, and one-cancels-the-other orders.
Binance – Cons
There are three main cons to the Binance platform:
- The interface is not user-friendly and many people, especially beginners, find it hard to navigate the platform. There have been several complaints regarding this issue with people reporting that they find the Binance interface to be complex and confusing.
- Unlike many other cryptocurrency exchanges, Binance does not feature a built-in digital wallet.
- In the last couple of years, Binance has run into regulatory trouble in multiple countries. If you reside in one of those areas, you are likely to face some technical issues.
Binance – Frequently Asked Questions
Here are answers to some of the most frequently asked questions about Binance that haven’t already been answered in this guide.
1. Is there a Binance App?
Yes, there is an official Binance app that’s available for Windows, iOS, and Android.
2. How Many Binance Accounts Can I Have?
An individual can only have one Binance account because KYC will fail if someone has multiple accounts on the platform. Violating this policy can lead to all accounts getting banned without warning.
3. Is there a Minimum Deposit and Withdrawal Amount On Binance?
Yes, Binance has a minimum deposit limit of $50 and a minimum withdrawal limit of under $1 for most cryptocurrencies.
4. Is Binance Wallet Cold Storage?
The Binance wallet is a mix between cold storage and hot storage. Most of your cryptocurrency tokens are kept in cold storage and the remains, which are only a small percentage, are kept in hot storage.
5. How Can I Find My Transaction ID On Binance?
Finding a transaction ID on Binance is pretty simple. Just go to your transaction history, find the transaction you need the ID for, and it will be mentioned right next to that transaction.