Cryptocurrency, shortened as crypto, is any digital or virtual currency. Cryptography is used to ensure transactions are secure.
Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. It doesn’t depend on banks to conduct transactions.
So what does it use? It relies on a peer to peer system that allows anyone to send and receive money from anywhere. This currency exists purely as digital entries and is recorded on an online database that describes specific transactions.
Every transaction made with cryptocurrency funds will be recorded in the public ledger. Each owner of a cryptocurrency has their funds stored in a digital wallet.
Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. This is why cryptocurrency can only exist in the digital and virtual space, as it uses encryption methods that only computers can understand.
This advanced coding used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.
Bitcoin was the first Cryptocurrency and was established in 2009. It remains the best known today. It is not the only cryptocurrency. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.
Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a digital currency exchange (DCE).
A Cryptocurrency Exchange is a business that allows customers trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.
The functions of crypto exchanges are very similar to those offered by online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.
Crypto Exchanges can accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies.
One such dedicated cryptocurrency exchange is Binance.
Binance and Overview Binance Review Google
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. You can still read our article for a complete overview of Binance.
When it comes to cryptocurrency exchanges, Binance continues to be one of the top cryptocurrency exchanges in the world. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.
Binance got its start in 2017 through Changpeng “CZ” Zhao. Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. Since then, it has moved from Japan and Malta but did not have a permanent place to call home.
However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Binance Review Google
Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. Currently, the platform offers a multitude of crypto-based products.
You can access services such as exchange, earn and staking, derivatives loans, payments credit cards, NFTs and more from Binance.
Binance also has its set of unique tokens and cryptocurrencies. BUSD is a stablecoin. BNB is a strong performer because of its low fees.
However, Binance has its problems and dark sides.
The United States Department of Justice (Internal Revenue Service) investigated the company in 2021 for money laundering and tax crimes.
The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities in June 2021. However, this ban had a limited scope and non-registered companies can still interact with UK customers.
It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.
Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. This was a Russian government way of helping them combat crime.
Binance Perks
Large Crypto Selection
Given that the company is among the biggest cryptocurrency platforms in the market. It is not surprising that there are many cryptocurrencies and digital currencies available. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and popular cryptos.
A few examples of this include:
- Binance Coins (BNB)
- VeChain (VET)
- Harmony (ONE)
- VeThor (VTHO)
- Dogecoin (DOGE)
- Matic Network (MATIC).
For those who want them, Binance also offers and support for the more popular cryptocurrencies such as:
- Dash (DASH)
- Compound (COMP).
- Bitcoin (BTC).
- Ethereum (ETH).
- Litecoin (LTC)
- Cardano (ADA)
- Cosmos (ATOM)
Low Fees
No platform offers trading currencies and tokens for free. However, choosing Binance as your trading platform will give you deals that may as well be free. This is compared to other crypto exchanges that also charge fees and commissions. The highest spot trading fee so far is 0.1%.
The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. As a rule of thumb, the higher the volume of your trade, the lower the fees your trades are subjected to. Binance Review Google
What’s more, is that users can also get fee discounts for some services. These include:
- Using Binance (BNB) coins in trades
- If you achieve Very Important Person (VIP status) by trading a certain amount of assets.
However, Binance users still have to pay additional fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. As a sample, you refer to the chart below
| Type of payment | Fees |
|
|
In a later section, we will discuss fees.
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Passive Income on Crypto Assets
Binance lets you earn crypto assets. Of course, these come with varying degrees of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.
There are more available staking options available on the platform. They even pay higher rates than most other exchanges.
For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. It is up to you to decide if these risks are worth taking. As such, it is important to understand what is involved and what is at stake before jumping into these opportunities.
Advanced Trading Tools
Binance’s advanced trading features make it easy to tailor your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. With its “convert” function, it even caters to beginners.
For veteran traders, the charting tools in the advanced trading interface are something to behold. A Bitcoin futures section allows people to speculate on the price of Bitcoin.
The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. This is an opportunity for customers to multiply their positions in a particular currency. This strategy is risky because it can increase losses and even cause traders to lose their whole position.
Binance Shortcomings
Not for Newbies
Binance is not for beginners. Binance is complex platform designed for experienced traders. The general aim of the platform is to have these earners maximize their profits.
We have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. The thing is, most of these features will only be useful when you know what those things mean and what you are doing.
The most risky opportunities are where novice traders and beginners lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.
The huge market selection and the in-depth dashboards presented by the platform can also be overwhelming and difficult to navigate, especially if you are just getting started in crypto investing.
Once you get the hang of the platform, you will find it very easy to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. It also provides a sizable educational resource.
Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. Binance is not the place where you can just buy Bitcoin and then relax. Binance Review Google
Regulatory Attention
As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. Major countries that have it in for Binance include Japan, the United Kingdom, Canada, Singapore, and Thailand.
The United States authorities are investigating the platform for potential money laundering, tax evasion, and even insider trading. So far, no charges have been filed, and Binance has denied any wrongdoing. Should anything come out of this, only time will tell.
In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. This could be difficult as many of the products that Binance customers love are also those that attract regulatory attention.
Not Available in the U.S.
Due to US regulations, Binance.US was created as a separate platform for U.S. customers. The U.S. version Binance offers fewer features and less cryptocurrencies.
Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. It is also not available in all countries. It’s unavailable in Hawaii, New York, Texas, or Vermont.
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How it all Works
Now that we’ve seen some of the good and the bad of Binance, we can finally talk about how it works.
Binance is a cryptocurrency exchange, as we all know. It has a huge range of services. Some of these include:
- Trade, buy, and sell cryptocurrency
- Set up recurring buys
- Earn passive income
- Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
- Trade non-fungible tokens (NFTs)
- Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
- Get portfolio insights and live tracking, as well as alerts
- Its tax reporting tool will help you keep track of all your tax obligations
It is important to remember that many regulatory agencies around the globe have been focusing on Binance’s wide range of products. Binance warns users about the potential risks of investing on the platform.
It also has an anti-addiction setting just in case users become too involved with trading. The system warns traders about the risks involved in trading derivatives if they suffer heavy losses or a losing streak. They are encouraged to take a break from trading and rest.
The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.
These are all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.
Sign up for your Binance account
Creating and registering your very own Binance account is simple and can be done within a few minutes. You are also given the choice of two types of accounts: Verified and unverified accounts.
For unverified users
- Click the register button on the Binance homepage
- Enter your email address
- Set up a password
- Accept Binance’s Terms and Conditions of Use
- Click “Create Account”
- Register by email to confirm your registration
For Verified Accounts
- Register for an unverified account.
- Log in to your account
- Go to User Center and click Identity Verification
- Select Personal
- Please fill in your details
- Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
- Take a photo or upload a file of your document
- Take a picture of yourself
- Click confirm after you have uploaded the document and image.
- Binance will then review your submission as soon as they can. Binance Review Google
From then on, you will have to wait for an email from Binance to ensure that your account has been verified.
Trading Experience
Binance provides a wide range of trading tools, as we have already mentioned. These tools include real-time charting with moving averages or exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.
Traders can also use the platform to look at their portfolios and trade history. The platform allows them to view their order book and price charts. The platform also gives users a selection of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.
Users can also choose from different trading views to better understand data and view it in the way that they prefer. Views range from classic to margin and OTC views.
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Trust Wallet
Binance provides a custodial wallet through its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It is easy to withdraw from Binance to a Trust Wallet or other external crypto wallet.
Usually, withdrawals are complete within 10 minutes, and even the costs are minimal. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.
Fees
We all know that one of Binance’s selling points is its low fees. This does not mean users are exempt from any charges. Binance users are still subjected to some fees needed for the platform.
Deposit and Withdrawal Fees
The currency used to pay and the method of payment will determine how much deposit fees are charged. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.
Binance may allow you to make credit card or debit card payments, bank transfer, and peer-to-peer payments depending on where you live.
As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw crypto to a wallet or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Review Google
Trading Fees
Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. It will also impact the amount of BNB that you have.
Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.
The platform also encourages the use of its own native currency, the Binance Coin (BNB). Anybody who does so will receive a 25% discount on their trading fees. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).
Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.
| VIP | 30-Day Trade Volume (BUSD) | Maker/Taker |
| 0 | Less than 1,000,000 | 0.10%/0.10% |
| 1 | 1,000,000 to 4999,999 with at least 25 BNB | 0.09%/0.10% |
| 2 | 5,000,000 to 19,999,999 and at least 100 BNB | 0.08% / 0.10% |
| 3 | Between 20,000,000 and 119,999.999, with at least 250 BNB | 0.07% / 0.10% |
| 4 | 120,000,000 to 199.999.999 with at least 500 BNB | 0.07% / 0.09% |
| 5 | Between 200,000,000 and 499,999.999 and at most 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 999,999,999 and at least 1,750 BNB | 0.05% / 0.07% |
| 7 | 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB | 0.04% / 0.06% |
| 8 | 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB | 0.03% / 0.05% |
| 9 | More than 5,000,000,000, and at least 5,500 BNB | 0.02% / 0.04% |
Security
Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.
Binance includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It also uses address whitelisting, device management, and the ability to restrict device access.
Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).
Although this insurance does not provide the same protection as third-party insurance, it can give some protection.
Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is done to prevent hackers from getting in touch.
That said, customers should still be wary of Binance since its security needs a better track record. In early 2019, the platform was hacked for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.
However, there is a bright side to this; sometimes, it would be better to have exchanges experience these incidents so they know which part of their security they should focus on and fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.
In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). This cold storage wallet keeps enough capital to cover users’ losses.
Customer Service
Binance provides three options for customer support. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.
You simply need to fill out a form on the Binance website for tickets. Submitting a ticket entitles you to receive email assistance.
For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.
If you need to get in touch with Binance directly, there is a chat box at the bottom right corner. This can be accessed on the Binance website.
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Binance Pros and Cons
Pros
- Low Fees
Low fees are one of the main reasons Binance is a top choice for crypto exchanges. It is a no-brainer. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.
- Ability to earn passive income in many ways.
Whoever does not want to earn passive income. It is like getting paid while doing nothing, and Binance has a lot of opportunities for doing so. These opportunities come with inherent risks. As such, these are not for the faint-hearted. Binance Review Google
- Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).
The platform even has its crypto in the form of BNB. This allows crypto investors and traders flexibility in making their selections.
- Advanced Trading Tools
The tools that a trading platform provides to its users will determine how good it is. Binance provides enough tools to allow users to trade more easily. As such, traders and investors will not have a hard time doing trade on the platform.
- There are many ways to deposit money
If you don’t have any money to invest, trading is impossible. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds
- Flexible Order Types and Trading Options
Trading is like gambling. While assets and stocks may be worth a lot right now, you never know when they will lose value. Binance, one of the best trading platforms, should allow users to trade in any way they like. Binance Review Google
Cons
- Platform can seem overwhelming to beginners.
Multiple options and advanced tools can be a bad thing. Seeing a multitude of selections can easily overwhelm beginner users and might paralyze them from the sheer number of options given. Some experienced traders even claim they are intimidated by Binance’s many available options.
- Issues with Regulation in many countries
Binance has been faced with numerous legal and regulatory issues. This is a major issue that many investors are considering switching to other exchanges.
Despite this, the platform is working hard to resolve these regulatory issues.
- Not available in the United States
Binance was temporarily banned in the United States due to problems with US regulatory bodies. Binance U.S. was created by the parent company to provide a U.S-exclusive version.
However, Binance U.S. is more limited than the original Binance. Furthermore, it is also not available in some U.S. states like New York and Vermont.
- There is no built-in digital wallet
Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. For some reason, Binance does not. Instead, it recommends Trust Wallet, a third-party service. While it has a good reputation, there might be issues as they can only offer limited support Binance Review Google
Binance Last Thoughts
Let me begin by saying that I’m a complete beginner when it comes crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.
Binance was the best platform for me because it charges very low fees. I joined cryptocurrency to find out what all the fuss was about. I am not planning to take this seriously (yet).
It took me no time to create my account and verify it. In a matter of minutes I was able to view the UI and all the features offered by the platform. And here is what I have to say…..
So with confidence, I can honestly back the opinion that Binance is not beginner friendly. Binance presented me with a lot of options that were overwhelming and intimidating. I had to get a friend to teach me what all the stuff was all about.
With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Though it still gets confusing, I’m getting the hang of it.
Right now, I hope I bet on the right horse, not the wrong one.
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Common Questions about Binance Binance Review Google
Binance is safe?
Yes, it is safe, but it does not have a good track record.
While Binance has its own set of key security features, it still is a blight on its record that it was hacked twice. The company did beef up its security, but in the end, time will judge if these security measures can survive attacks.
How Would You Decide if Binance is Right for You?
It is hard to determine which platform is right for your needs until you have read the reviews and tried the services for yourself.
However, for the sake of having an answer, you may deem Binance is a right fit for you if:
- You’re not new to crypto trading and have intermediate-level experience in trading.
- You need a service that is affordable and can accept many currencies.
- You’re looking for advanced features in your service.
- An institutional trader is one with a high net worth.
- You are not a citizen of the United States.
Does Bianance Offer FOREX Trading?
Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.
It lacks the currency pairing required to join FOREX. To enter FOREX-only exchanges, a company needs access to thousands. This is quite a distance from Binance which has only 50 currency pairs.
Does Binance Offer CFD Trading?
Unlike FOREX trading, Binance does offer CFD (Contracts for Difference) trading.
They are still controversial in crypto, and many prefer native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. That said, CFDs do have their advantage. They can be extremely liquid.