Using Binance Exchange 2024

Binance Exchange provides a platform for trading cryptocurrencies. It includes a massive ecosystem, two blockchains, a decentralized trading platform, and its own native coin, Binance Coin.

Founded by Changpeng Zhao and originally based in China, it was soon forced to leave its country of origin due to China’s negative attitude towards cryptocurrencies.

In recent years, Binance has expanded its user base, becoming the largest crypto exchange in the world in January 2018. Their goal is to continue to expand and maintain their position as the most dominant trading platform in the industry.

Binance – what you should know about this exchange

Binance is the world’s leading crypto exchange with a massive, ever-growing ecosystem. Over the years, it has expanded its influence around the world, constantly adding new countries. It is also considered to be one of the safest and most user-friendly exchanges out there, with different types of accounts for different traders. Binance offers low fees, supports fiat-to-crypto transactions, and has no maximum withdrawal limit for verified users.

Table of Contents

What is Binance?

How does Binance work?

Important features and additional functions

Which cryptocurrencies are tradable on Binance?

Supported countries, currencies and payment methods

How do I buy cryptocurrencies on Binance?

Binance Trading Fees

Is Binance safe?

Is Binance Legit and Regulated?

Binance vs other exchanges

Conclusion

What is Binance?

Binance is a crypto exchange founded in China in 2017. While it later claimed to have moved its headquarters to Malta, officials in the country have recently confirmed that is not the case. Binance officials stated that it is a borderless exchange and as such does not need to be limited to any particular country.

Leveraging its centralized and decentralized platforms, as well as numerous offices around the world, Binance offers its users the ability to buy, sell, trade and exchange cryptocurrency. Users can deposit and withdraw cryptocurrencies on the platform and even use the fiat-to-crypto gateways to buy coins with traditional money.

It has a long list of supported cryptocurrencies and as such is sought out by traders and investors from all over the world. The exchange is also working to expand its presence to all corners of the world, with plans to launch at least two of its fiat-to-crypto exchanges on every continent.

But even this is just an addition to its massive ecosystem, which continues to grow non-stop.

How does Binance work?

While most crypto exchanges require their users to go through a know-your-customer (KYC) process to trade on their platforms, this is not the case with Binance. In other words, anyone can trade on Binance without first verifying their identity.

However, this involves only a limited account using a relatively small amount of money. Accounts with larger balances will require KYC verification. However, if you are a casual investor who would only withdraw up to 2 BTC or less per day, you can do so with an unverified account.

Of course, this means that the account is actually necessary. However, Binance understands that the crypto industry is made up of both experts and newcomers, and the numbers are constantly growing. Because of this, the exchange has two types of accounts that cater to the needs of both the advanced traders and the novice traders.

Once you set up your account, you have the option to deposit cryptocurrency from your wallet or buy it directly on the exchange. USD can be deposited via Paxos while other currencies like EUR, RUB, UAH and KZT were made possible back in 2019 in partnership with Advcash.

Whichever account you choose, you will also have access to certain analysis tools, trading tools and more. Of course, users with advanced accounts will have additional resources for more complex trading strategies. These are not available for beginner accounts to avoid confusing and unnecessarily intimidating new users.

Finally, it should be noted that users should consider getting hold of some BNB (Binance Coin) coin tokens. This is Binance’s native cryptocurrency, and using these coins to pay fees brings a significant discount that reduces the cost of using the exchange’s services.

Important features and additional functions

Binance is the largest crypto exchange in the world, and with so many of them out there – that’s quite an achievement and a testament to the quality of the exchange.

Binance is easy to use, even for those who have never owned or used digital currencies. It offers an easy-to-use platform where you can buy Bitcoin as well as up to 150 other digital coins. It has also proven to be fairly secure, despite a hacking incident that took place in May 2019.

Since then, the exchange has increased its security to prevent something like this from ever happening again.

Newcomers to the crypto industry are also likely to appreciate the knowledge base available on the company’s website entitled “Crypto & Blockchain Education | Blockchain Course”. The site also offers tutorials as well as a place to ask questions and get answers from other members of the community.

Next, Binance offers the Trust Wallet as secure crypto storage as well as a launchpad for introducing new cryptocurrencies. Its members are the only ones who can access the launchpad and invest in new coins early, so owning an account with Binance definitely has its perks.

Binance also has a strong charity focus, and it even has its own Binance.Charity arm. This part of the exchange has been helping those in need around the world with the help of cryptocurrency and is currently helping in the fight against COVID-19 as well as those affected by the Beirut blast.

Binance is also working on the development of the Binance Card, which is basically a crypto credit card that allows users to pay in any regular store with nothing but crypto.

Finally, there is Binance Labs – a venture arm of Binance founded to support blockchain and cryptocurrency entrepreneurs, projects and even entire communities. Through them, Binance supports projects with great potential that can impact the crypto industry and create new solutions, improve old ones and lead to the introduction of completely new concepts.

Which cryptocurrencies are tradable on Binance?

Binance is known for having a massive supply of cryptocurrencies, with over 150 coins listed and available to all traders at all times. Of course, the list also includes the biggest and most popular cryptos – everything that traders are interested and willing to trade, including

Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Ripple (XRP)
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Ethereum Classic (ETC)
EOS
dash
Litecoin (LTC)
and many others

Supported countries, currencies and payment methods

Unfortunately, Binance does not reveal full details about its availability. It is known that its goal is to serve all crypto traders in the world, but it does not openly state which countries are supported and which are not. Our test showed that Binance is available in Germany, Austria and Switzerland.

It is known that Binance has decided to close its door to US-based customers because the main exchange does not comply with US regulations. However, at the same time, it opened a subsidiary called Binance.US, which complied with US regulations regarding cryptography.

As a result, all US users were directed to this exchange, suggesting that Binance still serves US-based users, albeit not directly with its main platform.

Much more is known when it comes to fiat currencies. The exchange supports a number of currencies, such as

AED

Aud

CAD

CHF

CZK

DKK

EUR

GBP

HKD

HOOF

IDR

JPY

KZT

MXN

NGN

NOK

NZD

PLN

RUB

SEC

TRY

UAH

UGX

ZAR

Finally, if you wish to deposit fiat currencies into your Binance account, you can do so in a number of ways. You can use:

bank deposit
Credit card
debit card
Third party payment (Simplex, Banxa)
P2P trading (60+ options)
cash balance

How do I buy cryptocurrencies on Binance?

Buying cryptocurrency on Binance is pretty easy and straightforward. Just follow these few steps and you’ll be acquiring your own coins in no time:

Start by setting up an account with Binance
On the top left side of the menu, you will see the Buy Crypto drop-down menu.
Select your preferred payment method from the menu, e.g. B. Credit/Debit Card
You will then be taken to the Buy Crypto screen where you need to fill out the form. Enter details like the amount, preferred fiat and cryptocurrency, and your card.
Click the ‘Buy Crypto’ button and you’re done.

Binance Trading Fees

Binance is a fairly affordable exchange when it comes to fees. At the time of writing, the exchange has an average fee of 0.1% per trade. However, as mentioned, the exchange offers a discount for those using Binance Coin (BNB). As a result, the fees are extremely low, and they don’t hurt your funds nearly as much as other platforms.

There are still redemption fees to be paid, which vary from coin to coin. For example, the fee for BNB withdrawals is 0.001 BNB. For Bitcoin it is 0.001 BTC. For Ethereum, the fee is 0.001 ETH, and so on.

However, the good news is that Binance does not have deposit transfer limits, at least for users who verify their accounts. Those trading unchecked will only be able to withdraw up to 2 BTC per day.

Is Binance safe?

As mentioned, Binance has been hacked once in the past. However, both before and after the incident, the exchange continued to enjoy a high level of trust and respect in the cryptocurrency industry.

In addition to the regular login data and KYC, Binance also offers 2-factor authentication for your own security. As a centralized exchange, Binance is responsible for keeping users’ funds safe in the wallet itself. The majority of deposited coins are kept safe in cold storage, which was confirmed during the 2019 hack.

Of course, hacking attempts against the exchange of this size and popularity are common, but Binance has always managed to prevent them in the past. This led to even greater confidence. Then, when a successful hack finally took place, Binance still managed to maintain its users and reputation by reacting quickly and compensating all users who lost funds.

It even has a special fund set aside in what it calls a Secure Asset Fund that it can use to compensate users should such an attack happen in the future.

Is Binance Legit and Regulated?

The issue of Binance’s legality and compliance is a bit complicated for a number of reasons. Binance is not an exchange tied to any single country and its laws and as such to be 100% regulated it would need to respect and comply with the regulations of each country it serves.

Another problem is that most countries don’t have crypto regulations. Even those who constantly update them and introduce new changes. Some countries would consider an exchange to be regulated if it registers with the appropriate authorities.

In addition, Binance itself has several subsidiaries under the same name, such as the aforementioned Binance.US. Each of them operates on its own, but they still belong to their ecosystem and are considered regulated in their respective countries.

Finally, Binance is known for acquiring other regulated companies, platforms, and facilities. This is a common way for companies like Binance to enter new markets and operate immediately.

Binance vs other exchanges

While Binance is the leading crypto exchange, it’s important to note that there are other options as well. Each has their own unique characteristics, so here are a few platforms that we personally recommend for their high reputation and high regulatory standards.

eToro

Minimum deposit: $10 (promotion)

User rating: 10

Description: eToro is a multi-asset investment platform with more than 2,000 assets including stocks, ETFs, indices, commodities and cryptocurrencies. eToro offers 20+ crypto assets or invest in CryptoPortfolio and benefit from cumulative growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro clients can connect, learn from and copy other users or be copied by other users.

Payment Methods: 1Pay, 2C2P, 3D Secure Kreditkarte, ACH, ANELIK, Abaqoos, AdvCash, AlertPay, Alfa-Click

Algocharge, AliPay, American Express, Apple Pay, AstroPay, BPAY, Bank Link, Bank Wire, Banküberweisung, Banküberweisung, Baofoo, BitGold, BitPay, Boleto, Borneo Exchanger, Bradesco, CSS System, CUPS, CartaSi, Carte Bleu, Carte Bleue, Cash, CashU, Cashier Order, Check, Check (UK only), China UinonPay, China UnionPay, ClickandBuy, Contact, Contact Z, DCPay, DIXIPAY, Dankort, Debitkarte, Dengi Online, DineroMail, DirectPay, Dotpay, E-dinar, ELV, ENets, EPS, EXCARD, Easy2Pay, EcoPayz, Ecommpay, Ecurrencyzone, EgoPay, Emerchant Pay, Eprotections, EstroPay, Eurobank a Kontostand, Euteller, Express Dotpay, Express Polish Post Office 24/7, Express Zabka Market, Ezeebill, Ezybonds, FasaPay, Fastapay, Fastbank, Faster Payments, FilsPay, GTBank, Gate2Shop, Giropay, GlobalCollect, GlobalPAY, GlobePay, Gluepay, Halcash, I-Account, IPS, Ideal, Indonesia Exchanger, InstaBill, Instadebit, IntellectMoney, Interswitch, Itukar, KNET, Klarna, Kreditkarte, Kryptowährungen, LaoForexBoard, LavaPay, Lion Payment, LiqPay, Lobanet, MOTO, Mailing Cash, Masari, Mastercard, MegaTransfer, Mister Cash, Moneta, Money Order, MoneyBookers, MoneyGram, MoneyPolo, Multibanco, NETBANX, Nab, Namecoin, Neosurf, NetPay, OKPAY, OMT, OmahPoin, OnPay.ru, Online Naira, OrangePay, PAYSEC, POLi, POLi & BPay, PYEER, PagoEfectivo, Paxum, Pay Nova, PayCo, PayPal, PayRetailers, PayWeb, Payeer, Payoneer, Payonline, Payvision, Payza, Perfect Money, PocketMoni, Postbank, Powercash 21, Prepaid MasterCard, Prepaid MasterCard (I-Account), Prepaid MasterCard (Intercash), Prepaid MasterCard (Payoneer), Privat 24, Przelewy24, QIWI, RBK Money, Rapid Transfer, RegularPay, SEPA, Safecharge, SafetyPay, SahibExchange, Shilling, SmartPay, Sofort, SolidTrust Pay, SorexPay, Sporopay, Stock Certificate, Swish, Teleingreso, Thailand Exchanger, Ticketsurf, Todito Cash, Transact Europe Payment, Trazus, TrustPay, Trustly, UAE Exchange, UPayCard, Ukash, Unet, UnionPay, Unistream, Uphold, Verve, Vietnam Exchanger, Visa, VixiPay, VoguePay, Vouchers, Wallet One, WeChat, WebMoney, WebPay, Western Union, Wirecard, Yandex, Yandex Money, Yemadai, YuuPay, Z-Payment, Zenith, dinpay, eCard, eCheck, eKonto, ePay bg, ePayments Transfer, eTranzact, iPay, mPay, , , , , , , , unichange.me

Coinbase

Minimum deposit: $1 (promotion)

User rating: 9.3

Description: Coinbase is one of the first places to make it easy to buy bitcoin and has been a widely trusted exchange in the market ever since.

Payment Methods 3D Secure credit card, debit card, Eurobank a account balance, credit card

NEXO

Minimum deposit: $0 (promotion)

User rating: 8.7

Description: Since 2018, Nexo has strived to bring professional financial services to the world’s digital assets. Harnessing the best of the team’s years of experience in fintech along with the power of blockchain technology, Nexo offers millions of people to harness the value behind their crypto assets to build a new, better financial system.

Conclusion

Binance is still relatively young compared to some other exchanges, but it can be said that it is in the early stages of maturity. It is still under development, but it has proven its effectiveness over and over again.

It cares about its users while keeping everything simple enough for even first-time users to find their way around. Most importantly, it continues to grow and has become a force to be reckoned with in the crypto industry.

That being said, users should always remember that crypto trading is as unpredictable as ever and that it comes with risk. Whether due to a sudden price change or a hacker attack, the crypto world remains unregulated and chaotic even now.

Binance is better than most exchanges, top of the list based on other users’ preference. However, you should always decide for yourself whether it is the right choice for you.

FAQ

How secure is Binance?

Binance is currently one of the safest exchanges in the crypto industry. It uses multiple levels of security to ensure its users’ funds remain safe and their accounts remain their property.

What is the minimum deposit and withdrawal limit on Binance?

While maximum deposits depend on account type and can even be unlimited for verified users, minimum deposits and withdrawals are capped for everyone, with the limit being $150.

Is it safe to leave cryptocurrency on Binance?

A popular saying in the crypto industry is “not your keys, not your coins”. This means that only users who hold their own private keys can claim their crypto as theirs. As a regulated exchange, Binance is the one holding the keys, which is why most people prefer to withdraw their coins when they are done trading. The exchange is certainly reputable enough that the coins should be kept safe in their wallet. However, to ensure absolute security, you should consider withdrawing your coins to a personal wallet.

Does Binance use cold storage?

Yes. In fact, Binance keeps most cryptos in cold storage in its custody away from anyone who might try to steal them. Only a small percentage is held in hot wallets as it is necessary for conducting regular day-to-day operations.

Is it safe for Americans to use Binance.US?

Yes, Binance.US is a version of Binance specifically tailored for the US market. The exchange is not yet available in all US states, but it can be accessed and used in most of them. Meanwhile, Binance.US continues to fight to be allowed to serve all US users and recently won the right to start serving the US state of Florida.