What is Binance?

Binance is the world's largest exchange by trading volume on spot and futures markets for over 600 different digital assets. The platform was founded in 2017 by CEO Changpeng Zhao and quickly grew to be the most liquid trading platform for all crypto markets.

The Binance exchange is also widely regarded for their native blockchain BNB Chain, which is a fork of Ethereum and provides low cost transactions for BNB native DeFi applications. The Binance company is now based in the United Arab Emirates (UAE) after the country signed a deal to be the home of BNB and the broader digital asset ecosystem.

    Binance Platform Highlights
    • Trade over 600 cryptocurrencies on Spot, Futures and other Derivative markets.
    • Largest and most liquid trading platform in the world for best execution on large orders.
    • Lowest trading fees starting at 0.02%¬†Maker and 0.04%¬†Taker.
    Special Offer
    Get 5% off Spot and Futures trading fees on Binance.
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    Table of Contents

    Binance Trading Fees

    The fee structure on Binance varies depending on which product you are using on the platform. If you are only buying and selling crypto with Spot Markets on Binance, you will be charged a 0.1% flat fee. This is relatively expensive compared to alternatives like Bybit whose fees start from 0.01% it is extremely high.

    With respect to Binance Futures Trading, the current fee schedule starts at 0.02% for Maker orders and 0.04% for Taker orders. This is in line with a majority of the popular crypto derivatives platforms, which means it is fairly competitive.

    As for Deposit Fees, the fees vary depending where you are located and what deposit method you choose. When depositing FIAT by credit/debit card the fee can range from 1.8% - 4.5%. For cryptocurrency deposits they vary quite a bit and will also incur a gas (transaction fee), we recommend referring to their Fee Schedule for a full breakdown of their Deposit Fees.

    Binance platform fees

    Binance Smart Chain: What is BSC & BNB?

    BNB is the native token of Binance and is primarily used to pay transaction and trading fees on the Binance exchange. It is a utility token that powers the BNB Chain ecosystem. BSC stands for Binance Smart Chain and is a blockchain that runs in parallel to Binance Chain. However, BSC boasts smart contract functionality and is compatible with the EVM, unlike Binance Chain. 

    BSC is not considered a Layer Two and is a separated, individual network to Binance Chain. If Binance Chain was to go offline, BSC would not be affected whatsoever. Due to being EVM-compatible, it was easy for Ethereum based applications to switch networks. 

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    Binance Bridge

    Binance Bridge unfortunately has been decommissioned as per their Bridge website, however Binance users can still bridge their tokens on the exchange during the withdrawal process. Alternatively, they have provided trusted bridging protocols that support the BSC network where users can bridge their tokens. 

    To bridge your tokens on the Binance Exchange, refer to the photo below for instructions

    Binance cross-chain bridge

    Is Binance Safe? 

    Binance is considered a secure exchange and ensures user account protection via the use of Two Factor Authentication (2FA), Device Management, Address Whitelisting, Offline Cold Storage and Federal Deposit Insurance Corporation (FDIC)-insured United States dollars (USD).

    Unfortunately in 2019 there was a security compromise where hackers ended up taking about 40 million dollars of users funds. To reimburse their users, Binance had to cover the entire stolen amount out of their pocket. 

    Since that cyber attack, no other security compromises have been reported by Binance. The approach Binance took with covering the losses themselves says a lot about the exchange.

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    Binance Earn

    Binance has some of the most enticing staking yields (returns) ranging from 1% - 70% APY. Binance is able to offer high yields because it requires you to lock your assets for a certain period of time. By requiring to lock in your funds for 1 - 6 months this ensures the yields won’t vary too much or at all. 

    They have various staking options available, we will list them below with a brief explanation of each feature. 

    • Locked Staking - Staking that requires you to lock your assets from 1 - 6 months
    • DeFi Staking - Flexible and locked staking options for DeFi tokens
    • Flexible Savings - No lock-in staking with small APY from 0.5% - 10%
    • Locked Savings - Locked staking with slighter higher APY than Flexible Savings
    • Farming - Double sided staking liquidity pools with yields from 0.4% - 24%

    For a full breakdown of the above-mentioned staking options, you can visit Binance’s Earn page. 

    Binance Earn and Learn

    Learn & Earn Crypto

    Binance L&E is a platform for their users to learn more about the exchange and cryptocurrency. They offer multiple courses which include quizzes, and if you complete the quiz correctly you will be rewarded. The rewards will reflect in your Spot account within 2 hours of course completion. 

    For a detailed breakdown of the program, you can visit their Earn Crypto page. 

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    Binance Futures (Derivatives) Trading

    Binance offers a derivatives trading platform with low fees and deep liquidity. They trade the most volume out of any cryptocurrency exchange in the world. The platform offers up to 25x leverage on selected cryptocurrencies. 

    Pros

    • Best spot volume and liquidity
    • 600+¬†cryptocurrencies to trade
    • Best depth in perpetual futures
    • Up to 25x leverage

    Cons

    • Issues around regulatory clarity in many jurisdictions
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    Binance Visa Card &  Loans

    The Binance Visa card is a debit card offered by the platform which offers zero sign up, issuing or annual fees. Binance users are incentivised to use this card as they can earn up to 8% BNB cashback on eligible purchases.

    The card enables real time conversion of tokens to FIAT currencies when you make a transaction. Or it will alternatively select FIAT currencies that can be spent directly from your Funding Wallet.

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    P2P Trading Platform

    Binance has recently added a P2P exchange where they allow users to trade tokens at predetermined prices between peers. You can buy and sell your cryptocurrencies with FIAT currencies, they currently support 88 currencies including USD, EUR, CNY & AUD.

    The cryptocurrencies you can purchase vary depending which fiat currency you wish to use. Some currencies have 4 cryptocurrencies so trade and others have up to 10. 

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    Binance App: Mobile App iOS & Android

    Binance supports mobile versions of their platform for both Apple and Android products. Their app has an incredible 4.7 stars with 120,000+ reviews on the Apple Store. They are ranked #37 in the Finance section of apps. Their mobile app has the same functionality and UI of their web version. You can check your portfolio, trade futures and see how the markets are doing on the go. 

    BNB Mobile app

    Binance Customer Support

    Binance is one of the few exchanges that offer a Live Support feature on their platform. In addition to live support they can also be contacted via email, phone, their online communities (Telegram, Discord, Twitter, Instagram, Reddit, LinkedIn & VK) or via their online enquiry form. 

    On their online communities they have channels in their servers for multiple languages including Mandarin, Cantonese, Spanish, Italian, German, Indonesian, Malaysian, Russian, Japanese, Turkish and many more. 

    To contact Binance directly, you can visit their contact page. 

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