Binance is widely regarded as the number one exchange in the world due to it being the most dominant exchange in terms of trading volume, user base and worldwide influence.

One of the many reasons for its popularity is the many features and diverse selection of cryptocurrencies. It has the most supported cryptocurrencies with over 600 available to trade. 

Binance home page

Table of Contents

Binance Fees: Trading, Deposit & Withdrawal

If Binance has a downside it would be its fee structure, users are currently being charged 0.1% Spot Trading Fee + a 0.5%+ Buy/Sell Crypto Fee. This is considered fairly high for a cryptocurrency exchange, compared to Bybit whose fees start from 0.01% it is extremely high.

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.

You can refer to Binance’s Fee Schedule for a detailed explanation of their withdrawal fees. When it comes to fees, unfortunately Binance is considered quite expensive but most of their traders don’t mind as they have exposure to more tokens and enjoy using the features of Binance. 

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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Earn: Staking, Farming & Savings

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
  • 700+¬†cryptocurrencies to trade
  • Best depth in perpetual futures
  • Up to 25x leverage

Cons

  • Issues around regulatory clarity in many jurisdictions
Usability
5 Star Buy Bitcoin Rating for Ease of Use
Privacy
4 Star Buy Bitcoin Rating for Privacy
Fees
4 Star Buy Bitcoin Rating for Privacy
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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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Binance (BNB) Coin Price

Below is the live price of Binance Coin (BNB). 

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