Binance Review 2024

Binance

Binance is a leading cryptocurrency exchange and trading platform. They support 391 coins across 1696 markets.

Binance

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • Wide range of cryptocurrencies available for trading
  • Low trading fees compared to many other exchanges
  • High liquidity ensuring quick and easy trades
  • Advanced trading features and tools for experienced traders
  • Strong security measures including 2FA and cold storage
  • Supports multiple languages and regions
  • User-friendly interface and mobile app
  • Binance Academy provides educational resources
  • Offers staking and other earning opportunities
  • Robust customer support system

Cons

  • Regulatory scrutiny and issues in various countries
  • Complexity may be overwhelming for beginners
  • Limited support for fiat currencies
  • Past security breaches and hacks
  • KYC requirements for higher withdrawal limits
  • Occasional withdrawal and deposit delays
  • Potential for high volatility in listed assets
  • Customer service can be slow at times
  • Restrictions on certain services in specific regions
  • Centralized nature may be a concern for some users

Features

Spot Trading

Binance allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Futures Trading

Binance supports futures trading. Derivative contracts that you can trade on leverage without providing margin.

P2P Trading

Binance support P2P trading. Where you trade directly with other people through specific payment methods or giftcards.

NFT Marketplace

Binance has an NFT marketplace, where you can buy/sell NFTs and collectibles.

Trading Bots

Binance has trading bots that you can use to automate your trading strategies.

Staking

Binance allows you to stake your crypto and earn passive income.

Options

Binance supports options trading. Pick a crypto, and guess the direction, if you're right, you earn more crypto.

Margin Trading

Binance supports trading on margin. Leveraged trading where you must put up collateral.

Launchpad

Binance has a launchpad for new, exciting tokens. Often low marketcap tokens that are yet to blossom into maturity.

Debit Card

Binance offers users access to a crypto-backed debit card.

Money

Fees

Like all centralized exchanges, Binance charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. Binance charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Binance.
  • Binance's maker fees: 0.1%*
  • Binance's Taker fees: 0.1%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

Binance supports 5 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Bank Transfer
  • Crypto
  • Apple Pay
  • Google Pay

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Binance supports 11 fiat currencies.

Security

Keeping your funds safe

Binance offers 3 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • Yubi Key
  • SMS

KYC

Binance requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.