Binance Review 2023

Binance screenshot

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

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

Binance Overview

Binance was built by Changpeng Zhao in 2017, and has been in operation since.

The exchange is based in Hong Kong, and serves many customers all over the world. Provided you're in one of the supported countries, you're free to trade.

Binance Services

  • 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.
  • Trading Bots. Binance has trading bots that you can use to automate your trading strategies.
  • NFT Marketplace. Binance has an NFT marketplace, where you can buy/sell NFTs and collectibles.
  • P2P Trading. Binance support P2P trading. Where you trade directly with other people through specific payment methods or giftcards.
  • Options. Binance supports options trading. Pick a crypto, and guess the direction, if you're right, you earn more crypto.
  • Staking. Binance allows you to stake your crypto and earn passive income.
  • Launchpad. Binance has a launchpad for new, exciting tokens. Often low marketcap tokens that are yet to blossom into maturity.
  • Margin Trading. Binance supports trading on margin. Leveraged trading where you must put up collateral.
  • Futures Trading. Binance supports futures trading. Derivative contracts that you can trade on leverage without providing margin.
  • Debit Card. Binance offers users access to a crypto-backed debit card.

Binance Payment Methods

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

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

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

Binance supports over 11 fiat currencies: EUR, AUD, GBP, BRL, NGN, RON, RUB, PLN, UAH, TRY, ZAR.

Binance Security

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

  • SMS
  • 2FA
  • Yubi Key

Binance requires KYC to use their services. KYC usually involves sharing your full details, some form of ID, and a mobile phone number.

Binance Fees

Like other 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.
  • Kraken's maker fees: 0.1%*
  • Kraken's Taker fees: 0.1%*

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