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.
  • 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.

Binance Payment Methods

Binance supports 41 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 over 11 fiat currencies: EUR, GBP, BRL, AUD, UAH, RUB, TRY, ZAR, PLN, NGN, RON.

Binance Security

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

    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.
    • 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.