About 15 years since Bitcoin became a thing, the concept of cryptocurrency is no longer an element for the ones involved with the industry. It's become well-known to the public and is being used in many countries worldwide.
While cards and cash still dominate the market, cryptocurrencies are more and more diversified, offering users the possibility to spend digital coins with physical cards, not to mention different opportunities to make money while trading different coins.
Many wanted to join the market, but few knew how. Building a bridge between classic money and cryptocurrencies implied using an exchange. And that’s when different portals popped out, with︀ some becoming more popular than others.
Whether it’s because of features, the trading volume or︁ the low fees, Binance has grown to become the largest exchange on the market today.︂
Providing access to a wide plethora of coins, options for trading, passive income and many︃ other financial tools, Binance is an excellent option for a wide variety of traders, as︄ well as investors from all paths of life. Boosting nearly 300 million users, the exchange︅ won’t disappoint.
Despite its popularity, Binance has also been through a few issues over the︆ past years, some of them affecting American and Australian users. With all these, it's still︇ a top player in today's trading market. Here's everything you need to know before diving︈ in.
Binance was originally launched in the summer of 2017 after the ICO for︌ BNB. The name relates to binary finance, which is basically a fancy definition of cryptocurrency.︍ Changpeng Zhao and He Yi set up the exchange.
Originally, Binance was based in China.︎ The current regime passed quite a few laws against cryptocurrencies, forcing the exchange to relocate️ to Japan. Similar issues forced it to relocate to Malta. At the moment, Binance is based in the Cayman Islands.
Binance Coin features a deflationary measure since its official release, the burns of BNB handled by the exchange four times a year. A second similar measure was released in 2021.
By 2018, Binance was the largest exchange on the market, looking for options to grow. It expanded to the American market, but also upgraded the BNB and issued BUSD.
BUSD was released in collaboration with a New York based financial institution, Paxos. There are more than 18 million BUSD in circulation at the moment. In︀ 2022, Paxos disclosed what backed the BUSD, mainly cash or equivalents.
Before that, in 2019,︁ Binance partnered with Simplex to make cryptocurrencies more accessible. Basically, users could purchase different digital︂ coins using nothing but debit or credit cards.
During the same year, Binance experienced the︃ first hack. It forced the exchange to up its security standards. About 7,000 BTC was︄ stolen from Binance. Given the market value of the coin back then, the exchange lost︅ around $40 million.
Using the SAFU (Secure Asset Fund for Users), Binance repaid all the︆ users affected by the hack. The fund is still available today for unexpected situations.
Further big moments in its history include the Binance chain launch, the automatic BNB burning process︇ to up the asset price and the BNB chain launch.
The Binance chain was formally︈ launched in 2019, but its uses were limited, mainly governance and voting. To improve the︉ uses, Binance released the smart chain. The smart chain was practically a blockchain capable of︊ taking smart contracts.
As a result, Ethereum applications had no issues migrating over. What Binance︋ made was an alternative to Ethereum. However, it was also quicker, better, safer and cheaper.︌
The smart chain was officially out in 2020. BNB gained more versatility and hit an︍ all time high only a month later.
2022 brought in the BNB Chain, a mix︎ of the classic Binance Chain and Binance Smart Chain. It was severely attacked in the️ fall of 2022. A hacker managed to create more than a million BNB in two transactions.
No users were directly affected, but the industry suffered because of this weakness.
The interface is quite straightforward. Reaching your desired sections doesn’t require any experience. As you’re on the official website, you can buy crypto, NFTs or do something else using the main menu only, with direct links to all these things.
Options to trade are also available through︀ the main menu. However, as you scroll the main page, you may find it a︁ bit confusing with numbers and constantly changing prices. It's perfectly normal; those are common assets︂ and their prices.
Binance has its own mobile app as well. It is available for︃ free on both Android and iOS mobile devices, so you can trade on the go︄ too. The app offers a bit of customization, such as lite and advanced modes. Compared︅ to the desktop version, it’s lighter and doesn’t feel that crowded.
Once you get an︆ account, you’ll gain access to numerous features, such as tutorials for newbies, a wallet, crypto︇ deposits or withdrawals, spot and margin trading, crypto derivatives, trading bots, you name it.
Trading tools are quite varied and often include bots like Dash 2 Trade, Learn2Trade, Coinrule and︈ Bitsgap, only to name a few of the most successful ones with high success rates.︉
To get listed, new projects require detailed applications from the leadership, regular updates, BNB️ integration, authenticity verifications, NDA compliance and a deep overall analysis of the ethical conduct. Simply put, each project must go through a comprehensive process upfront.
Adequate liquidity and an engaged community are also among the main criteria for new coins.
Opening an account on Binance is a simple operation that shouldn’t take more than a few minutes.
Go to the official website, and you'll find a button to sign up in the top right corner. You can register with an email address or a phone number. The next step implies creating a solid password.
In order to︀ comply with different laws from all over the world, Binance will require you to add︁ some personal information. Introduce your full name like in your ID, as well as your︂ address and date of birth.
The registration︃ is straightforward and takes a few minutes. Once it’s done, you’ll have to confirm your︄ new account.
What takes slightly longer is the actual verification. You must verify your identity︅ by submitting pictures or scanned copies of a few documents. A government issued ID is︆ the most common requirement, but proof of address is often required too.
The verification is︇ done according to KYC and AML laws and regulations.
Once the account has been verified,︈ you'll gain access to further settings and features, such as two-factor authentication through a separate︉ app or text message.
More settings can be accessed as you make your first deposit︊ since you'll need to choose the preferred payment option. Get your deposit in, and your︋ account will be ready to trade.
Apart from the government-issued ID, you'll also have to︌ take a selfie. Verification requirements depend on your location and local laws. In some cases,︍ proof of address and other documents may be required.
Some fees may vary from one user to another, such as loan fees or margin interest rates. The bigger the transaction, the higher the fee, as they’re directly proportional. Besides, each operation has particularities that could affect the fees.
Binance is mainly appreciated for its︉ trading capabilities, offering users a wide variety of tools and options to meet their needs.︊
You can create your own buying and︎ selling orders, too.
The interface is split into more areas, with the main menu at the top, a price chart and a trading activity panel on the left. The right side has the order entry field and the margin overview, so you basically have everything you need at a glance.
There are two types of trading on Binance.︂ Cross margin lets you use your current balance as collateral. An isolated margin gives you︃ the option to decide what assets you want to use as collateral whenever you trade.︄
Staking on Binance allows supporting the blockchain network by validating︅ transactions. Each transaction requires more validations. To do so, users commit their crypto assets to︆ the network. It’s a form of investment that allows earning interest until the block reward︇ is released.
Go to the top menu and find the earning menu. You’ll find the︈ option there, as well as more choices for each stacking type. Locked stacking on Binance︉ brings in better rewards, but your funds will be locked for a particular period of︊ time.
Yield farming is similar, meaning you’ll have to lock your assets for profits. It’s︋ an effective way to generate extra cryptocurrency from what you currently have.
Binance offers access to more types of trading, so users’ experience is irrelevant. For instance,︌ one can follow certain bots that do their own trades based on presets. Some of︍ them have a relatively high success rate, ranging around 80%. Some others are more suitable︎ for asset diversification.
Copy trading follows the same principles and allows Binance users to follow️ successful traders and copy their trades, simple as that. Go to the “copy trading” menu and you’ll find different traders, their stats and some basic details about them, as well as the option to copy what they do.
Peer to peer trading allows Binance users to buy and sell cryptocurrencies directly. In other words, there’s no need to rely on an intermediary for the operation, as Binance offers a safe and convenient way to do it.
Assuming you've already registered, navigate to the P2P trading menu, and you'll find a list of all the cryptocurrencies you can buy or sell. Pick a︀ pair, place an order and complete the transaction.
In theory, the process would be risky︁ without an intermediary, but doing it over Binance will guarantee a quick and secure environment.︂
When it comes to paying fees on the exchange, they're paid in BNB. New tokens︆ are also released in the same manner, not to mention the possibility of transferring assets,︇ sending orders or cancelling orders. All these things require BNB.
BNB is responsible for the︈ Binance Smart Chain as well.
BNB isn't all about paying fees throughout Binance. Holding BNB︉ has other benefits as well, such as discounts on certain fees, lower commissions, and even︊ the possibility of qualifying for the VIP program.
Simply put, while BNB doesn’t have a︋ massive role in other exchanges, it helps reduce costs and enjoy certain benefits in Binance.︌
The former CEO was forced to pay $4.3 billion to settle charges.
Regulators from the USA appointed two different compliance monitors to ensure Binance meets the agreement requirements. Binance retained independent monitors as part of the requirements.
Given the management change and regulatory compliance, Binance managed to clean its reputation. As a direct consequence, it has made a comeback to India in 2024, one of its main markets. The exchange has registered with the FIU of India, so it can now resume operations.
Previously, operations were halted at the end of 2023 because of non-compliance problems.
Binance accepts both cryptocurrencies and fiat currencies for deposits. You can use bank︀ accounts or external wallets.
To deposit cryptocurrency, you'll have to log in to your account︁ and find the assets section on the main page. As a submenu, go to deposit︂ and then select the recharge feature. You'll be asked for the currency you want to︃ add. Once you make a decision, the website will generate a unique deposit address.
Make the transfer, but not before double or even triple checking the address. Send your money︄ to the wrong address and you risk losing it all. You can keep an eye︅ on the status, but the transfer will depend on the coin and the conditions of︆ the network.
Normally, a crypto deposit will take a few minutes, yet there are stances︇ when it takes a few hours.
Similarly, you can do it through a private wallet.︈
If you’re after buying crypto with fiat currency, you’ll need to go to wallet, find︉ fiat currency and go for the recharge option. You can make a deposit by cards,︊ bank transfers and fiat balances.
Withdrawing money is practically about︋ turning crypto into fiat currency, only so you can use it in real life. To︌ withdraw money, go to the Fiat and Spot page after you log on. That's where︍ you'll find your fiat balance. Pick the currency you'd like to withdraw and go for︎ the bank transfer option.
You’ll have to enter the bank details and amount. Binance will️ give you a time frame once the request is complete.
To withdraw money on a card, you'll have to pick the card withdrawal option rather than bank transfer. You'll be asked for some card details, including the CVV.
Binance is currently available in over 100 countries:
Customer service is important for any exchange︃ out there. Unexpected issues, small errors or financial problems often can’t wait, so it’s imperative︄ to have more ways to access the team and seek support.
Binance has a detailed︅ self help section with answers to the most common questions. Email support is also available,︆ but the 24/7 live chat is the quickest way to get your problems solved, especially︇ in an emergency.
Email replies take a working day on average. While there are waiting︈ lists for the live chat too, that’s normally faster.
Bitfinex is one of Binance's top︌ competitors. It's most commonly known for margin trading. Prior to Binance taking this type of︍ trading, Bitfinex had a serious advantage. Now that Binance offers both cross and isolated-margin trading,︎ Bitfinex has lost some of its popularity. Its fees are slightly higher too.
Uses
Binance is useful for trading, buying and selling crypto, but also to hold a plethora of️ different coins. Bitfinex is a bit more limited in its operations, being mainly recognized for digital asset trading.
Users and Cryptocurrencies
Binance has an impressive client base of over 128 million users, while Bitfinex barely has three million users. The cryptocurrency variety is higher in Binance as well, with hundreds of coins.
Bitfinex does offer access to the most popular ones, though.
Features
Both Binance and Bitfinex allow the use of analytical tools and social trading features. Unlike Binance, Bitfinex doesn't allow copy trading, which is quite useful for newbies. Security standards are slightly higher for Binance, too.
Despite being older (about five years), Bitfinex︀ doesn’t have too many unique features. It’s popular for its leader board, as well as︁ the payment cards. Binance has a more comprehensive user center though, so all the information︂ you require is displayed in one place.
Kraken is another solid︃ alternative. Around for quite a while and offering access to various features, Kraken has lost︄ the battle with the big players because it failed to implement too many cryptocurrencies. Other︅ than that, trading features and security measures won’t disappoint.
Currencies and Fees
Binance offers access︆ to over 350 currencies. Kraken, on the other hand, is slightly behind, with just over︇ 240 currencies. Lists are constantly improving, though. The good news is both exchanges offer access︈ to popular coins.
In terms of fees, there’s a solid structure in place for each︉ exchange. Binance, for example, charges 0% to 0.1% for trading. On the other hand, Kraken︊ fees vary between 0% and 0.26%. At the end of the day, it depends on︋ the pairs as well.
Security and Wallet
Binance can brag with cold storage for the︌ peace of mind of its clients. Two-factor authentication, address whitelisting and device management will also︍ add to its high-security standards.
Kraken has two-factor requirements for some operations, too. Cold storage︎ is also offered, as well as API key permission, surveillance and SSL encryption.
Binance relies️ on the Trust Wallet, one of the most respected names on the market. Kraken doesn’t have such a thing.
Pros and Cons Comparison
Binance has very low fees for trading and numerous coins and pairs to choose from. Kraken has a quick verification process and can be accessed by users in 48 US states. About 95% of its assets are held in cold storage.
In terms of negatives, Binance is more overwhelming for beginners, at least when it comes to its interface. With all these, Kraken isn’t as easy either and may still require a learning curve. Besides, Kraken doesn’t have a standalone wallet.
Despite having an impressive competition, one exchange in particular can fully compete︀ against Binance. Similar to Binance, Coinbase has a straightforward and easy to use interface. It’s︁ suitable to both newbies and advanced users, not to mention offering many more payment options︂ than Binance.
Main Features
Coinbase has an intuitive platform, despite feeling like it offers too︃ much data in one place only. Basic transactions are relatively simple, while withdrawals can be︄ requested in wallets. The platform has a standalone wallet too.
By comparison, Coinbase has similar︅ fees, so it won’t break the bank. Charting options are very detailed, even confusing for︆ new users. It offers access to hundreds of currencies, as well as the popular Trust︇ Wallet.
Transactions
Both exchanges excel when it comes to available transactions, but Binance brings in︈ more versatility. Practically, Binance allows more types of orders, peer to peer trading, margin trading,︉ not to mention one cancels the other order. And the list is longer.
Coinbase keeps︊ it simple and straightforward with buy, sell, exchange, receive and send. No fancy names, just︋ simple, which some newbies may appreciate.
Fees
Fees are some of the things that could︌ make the difference when not sure what exchange to pick.
Binance has relatively low fees,︍ so it is a good choice for those who are trying to reduce their losses︎ through fees and commissions.
Coinbase doesn't have massive fees either, but they're not disclosed. You'll️ know what you'll pay in fees as you're about to make a transaction, but you'll have to keep comparing whenever you do it.
Although it’s not the only exchange out there and each portal has︇ their own strengths, Binance holds very well against most of its competition. Throw in the︈ user friendly interface and the 24/7 customer support and it sounds like the perfect option.︉
While cards and cash still dominate the market, cryptocurrencies are more and more diversified, offering users the possibility to spend digital coins with physical cards, not to mention different opportunities to make money while trading different coins.
Many wanted to join the market, but few knew how. Building a bridge between classic money and cryptocurrencies implied using an exchange. And that’s when different portals popped out, with︀ some becoming more popular than others.
Whether it’s because of features, the trading volume or︁ the low fees, Binance has grown to become the largest exchange on the market today.︂
Providing access to a wide plethora of coins, options for trading, passive income and many︃ other financial tools, Binance is an excellent option for a wide variety of traders, as︄ well as investors from all paths of life. Boosting nearly 300 million users, the exchange︅ won’t disappoint.
Despite its popularity, Binance has also been through a few issues over the︆ past years, some of them affecting American and Australian users. With all these, it's still︇ a top player in today's trading market. Here's everything you need to know before diving︈ in.
History of Binance
Binance was originally launched in the summer of 2017 after the ICO for︌ BNB. The name relates to binary finance, which is basically a fancy definition of cryptocurrency.︍ Changpeng Zhao and He Yi set up the exchange.
Originally, Binance was based in China.︎ The current regime passed quite a few laws against cryptocurrencies, forcing the exchange to relocate️ to Japan. Similar issues forced it to relocate to Malta. At the moment, Binance is based in the Cayman Islands.
Binance Coin features a deflationary measure since its official release, the burns of BNB handled by the exchange four times a year. A second similar measure was released in 2021.
By 2018, Binance was the largest exchange on the market, looking for options to grow. It expanded to the American market, but also upgraded the BNB and issued BUSD.
BUSD was released in collaboration with a New York based financial institution, Paxos. There are more than 18 million BUSD in circulation at the moment. In︀ 2022, Paxos disclosed what backed the BUSD, mainly cash or equivalents.
Before that, in 2019,︁ Binance partnered with Simplex to make cryptocurrencies more accessible. Basically, users could purchase different digital︂ coins using nothing but debit or credit cards.
During the same year, Binance experienced the︃ first hack. It forced the exchange to up its security standards. About 7,000 BTC was︄ stolen from Binance. Given the market value of the coin back then, the exchange lost︅ around $40 million.
Using the SAFU (Secure Asset Fund for Users), Binance repaid all the︆ users affected by the hack. The fund is still available today for unexpected situations.
Further big moments in its history include the Binance chain launch, the automatic BNB burning process︇ to up the asset price and the BNB chain launch.
The Binance chain was formally︈ launched in 2019, but its uses were limited, mainly governance and voting. To improve the︉ uses, Binance released the smart chain. The smart chain was practically a blockchain capable of︊ taking smart contracts.
As a result, Ethereum applications had no issues migrating over. What Binance︋ made was an alternative to Ethereum. However, it was also quicker, better, safer and cheaper.︌
The smart chain was officially out in 2020. BNB gained more versatility and hit an︍ all time high only a month later.
2022 brought in the BNB Chain, a mix︎ of the classic Binance Chain and Binance Smart Chain. It was severely attacked in the️ fall of 2022. A hacker managed to create more than a million BNB in two transactions.
No users were directly affected, but the industry suffered because of this weakness.
Binance Platform Overview
As a centralized exchange, Binance is run by one entity, a team of professionals who keep adding to its capabilities. Its amazing history is the living proof that things have only gotten better for users.User Interface and Experience
The interface is quite straightforward. Reaching your desired sections doesn’t require any experience. As you’re on the official website, you can buy crypto, NFTs or do something else using the main menu only, with direct links to all these things.
Options to trade are also available through︀ the main menu. However, as you scroll the main page, you may find it a︁ bit confusing with numbers and constantly changing prices. It's perfectly normal; those are common assets︂ and their prices.
Binance has its own mobile app as well. It is available for︃ free on both Android and iOS mobile devices, so you can trade on the go︄ too. The app offers a bit of customization, such as lite and advanced modes. Compared︅ to the desktop version, it’s lighter and doesn’t feel that crowded.
Once you get an︆ account, you’ll gain access to numerous features, such as tutorials for newbies, a wallet, crypto︇ deposits or withdrawals, spot and margin trading, crypto derivatives, trading bots, you name it.
Trading tools are quite varied and often include bots like Dash 2 Trade, Learn2Trade, Coinrule and︈ Bitsgap, only to name a few of the most successful ones with high success rates.︉
Supported Cryptocurrencies
Some digital coins come and go; others tend to stick for longer.︊ BTC and ETH are by far the hottest cryptocurrencies on Binance, but the list also︋ includes:- BNB
- USDT
- SOL
- XRP
- DOGE
- ADA
- MATIC
- TRON
To get listed, new projects require detailed applications from the leadership, regular updates, BNB️ integration, authenticity verifications, NDA compliance and a deep overall analysis of the ethical conduct. Simply put, each project must go through a comprehensive process upfront.
Adequate liquidity and an engaged community are also among the main criteria for new coins.
How to Open an Account on Binance
Opening an account on Binance is a simple operation that shouldn’t take more than a few minutes.
Go to the official website, and you'll find a button to sign up in the top right corner. You can register with an email address or a phone number. The next step implies creating a solid password.
In order to︀ comply with different laws from all over the world, Binance will require you to add︁ some personal information. Introduce your full name like in your ID, as well as your︂ address and date of birth.
How to Verify an Account on Binance
The registration︃ is straightforward and takes a few minutes. Once it’s done, you’ll have to confirm your︄ new account.
What takes slightly longer is the actual verification. You must verify your identity︅ by submitting pictures or scanned copies of a few documents. A government issued ID is︆ the most common requirement, but proof of address is often required too.
The verification is︇ done according to KYC and AML laws and regulations.
Once the account has been verified,︈ you'll gain access to further settings and features, such as two-factor authentication through a separate︉ app or text message.
More settings can be accessed as you make your first deposit︊ since you'll need to choose the preferred payment option. Get your deposit in, and your︋ account will be ready to trade.
Apart from the government-issued ID, you'll also have to︌ take a selfie. Verification requirements depend on your location and local laws. In some cases,︍ proof of address and other documents may be required.
Fees and Commissions
The fee︎ structure on Binance is straightforward, but it may take a while to get used to️ it. Fees and commissions vary based on why you use the exchange.| Deposits | 0 |
| Withdrawals | Depending on the coin and user level |
| Trades | 0.1%, usually less for VIP users |
| BNB payments for fees | 25% discount on fees |
| Margin interest rates | Depending on the coin and amount |
| Market makers | 0.1% |
| Market takers | 0.1% |
Some fees may vary from one user to another, such as loan fees or margin interest rates. The bigger the transaction, the higher the fee, as they’re directly proportional. Besides, each operation has particularities that could affect the fees.
Security Standards on Binance
Binance has had a few hacking incidents in the past. These days, the exchange takes security extremely seriously, offering users access to more solutions than ever.Two Factor Authentication
The two factor authentication is a good addition to︀ a strong password. To log in, you'll have to enter an additional code that's generated︁ over a different app or by text message. This way, hackers will find it nearly︂ impossible to login, even if they actually have your password.Secure Asset Fund for Users︃
The SAFU is practically a reserve fund. Its primary purpose is to cover potential︄ losses caused by hacking attacks or other similar incidents. It’s a backup solution to ensure︅ the user’s money won’t be touched.Cold Storage
Cold storage is not to be︆ overlooked either, ensuring a big chunk of users’ funds are stored in an offline manner.︇ This kind of storage prevents potential hacking operations. Only a small amount is actually kept︈ in hot wallets for everyday operations.Trading Features
Binance is mainly appreciated for its︉ trading capabilities, offering users a wide variety of tools and options to meet their needs.︊
Spot Trading
Spot trading on Binance starts with an account. Log on, go︋ to the respective menu and you’ll be welcomed by a user friendly interface. The left︌ side offers an insight into sell orders (red) and buy orders (green). Trading pairs are︍ available on the right side of the screen.You can create your own buying and︎ selling orders, too.
Futures Trading
To trade futures on Binance, you'll need a Binance️ Futures account. If you already have a Binance account, just go to the futures submenu in derivatives, and you can start your futures account straight away.The interface is split into more areas, with the main menu at the top, a price chart and a trading activity panel on the left. The right side has the order entry field and the margin overview, so you basically have everything you need at a glance.
Margin Trading Options
Margin trading is a version of trading that allows you to borrow money from the exchange to invest in cryptocurrency. You can open decent positions without too much︀ capital. If the market moves the right way, your profits will be greater than normal.︁ But losses can be just as bad.There are two types of trading on Binance.︂ Cross margin lets you use your current balance as collateral. An isolated margin gives you︃ the option to decide what assets you want to use as collateral whenever you trade.︄
Staking and Yield Farming
Staking on Binance allows supporting the blockchain network by validating︅ transactions. Each transaction requires more validations. To do so, users commit their crypto assets to︆ the network. It’s a form of investment that allows earning interest until the block reward︇ is released.
Go to the top menu and find the earning menu. You’ll find the︈ option there, as well as more choices for each stacking type. Locked stacking on Binance︉ brings in better rewards, but your funds will be locked for a particular period of︊ time.
Yield farming is similar, meaning you’ll have to lock your assets for profits. It’s︋ an effective way to generate extra cryptocurrency from what you currently have.
Copy Trading
Binance offers access to more types of trading, so users’ experience is irrelevant. For instance,︌ one can follow certain bots that do their own trades based on presets. Some of︍ them have a relatively high success rate, ranging around 80%. Some others are more suitable︎ for asset diversification.
Copy trading follows the same principles and allows Binance users to follow️ successful traders and copy their trades, simple as that. Go to the “copy trading” menu and you’ll find different traders, their stats and some basic details about them, as well as the option to copy what they do.
P2P Trading
Peer to peer trading allows Binance users to buy and sell cryptocurrencies directly. In other words, there’s no need to rely on an intermediary for the operation, as Binance offers a safe and convenient way to do it.
Assuming you've already registered, navigate to the P2P trading menu, and you'll find a list of all the cryptocurrencies you can buy or sell. Pick a︀ pair, place an order and complete the transaction.
In theory, the process would be risky︁ without an intermediary, but doing it over Binance will guarantee a quick and secure environment.︂
What’s BNB Coin?
Most commonly referred to as BNB, Binance Coin is the proprietary︃ digital coin of the exchange. It plays an important role in pretty much any action︄ or operation throughout the exchange. For example, it powers the chain as its native token.︅When it comes to paying fees on the exchange, they're paid in BNB. New tokens︆ are also released in the same manner, not to mention the possibility of transferring assets,︇ sending orders or cancelling orders. All these things require BNB.
BNB is responsible for the︈ Binance Smart Chain as well.
BNB isn't all about paying fees throughout Binance. Holding BNB︉ has other benefits as well, such as discounts on certain fees, lower commissions, and even︊ the possibility of qualifying for the VIP program.
Simply put, while BNB doesn’t have a︋ massive role in other exchanges, it helps reduce costs and enjoy certain benefits in Binance.︌
Binance's Latest Regulatory Compliance
At the beginning of 2024, the new CEO of Binance,︍ Richard Teng, stressed the necessity of regulatory compliance for the overall success of the company.︎ His statements came just months after the former CEO was found guilty of violating anti️ money laundering laws in the USA.The former CEO was forced to pay $4.3 billion to settle charges.
Regulators from the USA appointed two different compliance monitors to ensure Binance meets the agreement requirements. Binance retained independent monitors as part of the requirements.
Given the management change and regulatory compliance, Binance managed to clean its reputation. As a direct consequence, it has made a comeback to India in 2024, one of its main markets. The exchange has registered with the FIU of India, so it can now resume operations.
Previously, operations were halted at the end of 2023 because of non-compliance problems.
How to Deposit Payments
Binance accepts both cryptocurrencies and fiat currencies for deposits. You can use bank︀ accounts or external wallets.
To deposit cryptocurrency, you'll have to log in to your account︁ and find the assets section on the main page. As a submenu, go to deposit︂ and then select the recharge feature. You'll be asked for the currency you want to︃ add. Once you make a decision, the website will generate a unique deposit address.
Make the transfer, but not before double or even triple checking the address. Send your money︄ to the wrong address and you risk losing it all. You can keep an eye︅ on the status, but the transfer will depend on the coin and the conditions of︆ the network.
Normally, a crypto deposit will take a few minutes, yet there are stances︇ when it takes a few hours.
Similarly, you can do it through a private wallet.︈
If you’re after buying crypto with fiat currency, you’ll need to go to wallet, find︉ fiat currency and go for the recharge option. You can make a deposit by cards,︊ bank transfers and fiat balances.
How to Withdraw Money
Withdrawing money is practically about︋ turning crypto into fiat currency, only so you can use it in real life. To︌ withdraw money, go to the Fiat and Spot page after you log on. That's where︍ you'll find your fiat balance. Pick the currency you'd like to withdraw and go for︎ the bank transfer option.
You’ll have to enter the bank details and amount. Binance will️ give you a time frame once the request is complete.
To withdraw money on a card, you'll have to pick the card withdrawal option rather than bank transfer. You'll be asked for some card details, including the CVV.
Countries Where You Can or Can’t Use Binance
Binance is currently available in over 100 countries:
- Africa: Nigeria, South Africa
- America: Argentina, Brazil, Chile, Colombia, Mexico, Peru
- Asia and Pacific: Afghanistan, Australia, Cambodia, India, Indonesia, Japan, Kazakhstan, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Taiwan, Vietnam, Egypt, Israel, Saudi Arabia, United Arab Emirates
- Europe: Bulgaria, Czech Republic, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Russia,︀ Slovakia, Slovenia, Spain, Switzerland, Turkey, Ukraine
Binance Customer Support
Customer service is important for any exchange︃ out there. Unexpected issues, small errors or financial problems often can’t wait, so it’s imperative︄ to have more ways to access the team and seek support.
Binance has a detailed︅ self help section with answers to the most common questions. Email support is also available,︆ but the 24/7 live chat is the quickest way to get your problems solved, especially︇ in an emergency.
Email replies take a working day on average. While there are waiting︈ lists for the live chat too, that’s normally faster.
Binance Vs. Other Platforms
Based on the volume, Binance is the leading exchange out there. However, it's not the only︉ one. There are quite a few alternatives out there, and some of them are able︊ to provide better service. At the end of the day, it depends on what you︋ expect from such a service.Binance Vs. Bitfinex
Bitfinex is one of Binance's top︌ competitors. It's most commonly known for margin trading. Prior to Binance taking this type of︍ trading, Bitfinex had a serious advantage. Now that Binance offers both cross and isolated-margin trading,︎ Bitfinex has lost some of its popularity. Its fees are slightly higher too.
Uses
Binance is useful for trading, buying and selling crypto, but also to hold a plethora of️ different coins. Bitfinex is a bit more limited in its operations, being mainly recognized for digital asset trading.
Users and Cryptocurrencies
Binance has an impressive client base of over 128 million users, while Bitfinex barely has three million users. The cryptocurrency variety is higher in Binance as well, with hundreds of coins.
Bitfinex does offer access to the most popular ones, though.
Features
Both Binance and Bitfinex allow the use of analytical tools and social trading features. Unlike Binance, Bitfinex doesn't allow copy trading, which is quite useful for newbies. Security standards are slightly higher for Binance, too.
Despite being older (about five years), Bitfinex︀ doesn’t have too many unique features. It’s popular for its leader board, as well as︁ the payment cards. Binance has a more comprehensive user center though, so all the information︂ you require is displayed in one place.
Binance Vs. Kraken
Kraken is another solid︃ alternative. Around for quite a while and offering access to various features, Kraken has lost︄ the battle with the big players because it failed to implement too many cryptocurrencies. Other︅ than that, trading features and security measures won’t disappoint.
Currencies and Fees
Binance offers access︆ to over 350 currencies. Kraken, on the other hand, is slightly behind, with just over︇ 240 currencies. Lists are constantly improving, though. The good news is both exchanges offer access︈ to popular coins.
In terms of fees, there’s a solid structure in place for each︉ exchange. Binance, for example, charges 0% to 0.1% for trading. On the other hand, Kraken︊ fees vary between 0% and 0.26%. At the end of the day, it depends on︋ the pairs as well.
Security and Wallet
Binance can brag with cold storage for the︌ peace of mind of its clients. Two-factor authentication, address whitelisting and device management will also︍ add to its high-security standards.
Kraken has two-factor requirements for some operations, too. Cold storage︎ is also offered, as well as API key permission, surveillance and SSL encryption.
Binance relies️ on the Trust Wallet, one of the most respected names on the market. Kraken doesn’t have such a thing.
Pros and Cons Comparison
Binance has very low fees for trading and numerous coins and pairs to choose from. Kraken has a quick verification process and can be accessed by users in 48 US states. About 95% of its assets are held in cold storage.
In terms of negatives, Binance is more overwhelming for beginners, at least when it comes to its interface. With all these, Kraken isn’t as easy either and may still require a learning curve. Besides, Kraken doesn’t have a standalone wallet.
Binance Vs. Coinbase
Despite having an impressive competition, one exchange in particular can fully compete︀ against Binance. Similar to Binance, Coinbase has a straightforward and easy to use interface. It’s︁ suitable to both newbies and advanced users, not to mention offering many more payment options︂ than Binance.
Main Features
Coinbase has an intuitive platform, despite feeling like it offers too︃ much data in one place only. Basic transactions are relatively simple, while withdrawals can be︄ requested in wallets. The platform has a standalone wallet too.
By comparison, Coinbase has similar︅ fees, so it won’t break the bank. Charting options are very detailed, even confusing for︆ new users. It offers access to hundreds of currencies, as well as the popular Trust︇ Wallet.
Transactions
Both exchanges excel when it comes to available transactions, but Binance brings in︈ more versatility. Practically, Binance allows more types of orders, peer to peer trading, margin trading,︉ not to mention one cancels the other order. And the list is longer.
Coinbase keeps︊ it simple and straightforward with buy, sell, exchange, receive and send. No fancy names, just︋ simple, which some newbies may appreciate.
Fees
Fees are some of the things that could︌ make the difference when not sure what exchange to pick.
Binance has relatively low fees,︍ so it is a good choice for those who are trying to reduce their losses︎ through fees and commissions.
Coinbase doesn't have massive fees either, but they're not disclosed. You'll️ know what you'll pay in fees as you're about to make a transaction, but you'll have to keep comparing whenever you do it.
FAQs
Still unsure about Binance? Here are some frequently asked questions and answers.Why does Binance burn BNB?
Binance burns some of the BNB supply on a quarterly basis. The exchange is trying to add scarcity in this manner, not to mention boosting the price for the BNB.Is BNB useful on other platforms, too?
BNB is accepted on other exchanges too. Its primary uses and benefits are associated with Binance, but you can also trade it in other︀ exchanges.Is it legal to use Binance?
Binance is legal and used in more︁ than 100 countries. But based on local laws and regulations, it’s not usable in some︂ countries. Make sure you check your location over the official website before signing up.What are the requirements for a minimum deposit on Binance?
Binance doesn’t have an overall︃ minimum deposit requirement. Minimum requirements depend on the currency you use.Final Words
Bottom line, it's easy to understand what makes Binance such a solid player in the crypto︄ market. It features affordable fees, has solid security measures and boosts a wide variety of︅ currencies. In other words, it's a fully featured exchange, able to cater for both beginner︆ and professional needs.Although it’s not the only exchange out there and each portal has︇ their own strengths, Binance holds very well against most of its competition. Throw in the︈ user friendly interface and the 24/7 customer support and it sounds like the perfect option.︉
