Binance: The Largest Crypto Exchange
Binance is a reliable crypto exchange with diverse user base. At the time of writing this, it has 210 million users across the globe. A major reason for such growth is the comprehensive product offering. Binance provides wide range of tools and services tailored to needs of crypto traders and institutional investors. There is wide range of tradable cryptocurrencies.
You can do spot, derivatives and margin trading using this platform. Moreover, trade bots are also available if you want to automate trade strategies. Interestingly, copy trading is also available for both spot and futures assets.
Pros and Cons
| Pros | Cons |
| Up to 500 tradable coins | Difficult for beginners |
| Wide range of derivatives products | KYC process can be time-consuming |
| Bot trading and copy trading | |
| Crypto staking and dual-investment products | |
| Extensive educational resources which cover all aspects of crypto and blockchain | |
| Very secure platform |
Trade Fees
Spot and margin fees are higher for normal users. Both maker or taker pay 0.1% if their monthly trade volume is less than 1 million USD or they hold 0 BNB tokens. You can become a VIP user to reduce the fee. For that purpose you have to meet specific eligibility criteria which includes monthly trade volume of more than 1 million USD and minimum BNB holding of 25.
| Level | Monthly Trade Volume | And/or | BNB Balance | Taker/Maker |
| Regular User | < 1,000,000 USD | or | ≥ 0 BNB | 0.1000% / 0.1000% |
| VIP 1 | ≥ 1,000,000 USD | and | ≥ 25 BNB | 0.0900% / 0.1000% |
| VIP 2 | ≥ 5,000,000 USD | and | ≥ 100 BNB | 0.0800% / 0.1000% |
| VIP 3 | ≥ 20,000,000 USD | and | ≥ 250 BNB | 0.0420% / 0.0600% |
| VIP 4 | ≥ 100,000,000 USD | and | ≥ 500 BNB | 0.0420% / 0.0540% |
| VIP 5 | ≥ 150,000,000 USD | and | ≥ 1,000 BNB | 0.0360% / 0.0480% |
| VIP 6 | ≥ 400,000,000 USD | and | ≥ 1,750 BNB | 0.0300% / 0.0420% |
| VIP 7 | ≥ 800,000,000 USD | and | ≥ 3,000 BNB | 0.0240% / 0.0360% |
| VIP 8 | ≥ 2,000,000,000 USD | and | ≥ 4,500 BNB | 0.0180% / 0.0300% |
| VIP 9 | ≥ 4,000,000,000 USD | and | ≥ 5,500 BNB | 0.0120% / 0.0240% |
Trading Experience
The trading interface offers wide range of tools that can be utilized to execute a specific trade strategy. There are advanced charting tools and indicators which you can use to analyse the crypto price movements. Money flow data, and cryptocurrency-related information are also available all in a single interface. Moreover, you can also set trade bot or execute manual trade under single interface. This comprehensive approach makes trading very convenient though it can be overwhelming for beginners.
Binance offers various order types including limit, market, stop-limit, trailing stop and OCO. Binance Square, a community-driven platform integrated into trading platform offers news related to current crypto market. Overall, Binance provides a professional trading experience. Beginners can use the educational resources to familiarize themselves with specific trading strategies.
Other Features
Apart from crypto trading, Binance also provides other financial services including staking products. These products are available under the “Simple Earn” feature. Unlike DeFi staking, the rewards generated by Simple Earn come from blockchain validation, crypto loans, and other operational purposes used by Business units inside Binance. You can deposit your crypto in these products to start earning rewards depending on the APR rate which is specific to each cryptocurrency. Usually, dual-investment products offer more APR than Simple Earn.
Other unique features include cloud mining service which allows miners to securely earn rewards, crypto loans with no transaction fees and Binance launchpool which allows users to do investment in new crypto projects.
Customer Service & Satisfaction
Binance provides a customer support page including FAQ section. Users can also chat with customer support representatives if they have any issues. Hundreds of users have posted reviews about this crypto exchange on G2 which concludes Binance overall rating of 3.9 out of 5. Many users express the satisfaction with Binance’s secure platform, user-friendly interface, and overall trading features, while some others also complain about account-related problems and extensive security procedures.
Company Overview
A Chinese software developer, Chanpeng Zhao (or CZ) founded the Binance company in 2017. With prior experience in trading software development and entrepreneurship, he developed a professional crypto exchange. The platform gained popularity and became the world’s largest crypto exchange in terms of trading volume. Company has expanded to a blockchain ecosystem which encompasses, Binance exchange, Labs, Binance Smart Chain, Trust wallet, Binance Academy, Research, Binance charity, Binance DEX, and many more areas. The company was initially based in China, but it is now headquartered in George Town, Malta.