Binance Review 2021
Pros of Binance
- A large variety of altcoins to invest in
- Low fees to trade with
- Great customer support
Cons of Binance
- Can be quite complex to use for beginners
- User doesn’t control wallet key
Affiliate Disclosure: We earn a small commission from referrals to Binance for this article if you sign up using one of our links. We provide unbiased and honest opinion in this Binance review 2021.
The cryptocurrency exchange was founded in 2017 in China; however, it is based in Malta and operates in the U.S. and Singapore. Binance.US also launched in September 2019 and is based in San Francisco.
Binance is essentially this unique ecosystem of decentralized, blockchain-based networks, and over time the company has grown to become a leader in crypto exchange offerings within a number of countries, where their side organizations are attracting interest across the globe.
The Binance exchange is known for offering users a lot of services. The main selling point and the appeal of the platform is its exchange. Binance’s exchange allows anyone to exchange FIAT for cryptocurrency. This can be done through peer-to-peer (P2P) trading, credit or debit cards, wire transfers as well as other methods. You can trade over 300 cryptocurrencies on Binance.
Binance also has its own software wallet which is known as the Trust Wallet. It supports many blockchains as well as assets, and has support for both Android as well as iOS devices, making it accessible just about anywhere. You are not required to use a Trust Wallet as a user and can move your asset to any cryptocurrency wallet you end up picking.
When it comes to the fees, Binance charges a 0.1% spot trading fee on most pairs, which is considered a lot lower when compared to competing exchanges. If you opt-in for the instant buy or sell a trading option, the fee is 0.5%.
|Level||30d Trade Volume (BTC)&/or BNB Balance||Maker / Taker||Maker / Taker BNB 25% off||Maker / Taker BNB x Referral 25% off x Kickback 20%|
|VIP 0||< 50 BTC or ≥ 0 BNB||0.1000% / 0.1000%||0.0750% / 0.0750%||0.0600% /0.0600%|
|VIP 1||≥ 50 BTC & ≥ 50 BNB||0.0900% / 0.1000%||0.0675% / 0.0750%||0.0540% /0.0600%|
|VIP 2||≥ 500 BTC & ≥ 200 BNB||0.0800% / 0.1000%||0.0600% / 0.0750%||0.0480% /0.0600%|
|VIP 3||≥ 1500 BTC & ≥ 500 BNB||0.0700% / 0.1000%||0.0525% / 0.0750%||0.0420% /0.0600%|
|VIP 4||≥ 4500 BTC & ≥ 1000 BNB||0.0700% / 0.0900%||0.0525% / 0.0675%||0.0420% /0.0540%|
|VIP 5||≥ 10000 BTC & ≥ 2000 BNB||0.0600% / 0.0800%||0.0450% / 0.0600%||0.0360% /0.0480%|
|VIP 6||≥ 20000 BTC & ≥ 3500 BNB||0.0500% / 0.0700%||0.0375% / 0.0525%||0.0300% /0.0420%|
|VIP 7||≥ 40000 BTC & ≥ 6000 BNB||0.0400% / 0.0600%||0.0300% / 0.0450%||0.0240% /0.0360%|
|VIP 8||≥ 80000 BTC & ≥ 9000 BNB||0.0300% / 0.0500%||0.0225% / 0.0375%||0.0180% /0.0300%|
|VIP 9||≥ 150000 BTC & ≥ 11000 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%||0.0120% /0.0240%|
The Binance Trading Platform
Binance is known for being beginner-friendly, which means that its trading platform is easy to use. There is a specific cryptocurrency section that is available for trading with some of the most popular trading pairs, and you can even find crypto to FIAT pairs on the FIAT markets.
Binance Trading Options
Convert – this is by far one of the simplest ways through which you can trade. All you have to do is enter an amount, as well as a currency you want to convert from, and one you want to convert to. The system will automatically show you the current trading value of the asset you are interested in.
Classic – this provides you with a simple user interface. Here you have a basic layout, including information about the 24h change, 24h high, 24h low, 24h volume, and so on. You can also select between the original view, the Trading View, and the Depth view option.
Advanced – for the more technical users out there, you will get access to all of the trading tools. Here, you’re basically flooded with information, from the order book to trades to the time length of the data and so on.
Margin – you can increase your profits with leverage. Only use this if you are an experienced trader.
P2P – allows bank transfers as well as over 100 other options. You essentially get a list of sellers and can buy a specific cryptocurrency directly from them.
Stock Token – you can trade stocks with crypto, and at this time you can trade with APPL/BUSD (Apple Inc.), COIN/BUSD (Coinbase Global, Inc.), MSFT/BUSD (Microsoft Corporation), MSTR/BUSD (MicroStrategy Incorporated.) and TSLA/BUSD (Tesla Inc.).
Binance U.S. – While Binance.com might appeal to you as a place to start trading on Binance as a whole, if you’re from the U.S., you’ll need to use a different website known as Binance.us.
The main difference is that the U.S. site has fewer supported currencies, and fewer features, unfortunately.
The Binance Coin (BNB)
The Binance Coin initially started as a traditional ERC20 token on the Ethereum blockchain, but when Binance introduced their own blockchain, the coins started getting issued from the Binance Blockchain, which was secured by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.
Furthermore, the Binance Smart Chain (BSC) is a blockchain network that is built for running smart contract-based application, where the aim is to help the platform enable developers to build decentralized applications (dApps) and help users manage their digital assets cross-chain with low latency and at a large capacity.
This coin is used to facilitate crypto trading on the exchange and was originally launched during an Initial Coin Offering (ICO) in July of 2017, where Binance offered 10% or 20 million BNB tokens to angel investors, 40% or 80 million to the founding team, and 50% or 100 million to various participants throughout the ICO process.
Opening an Account on Binance
If you want to open an account on Binance, the process itself is quite straightforward. All you have to do is register.
- To do this, go to the homepage, and click on “Register”.
- Here, you’ll be redirected to the registration page where you will need to enter your email address and create a password as well.
- Now, an email will be sent to you, and you’ll have to log into your email, click on verify email, and complete your registration that way.
- Furthermore, you will be given the opportunity to set up two-factor authentication (2FA).
- Next, you can either use Binance’s own software wallet, or connect your own, and you can begin the process of cryptocurrency trading.
While we are at Binance trading, another thing worth noting is that they offer you few types of orders for crypto derivatives, including:
- limit order
- market order
- stop-limit order
- stop market order
- trailing stop order
- post-only order
- limit TP/SL order
Keep in mind that you will need to complete a Know Your Customer (KYC) process, and you can purchase crypto using a credit or debit card initially or by depositing funds into your FIAT and Spot wallet.
Furthermore, you can also enable the Binance Anti-Phishing code.
When it comes to the payment methods, Binance offers multiple deposit options for users, and these include crypto deposits for users who already own cryptocurrencies that are supported by Binance.
- Bank deposits, where Binance supports bank deposits from the world’s various FIAT currencies.
- Credit or Debit Cards through Visa or MasterCard, PTP trading by bank transfer as well as over 60 alternative options
- Last but not least third-party payments through Banxa and Simplex.
Binance is a cryptocurrency exchange that launched in July of 2017, and has developed its own blockchain, its own currency, and allows users to trade over 300 cryptocurrencies which they can purchase with FIAT currencies.
It is reliable, extremely beginner-friendly, and has a solid community and fan base using it. You have numerous tutorials and guides on the platforms that will ease your transition to the world of cryptocurrency trading, and it has proven to be quite reliable.