Binance Review 2023
Binance.com is one of the largest and most popular cryptocurrency exchanges in the world.
Founded in 2017, it has quickly grown to become the top crypto exchange by trading volume.
In this comprehensive Binance review, we’ll cover everything you need to know about this platform.
What Binance Does
Binance is a crypto exchange platform that allows users to buy, sell, trade, and stake cryptocurrencies like Bitcoin, Ethereum, and hundreds of altcoins.
Its key services include:
- Spot trading of major cryptocurrencies with USD, stablecoins, BNB and altcoins
- Margin trading with up to 5x leverage
- Peer-to-peer (P2P) crypto trading
- Futures, options, swaps and other derivatives trading
- Staking and cryptocurrency savings accounts
- OTC crypto trading for large block trades
- Initial exchange offerings (IEOs)
- NFT marketplace
Binance aims to be an all-in-one platform for both retail and institutional crypto investors.
Its extensive range of products and services make it one of the most versatile exchanges.
Features and Functionalities
Some of the key features and functionalities of Binance include:
- User-friendly interface – Binance offers an intuitive user interface available on desktop and mobile devices. It’s easy for beginners to get started.
- High liquidity – As the top crypto exchange, Binance has some of the highest liquidity and trading volumes in the industry. This helps minimize slippage when entering/exiting positions.
- Multiple device support – Users can access Binance via web browser, Android and iOS mobile apps, and the Binance desktop client for Mac and Windows.
- Secure storage – Binance uses a combination of hot and cold wallets to securely store user funds offline. The majority of assets are held in cold storage.
- Staking services – Binance Earn allows users to stake supported proof-of-stake (PoS) coins and earn staking rewards.
- Trading tools – Useful trading tools include order books, charting packages, trend analysis, indicators, risk management features and more.
- Academy and news – Binance provides an academy with blockchain tutorials plus a news and research portal to help inform traders.
How to Use Binance
Here is a quick guide on getting started and using Binance:
- Register – Go to Binance.com and click “Register” to create your account. Verify your identity.
- Deposit – Once logged in, deposit crypto or fiat currency into your Binance account.
- Trade – Head over to the “Exchange” section to trade crypto and fiat pairs. Use limit orders, market orders or P2P trading.
- Withdraw – Withdraw your cryptocurrency holdings or fiat balance to an external wallet or bank account.
- Earn – Explore Binance Earn to start staking coins and earning interest on your crypto holdings.
- Secure account – Make sure to enable 2-factor authentication and follow other security best practices.
Binance offers 24/7 live chat support in multiple languages to help users.
The main fee to consider on Binance is the trading fee. By default, Binance charges a 0.1% spot trading fee per trade.
Using BNB to pay for fees gives a 25% discount, reducing fees to 0.075%. Margin and futures fees start from 0.02% and can go as high as 0.2% depending on leverage.
There are no fees for deposits. Withdrawal fees vary by cryptocurrency. For example, BTC withdrawals cost 0.0005 BTC. Overall, Binance offers very competitive pricing compared to other major exchanges.
Comparison to Other Exchanges
How does Binance compare against some of the other top crypto exchanges?
- Coinbase – Easier to use for beginners but has higher fees than Binance. Much more limited coin selection.
- Kraken – Good reputation and security but fewer altcoins than Binance and UI not as user friendly.
- KuCoin – Lower liquidity than Binance but also has a wide range of altcoins. More limited derivatives offerings.
Overall, Binance stands out due to its vast selection of cryptocurrencies, low trading fees, discounted fees when paying with BNB, and wide range of trading options beyond basic spot trading.
Binance Stats and Growth
- Founded in 2017 by Changpeng Zhao
- Based in Malta
- Quickly became one of largest exchanges due to wide selection of coins and low fees
- Has over 120 million users across 180+ countries
- Average daily volume of $65 billion
- 300 billion spot transactions in 2022
Compliance and Regulation
- Has faced regulatory uncertainty in some countries including:
- United States
- United Kingdom
- Working to improve regulatory compliance
- Uses address whitelisting and cryptoasset insurance
- Majority of funds held in cold storage
- Has suffered some security breaches in the past
- Offers 24/7 support in 40 languages
- Multilingual support a key advantage over competitors
- Aims to be infrastructure provider for crypto globally
- Wants to increase adoption and accessibility of cryptocurrencies
- Supports over 1,400 trading pairs
- High number of pairs increases chances of finding opportunities
- Good liquidity in major trading pairs due to volumes
- Lower liquidity in some small cap altcoins
- Tighter spreads on major coins, wider spreads on small caps
- OTC desk for large $100k+ trades
- Regularly adds new features like:
- Savings accounts
- NFT marketplace
Binance stands out as an exchange for its low fees, extensive coin selection, and addition of new services over time.
It aims to be the top crypto infrastructure provider though regulatory uncertainty remains an issue.
While it has suffered some breaches, Binance generally maintains high security standards for an exchange.
Pros and Cons
Some of the key advantages and disadvantages of using Binance include:
- Very low trading fees
- Discounts for using BNB
- Hundreds of cryptocurrencies to choose from
- Advanced trading features
- Secure cold storage of funds
- Educational resources
- Complex for brand new users
- Limited fiat currency options
- Past regulatory uncertainty (improved now)
- Customer support could be better
User Review Ratings
Checking popular review sites, Binance scores very well among users:
- Trustpilot – 4.2 out of 5 stars (Excellent)
- SiteJabber – 4.5 out of 5 stars
- Cryptorank – 4.8 out of 5 stars
Positive reviews praise the low fees, wide range of coins and trading options.
Negative reviews cite poor customer service and potential bugs in the platform.
But overall, Binance earns excellent reviews from most users.
Frequently Asked Questions
Is Binance safe to use?
Yes, Binance utilizes top-tier security measures including cold wallet storage, 2-factor authentication, and mandatory KYC verification.
Its track record shows no major security breaches to date.
Does Binance work in the US?
Binance disabled services for US-based users in 2019. US users now need to sign up for Binance.us which offers reduced coins compared to the global platform.
What is the minimum trade amount on Binance?
The minimum trade amount varies by crypto asset but is often around $10-$15 worth of coins.
Some coins have higher minimum trade amounts.
What is BNB coin?
BNB is the native utility token of the Binance ecosystem.
It can be used to pay for fees at a discount and access additional features on the exchange.
How long does KYC verification take on Binance?
KYC verification typically takes 1-3 days but may take longer when there is high demand.
Ensuring you submit all required documents speeds up the process.
Overall, Binance is a top choice among crypto exchanges thanks to its competitive fees, hundreds of coins, and robust trading platform.
While it has some downsides, its wide range of services plus excellent user ratings make it hard to beat for an all-in-one cryptocurrency exchange.