Binance Review for 2022

Adam Morris
— Last Updated on August 10, 2022

Summary: Binance has easily become one of the most popular cryptocurrency exchanges in the world. Apart from being the largest and most liquid platform in the game, Binance offers endless trading opportunities for both beginners and professionals.

When it comes to trading options, payment methods, support for fiat currencies, and the cost structure, the exchange truly merits its position as an industry leader.

What more could we ask for?

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Binance at a glance

binance logo

Website: https://www.binance.com/en
Country: China
Mobile app: Yes
Deposit Methods: Credit/debit cards (issued by Visa or Mastercard), SEPA/wire transfers, bank account transfers (P2P)
Trading Fees: 0.1%
Fiat Currencies: 40+
Cryptocurrencies: 700+

Pros

  • The largest and most liquid trading platform in the industry;
  • Offers some of the lowest trading fees;
  • Provides the widest selection of cryptocurrencies, fiat currencies, trading pairs, and investment opportunities;
  • Enables financial services suitable for both beginners and professional traders;
  • Supports margin, derivatives, and futures trading;
  • Has a separate trading platform for US residents.

Cons

  • A non-regulated platform;
  • Beginners might be somewhat confused by the vast offer of trading instruments;
  • Has some regulatory issues with several countries;
  • There are several security questions raised regarding the platform’s safety.

What Is Binance Australia?

Binance website

Binance Australia is the largest cryptocurrency exchange open for Australian cryptocurrency investors who seek a decentralised, highly liquid marketplace to purchase their inaugural tokens without the hassle of trying to secure them on smaller, less active exchanges.

As an Aussie trader, you can quickly increase your cryptocurrency balance through various investment options and staking. Peer-to-peer (P2P) trading, simple crypto swaps, but also complex trading options such as futures trading and margin trading are all available to Binance users.

Additionally, the platform’s trading fees are quite cost-effective compared to those of its competitors. On the Binance exchange, you also have the flexibility to conduct your trades without disclosing your identity, which is ideal for those who like to maintain their anonymity.

Who Is Binance Designed for?

Given that Binance’s trading choices are the most comprehensive in the industry, I feel confident that there is something for every trader on this platform.

The results of my research back up my claim as well. As it turns out, Binance has many sophisticated features for seasoned traders, but it’s also a terrific place for crypto trading newbies to get their feet wet in the crypto waters.

Additionally, anybody above the age of 18 can trade on Binance. You should also be a legal resident of a country where the platform is allowed to operate.

Supported Cryptocurrencies

Binance supported crypto coins

Binance embraces Bitcoin trading and offers you access to over 700 additional crypto assets. Some of these virtual currencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), and many others.

I personally find the exchange’s broad support of various types of crypto projects to be its strongest selling point, as it enables you to choose your preferred coin with relative ease and engage in transactions involving an unbelievable variety of trading pairings. As a result, I can foresee that Binance’s extensive selection of digital assets will attract a large number of crypto traders and investors who enjoy having many options.

Key Features & Advantages of Binance

Let’s take a look at Binance’s most popular features that garner the attention of millions of users worldwide.

Low Fees

By maintaining the industry’s most competitive trading costs, Binance has solidified its position as a leader in the cryptocurrency space. In addition to the already low trading fees, Binance offers extra options to reduce these expenses. For instance, holding the exchange’s native BNB token may earn you a 25% rebate on all trading fees.

When calculating the fees each client must pay per trade, Binance considers several criteria, such as the traders’ position as makers or takers and the users’ BNB holdings and trading volume over the last 30 days.

Binance App

As I see it, the Binance app is a one-stop shop for cryptocurrency trading, with a wide variety of crypto and fiat currencies for swapping, convenient financial tools for earning interest on your coins by crypto lending or staking, loan applications, etc.

Binance mobile app

Even if leveraged futures or margin trading are your preferred trading instruments, I do believe you can safely trade these high-risk items from anywhere using Binance’s mobile trading platform.

From my point of view, expanding cryptocurrency exchanges and trading platforms in the crypto sphere sometimes presents a challenging learning curve for newcomers to the market. Knowing this fact, Binance developed Binance Lite, a stripped-down knockoff of the Binance App, to simplify things for beginners who’d like to purchase crypto on the go through this platform.

Binance Wallet

Binance recommends using the Trust Wallet as their primary wallet service. The Trust Wallet app is available for Apple iOS and Google Android devices. I think one of the best things about this wallet is that you can see the market fluctuations as they change in real-time and make instant crypto trades without having to create an account or provide any other kind of identification.

Binance trust wallet

But, the benefits of using the Trust wallet don’t end here. This crypto storing solution also offers you the ability to receive passive income from your cryptocurrency holdings. At the same time, you can use your credit card to pay for cryptocurrency transactions made with this crypto wallet.

Switch to Basic Interface for Beginners

What I appreciate most about Binance is how simple it is to toggle between the primary interface with only a few streamlined trading choices and the more complex trading layout with access to all of the platform’s advanced trading tools. In fact, switching between the Lite and the Pro mode on Binance is a breeze. Let me demonstrate it to you.

To begin, choose the user profile icon in the screen’s upper left corner. After that, look for a button labelled Binance Lite in the display’s upper-right corner; tapping this will allow you to quickly and easily switch between the Lite and Professional versions of the app. And that’s all there is to it.

Advanced Trading Tools

Binance has tailored many advanced trading tools to help professional traders ramp up their trading performance.Binance margin trading

The perpetual futures trading platform on Binance, which offers up to an astounding 125x leverage margin, is one of the financial instruments I most enjoyed when trading on Binance. If you ask me why, the answer is pretty simple – it allows traders to settle a deal at a later time for a specified price, even though the underlying asset may fluctuate in value. Moreover, this trading option helps you gain significant market exposure with little capital.

With Binance, you can also borrow money to trade on margin. The money is loaned out, and the borrower must pay back the principal plus interest. Interest accrues based on the number of hours (or days) a loan is due and varies depending on the asset used as collateral.

Earn Passive Crypto Income

For traders interested in taking advantage of opportunities for passive income, Binance has launched its Binance Earn platform. This function enables cryptocurrency holders to participate in different Decentralised Finance (DeFi) projects for additional income, stake their coins for potentially high yields, and earn interest on their cryptocurrency holdings.

NFT Marketplace

Binance NFT marketplace

The primary objective of the Binance NFT Marketplace is to facilitate the collaboration of crypto enthusiasts, digital artists, and creative visionaries to build and trade high-quality NFTs. The Binance NFT market is divided into three primary product categories:

  • On the NFT Marketplace, you can mint your own NFTs, buy NFTs, or participate in auctions for NFTs that were made by artists coming from all over the world;
  • You can buy one-of-a-kind NFTs created by some of the most well-known digital designers in the world in the Events area of the platform;
  • There’s also an opportunity for you to become a proud owner of some super-super rare NFT goods through the Binance NFT Mystery Box.

P2P Trading

Binance Peer to peer exchange

Binance’s P2P market connects buyers and sellers without any middlemen. It is a simple platform for direct cryptocurrency exchanges amongst platform users. While P2P trading provides more autonomy in the trading process, a trusted third party like Binance is necessary to ensure the smooth flow of trades and the security of users’ funds.

Binance Trading Platform

If you’re new to Binance, the sheer number of financial instruments and trading options offered on this platform may initially seem overwhelming. To help you gain a clearer view of the trading options, I have compiled a list of some of the most notable trading tools on Binance.

Notable Trading Tools

Binance Futures Battle

The Futures Battle is one of the most innovative features of Binance. By opening a position, you can participate in a Binance Futures Battle and compete with another trader for extra points. Users bet among each other on the future direction of the current crypto price by making predictions.

Binance futures battle

If you think the price will go up in the next five minutes, you should take a long position to maximise your potential profits from the trade. The opposite is true if you anticipate a price decline within the following five minutes; in this case, you should establish a short position in the order book.

The combat begins when you’re paired with another competitor. Your selected contract’s most up-to-date price is shown in real time along the bar. You may terminate the combat manually after 10 seconds when the [End Battle] button appears, or you can wait for the position to auto-close when the Take Profit/Stop Loss level is achieved. If you don’t, the system will close the position for you after 1 or 5 minutes, and the battle will be over. Then, it’s time to find the outcome.

Binance Asset Conversion

With Binance Convert, you can instantly convert your crypto holdings into any other cryptocurrency on the market. The Binance Lite version of the app relies on Binance Convert to facilitate cryptocurrency purchases.

Binance convert feature

Cross-Collateral

Futures exchanges need collateral whenever you speculate on a cryptocurrency’s price. Using Binance’s Cross Collateral Services, you can borrow Tether (USDT) or other virtual currencies under any terms Binance considers appropriate for your futures trading activity.

Binance Fees

Regarding the trading fees, Binance is unrivalled as it offers some of the lowest fees in the industry. Here’s the breakdown.

Binance Deposit Fees

Binance deposit and withdrawal fees

Binance does not charge fees for fiat or cryptocurrency deposits, which I feel is the best deposit option for experienced traders. However, if you’re a newbie with a small coin holding, you can try funding your Binance account via a credit card or bank transfer. Please be advised that the method you choose to make deposits may incur additional fees in some circumstances.

Most bank transfers, for example, are free of charge, but debit card transactions typically incur fees. Binance, for example, charges a 1.8% fee for bank card deposits.

Binance Withdrawal Fees

As with most crypto exchanges, Binance will also charge you a network fee for moving your coins to another blockchain network. The withdrawal fees are set by the blockchain network and are subject to change at any time if the demand for that coin increases.

On the other hand, Binance won’t charge you any fees when you withdraw cryptocurrency from your trading account.

Binance Trading Fees

Binance withdrawal fees

The trading costs on Binance vary based on your 30-day trading volume and your daily Binance Coin (BNB) holdings. When purchasing or selling cryptocurrency, you will generally pay a transaction fee of 0.5% in addition to a spot trading fee of 0.1% (including placing stop-loss, limit order, and market buy orders).

The commissions for trading Binance Futures are inexpensive as well. The maker/taker fees can be as low as 0.000% and 0.0517%, respectively, which enables investors to preserve a more significant portion of their revenues if you hold BNB tokens in your balance.

There is also a VIP level system available on Binance, which awards you with lower fees as your 30-day trading volume climbs up.

Variety of Payment Methods

Binance offers you access to a wide selection of payment options for purchasing Bitcoin and other cryptocurrencies through the exchange. These options include credit cards or debit cards issued by Visa or Mastercard, SEPA/wire transfers, bank account transfers (P2P), and third-party payment providers such as Simplex.

Moreover, there is also a wide variety of fiat currencies you can use for purchasing crypto via Binance, including AUD, USD, CAD, EUR, JPY, GBP, CHF, and others.

Credit/Debit Card

To buy crypto on Binance, you can use your credit/debit card supported by Simplex, a third-party payment provider. If you choose this way of payment, you can expect to get your crypto in your wallet within 10-30 minutes.

Binance payment methods

However, I think this is one of the most expensive payment alternatives on Binance, as you must pay 3.5% per transaction, or USD 10, whichever is more.

SEPA/Wire Transfers

To fund your trading account directly from your bank account, head to the Bank Deposit tab on Binance and choose your preferred currency and deposit option. Next, send the funds to Binance’s bank account through SWIFT/bank or wire transfer. Once you input the deposit amount, Binance will provide you with the banking information required for this transaction.

When you’re ready to withdraw your funds, head to your bank’s withdrawal section, input Binance’s bank account information, and then specify the withdrawal amount.

I’m pretty confident that the funds deposited by bank or wire transfer will show up on your Binance account within 1–2 working days at the most. Unfortunately, the SWIFT transaction might take up to four working days, so plan ahead.

Is Binance Safe to Use?

Binance platform security

To protect its platform and its users’ accounts from the malicious activities of hackers and con artists, Binance makes use of several different security measures. These include the Know Your Customer (KYC) and the two-factor authentication protocol (2FA), which may be triggered by either an SMS or Google Authenticator.

In light of my less favourable research results, I am compelled to bring to your attention the regulatory concerns in a number of jurisdictions surrounding Binance’s unregulated services and stock tokens.

How to Create a Binance Account?

Creating a Binance account is easy. Just provide your email or phone number to the exchange through the mobile or web platform. Identity verification on Binance is not mandatory. However, it is recommended to extend your daily limits for making deposits or withdrawals.

It will only take a few minutes to verify your identity by uploading a photo of yourself, verifying your account information, and supplying a government-issued ID. Once you’ve done that, you can load your trading account and begin charting your first crypto manoeuvre in the crypto space.

How to Fund My Binance Account?

If you already have some crypto stored on another exchange or digital wallet, you can move it to your Binance Wallet and trade it or use it to generate passive income through the Binance Earn features.

How to fund your account Binance

To begin with, deposit addresses are used to receive cryptocurrency payments. To see your Binance wallet’s deposit address, select Wallet, go to Overview, and then pick the Deposit option. Select the network you’re utilising for the transfer and the cryptos you want to deposit by clicking on the Crypto Deposit tab. This action will display the deposit address for you. Next, to transfer funds from another service or wallet to your Binance wallet, just copy the provided address and enter it into the required field.

Step two is to select the depositing network. Whenever you withdraw from a platform, it is imperative that the network you choose to move the coins from coincides with that of the platform that receives the deposit.

For instance, you must use an ERC20 deposit network if the other platform accepts only ERC20 tokens. Here, I also feel obliged to warn you that your money is at risk if you choose the wrong network, so always double-check this data.

Customer Support

In my opinion, customer service is one of the weakest components of this exchange that could use some improvement, particularly the response time. Even if this type of assistance is not readily accessible to you as a trader, the Help Centre provides a wealth of information from which you can learn more about all aspects of the exchange and find the answer to a question on your own.

Binance Alternatives

For your convenience, I have compared Binance to its biggest rival in the industry and a few of Australia’s most well-known exchanges so you can see how it stacks up against the competition.

Is Binance Better Than Coinbase?

Coinbase homepage

Without question, Coinbase is a formidable competitor to the world’s leading platform, especially regarding the trading volume. Unlike the American site, which caters to novice traders and adheres to financial laws for crypto trading, the Chinese exchange is an unsupervised platform that best meets the needs of advanced traders. These two factors, in my opinion, are the most obvious contrast between the two of the world’s biggest platforms.

Aside from the regulatory status, I’ve observed that the number of supported cryptocurrencies is among the most significant disparities between these two exchanges. Coinbase has a rigorous vetting system and supports significantly fewer cryptocurrencies than Binance.

Is Binance Better Than Swyftx?

Swyftx website

Swyftx is a top-tier native Australian exchange favoured for its strict compliance with financial regulations and cost-effective trading instruments. Hence, I tend towards the opinion that trading on this platform offers you the best balance of security and low fees.

Binance, on the other hand, is not subjected to any oversight of the financial regulatory bodies and merely follows a subset of legislation to facilitate fiat trade in selected jurisdictions.

In terms of trading instrument complexity, I suggest the Australian exchange to the less experienced traders. If volatile trading products are your preference, go for Binance, but make sure you are fully aware of all risks this level of trading entails.

Is Binance Better Than CoinSpot?

Coinspot website

To the best of my knowledge, this Australian exchange is one of the few platforms in the world that offer trading fees close to those of Binance. However, the low 0.1% trading fee on CoinSpot only applies to market orders, which I believe is a drawback for this platform.

Regarding security, the Australian platform is a fully regulated exchange with no security vulnerabilities. Binance, on the other hand, not only has significant regulatory concerns in many countries but also has a history of platform security failures.

Is Binance Better Than CoinJar?

Coinjar website

CoinJar, like Binance, is a brokerage appropriate for all traders, particularly those with some trading expertise. CoinJar offers a wealth of tools and customisable trading choices. Still, I’m convinced that the experienced market makers will undoubtedly appreciate its fast-processing payment gateway and the OTC trading desk, which allows them to conduct bigger orders.

Binance, on the other hand, wins the trading fees round in this comparison, as the Melbourne-based exchange has not only higher trading costs but also a less transparent pricing model. Furthermore, CoinJar allows you to trade only a few prominent cryptocurrencies, unlike Binance and its long list of assets.

FAQ

Can I make money оn Binance?

Binance has a wealth of trading choices to help you maximise your earning potential through direct market involvement or some of the platform’s passive earning or saving possibilities. Even the minimal transaction fees associated with using this platform can help you build up a cash reserve if that’s what you’re hoping to achieve.

Can you lose money on Binance?

Trading on Binance has many advantages, but it’s not without shortcomings. Due to the lack of regulatory supervision, Binance fails to meet some security standards in its operation. Consequently, the crypto traders who invest their assets through this platform may incur losses, as the exchange is not liable for any security-related damages.

Another thing I feel obligated to mention is that Binance does not provide a 100% guarantee on your stop-loss orders. The stop-loss trading mechanism minimises your losses, as they guarantee that you will close your deal at the predetermined price. It’s also important to note that Stop Loss orders are only guaranteed during regular market sessions and under favourable market circumstances.

Finally, you should also factor in the volatile products offered on Binance, such as margin trading, which inherently comes with the risk of financial loss.

How do I get my money out of Binance?

Binance’s fiat and spot wallets are where you’ll do the heavy lifting for sending funds to your external account. Start by entering your wallet, input your withdrawal specifics and decide on a currency after clicking the cashout button. To finish the withdrawal process, add a card, verify your identity, and then sit tight and wait for this operation to be finalised.

In my limited experience, there will be a 5-minute processing time for quick card withdrawals, but it may take one to four business days for payments made through SWIFT or another payment processing system.

Is it safe to link a bank account to Binance?

Considering that linking your bank account to Binance requires bank credentials and account numbers, I feel confident saying that this is a safe and secure process. In other words, if you don’t trust Binance, you’ll have to trust your bank.

How does Binance make money?

Binance’s business plan includes various revenue streams, such as trading fees, price spread earnings, commissions on brokerage goods, etc.

Conclusion

It seems clear to me that Binance is the most popular cryptocurrency exchange, thanks to its vast assortment of cryptocurrencies, many investment options, and inexpensive trading fees. Advanced traders will undoubtedly find the platform to their liking, as Binance offers the trade of volatile products alongside streamlined crypto trading options.

Then again, newcomers to the cryptocurrency market may feel overwhelmed by the abundance of features and settings offered by this platform. As a result, before you begin your crypto quest on Binance, it is in your best interest to have a basic understanding of dealing with crypto so that the trading possibilities do not swamp you.

On the downside, this marketplace suffered a significant security breach and has persistent challenges in several jurisdictions. There is also a substantial weakness in the area of customer service.

Nevertheless, given that Binance can maintain its position as the trading platform with the highest trading volume continuously, it is apparent that this internationally acclaimed exchange is doing admirably in all other aspects of its functioning and is actively trying to enhance its services.

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