Binance Review 2024: Key Features, Pros & Cons

Conquering the crypto cosmos can be tricky, but fear not! Our in-depth Binance exchange review is your trusty compass, navigating the platform’s features, fees, security, and supported currencies. Over the years, the trade of financial instruments and digital assets has evolved tremendously. Besides company stocks, people trade precious metals, commodities, and indices. Trading with various instruments has enabled people to earn profits from many investment accounts.

Of late, there has been a growing interest in the cryptocurrency trade. Investing in digital money has helped millions of crypto traders earn huge profits from a single source in weeks. The prices of top cryptocurrencies such as Bitcoin, Binance Coin (BNB), and Bitcoin (BTC) have soared multifold in 2020.

However, the market for cryptocurrencies is also highly volatile. Some crypto assets fall drastically, and people lose money to a great extent. Therefore, crypto traders adopt three trading platforms to tackle such challenges and use their services for accurate and profitable crypto investments.

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Binance Exchange Pros & Cons

Here’s a quick overview of the benefits and shortcomings of the Binance crypto trading platform.

In this Binance review, the exchange has more pros than cons. Hence, it is considered far more beneficial and reliable for traders. KYC verification compliance is also an advantage that allows Binance to deliver additional user protection.

Key Features of Binance Exchange

The exchange has been assessed for its multiple advanced features during this comprehensive Binance crypto exchange review. The following features are the best offerings that Binance has in store for its traders. From its trading platform to its crypto exchange features, let’s take a look at what Binance has to offer for its users:

eWallets

• Binance runs its operations digitally, where real money can be deposited or withdrawn but stored in a digital wallet. Almost every leading eWallet app is available at Binance. Trust Wallet is an official and decentralized crypto wallet of Binance.
• The exchange also offers its traders a comprehensive selection of the best wallet for crypto features that can not only store their wealth in cryptos or fiat cash but also help them earn interest rates from their long-term deposits.

Mobile Trading

• Crypto traders can use the Binance mobile application and stay invested in the cryptocurrency market even while traveling. The Binance mobile app is compatible with all hand-held mobile platforms and devices.
• Android users can find the Binance mobile app on Google Play, while iOS users can download the Binance app from the Apple App Store. Binance is also available in APK file formats for other mobile platforms such as Tizen or Windows Mobile.

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Trading Account

• To capture the crypto trading needs of every trader, Binance has a broad range of trading account types. The two main types of a Binance account include Classic and Advanced.
• The account has options for customizations based on user requirements. For qualified professional, experienced traders, Binance has Margin trading, peer-to-peer trading (P2P), and OTC trading accounts.

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Futures Trading

Since 2019, Binance has opened its doors to futures. One can trade futures and options contracts to expand their trading portfolio. Users can trade an option contract to call (buy option) or put (sell option) a particular financial asset at a specific price point.

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These options provide users with an exclusive right to exercise trading the futures of an asset under the set expiration period of the contract.

There are more options than Binance offers, allowing users to exercise these trades during a specific date. Binance also offers American options and European options to its future trading users. These trades can be made under Perpetual Binance Futures or Quarterly Binance Futures.

Futures Trading Fees

The charges of trading fees for each contract category depend on the specifications, price changes, and the VIP level of the user. For futures, Binance charges average low trading fees to its traders. Other fees on Binance are below the industry average, with the standard taker fee starting at 0.075% and the standard maker fee at 0.025%. One can also save 10% of their future trading fees through sign-ups.

Binance OTC Trading Portal

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Binance users recently got access to the OTC trading portal. The launch of this portal was announced by Binance in April 2020, offering an over-the-counter (OTC) trading desk for its users. With the Binance OTC Trading Portal, one can avoid the risks of “slippage” while executing larger trades. They can trade crypto according to the price movements and conduct large transactions informedly.

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In this OTC Trading Portal, Binance does not charge additional trading fees. Users get a quick settlement when they execute with a minimum trade size of $10,000. The OTC Trading Portal by Binance also accepts trades in 25 crypto coins. These tokens are available as trading pairs when the users complete level 2 of KYC account verification and registration at the Binance website.

Binance Cloud

Binance Cloud offers a cryptocurrency exchange infrastructure, allowing partners to focus on their business operators and development. Binance cloud support is a comprehensive solution currently offering spot trading, including fiat-to-crypto, crypto-to-crypto, and P2P fiat currency trading. The Binance Cloud fee model consists of a trading fee, an annual fee, and commission revenue.

Binance Review: Security Measures

According to multiple Binance exchange reviews, Binance is a top-rated secure crypto exchange. It is a safe trading platform that implements end-to-end security features and services. Compared to different popular crypto-focused players, Binance has an advanced data protection environment called the Binance Smart Chain.

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Two Factor Authentication

Two-factor authentication via the Google Authenticator app or SMS authentication is executed on every trade made with Binance. The platform adds this extra layer of protection to ensure the safety and security concerns of its online trading account are warranted. The two-factor authentication protects the username and password and secures credible information as per the securities laws set in place.

The two-fold exchange store established by Binance contains a massive amount of valuable information that is personally identifiable. This information is protected from addresses to names to ensure the users do not get mistreated by their government identification details or their taxpayer identification number.

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Binance Security Score

The security score of Binance is tested periodically, and Mozilla system administrators and security professionals run its webpage. They configure Binance sites securely and help them achieve a B+ security score far above the average. Top crypto companies and crypto exchanges fail to match the levels Binance offers, making it the safest cryptocurrency exchange website for all.

Binance Live

Binance has launched its Binance Live mini-program, a Binance live-streaming tool. This is freely available in the current version of Binance Apps. The tool allows users to participate in the Binance live-streaming sessions. Anyone can try the Live mini program. All one needs to do is open the Binance mobile app and navigate to Binance Live in the More option.

Customer Support

One can directly chat with the Binance support team and procure solutions tailored to their queries. A Learn section on the Binance trading system guides every beginner on buying cryptos with educational resources.

Analytical Charts

As per various Binance reviews, the trading experience at Binance is entirely interactive. The decentralized exchange uses Trading View to provide its users access to technical market indicators, charts, and graphs that analyze the market trends in real-time.

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Binance Affiliate Program

According to the Binance affiliate program review, crypto traders can get up to 50% commission on qualified trades. Binance users who register using a unique referral link will earn commissions on each trade made by the referrals across Binance spot, futures, and margin trading. One needs to apply with the platform before being able to participate in the affiliate program.

Binance Fees

This Binance crypto exchange review has also assessed the costs users must bear while trading with this. Binance’s other transaction fees are charged at multiple levels of the process. As a crypto trading platform, Binance does not charge variable fees. It is important to note that every crypto trade executed between the user and Binance is recorded in the order book, and brokerage fees are charged on those trades.

Binance offers a 25% discount on Margin and Spot trading fees. The offer applies to users who pay fees as registered VIP users. Below are the Binance fee structures listed:

Spot Trading Fees

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For spot trading fees, Binance charges a flat trading fee of 0.10%. Accordingly, Binance does not profile the users under the taker or maker categories. Its investors can prefer picking up existing orders from the order book and making money from this attractive trading fee model.

Binance’s spot trading low fees are significantly below the trading fees charged by other competitors. The industry average is around 0.25%, which makes Binance an affordable option. It offers lower fees on high trading volumes and massive Binance coin holdings (BNB).

Binance Withdrawal Fees

The withdrawal fee charged by Binance is not fixed. They can vary from crypto to crypto based on the trading volumes.

If the user wants to withdraw crypto as a Binance coin (BNB), a minimum withdrawal amount is paid to the platform.

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This pattern follows all other cryptocurrencies. The BTC-withdrawal low fees at Binance are average compared to its competitors in the cryptocurrency exchange market. In other words, a 0.0006 BTC per BTC withdrawal is approximately charged to the users. Binance also charges a flat 0.0004 BTC on BTC withdrawals, making its crypto withdrawal fees more competitive.

Binance Deposit Methods

As per various Binance reviews, this exchange only accepted deposits in the form of cryptocurrencies in its initial years. Today, Binance accepts different digital currencies and modes of deposits. It accepts dollar deposits and fiat currency funding. Today’s crypto investors can trade crypto at the Binance exchange through debit card or credit card deposits.

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Since 2019, Binance has added numerous deposit methods to accept new users, possibly under different circumstances. The largest crypto exchange has partnered with an Israel-based payment services firm, Simplex, which allows many Binance users to buy and sell Bitcoin (BTC), Ethereum (ETH), and other cryptos such as Litecoin (LTC) or Ripple through VISA and MasterCard credit cards.

Simplex charges deposit fees at 3.5% per trade. To buy Bitcoin for $10,000, Simplex charges $350 and an additional flat fee of a minimum of $10.

Binance Trading

While reviewing the trading alternatives that Binance offers, its users access two types – Classic and Advanced. Binance allows its users to stick to a primary trading format in basic trading. In this category, users do not indulge in different trading alternatives. Instead, they stick to crypto trading as their primary activity.

However, when it comes to Binance Classic Trading Platform, it is only designed to cater to a beginner in trading. Sooner or later, active traders may get less interested in the basic trading functions. They must switch to the advanced trading version for more detailed technical analysis.

Classic Trading

Classic trading at Binance is relatively easy to learn. It is simple, like its advanced version. The Classic Trading View of the global Binance platform is straightforward. It is inherently easy to operate and displays all the crucial information on a single page. The prices are in the left panel, while the graphs are in the middle. The information on what to buy or sell and the market’s history is showcased on the right side.

Advanced Trading

In the Advanced Trading interface, Binance provides charts and other technical indicators, which take up more space on the page. Compared to the classic version, more data must be processed on this platform’s user interface. This data comprises trade history, market developments, and upcoming events. The buy and sell boxes on this page keep reflecting the changes arising from these factors.

Supported Cryptocurrencies

Binance covers several cryptocurrencies as mentioned in many Binance exchange reviews, including its own BNB coins, and is designed to help users with every aspect of crypto trading. In addition to Bitcoin (BTC) and Ethereum (ETH), Binance has over a hundred cryptocurrencies. These digital currency tokens are a part of its exchange and are displayed in the Binance Cryptocurrency Exchange List.

These crypto pairs get updated regularly. Binance is also the world’s most supported exchange for cryptocurrencies. Since the 26th of August 2022, Binance has offered traders to trade trading pair Ether (ETH) for BUSD at zero fees incurred.

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Account Opening Process

Opening an account on Binance is a very easy process without much hassle, as mentioned in different Binance exchange reviews online. Let’s look at the steps involved below.

• You have to visit the official website of Binance
• Click on the Signup button on top right of the website
• Enter your email address/phone number and then enter the OTP you recieve
• Create a strong password
• Verify your identity and complete the KYC process
• Enable two-factor authentication to keep your account secure
• Link the payment method of your choice
• Deposit funds to start trading

Binance Exchange Review – Conclusion

Overall, this review and multiple online Binance reviews consider Binance the global leader in the cryptocurrency industry, offering a premium user experience to all traders, even experienced traders. Binance caters to many crypto assets, including cryptocurrencies like BTC and BNB.

Traders can explore the cryptocurrency market in-depth with Binance. The crypto exchange charges low fees, which can benefit new traders in their initial months. Moreover, Binance can handle high trading volumes, execute large trades, and provide discounted service rates.

FAQs

What is the Binance Identity Verification process?

Verifying your identity to use a Binance account is imperative, as users that do not verify will be restricted to primary access only on Binance. After registering on Binance, the user must navigate to the User sections to submit the documents required to “Verify” their identity. Once submitted, a KYC process starts and can take a few business days to complete. European users can complete this process within a few business hours.

Can I buy crypto on Binance P2P?

Acquiring crypto on Binance is a simple process involving various payment methods to deposit funds for purchasing cryptocurrency. Binance’s peer-to-peer trading (P2P) allows purchasing cryptocurrencies using multiple fiat currencies with no transaction fees.

What is the minimum qualification for a user to get a Binance Loan?

Fundamentally, The user must be a registered Binance trader and sign up for the financial assistance programs offered by the exchange. However, the loan amount depends on the trading experience of the respective user.

How long does it take for Binance to verify the User?

The Binance Identity Verification procedure is quick and uncomplicated, taking a maximum of 15 minutes. Usually, the process takes less than an hour but can take up to 36 hours during heavy online traffic. Binance enables users with pending verification to make ten attempts to verify their identity within a 24-hour timeframe.

How to withdraw money from Binance?

Binance withdrawal to the bank requires the following steps –

• Login to Binance and navigate to Wallet. Select Withdraw
• Select either Crypto or Fiat Currencies and select Transfer network or method accordingly.
• Enter the amount to be withdrawn, and press Continue to place the withdrawal request.
• To send money to a bank account, enter the bank account details, check, and confirm the withdrawal. To send money to a crypto wallet, enter the digital wallet address and confirm the withdrawal.

What is Binance Simple Earn?

A merge of Binance’s best money-saving financial products, Flexible Savings, Locked Savings, and Locked Staking, saw the birth of Binance Simple Earn. With it, users can now earn rewards daily on flexible and locked terms. It also has an Auto-Subscribe feature that periodically subscribes to flexible or locked products.

Is Binance 100% Safe?

Binance is recognized as one of the safest global crypto exchanges, incorporating 2-Factor Authentication (2FA) and other essential security features to safeguard user accounts and transactions.

Is Binance a Reliable Exchange?

Binance is one of the largest cryptocurrency exchanges globally, boasting a trading volume and user base exceeding 150 million. It is highly reliable in terms of security and the features it provides to users.

Is Binance Good for Beginners?

Binance is highly recommended for beginners due to its user-friendly features, including educational resources, user interface, security, and other major features related to deposits and withdrawals.