Binance Review 2024 – Check Binance Fees and Features

Offering over 600 tradable assets at a competitive trading fee, Binance attracts the highest trading volume among any global crypto exchange.

This guide explores and conducts an in-depth review of the crypto exchange, Binance. We will also review the available features on the platform such as the Binance wallet, trading features and more. 

Cryptoassets are a highly volatile unregulated investment product.

Tradable Cryptos on Binance

One of the most attractive qualities of Binance is the number of available digital assets on the platform. With Binance, users can get access to 600 + cryptocurrencies. 

Firstly, investors can trade some of the largest digital assets in market cap – users can buy Bitcoin, Ethereum, and Cardano. Furthermore, Binance supports multiple utility tokens, mining tokens and stablecoins. 

Popular stablecoins available on Binance include Tether, USD Coin, Binance USD and many more. Additionally, Binance.com offers the unique opportunity to invest in BNB tokens – the local token of the Binance network. By holding these tokens, users can take advantage of multiple benefits, such as fewer fees on spot trading activities. 

BNB is an example of a utility token available on Binance since it acts primarily as a discount token that investors use on the platform. 

Thus, Binance has one of the largest range of crypto assets at its disposal. Investors interested in diversifying their portfolios can discover multiple investment opportunities with Binance. 

Cryptoassets are a highly volatile unregulated investment product.

Binance Fees & Commissions

One of the most important qualities when reviewing an exchange is evaluating the different fees available on the platform. In the sections below, we will be discussing all the important trading and non-trading fees that Binance charges. 

Binance Trading Fees

Firstly, the main fee applicable on Binance is the spot trading fee when buying and selling cryptocurrencies. Binance applies a maker/taker model, which begins at just 0.1% per transaction. There is a chance of making a 25% discount on spot trading fees by holding a certain number of BNB tokens. 

Binance also offers futures trading, which comes with a separate fee structure. This crypto exchange offers USD-margined Futures and Coin-Margined Futures products. The former gives settlements in USD-pegged assets, such as USDT or BUSD. The latter allows users to settle contracts in the underlying crypto asset. 

For example, when settling a USD-Margined futures contract on USDT, a maker/taker fee of 0.02%/0.04% is the highest applicable rate. On the other hand, a maker/taker fee of 0.01%/0.05% is the highest applicable rate on Coin-Margined Futures. 

Further discounts are applicable with BNB holdings. 

Trading on Binance also supports swap farming – a feature that lets users access different token pairs through a liquidity pool. For example, when using a BSW/USDT liquidity pool – users must pay an effective fee of 0.0750%. 

Binance Non-Trading Fees

Users should be aware that trading on Binance includes additional fees. When purchasing assets, users may be applicable to pay a few non-trading fees. Depending on the payment method users choose, an additional fee may be charged. 

For example, Binance charges a 4.5% fee when buying cryptos with a credit card. On the other hand, an ACH transfer does not have any additional fees. 

Furthermore, Binance charges a differing withdrawal fee per cryptocurrency. For instance, users withdrawing BTC tokens from the BNB smart chain must pay a fee of 0.0000054 BTC. This equates to only $0.10. 

No deposit fees are applicable with Binance. 

Is Binance User-Friendly? 

Trading on Binance can be conducted via the desktop feature and the Binance mobile app – available on iOS and Android. Being one of the largest crypto exchanges, Binance.com incorporates a simple-to-use interface with multiple trading options and assets. 

Regarding user-friendliness, Binance may be seen as best-suited for slightly advanced traders and investors. This is due to the number of advanced features available on the Binance app, such as advanced charting options and multiple API keys for integrating software. 

Furthermore, Binance may be overwhelming at first for new users. This has to do with the sheer number of features such as staking abilities, swap farming, crypto referrals and margin trading.

Cryptoassets are a highly volatile unregulated investment product.

Binance Features, Analysis & Trading Tools

Trading on Binance supports more than buying and selling crypto tokens. Users will be welcomed with multiple features and trading tools when using Binance. Therefore, we have summed up some of the top features and tools Binance offers in the below sections. 

Swap Farming 

We had briefly mentioned swap farming in the earlier sections, but let’s carefully analyse this unique feature available on Binance. Swap Farming offers users a unique way of accessing multiple cryptocurrencies. 

Binance Swap Farming uses an automated market maker (AMM) model to swap currency pairs without having to trade with other parties. The exchange has a liquidity pool, which users can instantly access to deposit or swap crypto pairs. 

Pairs of tokens are usually pooled together, and the swap price is determined by its live ratio. With competitive fees for accessing these liquidity pools, Swap Farming is an exciting feature which Binance users can enjoy. 

Margin & Leverage Trading 

With the Binance crypto exchange, users can conduct margin & leverage trading. These options are interesting for skilled traders and investors looking to take out futures contracts and trade on future price movements of top assets. 

On Binance, trades can be leveraged up to 20x. While this increases the possibility of profits, the chance of losing money also multiplies. Therefore, margin and leverage trading should be accessed by users with a high-risk tolerance. 

Staking Options 

With Binance Earn, users have the opportunity to make passive income with one of the best crypto-staking platforms. Binance Earn is a tool that lets users stake various crypto assets in return for interest. 

Among the available staking options are locked & flexible staking. While the former includes staking crypto assets for a minimum period, flexible staking can be used to buy and sell tokens as the user pleases. 

For example, accessing flexible staking on Bitcoin can reward users with an APY (Annual Percentage Yield) of 0.5% – 5%. This feature is popular for investors looking to make additional income on their crypto holdings, regardless of the token price. 

Along with altcoins, users can also stake stablecoins, DeFi tokens and more. 

Binance Academy 

For new users and beginner traders, Binance has developed an online academy full of research, articles and insights into the crypto world. The research includes an institutional-grade analysis of trending news pieces and an incubator for top blockchain projects. 

Furthermore, users can learn about multiple topics such as technical analysis, NFTs, security, tutorials and numerous altcoin discussions. The extensive research and guides provided via the Binance Academy can support users in increasing their knowledge and developing confidence when trading cryptocurrencies. 

Binance Copy Trading

Copy Trading is a unique tool for beginners and new users to use while starting to create their crypto portfolios. With Binance copy trading, users can start investing in digital assets by copying the exact trades of professional and experienced traders. 

For investors looking for how to copy trade on Binance, the platform offers an advanced copy trading system that executes orders of other traders and lets investors trade on autopilot. Over 40,000 users access this feature, with an average 30-day trading volume of more than $350 million. 

Cryptoassets are a highly volatile unregulated investment product.

Binance Account Types

When using Binance, users can access multiple account types which cater to the different markets this exchange caters to. Let’s take a look at all the account types that Binance offers. 

Binance Exchange 

Binance exchange is the leading trading platform users can access to invest in cryptocurrencies and is constantly listing upcoming coins. Along with spot trading, users can access trading pairs, convert cryptos and access TradingView. With this software, investors can access multiple technical indicators, charting options and various order types. 

Additionally, Binance is one of the best P2P crypto exchanges, allowing users to send and receive cryptos from one another. 

Futures and Derivatives

Binance supports futures and derivatives trading and offers multiple crypto-denominated derivatives products. With this account, investors can also access leveraged tokens – representing open positions on the futures market. 

While most derivatives are perpetual contracts on Binance, users can also access quarterly Bitcoin contracts. 

Launchpad

The Binance launchpad is a new order type that lets users signal interest in buying tokens before their launch. The launchpad is a fundraising method, similar to investing in an IPO (Initial Public Offering) for stocks and shares. 

Users interested must lock up BNB tokens to the number of new coins they want to purchase. The Binance launchpad has released huge projects such as BitTorrent, MATIC network and WazirX. 

Finally, users on Binance can also access the Binance wallet, a platform that lets traders store multiple cryptos offline. Additionally, Binance has launched an NFT marketplace which supports creating and trading popular non-fungible tokens. 

Keep reading to learn about these two interesting features that can be accessed via Binance. 

Binance App Review 

Binance also features one of the best investment apps – available on iOS and Android. The app is well-designed and provides an intuitive user interface that makes purchasing cryptocurrencies simple and efficient. 

The Binance app includes all features that are available on the desktop version. Furthermore, users can access their portfolios and trade on the go. A lite mode is available for beginners who are not looking to access advanced features. This gives access to the buy and sell features and reduces the number of complex order types to navigate between. 

Advanced Traders can put the app on Profession or Full mode, and access advanced trading charts, features and technical tools. On the Binance app, the different features can be accessed with a single click. For example, popular tools like the referral ID or deposit features can be accessed instantly. 

Users can track all incoming and internal transactions with the Binance app instantly. For example, users who received tokens from a Binance airdrop need to click on “Distribution” to see all the assets accrued.

Cryptoassets are a highly volatile unregulated investment product.

Binance NFT Marketplace

Binance offers millions of users diversification opportunities in the Web3 sector. With the recent popularity of metaverse NFT projects, Binance has released its NFT marketplace for investors to access. 

The goal is to bring together creators, artists and crypto enthusiasts on a single platform to create and trade non-fungible tokens. The Binance NFT marketplace mainly provides users with 3 products: 

• Events: This feature provides premium and exclusive NFTs by leading global artists.
• Marketplace: This is where users can mint, purchase and bid on the available NFTs with Binance
• Mystery Box: The mystery box feature provides users with the opportunity to win special rewards and NFT-related prizes by accessing a box full of different surprises. 

The Binance NFT marketplace has a daily volume of $42 million and a collection of 770+ NFTs. For more information, users can read our guide on how to invest in NFT tokens. 

Binance Wallet

Binance also offers a digital wallet named Trust Wallet – available on iOS and Android. Users can store multiple cryptocurrencies with the trust wallet and access different tokens and blockchain wallets. Users are entirely in control of their funds and can receive, send or store various digital assets. 

With the Binance Trust Wallet, users can interact with smart chain DApps, with the built-in DApp browser. Users can access staking protocols on the trust wallet and easily earn interest on Bitcoin and stablecoins. 

Along with providing a Bitcoin wallet, the Trust Wallet supports blockchains within the Ethereum ecosystem and works with ERC20, BEP2 and ERC721 tokens. The trust wallet lets users store all their NFTs on the same platform. 

Cryptoassets are a highly volatile unregulated investment product.

Binance Payment Methods

Binance supports multiple payment options for users looking to buy cryptos. While payment methods may include local options depending on the country of residence, Binance tends to accept payment in the following methods: 

• VISA
• MasterCard
• Wire Transfers
• SEPA Transfers (European-based countries)
• ACH Transfers

Since Binance is a P2P exchange, users can also swap cryptos from third parties. Additionally, Binance gives users access to 500+ trading pairs. These include crypto-to-crypto pairs like BTC and ETH or even fiat-to-crypto pairs. 

Binance Minimum Deposit

The Binance minimum deposit differs depending on the country and the payment method used. For example, in the U.S, there is a $50 minimum deposit when using a credit and debit card. However, credit cards are also met with a 4.5% transaction fee. 

A wire transfer would require a minimum deposit of $100, while users have no minimum deposit with ACH transfers. 

Binance Withdrawal Times

Visa Fast Funds (Visa Direct) is a card function that supports instant withdrawals on Binance. This function is limited to a handful of countries and may not apply to every card provider. 

If users can access the Visa Direct function, withdrawals will take a minimum of 5 minutes to get completed. However, the transaction can take up to 24 hours to complete. 

On the other hand, domestic wire transfers may take between 3-5 working days. 

Binance Bonuses & Promos

To stand out from competitors, Binance offers various bonus schemes and reward packages to their account users. 

Referral Programme 

Binance entices users by offering a referral earning programme. Users with an existing account stand a chance to earn rewards by bringing new users onto their platforms.

After managing to refer a new user and get them to deposit funds on Binance, users may earn a commission of 40%. 

BNB Tokens Discounts 

The BNB token is a utility token available to trade on Binance. With BNB token holdings, users can reduce trading fees on spot trading and margin trading transactions. 

For example, users holding a certain number of BNB tokens can pay 25% lesser fees on spot trading activities. Similarly, a 10% discount on margin trading may be applicable with BNB holdings. 

Binance Demo Account

For users not ready to begin trading with real currencies, the Binance demo account lets people trade with virtual assets. The virtual exchange mirrors the same features and available assets as the Binance exchange. 

This is an excellent tool for testing suitable strategies without the risk the potential of making a loss. With the Binance demo account, users are allocated a virtual deposit of 10 Bitcoin and 100 Ethereum to start trading. 

Binance Customer Support

Being a global brokerage, Binance has set up an effective customer department to cater to customer queries. Users can access the Binance help centre online to get support with various questions such as email changes, password resetting, deposit problems and account access emergencies. 

Binance also provides 24/7 access with the live chat option – accessible online and through the mobile app. Users can also provide feedback with the “Give us Feedback” portal. 

Binance Licensing & Security

Binance is a relatively safe platform and popular exchange to use. The platform integrates multiple security measures and follows high-security standards to protect users’ funds. Among the available protocols are strict sign-in criteria, two-factor authentication and whitelisting capabilities. 

While Binance has faced regulatory issues in the past, it is slowly increasing regulatory approval in popular countries. For example, the FCA regulates Binance Markets Limited for a limited set of activities. As of May 2022, Binance has been listed as a digital asset service provider in France. 

Binance Accepted Countries

Binance is available in more than 150 countries globally. Multiple countries like the U.S, Malaysia and Singapore have their separate version of Binance available. Investors from the United kingdom can also access the Binance UK login options. 

Binance is also supported in many European countries like Poland, Croatia, Romania etc., along with popular countries in Africa, Asia and South America. 

How to Start Trading with Binance 

For users interested in Binance, the next step is to begin trading and purchasing cryptocurrencies. The sections below cover a step-by-step analysis of starting trading with Binance.

Step 1: Register an Account 

The first step is to head to the Binance website and register an account. Users must provide their email address, full name and phone number to sign-up. 

An account username and password must also be created to log in and access Binance. This will be used as a user’s Binance login credentials when accessing the site. 

Step 2: Verify Your Account

Once the account has been created, users should locate the profile icon and select the verification option on the menu. To deposit fiat currency, this step is a necessity to complete. 

Binance will ask users for a photo ID – which can be a passport copy, ID card or driver’s license. Users must also take a live picture of themselves and submit it while verifying the account. Once Binance verifies the account, users can begin depositing fiat currencies. 

Step 3: Deposit Funds

To access the deposit options, users can go to the Wallet option and select Fiat & Spot. Users can access deposit options like credit and debit cards. Also, Binance will provide users with bank account details and a transaction ID. 

Step 4: Search & Buy Cryptos 

For users looking to purchase cryptos, click on the “Spot” trading icon under trading and search the preferred crypto of choice. Users can enter the amount they wish to invest and confirm their transactions. 

Users can also access the Binance platform to learn how to sell on Binance.

Is Binance the Best Crypto Exchange?

Binance is one of the most popular cryptocurrency exchanges globally, offering over 600 assets to invest in.

Conclusion

This guide has provided users with an in-depth review of the Binance exchange. Binance is one of the biggest crypto platforms that let users earn money by trading, staking and swapping various cryptos. Head over to Binance and invest in over 600 cryptocurrencies. 

FAQs