Binance Review 2023

 Binance is a top-choice crypto trading platform aimed to allow traders and enthusiasts to trade various cryptocurrencies for relatively low fees. Led by Changpeng Zhao, Binance stands apart due to its prominent features, such as innovation and modern offerings.

Binance offers an array of coins, from Bitcoin to altcoins, with 40+ fiat currency options. Additionally, traders can benefit from Binance native coin (BNB) and futures and margin trading with 125x leverage.

The most inspiring part is that Binance is gradually transforming into a decentralized autonomous organization (DAO) to adapt to more flexibility and liquidity. Indeed, Binance is creating a significant impact on crypto trading.

The Binance exchange has been integral to the evolving crypto market. Its ability to swiftly process many transactions is highly esteemed amongst investors and traders in the industry.

However, its position of power has not exempted it from issues ranging from necessary maintenance to potential security threats. But no matter how many times roadblocks confront it, it remains one of the most dependable sources for traders in the crypto community.

General Information

Background

Binance stands out from the growing list of crypto exchanges due to its user-friendly interface, fast transactions, and impressive reputation. The creators intend to make a platform with straightforward navigation and reliability for digital asset trading.

In July 2017, Binance was founded by Changpeng Zhao and Yi He, who both have experience in OKCoin exchange. Moreover, Changpeng has been a part of the Blockchain.com wallet squad since 2013.

Binance has become the largest crypto exchange worldwide just 6 months after its launch. Its leading position is maintained due to ease of use, its ability to process high transaction rates, and its global presence supported by platforms accessible in different languages such as English, French, and German.

Binance Stand Out Statistics For 2023

• Binance: world’s largest crypto exchange

Despite competitors, Binance remains the top global crypto platform.

• BUSD: $17 billion market cap in 1H 2023

Binance’s stablecoin experienced significant growth, reaching a $17 billion valuation.

• 2021 Binance revenue: $20 billion

Binance generated immense revenue, highlighting its market dominance.

• Binance Labs: $500 million for Web3/Blockchain

The company invests in future technology, dedicating funds to Web3 and Blockchain projects.

• BNB Smart Chain: 8.66% TVL dominance by June 2023

Binance’s blockchain network gained a significant share in the total value-locked (TVL) market.

• Binance.us: 2.5 million users in August 2023

The US-based platform experienced a surge in user base, reaching 2.5 million users.

• 14/25 top NFT games on Binance Smart Chain

Binance’s blockchain network supports a majority of the most popular NFT games.

• Largest NFT marketplace: Binance

Binance leads the NFT market, offering the biggest platform for trading and collecting.

• Latest BNB burn: 1,959,595.29 BNB

Binance continued its deflationary practice, burning almost 2 million BNB in the recent quarter.

• Binance CEO net worth: $18.5 billion

The company’s CEO amassed significant wealth, reflecting Binance’s success in the market.

Binance Suite Of Crypto Services And Products

The exchange, with over 90 million users, averages more than USD 2 billion per trading day. Its success has enabled it to develop a range of associated services:

Stand Out Key Features

• Over 180 cryptocurrencies: Binance’s extensive altcoin selection
• Binance Fiat Gateway: Instant buy/sell for 15 top cryptos, 40 fiat currencies, various payment methods
• Low trading fees: Competitive industry rates on Binance
• Multi-platform support: Web, Android, iOS, macOS, Windows, API
• Binance Futures: 125x leverage; margin trading: 3x leverage
• 24/7 customer support: Help center, support team, beginner guides
• Binance Launchpad: Profitable IEO participation for customers
• Binance Finance: Staking, crypto lending, passive income opportunities

Crypto On The Binance Platform

Binance offers over 350 cryptocurrencies for trading; however, just around 150 are accessible in the U.S. The exchange supports multiple fiat currencies like USD, EUR, AUD, GBP, HKD, and INR for global users. Crypto pair availability varies based on user location.

Binance U.S. offers various cryptocurrencies like Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network (MATIC). They also support other well-known cryptos.

How To Trade On Binance

For those new to crypto trading, the basic Binance interface is more straightforward to use. Staying in this mode for some time is advised before attempting the more complex advanced version.

The platform is designed to facilitate the trading of any chosen cryptocurrency, allow conversion between different cryptos, offer a withdrawal service, and have the ability to set regular orders. Additionally, some useful resources are available here to gain knowledge about crypto markets.

As mentioned earlier, newcomers to crypto should use the basic interface to familiarize themselves. However, if you’re prepared to dive into a “Wolf of Wall Street” level, switch to the advanced interface.

Navigating this interface can be daunting for even the most experienced traders. It is designed to provide an in-depth analysis of market trends and conditions, allowing investors to make sophisticated trades, buy options, and establish specific triggering conditions.

In a nutshell, here are some of the more intricate features that Binance offers:

• Obtain call options to Buy.
• Invest in put options to Sell. 
• Utilize real-time technical analysis. 
• Establish trigger conditions for trades.

Binance offers a user-friendly and efficient mobile app for iOS and Android. Though lacking some advanced features, it still fulfills the basic requirement of trading while on the move.

Additionally, now that you’re familiar with using Binance for trading, let’s delve into one of its most appealing aspects – the fees.

Binance Fees

Binance has some of the most competitive transaction rates on the market. It implements a maker/taker fee structure, meaning those who add liquidity pay different fees than those who take away it; such expenses depend on your past 30-day trading volume.

The spot trading fee is 0.1%, while a 0.5% fee applies to instant trading and 4.5% for debit card withdrawals. To put it plainly, this can be summarized as follows:

Binance’s General Fees

At Binance, those who have traded a certain amount of USD in 30 days and held a particular amount of their assets – BNB – can receive VIP status with varying fee structures. Additionally, if fees are paid with BNB, you may acquire an extra 25% discount.

If you are looking to transfer big amounts of your digital assets, this might be something to pay attention to; however for an overview: here’s how the breakdown appears.

A Breakdown Of Binance’s VIP Level Fees For Smarter Trading

Binance App

You can access the Binance trading app on various devices, with their web platform being the most popular, offering all the mentioned advantages and features.

You can also use Binance’s Android or iOS mobile app, providing access to most web platform features such as fiat gateway, futures, options, spot trading, margin trading, P2P trading, and more.

Binance is user-friendly and offers numerous features for novice and seasoned retail investors. They frequently reward their global trading community through contests and competitions with valuable prizes, keeping their status as a highly accessible and easy-to-use exchange in the sector.

Binance Fiat Gateway

Here, traders can buy Bitcoin and other digital coins with a credit or debit card using 40 established currencies.

• United States Dollar (USD)
• Australian Dollar (AUD) (also sell)
• Bulgarian Lev (BGN)
• Swiss Franc (CHF)
• Danish Krone (DKK)
• Hong Kong Dollar (HKD) (also sell)
• Israeli New Shekel (ILS)
• Indian Rupee (INR) (also sell)
• Norwegian Krone (NOK)
• Peruvian Sol (PEN) (also sell)
• Swedish Krona (SEK)
• Romanian Leu (RON)
• Thai Baht (THB)
• United Arab Emirates Dirham (AED)
• Euro (EUR) (also sell)
• Indonesian Rupiah (IDR)
• Japanese Yen (JPY)
• Colombian Peso (COP) (also sell)
• Kenyan Shilling (KES) (also sell)
• Kazakhstani Tenge (KZT) (also sell)
• Malaysian Ringgit (MYR) (also sell)
• Mexican Peso (MXN) (also sell)
• Nigerian Naira (NGN) (also sell)
• New Zealand Dollar (NZD)
• Brazilian Real (BRL) (also sell)
• Canadian Dollar (CAD) (also sell)
• Argentine Peso (ARS) (also sell)
• Chinese Yuan (CNY) (also sell)
• Czech Koruna (CZK)
• Hungarian Forint (HUF)
• South Korean Won (KRW)
• Poland Zloty (PLN)
• Russian Ruble (RUB) (also sell)
• Turkish Lira (TRY) (also sell)
• Ukrainian Hryvnia (UAH) (also sell)
• Vietnamese Dong (VND) (also sell)
• British Pound (GBP) (also sell)
• South African Rand (ZAR) (also sell)

Using these currencies, 15 cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), and Binance USD (BUSD) can be immediately traded.

Binance made a deal with some big crypto companies to start a service called Binance Fiat Gateway. Currently, Binance’s fiat partners are Simplex, Koinal, TrustToken, Paxos, Banxa, SEPA, and iDEAL; however, other companies are predicted to join the list soon. 

You can also use the gateway network to convert crypto coins into other forms of money. For example, you may exchange your stablecoins valued in US dollars (such as PAX or TUSD) for real American currency.

Binance’s Triple Threat: Futures, Margin, And Options

Binance provides a wide array of trading options with leverage, including spot trading on its exchange with up to 3x leverage and futures options through its platform offering 125x leveraging. 

Comparing margin and futures trading on Binance, there are key distinctions in terms of leverage: 

Margin trading: users can open up a 1:3 leveraged position and pay the usual 0.1% trading fee and an ever-changing daily interest charge.

Binance Futures: It enables a 1:125 leverage; these do not have an expiry date, merely mirroring regular spot market pairs with 24 USDT denominations. Aside from the trading costs, traders must also pay a few funding fees when using this option. 

Binance Options: It is another type of perpetual contract that users can execute before its expiration date for 10 minutes to one-day periods – it is an American-style options contract.

Binance Finance

The platform offers a broad range of services for its customers, encompassing spot trading, margin trading, futures trading, and the buying and selling of over 180 crypto coins with fiat currency. 

Binance Savings:  It offers several products to users that allow them to earn cryptocurrency and make crypto purchases. Savings accounts provide either a short or long-term opportunity to receive an annual yield ranging from 1% to 15%. 

Binance Staking: The platform has also implemented staking for nine cryptocurrencies, providing an estimated annual yield of 1-16%.

Debit Card Option:  the service of Binance Card allows traders worldwide to purchase goods with cryptocurrency just like a regular bank card. 

Crypto Loans Feature: Lastly, Binance Crypto Loans enable users to borrow stablecoins such as USDT or BUSD using crypto collateral.

Customer Support

Regarding customer assistance, Binance offers an in-depth help center with a vast FAQ resource. Additionally, you can contact the support team via a request or seek the community’s aid in their official Telegram, Facebook, or Twitter groups.

Binance lacks a customer phone line for queries, which might make it a little harder to get answers compared to other exchanges. Even though their helpers on the computer are usually quick, sometimes when a lot of people need help, it takes a little longer.

Binance Pros And Cons

Pros:

• High Liquidity: Binance boasts impressive trading volume, ensuring ease in trading assets.
• Diverse Coin Selection: With 500+ crypto coins, Binance offers many trading options.
• Lower Fees: Competitive trading fees and discounts when using Binance Coin (BNB).
• Advanced Trading Tools: Access to futures, margin, and staking for experienced traders.
• Trustworthy Reputation: Binance is a popular and global exchange worldwide.

Cons:

• Regulatory Challenges: Binance faces ongoing scrutiny from regulators in various countries.
• Complex Interface: Advanced trading options can be difficult for newbies.
• Limited Fiat Options: Binance mainly focuses on crypto-to-crypto trading.
• Customer Support: Response times and effectiveness may be inconsistent.

The Final Verdict

Our review of Binance revealed that the exchange is highly innovative and dedicated to advancing crypto services. With some of the lowest trading fees available, Binance offers both fiat-to-crypto market pairs and the ability to buy and sell bitcoin and over 180 other altcoins for fiat currency.

Binance caters to both risk-tolerant and risk-averse traders by offering futures, options, and margin trading for the former and savings and staking programs for the latter. The only drawback is the lack of strong privacy measures, which is a challenge in today’s regulated environment. Nevertheless, Binance provides a complete set of services for all types of crypto traders.