Binance Review: Is The World’s Biggest Crypto Exchange, Also the Best?

• Binance is the world’s largest cryptocurrency exchange in terms of daily trading volume.
• The platform, known for its low fees, supports over 400 cryptocurrencies and 11 fiat currencies
• Binance offers retail crypto trading on its spot, derivatives, and P2P trading platforms, and offers enterprise-grade financial solutions to institutions.
• Binance is richly liquid and a solid choice for several trading styles, including arbitrage, day, and swing trading.

• Wide global coverage: Binance is available in over 150 countries worldwide.
• Crypto tutorial services through Binance Academy.
• Relatively affordable fees.
• Supports for spot, leverage, P2P, and personalized trading services.
• Security of users’ funds and compliance with financial regulations.

Some crypto traders who might consider exchanges other than Binance include:

• Investors from regions where Binance is restricted (like Nigeria, North Korea, and Cuba)
• Investors who wish to trade on exchanges without completing KYC verification.
• Investors who wish to pay lower fees for trading and withdrawal.
• Binance supports only about 400 crypto assets. Investors who wish to trade assets outside this coverage will also seek alternatives.

I found Binance to be well-equipped for automated trading, which is essential when you’re dealing with the volatile crypto market. The exchange also offers several additional services and features that make it easier for users to trade on the platform.

• Binance’s API is accessible to users who wish to automate their trading strategies.
• It offers spot and leverage trading for over 440 crypto assets.
• Binance also connects traditional finance systems and crypto through on-ramp trading, support for fiat currencies, and partnerships with native banks. Binance supports 11 fiat currencies at the time of writing.

Compared to exchanges like Coinbase, Binance has a wider selection of crypto assets. Binance’s listing structure is also unique, making it possible for the exchange to list different types of crypto assets. Binance supports about 440 cryptocurrencies including altcoins, meme coins, and Bitcoin. However, this is only about 20% of the crypto market’s total number of active cryptocurrencies, so keep in mind some of your favorites, might not be listed. Check if your desired asset is listed on the platform before you create a trading account.

Your experience with Binance might vary, depending on your trading approach. Here’s what to expect, with some popular trading strategies.

Scalping: The liquidity structure on Binance is great, but wide variation in the price of an asset across different pairs still occurs. The platform is still a solid choice for scalping, but the profits might be lower compared to other exchanges where the arbitrage is wider.

Day trading: Binance is great for day trading because many crypto assets are listed on the platform and there is sufficient liquidity to minimize slippage.

Swing trading: Binance’s relatively low fees help to preserve profits from swing trading. You can take advantage of the platform’s high liquidity to run recurring swing trades with low slippage.

Automated trading: Binance is good for automated trading. You can connect your trading bot to your Binance account using a reference API. Binance also has advanced bots for trading on the platform.

Copy trading: Binance doesn’t have a constituted facility for copy trading, many exchanges offer this. But you can track other profitable traders on the platform and follow their trades. But compared to exchanges with a proper copy trading tool, the quality of your experience might be lower.

 Trading Fees

Binance does quite well when it comes to trading costs.

Fees for buying and selling on Binance are charged according to the trader’s tier. The tier depends on the monthly amount traded on the platform. For traders at most tiers, Binance charges 0.1% of the amount traded. The fee could go as low as 0.01%, but keep in mind that this rock-bottom percentage only applies to traders who trade over $4 million worth of crypto on the platform monthly.

Futures and options have a different fee structure. Maker (seller) and Taker (Buyer) fees for most tiers on Binance are 0.02% and 0.05% of the amount traded respectively. Higher tiers incur lower fees. Options trading fees for buyers and sellers are set at 0.03% for all tiers.

Inactivity Fees

 Binance does not charge inactivity fees.

Overnight Fees

 Binance does not charge overnight fees.

Currency Conversion Fees

When converting from crypto to fiat, Binance charges up to 0.15% of the amount traded.

Deposit and Withdrawal Fees

Crypto withdrawal fees on Binance depend on the asset you choose to withdraw. Binance charges a fee to cover on-chain transaction fees and the processing of the withdrawal. Fees could also vary depending on how busy the blockchain is.

Individual Accounts

Individual accounts are personal accounts. They are owned and operated by average retail traders. Individual accounts can access the platform’s normal features.

Business/Organization Account

This type of account is owned by recognized organizations and businesses. They can access advanced services and enterprise-level solutions like OTC trading and payment services.

Demo Account

Unfortunately, Binance doesn’t support demo accounts, so users cannot test the waters, and try out the platform.

Binance’s mobile application is available for iOS and Android devices. It can be downloaded from official app stores.

Binance charges fees for crypto and fiat deposits and withdrawals. However, these are different depending on the currency. Note that fees are constantly subject to change.

Payment Methods

You can deposit supported fiat currencies on Binance through Debit/credit cards and bank transfers. Binance also supports on and off-ramp trading. Users can also purchase crypto directly from peers through the P2P trading platform.

Binance has active user support. A 24/7 customer assistance facility is available on the platform. You can request assistance from customer support through social media outlets like X.com or any of Binance’s official Telegram groups. You can also submit a support ticket with your requests.

To start trading on Binance:

1. Visit https://www.binance.com/
2. Click Sign Up to create a trading account using your personal information.
3. Complete your KYC verification process and deposit your funds to start trading on the platform.

Binance is a top cryptocurrency exchange that’s suitable for beginners and professionals. I think the relatively low trading fees, high liquidity, and wide coverage of crypto assets make it a strong choice for most trading strategies. Our  CoinHint researchers also dug into Binance’s track record and found it had a good history of security for customer funds. While the exchange ticks these boxes, it has unfortunately been implicated in several cases of failure to comply with regulatory procedures. Therefore, as a crypto enthusiast considering trading on Binance, it is important to think over these factors and also ensure that Binance is available and licensed in your region before you start using the platform.