Binance is one of the world’s leading cryptocurrency exchanges, providing a platform for users to buy, sell, and trade a wide variety of digital assets. Launched in 2017 by Changpeng Zhao, Binance quickly rose to prominence due to its user-friendly interface, low trading fees, and vast selection of cryptocurrencies.
| Pros | Lots of different cryptocurrencies and features are available for you to use. |
| Cons | The problems with rules and regulations are worrying, especially because the SEC recently talked and acted in a way that implies breaking the laws about securities. |
| WARNING: On June 5, 2023, the SEC filed a lawsuit against Binance and its founder for breaking U.S. securities laws. The company responded with a statement in which it stated, “All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary.” We’ll keep an eye on what happens next. |
| Official Website | https://www.binance.com/en |
| Year Founded | 2017 |
| Total Visits (Sep 2023) | 43.9M |
| Transaction fees | 0.10% spot-trading fees, 4.5% for debit card purchases |
| Withdrawal fee | 3.84AGLD, 1AMB, 0.08AVAX, 0.0005BNB, 0.00006BTC, and more. Rates may vary due to factors like network congestion, so check the withdrawal page for the latest data. |
| Deposit fee | Binance does not charge deposit fees. |
| Number of cryptocurrencies supported | BNB, DOGE, XRP, BTC, ETH, USDT, TUSD, LTC, and over 500 other cryptocurrencies. |
| Fiat currency | Binance supports many fiat currencies, including USD, EUR, RUB, TRY, NGN, UAH, KZT, INR, and more. |
| Accepted payment methods | Bank Deposit Credit/Debit Card: Visa and Mastercard. PTP Trading: By bank transfer and 60+ alternative options. 3rd Party Payment: Via Banxa and Simplex. |
Is Trading on Binance Safe?
Using Binance for trading is widely recognized as a highly secure option!
In reality, Binance has not experienced a direct hack, but the platform has faced incidents related to its API gateway. Specifically, in early July 2018, users discovered that a coin, SYS, was traded at a price of 96 BTC on the Binance platform.
During the investigation, the exchange team identified the issue stemming from the API gateways. Hackers exploited APIs linked to insecure third-party applications to attack Binance. Consequently, Binance announced a system-wide maintenance to reset the API gateways. Since then, Binance has not encountered any similar incidents.
Based on this incident, it is advisable to avoid using APIs unless absolutely necessary. If needed, users should only use services with high reliability.
On May 8, 2019, Binance announced the theft of 7,000 BTC (equivalent to $40,000,000) from the platform due to a hacker attack via user APIs. Specifically, the hacker targeted users’ APIs and Google Authenticator 2FA on the platform.
This marks the second time Binance has experienced a hack through its API gateways, and it’s uncertain if it will happen again. If using APIs, it’s recommended to grant permissions only for trading and account information checks, avoiding authorization for deposits or withdrawals through APIs.
Moreover, Binance allocates 10% of the trading fees on the platform to the SAFU Fund. This serves as an insurance fund, acting as a precaution in case users experience asset losses on the platform. Therefore, you can rest assured about the safety aspect of Binance!
However, Coinminutes advises against keeping your entire coin holdings on the exchange. To ensure security, it is recommended to only keep the amount of coins necessary for trading on the Binance platform. The rest should be withdrawn to a wallet for safekeeping!
Pros Explained
- Over 1000 Trading Pairs: An incredibly vast number, encompassing almost all the altcoins users wish to trade.
- Multilingual Support: Particularly notable is the early development of support for Vietnamese. Binance has a dedicated team and Telegram channel providing assistance in Vietnamese, ensuring language is not a barrier.
- Up to 40% Commission Bonus Program: Binance pioneered referral bonuses, offering users a significant passive income when inviting others to join the platform.
- No KYC Needed for Withdrawals up to 2 BTC/Day: In contrast to other exchanges that require Know Your Customer (KYC) verification for withdrawals (like Poloniex), Binance allows users to make small transactions without providing excessive personal information.
- Extensive Cryptocurrency Ecosystem: Binance offers a wide range of cryptocurrency transactions, including spot trading, margin trading, over-the-counter (OTC), and peer-to-peer (P2P) options.
- User Asset Protection Fund (SAFU): 10% of the trading fees on the platform contribute to this fund, providing insurance for user assets.
- Diverse Transaction Types: Engage in various transactions such as spot trading, margin trading, OTC, or P2P on the Binance platform.
Cons Explained
- Limited Options for U.S. Users: Binance.us, the U.S. version, has a more restricted selection of cryptocurrencies compared to the global platform. It’s also accessible in only 46 states.
- Complex Platform: The abundance of features and trading choices on Binance can be overwhelming, even for experienced traders.
- No Built-in Digital Wallet: Binance lacks a built-in digital wallet, suggesting the use of Trust Wallet. While reputable, it may have limited support for Binance transfer issues.
- Regulatory Issues in Multiple Countries: Binance has encountered regulatory problems in various countries, prompting caution among crypto investors to explore alternative exchanges.
In 2018, Binance experienced some unfortunate incidents. Specifically, in July, an obscure coin was traded for as much as 96 BTC. This case was speculated to be a result of a hacker attack or potentially Binance taking advantage of the situation to manipulate prices.
Binance’s User Interface
The interface of the Binance website and trading dashboard is generally considered user-friendly by many users. The trading platform is designed to be easy to navigate, with a clean and simple layout that makes it easy to find the information and tools that you need.
The trading dashboard is intuitive and provides access to all the features you would expect from a major crypto exchange. You can view real-time trading data, access your trading history, and place orders with just a few clicks. The interface also includes features like charting tools, order book, and trading history that are useful for technical analysis.
The website also has an Advanced trading view for more experienced traders, who can take advantage of more complex trading options, such as limit and stop orders.
Additionally, Binance has a mobile app that is also user-friendly and allows you to trade on the go. The app includes most of the features of the website and is easy to navigate.
It’s worth mentioning that some users have reported occasional technical issues, such as slow loading times or difficulty accessing certain features. However, Binance’s customer support team is known to be responsive and helpful in addressing user’s concerns.
Overall, the Binance website and trading dashboard are considered to be user-friendly by many users, and the platform is a popular choice among crypto traders.
Company Overview
Binance is a cryptocurrency exchange established in 2017 by Changpeng Zhao in China. Currently, Binance holds the title of the world’s largest cryptocurrency exchange by trading volume, offering over 1000 trading pairs.
Changpeng Zhao (also known as CZ) leads Binance. He previously managed the Development Department at Blockchain.com and was the co-founder and technical director of the once-prominent exchange, OKCoin.
In early July 2017, Binance conducted an Initial Coin Offering (ICO) to raise capital. Thanks to the impressive profile of the CEO, the Binance exchange project quickly gained attention from the community. The ICO fundraising round, held from 01/07 to 21/07/2017, raised $15 million with over 20,000 registrations in the initial days. At this time, Binance opened the sale of Binance Coin (BNB) to raise capital through ICO.
BNB is an ERC-20 token, built on the Ethereum Blockchain:
- ICO price: 1 BNB = 0.1 USD.
- Highest listing price: 1 BNB = 25.42 USD.
- Highest ROI: 25,320%.
- Total supply of BNB: 189,175,490 BNB.
- The number of BNB currently in circulation: is 141,175,490 BNB.
Initially headquartered in China, Binance later moved its office to Hong Kong and Japan as China tightened regulations on cryptocurrencies. Unfortunately, Binance faced legal issues in Japan. Consequently, in March 2018, the exchange relocated to the island nation of Malta.
Frequently Asked Questions
Can Binance be trusted?
Binance has standard security features, but it’s different from regular brokerage firms. Cryptocurrency exchanges, including Binance, aren’t part of the Securities Investor Protection Corp. (SIPC). So, unless the user terms say otherwise, if your cryptocurrency is mixed on the exchange, there’s a chance you might lose your funds like an unsecured creditor in case of a problem.
Is KYC required to withdraw funds?
With the Binance exchange, you can withdraw up to 2 BTC per day without needing to Know Your Customer (KYC). This is a quite convenient policy, especially for those testing the platform or trading with smaller amounts.
What is the Deposit and Withdrawal limit?
For an account without KYC (ranked as level 1), the maximum daily withdrawal is 2 BTC. With a KYC-verified account (level 2), the maximum daily withdrawal increases to 100 BTC. For organizations (such as businesses or corporations), the limit could be higher if the organization provides additional information as requested by the exchange.
Conclusion
Binance is a super popular crypto platform that almost everyone in the crypto world uses. It got famous because it did a bunch of cool stuff first, like launching its own coin, starting the first referral program, and leading the way in Initial Exchange Offerings (IEOs).
Plus, Binance’s website is easy to use, and it speaks many languages. So, if you’re new to crypto, CoinMinutes suggests you give Binance a try. It’s a good idea to keep a bit of BNB in your account because it gives you cool perks, like cutting your fees by at least 25%.
