Binance review 2024

Last updated Mar 31, 2024
Логотип Binance
Trading cryptocurrencies carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

We have been trading on several different exchanges for over 5 years and today we are going to introduce you to the best cryptocurrency exchange for beginners – Binance. We have compiled a complete guide to the Binance crypto exchange.

Our goal is to inform you about the following aspects

  • How to use the Binance trading platform.
  • How to trade on Binance.
  • How to deal with Binance commissions.
  • Why Binance is a secure cryptocurrency exchange.

Binance Exchange Overview

Year of Establishment2017
Official Websitehttps://www.binance.com
TradingSpot, Derivatives, P2P
Types of DerivativesFutures, Options
Max. Leverage1:125
Trading Instruments
  • Spot: over 1570 trading pairs
  • Derivatives: over 270 contracts
CommissionsSpot: Derivatives:
Passive Investment InstrumentsStaking, deposits, mining pool, crypto loans
Deposit / Withdrawal Methods
  • Bank cards (fiat gateways)
  • Cryptocurrencies
  • Bank transfer
  • via P2P market

We will also tell you what we like and dislike about Binance – in short, this is a comprehensive review and our opinions on Binance, and after reading it, you should be ready to start trading cryptocurrency right away. In our opinion, Binance is the easiest and safest way to buy and sell cryptocurrencies. Binance is one of the most popular cryptocurrency exchanges in the world, chosen by many crypto traders. Read our Binance review to find out what this exchange can offer and what makes it one of the best cryptocurrency exchanges. After reading this review, you can also sign up for Binance and receive a lifetime discount on commission fees.

After reading this review, you can also sign up for Binance and receive a lifetime discount on commission fees.

ExchangeCashbackBinance20%UG702FNSClick to copyBinance Futures10%privatefinanceClick to copy

Pros of Binance Exchange

  1. High liquidity.
  2. User-friendly trading interface.
  3. Low trading commission.
  4. Excellent reputation.
  5. Good customer service.
  6. Suitable for both beginners and professionals.
  7. Access to hundreds of different cryptocurrencies and thousands of trading pairs.
  8. Capability to process 1.4 million transactions per second.
  9. Excellent bonus and affiliate programs.
  10. A variety of tools for earning with cryptocurrencies.
  11. Exchange is insured.

Cons of Binance Exchange

  1. Suffered a security breach in 2019.
  2. Binance collects and stores some user data, such as IP addresses.
Binance - Exchange the world
Binance - Exchange the world

What is Binance

Binance - Главная страница
Binance - Главная страница

Binance is a cryptocurrency exchange that was launched in 2017 in Hong Kong. The founder of Binance is a Canadian developer of Chinese descent, Changpeng Zhao. The exchange was launched when Zhao (also known as "CZ") successfully raised 15 million dollars for Binance in an ICO through his technology company Beijie Technology.

At the time of its launch, Binance had many competitors, but this did not prove to be a serious obstacle, and the exchange quickly grew in popularity.

Today, Binance is among the world's leading cryptocurrency exchanges in terms of user numbers and manages a larger trading volume than any other cryptocurrency exchange.

Binance offers over 400 different trading pairs and is an ideal platform for those who want to keep all their cryptocurrencies in one wallet.

Although Binance began its operations in Hong Kong, the company had to move its servers offshore due to the cryptocurrency ban in China. Today, Binance's main office operates in Malta and is fully legal and secure.

Binance's Exit from Russia and the Sale of CommEX Business

Changpeng Zhao (CZ), the founder of the cryptocurrency exchange Binance, shared new details about the sale of its Russian business to the CommEX platform. This event has generated significant interest in the crypto community and raised many questions.

Crypto Transfers and User Migration

One of the key points of the deal is the active collaboration between Binance and CommEX regarding crypto transfers. This means that the process of migrating users and their funds between the two platforms will be as simplified as possible.

Team Transition

Several former regional members of the Binance team may join CommEX, or have already done so. This indicates that the platform is striving to maintain experience and quality of service.

Design and Functionality

CommEX intentionally made the design and functionality of its platform similar to Binance. This decision is aimed at making the transition for users as comfortable as possible.

Geographical Restrictions

An important condition of the deal was that CommEX will not serve users from the USA and the EU. This was one of the criteria set by Binance when selling its Russian business.

Status of CZ

CZ also made it clear that he is not a beneficiary or owner of shares in the new platform. The deal does not provide for the possibility of a buyback of shares, which excludes his financial participation in the future of CommEX.

This transition may signify a new era for crypto trading in Russia, considering that CommEX promises a high level of security and a variety of trading instruments. It remains to be seen how these changes will affect the market as a whole.

Is Binance Cryptocurrency Exchange Safe?

Binance is considered one of the safest cryptocurrency exchanges, as it uses advanced security protocols to protect the assets and information of its clients.

In the past, the exchange has suffered some losses, but over the last couple of years, it has significantly improved its security.

Regulation

Binance is a centralized cryptocurrency exchange and continuously improves its standards to offer regulated services. The exchange closely cooperates with regulatory authorities located in the USA and the UK and constantly strengthens its security.

In Europe, Binance is regulated in Italy, Spain, and France. In 2022, authorities in Bahrain, Dubai, and the Abu Dhabi Free Financial Zone granted approval for the platform's operations.

Binance also announced the launch of a regulated exchange in Thailand and the opening of a customer service center in Turkey.

Zhao also expressed the intention to obtain approval from the UK's FCA.

Security System Breach in 2019

Binance cannot boast a clean record when it comes to security breaches, as in 2019 it suffered a cyber-attack that resulted in the loss of several users' assets. During this attack, hackers managed to steal 7,000 bitcoins, which at the time were valued at over $40 million.

Binance issued an apology to its users affected by the attack and reimbursed all affected clients to mitigate their losses.

Following the attack, Binance also established a Secure Asset Fund for Users (SAFU), which will help the exchange compensate users in the event of a security breach.

Binance is also insured, and all these factors combined make it one of the safest cryptocurrency exchanges in the world.

Binance Security System Features

Here is the main list of security measures that make Binance a reliable exchange

  • AI and control monitoring.
  • Support for two-factor authentication.
  • Biometric logins.
  • Alerts for unusual account activity.
  • Cold wallets.

Binance Website: Interface and Trading Platform

User Interface

The Binance website offers one of the best user interfaces in the entire cryptocurrency space. Both the web version and the mobile version of the platform are simple and easy to navigate, providing an excellent experience for all clients.

The Binance exchange user interface is designed for traders of all levels. Clients who are new to the cryptocurrency space will have no trouble navigating Binance, as it features a thoughtful design.

Compared to other cryptocurrency exchanges, the Binance user interface is quite fast and processes all requests instantly.

Binance - Доступные рынки
Binance - Доступные рынки

All the exchange's features are divided into different categories, and clients can easily find the services they need in the drop-down menu.

Binance Trading Platform

The platform is designed for traders who are just starting to work with cryptocurrencies and is ideal for users who want to perform simple trades.

Торговая платформа Binance
Торговая платформа Binance

Users intuitively understand how to buy or sell cryptocurrency and how to place an order (limit or market).

Binance offers free tutorials and guides for new clients to familiarize themselves with the exchange and trade without issues.

Registering on Binance

Note. We strongly recommend doing this on a desktop computer or laptop, rather than on a mobile phone.

As mentioned before, one of the best aspects of the Binance exchange is the simplicity of its use.

In this step-by-step guide, we will show you how to set up a Binance account so you can start trading cryptocurrency right away.

Step One – Registering a Binance Account

Click here, to go to the Binance registration page, which you will definitely need to get started.

The page should look like this. There are several points to note...

Регистрация на Binance - Шаг 1
Регистрация на Binance - Шаг 1

Look at the top left corner. Do you see the "Secure" (closed lock) icon?

Professional Tip – now that you have joined the cryptocurrency world, it's always a good practice to keep an eye on the security icon of websites.

The most dangerous thing in cryptocurrency is fake websites, and if you send your hard-earned cryptocurrency to a scammer's wallet, you won't be able to get it back.

By checking the "security" of websites, you can protect yourself and avoid being scammed.

Now click on "Sign up with phone or email" or "Continue with Google", "Continue with Apple", if you have the respective accounts.

You will be taken to this page.

Регистрация на Binance - Шаг 1 (продолжение)
Регистрация на Binance - Шаг 1 (продолжение)

Your Binance password must include one uppercase letter. It is recommended to use complex passwords with a mix of letters and numbers.

Enter your details. The password you create must contain at least 8 characters and one uppercase letter.

Pro tip. Please do not use your pets' names as passwords. Create a new password consisting of letters, numbers, uppercase letters, and other symbols.

These simple steps will help keep your account and cryptocurrency safe and secure.

After you click the "Create a personal account" button, you will be presented with a quick verification puzzle.

Again, it is necessary for security and serves as confirmation that you are a human, not hacking software.

Регистрация на Binance - Шаг 1 (каптча)
Регистрация на Binance - Шаг 1 (каптча)

This captcha looks strange, but it is quite effective (Binance Exchange Login).

Move the slider over the required piece of the puzzle, and you're all set!

Регистрация на Binance - Шаг 1 (верификация emal - начало)
Регистрация на Binance - Шаг 1 (верификация emal - начало)

Binance verification looks quite serious.

So, let's move on! Now check your email.

Регистрация на Binance - Шаг 1 (верификация emal - завершение)
Регистрация на Binance - Шаг 1 (верификация emal - завершение)

Although the process is quite complex, Binance verification ensures the security of your transactions.

Click the "Verify email" button.

You can now log in to your Binance personal account. If you are logging in from the main page, click the "Login" button in the top right corner.

Регистрация на Binance - Шаг 1 (вход в аккаунт)
Регистрация на Binance - Шаг 1 (вход в аккаунт)

It is highly recommended to enable 2FA (otherwise known as "Google Authenticator").

To set up two-factor authentication, click the "Google Auth" button on the left side of the screen. This is an important step in the identity verification process on Binance.

Step Two – Enable Google 2FA

Again, in the name of security, we are going to enable the wonderful "two-factor authentication" by Google.

This is a fantastic tool that allows Binance to ensure that you are not hacked... and it's pretty cool, you'll feel invulnerable, like a superhero.

First, you need to download the "Google Authenticator" app from the Android Play Store or iPhone App Store. It looks like this:

Регистрация на Binance - Шаг 2 (Google Auth)
Регистрация на Binance - Шаг 2 (Google Auth)

Google Authenticator (G2FA) on Android.

After installing the app, open it. Then return back to Binance.

This moment is very important.

You must know two values

  1. Your barcode.
  2. Your secret key.
Barcode (Bar Code)

This is what allows you to synchronize your Binance account with Google 2FA. After downloading the app, you need to "scan the barcode".

This will synchronize your Binance account with your Google account, so that when making a transaction, the exchange can verify that it is indeed you. It's not complicated at all.

Security Key (Security Key)

We recommend storing this key in three different places.

Write it down and keep it in a notebook or journal, as well as save it in your email, take a snapshot and put it in a special storage app (we like Keep Safe – it's free and secure).

These actions will provide you with several ways to access this very important key.

In case your account gets locked, or you lose your phone, this is the only way to log into Binance.

Heed our advice. It's like cryptocurrency insurance, and insurance is never needed until it's really needed.

Follow these steps, and make sure you do everything correctly – you won't regret it.

Now you can safely log into Binance

When using 2FA, the Google app displays a code that expires every ninety seconds.

When prompted, simply open the app and enter the 6-digit code that Google is displaying at that moment in time. Very simple and very secure.

At this point, we have a secure Binance account, and we are ready to trade any cryptocurrencies we want! Let's take a closer look at how to use Binance.

How to Fund Your Binance Account

Unlike many cryptocurrency exchanges, Binance does not rely on a single payment method to serve its users.

It is one of the few cryptocurrency exchanges that offers multiple payment methods for deposits and withdrawals.

On Binance, you can deposit and withdraw fiat currency and cryptocurrency using the following payment methods

  • Credit/debit cards.
  • PayPal.
  • Peer-to-peer transfers (P2P trading).
  • Bank transfers.
  • Wallet transfers.

Having multiple payment methods is ideal for any cryptocurrency exchange. If a client encounters problems with one payment method, they can always switch to another and access their funds without wasting time.

Learning to use Binance is quite easy, which is why it's one of our favorite cryptocurrency trading platforms.

Go to "Wallet" -> "Fiat and Spot".

Фиат и спот на Binance
Фиат и спот на Binance

Look at all the wonderful altcoins you can trade on Binance!

This is the beauty of the Binance exchange. It's the ease of use and the ability to work with all the major cryptocurrencies.

Whichever cryptocurrency you wish to deposit into your account, you can do so without any issues.

For this example, we will use Bitcoin. You can scroll down to find the cryptocurrency you need or use the search bar.

Фиат и спот на Binance - Поиск криптовалюты
Фиат и спот на Binance - Поиск криптовалюты

If you are sure that this is the cryptocurrency you want to trade in your Binance account, click on the "Deposit" tab.

Select the network in which you want to send Bitcoin.

Фиат и спот на Binance - Выбор сети
Фиат и спот на Binance - Выбор сети

After that, you will see your Bitcoin deposit address! Specifically, it resembles Binance banking codes.

Using this address, you can receive ("Deposit") or send ("Withdraw") any cryptocurrency supported by Binance (i.e., practically any).

Maybe you want to transfer some Ethereum to yourself? No problem! This is the charm of cryptocurrencies. Every cryptocurrency you own on Binance will have its own 100% unique wallet.

The wallet address can be used to receive funds.

Binance is one of the Bitcoin exchanges where you can buy BTC with fiat currency.

How to Withdraw Funds from Binance

You can withdraw your investments from Binance using any of the aforementioned payment methods.

If you wish to withdraw money in fiat form, you can convert your assets in the trading market and easily withdraw the funds.

You can also withdraw cryptocurrency directly from your Binance wallet to any other external wallet.

Note: users who have not completed the KYC verification process will be able to withdraw only 0.06 BTC per day.

How to Trade on Binance

Cryptocurrencies are volatile. Therefore, the choice of cryptocurrency for trading changes weekly, and sometimes daily, depending on market movements.

Conduct your own research before deciding which coins you want to invest in.

We recommend visiting the Coinmarketcap website to get information about various cryptocurrencies and to check the latest events, news, and price action for the coins you are interested in.

Now that everything is set up, let's look at the other side of Binance. We'll explain how to navigate the site, and most importantly, how to trade on Binance.

The Binance website is quite straightforward. To start trading, you need to go to the top menu "Trading" and click on the "Spot" button.

Выбор режима торговли на Binance
Выбор режима торговли на Binance

You will find yourself on the Binance trading platform.

Торговая платформа Binance
Торговая платформа Binance

Don't be afraid – it's much simpler than it seems.

You might be feeling confused right now, but that's okay!

We understand that these charts might look like something out of the movie "The Wolf of Wall Street".

However, once you get a bit familiar, you'll understand that the Binance exchange is actually very simple to use, and the charts are quite understandable if you want to delve into them.

By the way, this is not necessary if you just want to buy and hold cryptocurrency, which is what we recommend.

Let's focus on the two most important parts of the screen:

Торговая платформа Binance - Пояснения
Торговая платформа Binance - Пояснения

First, you need to find the cryptocurrencies you want to trade.

Typically, for a beginner, this means taking your recently deposited bitcoins and forming a diversified cryptocurrency portfolio by investing in new coins (and that's the right approach!).

Suppose you want to take some of your bitcoins and buy Ethereum. Enter ETH (the three-letter code for Ethereum) in the search at the top right corner.

Торговая платформа Binance - Выбор торговой пары
Торговая платформа Binance - Выбор торговой пары

Trading cryptocurrencies on Binance is very easy.

Торговая платформа Binance на примере ETH/BTC
Торговая платформа Binance на примере ETH/BTC

So, let's see what will happen if we play with different parameters in the Binance interface.

Binance offers a quick and easy way to trade by clicking on the links 25%, 50%, 75%, or 100%.

For example, suppose we really liked Ethereum (ETH), and we want to spend all our bitcoins to buy the maximum amount of ether. We click on 100%.

Торговая платформа Binance - Настройки торговой заявки
Торговая платформа Binance - Настройки торговой заявки

This means that at the time of writing the article, we can spend 0.00183927 BTC to buy a maximum of 0.0227 ETH.

This is just one of the features we like about the Binance cryptocurrency trading platform, and one of the reasons why we recommend it in the first place.

Everything is very logical. It's simple. That's all.

Binance Commissions

As for commission fees, Binance is considered one of the most affordable cryptocurrency exchanges and is much cheaper than its competitors such as Crypto.com or Bitfinex.

It does not charge a high percentage for spot trading or withdrawals, so clients do not lose their profits. The exchange's commission structure is as follows.

Binance Trading Commissions

For spot transactions, Binance charges a commission ranging from 0.02% to 0.1% for market makers and from 0.04% to 0.1% for market takers. The commission size depends on your VIP level and decreases with each level increase.

Level30 days trading vol. (BUSD)and/or 30 days trading vol. (BNB)Maker / TakerMaker / Taker (BNB discount 25%)
Regular user< 1 000 000 BUSDor≥ 0 BNB0.1000% / 0.1000%0.0750% / 0.0750%
VIP 1≥ 1 000 000 BUSDand≥ 25 BNB0.0900% / 0.1000%0.0675% / 0.0750%
VIP 2≥ 5 000 000 BUSD and≥ 100 BNB0.0800% / 0.1000%0.0600% / 0.0750%
VIP 3≥ 20 000 000 BUSDand≥ 250 BNB0.0700% / 0.1000%0.0525% / 0.0750%
VIP 4≥ 100 000 000 BUSDand≥ 500 BNB0.0200% / 0.0400%0.0150% / 0.0300%
VIP 5≥ 150 000 000 BUSDand≥ 1 000 BNB0.0200% / 0.0400%0.0150% / 0.0300%
VIP 6≥ 400 000 000 BUSDand≥ 1 750 BNB0.0200% / 0.0400%0.0150% / 0.0300%
VIP 7≥ 800 000 000 BUSDand≥ 3 000 BNB0.0200% / 0.0400%0.0150% / 0.0300%
VIP 8≥ 2 000 000 000 BUSDand≥ 4 500 BNB0.0200% / 0.0400%0.0150% / 0.0300%
VIP 9≥ 4 000 000 000 BUSDand≥ 5 500 BNB0.0200% / 0.0400%0.0150% / 0.0300%

You can also get an additional discount on these commissions if you register on Binance by going through this link.

Binance Deposit and Withdrawal Fees

Binance does not charge a direct fee for fiat currency deposits and withdrawals, but you may have to pay a fee for the payment method you use. Generally, withdrawals on Binance cost between $1 to $15.

If you withdraw cryptocurrency directly to an external wallet, you will be charged a small amount in addition to the withdrawal fee. (The withdrawal fee varies for each cryptocurrency)

How to Pay Less in Fees on Binance

Binance fees are already quite low, but they can be reduced even further if you pay them with the BNB token.

Binance BNB is the native token of the Binance Smart Chain and offers numerous benefits when used on the exchange.

The BNB token provides a 25% discount on trading fees, and anyone holding BNB in their account is eligible for this discount.

How to Earn with Binance Earn

What is Staking

Staking refers to the process of holding cryptocurrency in a wallet or a collective pool to earn rewards.

Staking is used for cryptocurrencies that are built on the Proof-of-Stake algorithm to ensure all operations on the blockchain and support the network's functionality.

Staking on Binance

Starting to stake cryptocurrencies on Binance is quite simple, and you don't need any trading skills. You can simply go to the "Binance Earn" tab and click on the "Start Staking" button.

Стейкинг на Binance
Стейкинг на Binance

You will see a list of cryptocurrencies available for staking or deposit on Binance Earn. The annual yield ("APR") for each cryptocurrency will also be indicated, and you can calculate the corresponding profit.

Стейкинг на Binance - Выбор актива
Стейкинг на Binance - Выбор актива

Staking rewards are issued daily. They are calculated based on the cryptocurrency price at the end of the day. The staking closure period is also listed. It allows you to know for how long you will be investing your cryptocurrency.

Binance Earn - one of the main reasons to register on this leading cryptocurrency exchange. It's the perfect way to earn additional income with your cryptocurrencies.

On Binance Staking (a private Binance Earn tool) over 100 cryptocurrencies are available for fixed staking.

Стейкинг на Binance - Фиксированный период
Стейкинг на Binance - Фиксированный период

Our Verdict on Binance Exchange

Binance is one of the safest, easiest to use, and most accessible platforms for cryptocurrency trading, and at this moment it is our favorite cryptocurrency trading platform.

Binance Exchange is the largest service for trading and passive earnings on cryptocurrencies. Moreover, it operates in Russian.

We recommend to create a Binance account today, even if you are not planning to use it in the near future.

Trading on Binance is a very interesting way to invest in your future, but always follow the golden rules of cryptocurrency trading

  • Always use two-factor authentication!
  • When you make a lot of money, it's necessary to withdraw some of it from the exchange (we recommend keeping it in a Ledger wallet).
  • Only risk the money you can afford to lose.
  • Be patient, hold tight, and don't panic during downturns.
  • The more research you do, the more money you will make – it's a fact.

Start trading cryptocurrency on Binance right now on Binance!

Visit BinanceTrading cryptocurrencies carries high risks. You may lose all invested funds
Nikolay Zavarov - AuthorNikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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