The speed at which the 5 year old company is progressing cannot be topped. Within a short period of time, Binance has built an empire like no other. But this success story, in addition to all the positive aspects, has also been temporarily clouded. The pioneer in cryptocurrency repeatedly got into legal trouble, not least because of the accusation of money laundering. Nevertheless, there is currently no competitor in sight that could rival the trading platform. The broker regularly expands its features to offer customers the best possible service. This article provides you with all the information you need to know about Binance.
In this Article
- Key Takeaways
- What cryptocurrencies does Binance offer?
- Low trading fees
- (Almost) no deposit fees on Binance
- High withdrawal fees
- Trading, trading, trading – where the trading platform shines
- Classic Trading
- Pro Trading on Binance
- Margin Trading: Trade with more investment power
- Strategy Trading: Trading bot by Binance
- Futures Trading on Binance
- Vanilla Options: Trading the right to buy or sell something
- Binance Leveraged Tokens: The coins with built-in leverage
- P2P Trading: Be your own local crypto exchange
- Binance Earn
- Non Fungible Tokens (NFT)
- Binance in football stadiums: Fan Tokens
- DOT Slot Auction
- Binance Mining Pool
- Binance Academy
- Loans in cryptocurrencies
- The Binance Visa Card
- Give away cryptocurrencies with the Binance gift card
- Security of your user account
- Binance platform security
- Customer service and satisfaction
- Regulatory issues
|Number of cryptocurrencies
|More than 300 with more than 1500 Trading Pairs
|Less than 0.1%
|Deposit fees fiat
|None with SWIFT
€1 with SEPA
1.8% with Visa/Mastercard
|Deposit fees cryptocurrencies
|Minimum trade amount
Phone Number and Email Verification
|Flexible and Locked Savings
Staking, Liquid Swap
Binance Mining Pool
|Binance Mobile App
|2 out of 5 Stars on Trustpilot
|Binance Academy provides detailed information about cryptocurrencies and introductions to the platform.
What cryptocurrencies does Binance offer?
The number of cryptocurrencies that users can trade on Binance is not so easy to pin down. Relatively often, the trading platform lists new tokens and coins that investors can trade for fiat or other cryptocurrencies. On its website, Binance states that users can transfer over 300 different cryptocurrencies to the their account.
Binance also scores with a large amount of trading pairs. The screenshot illustrates this well, because for trading pairs with the Stablecoin BUSD alone you can find 14 pages with 20 cryptocurrencies each.
In total, Binance offers about 1500 trading pairs in the spot market. This does not include futures and leveraged tokens.
Low trading fees
Binance shines with low trading fees, whereby the rule of thumb is 0.1% of the traded amount. Depending on the VIP status and if the user pays fees with Binance’s own coin «BNB», the fees are reduced.
Create your account on Binance here and get 10% discount on all trading fees.
Binance Coin (BNB) for paying trading fees
If you deposit BNB in your spot wallet, you have the possibility to pay all trading fees with the available BNB. This reduces the costs by 25% for spot trading and by 10% for USD-M futures trading. The full overview can be found here: Trading fees
In addition, the VIP level of the user can reduce the trading fees also. The more volume he trades, the more discount on the fees the trading platform gives him. For example, a user with VIP level 9 receives an additional 80% discount on trading fees.
Depending on the trading volume, a different VIP level applies. However, most users do not make it past level 0. For example, someone reaches level 1 if they trade at least 1,000,000 BUSD within 30 days and have 25 BNB in their account. The list of VIP levels can be found here: VIP Program
(Almost) no deposit fees on Binance
There are no fees for depositing cryptocurrencies and the same applies to fiat in case of a SWIFT transfer. If the investor makes a bank transfer via SEPA, only the bank’s €1 transfer fee applies. Oddly enough, Binance has suspended SEPA wire transfers for quite some time. However, according to Deposit & Withdrawal Fees, a deposit via the provider Advash Account Balance is possible, whereby the associated fees are listed as 0.
If the deposit must be made quickly, there is the possibility to transfer fiat using credit card (Visa/MC), for which the bank charges a hefty fee of 1.8%, not surprisingly.
High withdrawal fees
Both when withdrawing fiat currencies such as USD and EUR, and when transferring cryptocurrencies to a wallet outside of the Binance cosmos, huge withdrawal fees apply.
Withdrawal fees for fiat
In the overview of Deposit & Withdrawal Fees, the fees are shown as follows:
- 1% for a withdrawal to Visa
- Bank transfer SEPA (suspended): €1.5
- Advcash Account Balance: 0
But when you actually want to withdraw euros, the withdrawal dialog drops the following message.
So, in the end, a user still has to expect that withdrawing fiat currency will cost something. However, investors can reduce the costs if they transfer money in the form of cryptocurrencies to another platform (e.g. Coinbase) and then have the euros or U.S. dollars paid out there after the exchange.
When withdrawing U.S. dollars using SWIFT, Binance charges a $15 fee.
Withdrawal fees for cryptocurrencies
Binance also makes life difficult when withdrawing cryptocurrencies. For example, when withdrawing stablecoins like USDT on Coinbase, you only pay the network fee, whereas Binance charges up to four times the amount. A complete listing of cryptocurrency withdrawal fees can be found here: Crypto Deposit & Withdrawal Fees
The following screenshot should further illustrate the high withdrawal fees.
Since deposits to many wallets are only possible via the Ethereum network, a fee of 24 USDT is to be expected. Putting this in the context of, say, 100 USDT that you want to transfer quickly, the fees correspond to 24% of the original amount. Fortunately, there is a trick to reduce the high withdrawal fees: Reduce High Withdrawal Fees on Binance by 50%
Trading, trading, trading – where the trading platform shines
Looking at the wide range of trading options, you can see what Binance is really good at. From simple exchanges to classic and advanced trading, to trading with leverage and futures trading, everything is available. Based on past experience, the platform is stable and there is enough liquidity so that all orders are executed smoothly.
Minimum trade amount
Depending on the market, the minimum trading amount is different. However, in principle, 10 USDT can be expected. Under Trading Rules the amounts are listed by market.
If one wants to buy or exchange cryptocurrencies in the simplest way possible without having to deal with charts, order types or order books, Binance’s convert functionality is the way to go.
Binance states that they do not charge a fee for the exchange. Nevertheless, there is a minimal spread on each exchange, with the trading platform setting the market price higher when buying and lower when selling: nothing else than a fee, then.
Besides the simple exchange of currencies, it is also possible to place limit orders in the Convert view with a simplified user interface.
The Classic Trading application is probably where most users find themselves on Binance. It can be considered the next level after the simple convert functionality described above. Limit, market and stop limit orders are clearly displayed and quickly accessible. All drawing tools for chart analysis are also applicable via one click. Everything a crypto trader’s heart desires.
The illustration is self-explanatory for the most part. Nevertheless, here are some remarks:
Adjust Time Unit
Adjustment of the time unit representing a single candle on the diagram. By clicking on the arrow, users can select other time units.
Select Chart View
For further analysis of the market, Binance also offers the view of TradingView, probably the most widely used provider of detailed chart analysis. By switching to the Depth view, investors have the additional possibility to analyze the market depth and the relation of placed buy and sell order volume.
In the lower part of the scrennshot, users have an overview of all placed orders. The Order History summarizes all orders including cancelled ones, whereas the Trade History shows all executed orders. In the Funds tab, investors can view their available assets, which can be used for trading.
The trading activity displays chronologically the last executed orders. Via the «My Trades» tab, users can restrict this view to their own trades.
Quickly switch between trading pairs
In the Classic Trading view there is also the possibility to quickly switch between previously defined trading pairs.
At the top right, via the icon with the four squares, users can choose whether only one or several charts are to be displayed. In the four-square view, one then has the option of placing a trading pair in each square. Using the tabs in the upper left corner, the active trading pair can be changed quickly. At any time, users can zoom in on one of the four charts to better analyze the graph.
Pro Trading on Binance
If you consider all the functionalities that Binance already offers with classic trading, then it is clear that Pro Trading cannot offer too much more. The change is done via the gear wheel in the upper right corner of the main navigation.
After the switch, you can see that only the layout has changed a bit. The graph now takes up almost the whole page so that advanced traders can perform more detailed chart analysis.
Over the graph lies a form for fast buying and selling of the asset. The advanced trading form is located on the right. Using its tab, investors can switch between buying and selling.
Margin Trading: Trade with more investment power
Binance also offers its users the possibility to lend money in order to maximize their profits or losses. The view differs only in a few points compared to the Classic Trading view.
- Change Isolated vs. Cross Margin: Choice of whether the collateral should be shared between several open positions (cross) or a fixed amount per position should be used (isolated).
- Credit Options: Choice of how to apply the trade in terms of margin and whether to borrow or repay money. You can find detailed instructions here: Margin Trading Guide.
Strategy Trading: Trading bot by Binance
In my article Grid Trading Beats Time in the Market (or what was that?) I described the basics of grid trading and its application via bot on Pionex. Binance is hesitant to call Strategy Trading a «bot» when in fact it is nothing more than that. As an investor, you define the upper and lower limits of an asset price and the number of levels in between. If the price falls below a level, the platform automatically buys a part of the selected asset. If the price breaks through a level back upwards, Binance automatically sells a small part.
In addition to grid trading, Binance also offers the TWAP (Time Weighted Average Price) strategy. It is used especially by investors who want to trade a large volume without changing the price to their disadvantage through their trading. Investors with such large trading volumes are often referred to as whales by the crypto community. The TWAP strategy ensures that the volume of whales to be traded is distributed over time.
If you are interested in trading bots, I recommend the following article: Pionex Arbitrage Bot: Your Smart Investor
Futures Trading on Binance
Trading with futures must not be missing on such an established trading platform. Binance offers USDⓈ-M and COIN-M futures, which differ in terms of the collateral to be deposited. USDⓈ-M only accepts stablecoins such as USDT and BUSD, whereas on COIN-M futures investors can trade the futures with any cryptocurrencies as collateral. In the following articles, I have described how to exploit COIN-M futures in your favor.
Again, the view of Futures Trading is not significantly different from the other trading interfaces.
On the trading platform it is possible to trade futures with and without delivery date (delivery vs. perpetual). The type of futures asset is indicated accordingly.
- BTCUSDT Quarterly 0325: Bitcoin futures with delivery date on 03/25
- BTCUSDT Perpetual: Bitcoin futures without delivery date
The advanced trading dialog allows to open futures positions with additional parameters. Thus, investors can enrich the positions with parameters for stop loss and take profit to maximize their profits and minimize their losses.
As with Margin Trading, there is also the possibility to increase one’s investment power when trading futures. Compared to the 10x margin in the spot market, Binance offers up to 125 times leverage in the futures market.
You can find a detailed description of Futures Trading here: Futures contracts for dummies – a simple explanation
Battle: Gamification meets Futures Trading
For trading with futures, Binance has now introduced the so-called «Battle».
In a battle, the player who predicts the greater price fluctuation wins.
- John bets 250 long on BTCUSDT
- Jane bets 250 long on LINKUSDT
- BTCUSDT increases 1% within the next minute
- LINKUSDT increases 3% within the next minute
- Jane wins because she predicted the larger price movement.
Each battle lasts 1 minute and there is always a fixed 50 times isolated leverage set. Binance regularly launches contests that allow players to win money in the form of cryptocurrencies. The trading platform provides a detailed description in their FAQ section: What Is USDⓈ-Margined Battle
Vanilla Options: Trading the right to buy or sell something
Options trading offers an investor the right to buy or sell an asset at a later date. Obviously, this right is not free and a fee is charged.
- Option: An option is described by asset definition, strike price, settlement date and type (call/put). Example BTC-220107-50000-C: Call option (C) for Bitcoin (BTC), which can be exercised on 01/07/2022 (220107), given that on settlement date the price of Bitcoin is above 50,000 USDT.
- Price: Cost for the option. These costs always apply, no matter how the price of the underlying asset will change.
- Volume: Volume of the asset which a buyer can trade when exercising the option.
Binance Leveraged Tokens: The coins with built-in leverage
Trading with leverage always carries the risk of being liquidated and thus suffering a total loss. When opening short positions, there is even a theoretical risk of losing more than 100% of the shorted volume (Short Selling? Long Buying? Finally a Simple Explanation).
Leveraged tokens allow traders to invest with leverage in cryptocurrencies with lower risk. Moreover, they can be used to bet on falling prices without the risk of liquidation.
The leverage of these tokens is always between 1.25 and 4x. Various providers of leveraged tokens do a daily rebalancing or a rebalancing after a price movement of 10% to maintain a certain fixed leverage (e.g. 2x). However, to prevent from anticipating such events, the trading platform intentionally keeps itself intransparent in this regard. But in case the price of the underlying asset moves extremely, Binance also initiates an offset to keep the leverage between 1.25 and 4.
The screenshot above shows the current price of 1inch compared to the leveraged token. This shows that the price of a leveraged token is not an indicator for the current price of the token itself. However, if for example 1INCHUP has a leverage of 2 and 1inch moves 2% up, then 1INCHUP moves 4% up.
The listing of all leveraged tokens can be found here: Binance Leveraged Tokens
P2P Trading: Be your own local crypto exchange
Peer-to-peer trading on Binance allows any user to sell their cryptocurrencies directly to other people. Sellers can set the prices for the assets themselves and there are no fees charged by Binance. A look at the P2P trading view on Binance shows that the prices listed do not correspond to the current prices at all.
When I first saw this page, I wondered why someone would pay more for an asset at all. But if a user manages to bring someone inexperienced closer to cryptocurrencies, then this newbie is probably also willing to pay a little more for it.
The P2P platform on Binance gives users the opportunity to create advertisements and share them on social media as well. However, the payment of the cryptocurrency can also be done without having Binance involved. After the payment, the trading platform then executes the transfer of the asset to the buyer. And so the doors are open for everyone to set up their own exchanges, with the difference between the increased price and the real price being the seller’s fee.
The trading platform offers a large collection of solutions to invest one’s money. Binance Earn is not about trading, but about getting percentages on its provided cryptocurrencies. Savings, Staking, Launchpool, just to name a few.
If you are tired of not getting any interest on your money in your bank account, Binance Savings is quite attractive. Interest rates of up to 10% are not unrealistic. However, users must be aware that the percentages can change relatively quickly. If there is a lot of liquidity and therefore enough money in circulation to meet the demand for loans, the trading platform will adjust the interest rate downwards – and vice versa.
For beginners, it is worth investing in stablecoins such as USDT, USDC or BUSD as it allows you to estimate the returns better.
With Flexible Savings, the platform pays investors interest on a daily basis. In addition to Flexible Savings, Binance also offers investments with a fixed term, namely Locked Savings. The terms range from 7 to 90 days and investors receive better conditions depending on the longer investment period, whereby interest rates of up to 45% and more are possible.
Binance pays out the return in the currency invested. Thus, if an investor puts in 100 FUNTokens for 14 days in the example above, he would receive 1.72 FUNTokens as profit after the investment period (100 * 0.45 / 365 * 14).
Staking on Binance: The new mining
Staking is the new mining. If you want to contribute to the integrity of a blockchain based on proof-of-stake, it is relatively tedious and requires technical know-how. Binance’s solution, however, makes it very easy for investors to deposit their coins and tokens to profit from mining. Even though the functionality is completely different, investors do not really notice a difference compared to Binance Savings. Also here, the terms range between 10 and 90 days, for which the invested capital is blocked.
It is also possible to stake your tokens for Decentralized Finance (DeFi) platforms. Examples of DeFi platforms are Venus (venus.io) and Maker (makerdao.com). The trading platform clearly states that they do not assume any liability for security vulnerabilities on the respective applications. If a user stakes his USDC for the Venus protocol via Binance and the money is lost due to errors on the part of Venus or a fraud, Binance thus assumes no liability.
Farming with Liquid Swap
Binance Liquid Swap is based on the Automated Market Makers principle (AMM). Investors, so-called liquidity providers, provide parts of their capital, which are put into the market for trading. An algorithm automatically creates a market from the liquidity pool in which investors can trade the available cryptocurrencies. Liquidity providers earn a return in the form of fees, which are incurred during trading, and interest. The principle of automated market makers has been described in detail by Cryptopedia on gemini.com: What Are Automate Market Makers?
When adding liquidity, there are options to add money for both or only one of the currencies. For example, if the investor adds only DOT, Binance will automatically exchange half of it to USDT and a fee will be charged.
Other users can benefit from the liquidity pool by trading the provided currency pairs. Binance offers 50% cashback of the fees in BNB if they execute their trades via Liquid Swap.
It should be noted that this investment opportunity is also associated with risks. The Automated Market Making algorithm calculates the prices of the available assets based on their relation to the associated cryptocurrency with which they form a trading pair.
Example: If users change a lot of DOT to USDT, they cause the liquidity pool to suddenly consist of a larger part of DOT. As a result, the USDT price for DOT decreases.
If the price of one of the currencies falls, an impermanent loss occurs. Impermanent because the loss only becomes permanent when the liquidity provider withdraws its initially deposited assets. It is not uncommon for the price to recover, thus turning the loss back into a profit.
Binance Dual Investment is a structured investment product that offers high interest rates but is also associated with high risk. The trading platform currently offers the following assets for investment: BTC, ETH, SOL, MATIC, ADA, BNB, DOT and BCH.
Dual Investment provides two different investment types.
The investment is made in a currency that is not a stablecoin (e.g. SOL). If on the settlement date the spot price is higher than the strike price, the currency exchange takes place and Binance credits the investor with the interest in the target currency (ex: BUSD). In the example shown in the screenshot, the platform would convert the deposited SOL to BUSD at the strike price and credit the interest in BUSD.
- An investor places 1 SOL in an Up-and-Exercised position.
- Strike price: $150
- Spot price: $145
- APY: 56.30%
- Delivery date: 01/14/2022
- Current date: 01/07/2022
Now there are the following two output options:
- The spot price is above $150 on 01/14/2022 (e.g. $155): Binance exchanges 1 SOL at the strike price ($150) to BUSD and credits the 56.30% interest in BUSD. The investor thus receives 151.62 BUSD (150 + 150 * 0.563 / 365 * 7).
- The spot price is below $150 on 01/14/2022 (e.g. $140): Binance does not exchange 1 SOL and credits the interest in SOL. The investor thus receives 1.01 SOL (1 + 1 * 0.563 / 365 * 7).
The investment is made with a stablecoin (e.g. USDT or BUSD). If the spot price is lower than the strike price on the settlement date, the currency exchange takes place and Binance credits the investor with the interest in the target currency (e.g. SOL).
- An investor places 140 BUSD in a Down-and-Exercised position.
- Strike price: $140
- Spot price: $145
- APY: 38%
- Delivery date: 01/14/2022
- Aktuelles date: 01/07/2022
Now there are the following two output options:
- The spot price is below $140 on 01/14/2022 (e.g. $135): Binance exchanges 140 BUSD to SOL at the strike price and credits the 38% interest in SOL. The investor thus receives 1.0072 SOL (1 + 1 * 0.38 / 365 * 7).
- The spot price is above $140 on 01/14/2022 (e.g. $145): Binance does not exchange 140 BUSD and credits the interest in BUSD. The investor thus receives 146.02 BUSD (145 + 140 * 0.38 / 365 * 7).
Take off with Binance Launchpad
Before Binance set up its Launchpad platform, blockchain projects had to be promoted and initial coin offerings (ICOs) had to be conducted by themselves. On the one hand, it was difficult and costly for the initiators of the projects to reach many users, and on the other hand, potential investors always had to display sufficient skepticism to avoid being ripped off. All too often, there were so-called rug pulls, in which the developers of a project would ditch it and run off with the people’s invested money.
The trading platform serves as a trusted intermediary in this regard and helps the projects to get liquidity. Investors stake their BUSD or BNB and receive tokens of the project that Binance is launching. After a successful launch, Binance often lists the token immediately on its platform, which enables its trading and thus leads to further liquidity.
Earn money with BNB Vault
BNB Vault is nothing but a combination of Flexible Savings, DeFi Staking and Launchpool. Thereby, users can stake their BNB and Binance invests them to achieve maximum returns without any risk. At the time of writing, the estimated annual return is 6.71%, but it should be noted that even this percentage can fluctuate tremendously.
Auto-Invest: Flexible Savings with cost-average
Often, people are hesitant to start investing. This is the case with stocks, ETFs and also cryptocurrencies. What if I invest everything today and tomorrow the price plummets? Many have already heard of the cost-average effect. As an investor, you buy the same amount of an asset in regular intervals to smooth out the average purchase price. Let me introduce: Binance Auto-Invest.
The example above shows that investors can choose between daily, weekly, bi-weekly and monthly as interval. Even the fixed time on an investment day can be defined by users. Once the money is invested, it generates daily interest as the trading platform immediately puts it into Flexible Savings.
Non Fungible Tokens (NFT)
After «DeFi» was the buzzword in the cryptocosmos in 2020, the term «NFT» has become established in 2021. Binance has also caught the bandwagon and offers the necessary functions on its platform to offer and buy NFTs. Collectible cards, art and gaming items and much more can be found on the platform.
Binance in football stadiums: Fan Tokens
Binance has already established many new tokens and projects through its launchpad. Among them were some fan token projects of football teams: Santos FC, FC Porto, S.S. Lazio and many more. Via the new currency of sports clubs, fans have the opportunity to participate in team decisions and unlock limited NFTs.
Users can deposit NFTs in the NFT PowerStation to receive Fan Tokens. The more NFTs individual users deposit and the rarer they are, the higher their «fan power» and the more Fan Tokens they receive. Such activities on the PowerStation are limited in time. More information: FAQ PowerStation on Binance
A team, in turn, has the opportunity to connect fans with the new technology and have them participate in their decisions. In addition, they receive rewards from Binance when their fans participate in the project.
DOT Slot Auction
Polkadot is designed to allow up to 100 different blockchains, called parachains (from parallel blockchain), to be connected via a central relay chain. This relay chain enables the parachains to communicate. Considering all the different projects and blockchains that the cryptocosmos currently offers, wouldn’t it be great if they could communicate with each other and benefit from each other?
The 100 slots can be leased by projects for fixed periods of 12 weeks. The lease can be extended to a maximum of 24 months. However, in order for a team to be awarded such a slot, they must participate in DOT auctions, which Binance, among others, conducts. There, users have the opportunity to vote with their existing DOT on a project of their choice.
If a project receives approval for a parachain slot, Binance blocks the DOT submitted for the vote. Users will therefore only receive them back after the lease period. As compensation, the deposited DOT generate an interest.
In order for users to still remain liquid, the trading platform replaces the staked DOT with a token called BDOT (Binance DOT). After the lease period, users can exchange them back to DOT.
Binance Mining Pool
If you want to mine cryptocurrencies yourself, you have a very small chance of «finding» a block (or adding a block to the blockchain). This is also the case when the mining equipment offers a high hashrate. For this reason, mining pools have formed: a network in which everyone mines cryptos and shares the profits among themselves. Of course, this is all done fully automatically, so no one has to worry that someone won’t share their mined profits with them.
Binance has also set up such pools. Miners can connect their machines for SHA256 (Bitcoin), Ethash (Ether) and Scrypt (Litecoin) algorithms to the pool.
The mining pool fees range from 0.5% (Ethash) to 3% (Scrypt). Using the profit calculator, miners can calculate their expected profit. The example in the screenshot shows a profit of 0.0000289 ETH per day with a computing power of 2 Mh/s.
The provider makes every effort to provide its users with know-how. In the Binance Academy section, you can find countless topics about cryptocurrencies. Even absolute newcomers can find detailed information, such as an explanation of what cryptocurrencies actually are.
Since there are now so many articles, they can be browsed by topic, reading time, and difficulty using the filter function.
Loans in cryptocurrencies
In addition to trading and earning through staking and Flexible Savings, there is also the option to take out loans in the form of cryptocurrencies. As a loan, users can take stablecoins like USDT and USDC, as well as other cryptocurrencies like 1INCH and ATOM. Binance itself states that it issues the credits for trading in the spot market, margin and futures trading, and staking.
For Binance to grant credit, users must deposit collateral with a loan-to-value ratio (LTV) of 65%. For example, when depositing $100 USDT worth of Bitcoin, a borrower can withdraw $65 worth.
If the prices of the deposited and borrowed currency change in such a way that the LTV rises to 75%, the trading platform initiates a margin call. The debtor has time to increase the collateral in order to bring the LTV back to a healthy level.
At a loan-to-value ration of 83% and above, Binance liquidates the collateral to cover the loan plus accrued interest.
There are also other providers who grant loans in the form of stablecoins against collateral. However, this is not so much to further fuel trading, but rather to allow borrowers to invest in something substantial without having to sell their cryptocurrencies.
Binance’s own wallet allows you to quickly exchange cryptocurrencies, earn interest and deposit NFTs. In addition, the wallet of course supports the Binance Smart Chain, which makes the transfer between the Binance Trading Platform and the wallet cheap. Visit their website: trustwallet.com
The Binance Visa Card
The trading platform has now also launched its own Visa card, which allows its users to make purchases with cryptocurrencies. To do so, they have to transfer their cryptocurrencies, which they want to approve for the credit card, to the funding wallet. Binance issues the card with 0% fees and also offers up to 8% cashback on all purchases.
Give away cryptocurrencies with the Binance gift card
Binance is also there for its customers on birthdays and Christmas. Through the mobile app, they can buy a gift card with a cryptocurrency worth between $50 and $1000 for their loved ones. The card can then be digitally shared or printed by the creator. The person receiving the gift can then withdraw the corresponding amount of the cryptocurrency on Binance. Gift the Future
Security of your user account
Security is a high priority also on the largest crypto trading platform. This becomes clear when you consider all the measures it offers to its users. It is recommended to configure as many of them as possible.
- Login Passwort: Choose a strong password for your Binance account (Strong Passwords for All Accounts – No More Excuses!)
- Security Key: A physical key which must be activated when logging in via USB or Bluetooth
- Google Authenticator: Standard two-factor authentication via an Authenticator app
- Phone Number Verification: Verification of transactions via phone number
- Email Address Verification: Verification of transactions via e-mail address
- Withdrawal Whitelist: List of wallet addresses to which someone is allowed to send cryptocurrencies from your account
- Anti-Phishing Code: Define a short code that Binance will include in emails to you. This way you always know that it is not phishing.
- Device Management: Define a list of devices that are allowed to access your account.
Personally, if I want to transfer cryptocurrencies to another wallet, i have to connect my physical key via USB and I have to provide the verification codes from the email and the Google Authenticator app. But I think the security obtained by these measures is worth the effort.
Binance platform security
Considering the security measures Binance offers its users to configure, high security seems to be a serious concern of the trading platform.
Nevertheless, a major leak occurred in April 2019, in which hackers stole nearly $40 million. Binance took responsibility and covered the losses out of their own pockets to ensure their users remained unharmed. In the meantime, there were no further successful attacks by fraudulent people.
However, in order to be prepared for a possible security risk, the platform regularly deposits large amounts of money in its so-called SAFU (Secure Asset Fund for Users). The funds come mainly from trading fees paid by users. So if a theft were to occur despite all the security measures, Binance would be adequately protected.
The whole web application of Binance is HUGE. It is therefore not surprising that I got to know some things only during the research for this article. If you are looking for functions that you have not used often, this search can sometimes be a bit more tedious. But as you can see in all the trading screenshots, they only differ in the most important points. Switching between the trading functions is therefore relatively easy after a short time.
The article also shows that the offer to invest your money is not small at all. Binance is constantly expanding it and it is often difficult to find your way around the Binance Earn jungle. The trading platform is aware of this, which is why it regularly rebuilds the navigation to make its functions quick and easy to find.
Customer service and satisfaction
Looking at the Binance reviews on Trustpilot, one might think that the company is a rip-off. With 2 out of 5 stars, users go hard on Binance. The negative feedback is mainly about dissatisfaction with customer support and difficulties withdrawing money. (Binance on Trustpilot)
To contact Binance for assistance with a concern, the following options are available:
Binance has repeatedly come under fire from the authorities, with probably the best-known regulatory problem being the dispute with the U.S. authorities. In this case, Binance had too few licenses for the financial products it offered on binance.com. Instead of adapting binance.com to the regulatory requirements, the company founded binance.us. Although the U.S. platform is part of binance.com, it is run completely independently. While not all states offer binance.us, most Americans now have access to the platform of the largest crypto trading provider.
In addition to the regulatory problems with the U.S., Binance was also confronted with legal accusations in the U.K., Japan, the EU, Germany, Thailand, South Korea, Malaysia and, of course, China. This includes the many warnings regarding trading with tokenized stocks, which Binance had to stop by mid-2021.
All the legal wrangling is not really surprising considering that cryptocurrency trading is still so young. It is common knowledge that legislation consistently lags behind technology. Accordingly, the applicable law in many areas of the crypto market has not even been determined yet.
Binance offers a wide range of services in all areas that are somehow related to cryptocurrencies. This offer may overwhelm users for the first time. Therefore, it is advisable to focus on a sub-sector in the beginning. I started trading only cryptocurrencies in the spot market and gradually got to know more functionalities of the trading platform over the years.
The liquidity and security measures that the company offers make the application the optimal trading platform for both beginners and advanced traders. The Binance Academy also regularly provides all crypto enthusiasts with the latest know how around the new technology. So in case you haven’t opened an account yet, what are you waiting for?
Create your account on Binance here and get 10% discount on all trading fees.