Binance Exchange Review (2021) Best Crypto Exchange?

Binance is the world’s most popular cryptocurrency exchange with the highest volume of organic trade. It has a wide range of cryptocurrencies that are traded alongside powerful trading tools such as leveraged trading, options trading, and lending platform. rapid addition of new features to Binance has often surprised experts in the cryptocurrency industry, with many critics commenting on Binance CEO Zhao “CZ” Changpeng’s quick response to events. In addition to the main Binance.com exchange, the company also has several versions with unique features, including the US branch, Binance USA, and Binance DEX. In this review, we highlight each of the various features and controversies that you need to know about.

Key benefits of Binance

  • World’s most popular exchange with highest trade volume.
  • It offers the largest range of products and services and some are not even found elsewhere.
  • Keeps safe against theft and hacking.

Key features and functions

Binance (Binance.com)

Binance (Binance.com) is the leading exchange, it is the most popular, and has the full set of services offered by the exchange. Key Features Include:

  • Most supported cryptocurrencies (more than 1000 coins).
  • Due to its popularity, it has the highest trading volume in the world.
  • Access to the Binance Launch Pad, an Initial Exchange Offering (IEO) platform for the list of new cryptocurrencies.
  • Stop-Limit function. order will be executed once the given stop price has been reached. n the stop-limit order will become a limit order to buy or sell at the limit price or better.
  • Binance loans. Users can keep their cryptocurrencies on Exchange for a specified period of time and earn interest.

Binance USA (Binance.us)

Binance USA (Binance.us) was Binance’s response to US regulations prohibiting citizens from trading on Binance. key features include:

  • Complies with US regulations.
  • It has trading pairs from fiat to cryptocurrencies. Users can use USD to buy cryptocurrencies directly on the Exchange.
  • Bank account linking is available.

History of Binance

Binance was founded by Changpeng (CZ) Zhao in 2017. name comes from a combination of the words “Binary” and “Finance.” Binance is originally from China. However, due to the severe cryptocurrency regulation procedures in the country, the Exchange moved to more favorable jurisdictions outside of China.

“In response to China’s decision, we are moving our IPs from Hong Kong to an overseas location… refore, we are registered in multiple locations and we have people in multiple locations. That way, we will never be affected by a regulatory body.

Changpeng Zhao (CZ), CEO of Binance (2017)

Binance is currently based in multiple jurisdictions. Its main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish, and French.

Indeed, Binance is a huge player in the cryptocurrency space, as well as being one of the largest cryptocurrency exchanges in the world. In April 2020 it acquired Coinmarketcap, arguably the best-known resource for cryptocurrency market capitalization rankings, graphics and other data.

Supported countries

Binance (Binance.com) is supported in most countries except the US.

US citizens can ONLY trade with Binance USA (Binance.us), except those in the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

Cryptocurrencies and payment methods supported

Binance (Binance.com)

Binance supports trading 1,300 cryptocurrencies including its own cryptocurrency, Binance Coin (BNB). Learn more about Binance Coin (BNB).

Binance accepts payments by credit card (Visa and MasterCard), debit card and cryptocurrency. However debit and credit card payments are restricted. at the following locations:

  • USA: New York, Connecticut, Hawaii, Georgia, New Mexico and Washington;
  • Several Chinese banks; and
  • Some countries entirely, for example, Afghanistan, Iraq and Libya.

Users can only pay USD or EUR to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH / BCHABC) or Ripple (XRP) using debit and credit cards on Binance.

Binance is just a crypto-to-crypto exchange. refore, users must first buy the above cryptocurrencies using fiat, before they can trade other cryptocurrencies on the Exchange.

Binance USA (Binance.us)

Binance USA only supports around 50 cryptocurrencies.

Users can use their debit cards to transfer USD directly from their bank accounts to their Exchange account via ACH or wire transfer.

Deposit and withdrawal fees

For Binance.com and Binance USA, the fees are different depending on the cryptocurrency to be transferred. fees are charged in the respective cryptocurrency to be transferred. For example, Bitcoin (BTC) withdrawals cost 0.0005 BTC per transaction. re are no deposit fees.

For fiat transfers, on Binance USA, USD wire transfer withdrawals cost USD15 / USD35 for domestic or international withdrawals respectively. General deposits and ACH withdrawals are free.

Click here to view the fee structures for Binance.com and Binance USA respectively.

Trading fees

Trading fees for Binance.com and Binance USA are generally 0.1% for creators and buyers with the following exceptions:

  • Binance.com and Binance.us: Users with a higher trading volume or who have a specific amount of BNB are eligible to become VIP. Higher VIP levels give you lower trading rates. And for all users, there is a 25% discount if the fees are paid with BNB.

Binance has competitive trading fees compared to other cryptocurrency exchanges. For instance:

  • Coinbase: 0.50% of the transaction plus an additional Coinbase fee depending on the amount of the transaction. Side note: did you know that you can avoid their expensive withdrawal fees? Learn more at CoinBase Fees – How to avoid them?
  • Kraken: 0.16% (manufacturer) / 0.26% (recipient)
  • Bittrex: 0.25% (creator and taker)
  • Poloniex: 0.15% (manufacturer) / 0.25% (receiver) (Note: Poloniex has discounted its rates to 0.00% until December 31, 2019)
  • OceanEX: 0.10%, discounts are offered for payments with your OceanEx currency.
  • KuCoin: 0.10%, discounts are offered for payments with your KCS currency.
  • Huobi: 0.20%
  • OKEx: 0.10% (manufacturer) / 0.15% (recipient)
  • BitMEX: -0.025% (manufacturer) (that is, a discount is given) / 0.075% (buyer). However, this exchange only deals with margin trading.
  • BitFinex: 0.10% (manufacturer) / 0.20% (receiver)
  • BitMax: 0.085% (maker and receiver) for higher market cap coins, 0.10% for other coins

Controversies

Like any exchange, Binance is no stranger to controversy. From stolen bitcoins to its hacked Know Your Customer (KYC) database, many ask if Binance is safe. Let’s take a look at some recent controversies.

Binance hack: 7,000 stolen Bitcoins

In early May 2019, Binance informed the public that hackers withdrew 7,000 Bitcoins (then worth around $ 40 million) in a single large-scale security breach. exchange says that hackers used a variety of techniques such as phishing and viruses to obtain their users’ login details.

exchange used its SAFU fund: its emergency insurance fund to cover the losses of the affected users in full.

Binance KYC data breach

In August 2019, a hacker claimed that he had obtained a large chunk of Know Your Customer (KYC) data from Exchange. hacker created several groups that allegedly presented this private data. hacker also demanded a total of 300 Bitcoins (then worth around $ 3.5 million) from the exchange or else they would release more data.

Binance claim (en leaked data was from February 2018, when Exchange was using a third-party service provider to process its KYC verifications. However, some close commenters said that Binance should bear most of the blame for the incident.

To remedy the situation, Binance offered a reward to anyone who can provide information to identify the hacker. However, it does not appear that the hacker has been found.

Meanwhile, the exchange offered lifetime VIP membership and preferential trading rates and services for affected users.

Is Binance safe in 2021?

We have seen that many exchanges have become victims of attacks. Some, like the hack of the Cryptopia exchange, was so severe that the exchange went into liquidation and users were unable to withdraw their funds.

Binance, as the world’s largest exchange, would clearly be a prime target for hackers. In fact, the 2 hacks of 2019 proved it. However, Binance handled the attacks by compensating affected users with its insurance fund and providing them with various benefits.

So is Binance still safe in 2019? We would say that from the trace logs, when it was hacked, Exchange will step in to remedy its loss. However, we emphasize that no exchange is 100% secure. refore, we emphasize the importance of removing your cryptocurrencies from exchanges and storing them in offline hardware wallets. It is the only way in which you maintain full custody of your cryptocurrencies.

What hardware wallet should I get? Check out our comparison of the top 3 hardware wallets on the market. Or individual detailed reviews for Ledger Nano X, Trezor Model T and KeepKey.

Conclusion: pros and cons of Binance

Pros

  • Trade with the largest trading volume in the world.
  • History of taking action to remedy affected users when hacked.
  • Competitive commercial rates.
  • Large number of supported cryptocurrencies.
  • It offers many unique services and features.

Cons

  • Creating a KYC verified account can take up to 2 weeks.
  • Problems when buying cryptocurrencies with a credit card.

Sign up for Binance here: Binance

Updated Aug 26, 2021 – Obsolete content and links removed. Updated review table and frequently asked questions

Frequent questions

Is Binance Jersey closed?

Binance Jersey closed on December 31, 2020 at 23:59 UTC.

What can I do if I still have funds in Binance Jersey?

Users with funds remaining on Binance Jersey can contact the Binance Customer Service Team to retrieve their funds.

What is Binance DEX?

Binance DEX (Binance.org) is also known as Binance Chain. Key features include: It is a decentralized exchange developed on Binance’s own Binance Chain blockchain; Users maintain custody and control of their keys and private funds. This means that user funds are much less vulnerable to attacks or trade closures; y Only limited orders are accepted. Unlike other exchanges, Binance DEX does not match orders continuously. Rather, it matches open orders received through a periodic auction.

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