- Offers over 500 different cryptocurrencies and a wide selection of investment tools
- Plagued by regulatory legal disputes around the globe
Binance is the number one crypto exchange in the world by trading volume for good reason.
It provides its millions of users with the tools to buy and sell over 350 crypto assets at low fees and to lend, borrow and stake their digital assets, as well.
If you are new to crypto, you may find all of Binance's features overwhelming, but rest assured that Binance provides plenty of useful resources to help you get acclimated.
|Product Name||Binance Cryptocurrency Exchange|
|Fiat Currencies||USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 60+ more|
|Cryptocurrencies||BTC, ETH, BNB, XRP, ADA, UNI, XMR, XLM, EOS, LTC & 360 more|
Maker - varies
Taker - 0%
|Withdrawal Fees||Fees vary|
On 5 June, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance entities and founder Changpeng Zhao. Charges include operating unregistered exchanges, broker-dealers and clearing agencies. Binance has issued a preliminary response to the action.
US customers can continue using the Binance.US exchange However, note that the SEC has filed a motion for restraining order to freeze Binance.US assets, according to Reuters.
On 27 March, the US Commodity Futures Trading Commission (CFTC) filed a civil enforcement action alleging that Binance has wilfully evaded US federal law and is operating an illegal digital asset derivatives exchange. Binance has issued a preliminary response to the action.
Binance cryptocurrency exchange was launched in 2017. In the years since its launch, it has become the number one exchange in the world by trading volume.
In 2020, Binance built on its success and launched the Binance Smart Chain (BSC). BSC operates as a blockchain network that enables the running of smart contract applications.
Binance supports over 369 cryptocurrencies. In total, Binance carries 18 of the top 20 cryptos by market cap.Popular assets on Binance
|Withdraw funds||Fees vary
Binance uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Before you can even get started trading on Binance, you have to go through the rigorous verification process (which usually involves proof of identification). This can take quite a long time. The reason for this is Binance's commitment to certifications, and compliance with regulations and insurers.
The Binance app offers all of the features that the web browser version of the exchange offers. Its user interface is intuitive and easy to interact with.
|App store||Rating||Total reviews|
|Google Play||4.4 stars||1.1m reviews with 50m downloads|
|Apple Store||4.7 stars||133k reviews|
Despite some issues of hacks in the past, Binance has a good reputation for trust because of its response to the incident, its insurance fund and the use of security audits and continued focus on improving site security.
Past hacks. In 2019 a group of hackers was able to steal US$40 million worth of Bitcoin (7,000 BTC) along with 2-factor user codes and API tokens from the Binance exchange. The hack was successful in targeting the Bitcoin that was being stored on the Binance hot wallet (connected to the Internet) which accounted for around 2% of the total Bitcoin held by Binance. The other 98% remained protected in a cold storage wallet offline. The hack used phishing techniques and viruses to bypass the existing security on Binance.
Fortunately, Binance was able to cover the losses out of its Secure Asset Fund for Users (SAFU) and the affected users had their funds returned. The fact that the hackers were only able to access 2% of the Bitcoin reserves on Binance because the remaining 98% is secured in cold storage should offer comfort to users.
Security audits. Binance announced on December 14, 2021 its new security audit program called “Project Shield”. Project Shield is for BEP-20 and ERC-20 based projects listed on the Binance centralized exchange. Project Shield will operate alongside its Bulletproof Exchanger Project and user-accessible security tools projects designed to tighten security on the Binance exchange.
Insurance. On July 3, 2018 Binance announced the creation of its Secure Asset Fund for Users (SAFU). This has been used to pay back users who were affected by the hacks on the exchange. SAFU is funded with portions of trading fees collected by the exchange.
All centralized exchanges, including Binance, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet
Trezor Model T Wallet
SafePal S1 Wallet
See more of the best crypto wallets
Binance’s main customer support tool is a referral to its FAQ help center.
Users can submit questions that will be answered via email if they type in a question at the bottom. This process is designed to be a catch-all and a way to easily and efficiently solve most problems that users are encountering.
Customers can submit a request, but again this is done through automated FAQ answers; otherwise you have to wait for an email response. Email is the best bet if the answer isn’t found in the FAQ.
Are you visiting from outside the US?
Binance Cryptocurrency Exchange is not currently available on Finder
Have you considered Kraken Cryptocurrency Exchange?
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.
Ask a question using your email below.Ask a question
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August 13, 2018
How can I open my account in binance?
August 13, 2018
Thanks for leaving a question on Finder.
Step 1: Go to Binance’s website by clicking the “Go to site” button.
Make sure you bookmark this page, as there have been cases of phishing sites that mirror the actual site. You should also check out the URL and look for the “Secure” Certificate to authenticate that this is the original site.
Step 2: Click on the “Register” tab in the top right-hand corner of the page and enter the needed information. Make sure you use a strong password. Verify yourself and click on “Register” to proceed and you’ll receive a confirmation email.
Step 3: Enable 2-Factor Authentication (2FA). A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase the security of your account.
That’s it! You can now start to deposit your coins and tokens into your Binance account.
May 14, 2018
Please guys what is the best coin to trade on binance please ETH, BTC, LTC BCC ETC, IOST MTN, XRP, GOLEM,? which one is the best coin to trade?
May 14, 2018
Thanks for getting in touch with finder. I hope all is well for you. :)
Binance handles a wide range of cryptocurrencies. Unfortunately, I can’t tell you which digital coin you should choose or purchase. For one, we can’t recommend specific products and two, I’m not familiar with your whole situation. However, what I can do is help you make a better decision by providing relevant information.
Before purchasing any digital coin, it would be a good idea to obtain as much information as possible. For this reason, you will benefit from reading our cryptocurrency guide for beginners.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
May 13, 2018
step by step to trade on Binance wallet using coinbase account
May 13, 2018
Thanks for your inquiry
Here are 5 quick steps to start trading on Binance using Coinbase.
1. Open Coinbase and then at the top of your screen select Accounts.
2. Next, choose the cryptocurrency that you want to send from your wallets.
3. Now you have to enter the address that is found in your Binance. (If you’re on mobile tap on the little paper airplane icon which is on your top right hand side of your screen and then you will be asked to enter the amount you want to send and tap on Send.
4. Enter the address that you got right under Recipient in your Coinbase and choose the amount you want to send.
5. Hit Continue and make sure to check all the details of the transaction and then complete the send.
Hope this information helps
May 07, 2018
Does Binace ready to accept USD or Euro for deposit and withdraw?
Would like to know since there was such kind of annoucement.
May 08, 2018
Thank you for your comment.
Binance does not support any fiat currency (USD, EUR, etc) trades or transactions. Only cryptocurrency may be deposited and traded on Binance exchange. Hope this answered your query.
April 19, 2018
I have a few coins EOS on Binance (currently trading). If I was to withdraw EOS into my wallet, will it continue to trade on Binance? Also, what is the fee to withdraw?
April 19, 2018
Thanks for your inquiry
The precise withdrawal fee you have to pay when withdrawing coins will depend on the currency you are withdrawing. Binance will adjust the withdrawal fees according to the blockchain conditions regularly. To check the exact fees you may have to pay, you can check Binance’s Website directly.
Hope this information helps
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