James Hendy is a writer for Finder. After developing a keen interest in traditional financial investing, James transitioned across to the cryptocurrency markets in 2018. Writing for cryptocurrency exchanges, he has documented some of the key blockchain technological advancements. James has a Masters of Science from the University of Leeds and when he isn't writing, you will either find him down at the beach, reading (coffee in hand) or at the nearest live music event.
Launched in 2017, Binance has grown to become the most popular exchange in the world for cryptocurrency investors. Known for its expansive cryptocurrency offerings and high liquidity, the exchange has remained at the forefront of exchange innovation offering simple cryptocurrency purchases alongside advanced features, interest earning products and access to DeFi.
Unsatisfied with the centralised exchange, Binance has now expanded its reach to include elements from decentralised finance (DeFi). The exchange is accompanied by dual blockchain networks: Binance Chain and Binance Smart Chain, which are powered by the native BNB cryptocurrency token. These blockchains have greatly expanded the options available for the average cryptocurrency investor to earn interest from cryptocurrency holdings. They have also facilitated Binance’s own ecosystem of decentralised applications (dApps). The development of the Binance Decentralised Exchange (DEX) and the latest Binance Liquid Swap automated market maker (AMM) clearly shows Binance’s intention to continue innovating in the sector.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What fiat and cryptocurrencies are supported?
Supported fiat currencies:
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more
Supported cryptocurrencies:
Approximately 374 cryptocurrencies
Supported cryptocurrencies include:
BTC
ETH
XRP
BCH
EOS
XVG
FET
LTC
ADA
XLM
SNT
DGB
AION
WTC
BAT
NAS
LRC
ELF
ARK
KMD
TRX
NEO
DASH
XMR
XEM
VET
USDT
ETC
ICX
QTUM
ARDR
MITH
PIVX
POLY
KNC
LOOM
GAS
BNT
CTXC
FUN
BNB
OMG
ZEC
ZIL
LSK
BTG
ONT
NANO
STEEM
ZRX
GXS
SYS
NULS
LINK
POWR
HOT
NEBL
NEXO
GTO
NCASH
SC
WAN
DCR
WAVES
BTS
BCD
REP
MKR
DOGE
IOST
MANA
RLC
REQ
THETA
CVC
STORJ
SNM
QSP
GTC
CND
Which payments methods are accepted?
Binance offers free AUD deposits and withdrawals via POLipay and PayID. Other accepted payment methods include:
The amount of cryptocurrencies and features available on Binance is second to none, which is why the exchange is one of the most respected in the industry. Users have the opportunity to buy, sell, stake, yield farm, access a decentralised exchange (DEX), and invest in new projects. Every feature listed then has a significant host of options situated within. With all that’s on offer, this can make the website feel overwhelming for first-time cryptocurrency investors.
Although overwhelming online, the mobile application offers a much simpler route for those that have never used Binance before. The mobile app provides both a ‘Lite’ and ‘Pro’ user interface which greatly simplifies the dashboard.
Customer service for the exchange is mixed with users having to submit requests via an online form.
In the ‘Lite’ version of the Binance app, users have the ability to buy, sell, deposit and convert cryptocurrencies.
In the ‘Pro’ version of the Binance app, users have significantly more options available to them including ways to earn interest on cryptocurrency holdings and access to the launchpad for new projects.
Binance offers users the ability to buy cryptocurrencies with debit, credit and bank transfers. Within the mobile app, the process is straightforward and efficient.
Binance offers spot trading which comes with advanced trading platforms that increase the number of technical analysis tools available.
Users can earn interest on idle cryptocurrency holdings by utilising either flexible or locked saving options, staking opportunities or investing in projects hosted in the LaunchPad.
Fees and limits
The fees below are accurate as of 7th June 2021.
Thanks to its popularity, Binance is able to offer some of the best trading fees on the market.
Platform trading fees
Platform Fee Type
Fee
Instant buy with credit/debit card
3.5%
Instant buy with bank card transfer
Up to 1.8%
Spot trading fees (maker/taker model)
From 0.1%
Borrow interest rate
Varies
Spot trading fees can be reduced by holding the native BNB token. If the trading fees are paid with BNB the user receives a 25% discount. To access this discount a user needs to hold BNB tokens in their Binance wallet. The BNB tokens will automatically be used to pay trading fees unless changed within the settings.
Deposit and withdrawal fees
Deposit fees
Binance does not charge deposit fees. For cryptocurrency deposits, associated transfer fees will still be required for utilising the corresponding blockchain network. This will vary depending on the cryptocurrency. There are no fees for fiat deposits.
Withdrawal fees
Binance charges a flat fee dependent on the blockchain network which is subject to change.
Transaction Limits
Transaction Type
Limits
Fiat purchase
Varies by payment method and currency. Lower limits are approximately $5000 USD or equivalent per 24 hours.
Withdrawal of coins to external wallet if a non-verified user
2 BTC or equivalent per 24 hours.
Market order limits
Maximum market order in low liquidity markets can be as low as $50,000 USD or equivalent.
Fees for buying $1000 of Bitcoin
To purchase $1000 of Bitcoin on Binance using a credit or debit card a 3.5%, or $35, transaction fee would be charged. This would result in a final payment of $1035.
To purchase Bitcoin on the Binance BTC/AUD spot market a 0.1%, or $10, transaction fee would be charged. This would result in a final payment of $1010.
How do I create an account at Binance?
Creating an account on Binance is very straightforward and can be achieved in a few simple steps.
Head over to the Binance homepage. Click ‘Register’ in the top right corner.
Enter an email and input a new password.
Follow the details to verify the account. You will need to provide a photo ID to verify your identity before you can start trading. This is a requirement for all Australian users.
Once verified, you will be free to start using the Binance exchange. Head over to your wallet to deposit cryptocurrency or dollars to start trading.
Binance Earn is a collection of interest-earning products within Binance that offers users an Annual Percentage Yield (APY) in return for depositing their crypto holdings. These products include staking, flexible savings, locked savings, activities, the LaunchPool, the Binance Liquid Swap and the BNB vault.
Flexible and Locked Savings
Within Binance Earn there are both flexible and locked saving account options. Flexible savings allows users to deposit funds into Binance Earn in exchange for an APY. As it’s flexible, these funds can be removed at any time. Locked savings accounts offer higher yield opportunities but require funds to be locked between 7 and 90 days.
As of 7th June 2021, there are currently 73 flexible savings products and 3 locked saving products.
Activities
Activities, similar to savings accounts, allow users to deposit digital assets in return for a yield. However, unlike savings, these activities have a capped supply which means a user needs to be quickly accessing them. They’re only available at set times on the exchange which means an investor needs to be actively watching.
As of 7th June 2021, there are currently 18 activity products available.
Locked Staking
Certain blockchains and their native cryptocurrency work on a Proof-of-Stake (PoS) consensus mechanism. The PoS ensures the blockchain is validated and remains secure. To provide validation users must deposit and lock a set amount of the native cryptocurrency into the network. This process is referred to as staking. Binance offers users the opportunity to stake cryptocurrencies through its platform and earn rewards. All rewards are stated as an APY figure.
As of 7th June 2021, there are currently 61 locked staking products available.
The Binance LaunchPad facilitates the launch of projects within the Binance ecosystem via Initial Exchange Offerings (IEOs). Users can invest in upcoming projects by depositing applicable cryptocurrencies into the LaunchPool. In return for their investment users effectively receive a stake in the new project. This is usually in the form of the new native cryptocurrency token.
Binance Liquid Swap
Binance Liquid Swap is an automated market maker hosted on the centralised Binance exchange. It is the first of its kind. It allows for the exchange of cryptocurrencies via liquidity pools. Users can deposit cryptocurrencies into the liquidity pools on Binance Liquid Swap and earn a return from fees.
As of 7th June 2021, there are currently 58 liquidity pools available.
BNB Vault
The BNB vault combines the best offerings from the Binance Earn ecosystem and combines them in an aggregator. The Vault combines flexible savings, BNB DeFi staking and Launchpool opportunities to offer users the best APY return. To access the BNB Vault a user needs to stake the native BNB token.
Borrowing: Crypto Loans
Binance offers users the ability to borrow cryptocurrency funds through overcollateralised Crypto Loans. The loan to value (LTV) ratio is set at 65% which means a user can borrow 65% of the collateral amount deposited. For example, if a user deposits $1000 as collateral, they would be able to borrow $650 as a loan.
As of 7th June 2021, 43 cryptocurrencies are available to loan.
Borrowing fees
Borrowing fees are provided by an hourly and daily interest rate fee. This fee changes depending on the loan received and the term of the loan.
Additional features
Buy crypto with P2P network
When purchasing cryptocurrencies, Binance users have the option to utilise a peer-to-peer network facilitated by Binance for the exchange of assets. Users can specify at what price they wish to sell an asset and publish it to the platform. Other users can then fill the orders if they agree to the price. The P2P network is handled with the application of escrow.
Binance users can use the Binance mobile application on both Android and iPhone. The mobile application separates out basic and more advanced features into ‘Lite’ and ‘Pro’ user interfaces.
Binance Visa Card
The Binance Visa Card allows users to transfer cryptocurrencies into their spot wallet so that they can be converted and used at over 60 million merchants. The card does not charge any processing fees and offers up to 8% cashback. Funds are covered by the Secure Assets Fund for Users (SAFU) insurance.
Binance Smart Pool
Binance Smart Pool is a platform developed to combine the effects of cryptocurrency miners that support Proof-of-Work consensus mechanisms. Mining efforts can be automatically switched between BTC, BCH and BSV. All income is settled in BTC.
Decentralised Exchange (DEX)
The Binance DEX allows users to exchange cryptocurrencies in a peer-to-peer network whilst remaining fully in control of their digital holdings. The DEX works on the decentralised Binance blockchain and is powered by the native BNB token. The exchange allows users to trade BEP2 which are tokens built on the Binance Chain.
Customer support
The Binance exchange hosts a dedicated Help Center with searchable FAQs, along with an entire website dedicated to project research for those interested in new and upcoming projects.
To speak to a Binance representative users will need to use the online form and ticketing system.
Is Binance safe to use?
Regulation. The regulation status of Binance has always been a topic of conversation and a question that remains unanswered. The company has never officially claimed one country to be its primary headquarters. The company has complied with all regulations it needs for the countries it operates in but will avoid regulation when it can. When it can’t, Binance has developed independent subsidiaries such as Binance.US. This subsidiary is US-regulated and offers services to US customers.
Verification. Australian users are now required to verify their account using photo ID before they can start trading. This is in compliance with local laws and helps prevent illegal activities such as money laundering.
Security features. Binance is an extremely security conscious exchange and has only ever fallen victim to one attack in May 2019. $40 million worth of funds were extracted, but thanks to Binance’s holdings, all users were compensated. Now security is always a priority. All account access requires two-factor authentication (2FA), and often further 2FA is required for operations on the exchange. A percentage of digital assets are held offline in cold storage facilities, with the remaining funds covered by the Secure Assets Fund for Users (SAFU). Binance collects 10% of all trading fees for the safety fund, which acts as an insurance package against security breaches.
Verdict
With the number of features packed into Binance, it is sometimes easy to forget that the exchange is only four years old. With the advancements made over the last four years, it is easy to see why it has become the world’s most popular platform for cryptocurrency exchange. Its centralised order book offers almost everything that experienced cryptocurrency investors would require and benefits from the platform’s high liquidity figures.
Not content with remaining as a centralised exchange, Binance has now branched out into decentralised finance and thanks to its accompanying Binance Chain and Binance Smart Chain now facilitates the development of decentralised applications within its ecosystem. This should continue to offer new opportunities for the cryptocurrency community.
The platform can be overwhelming for the inexperienced cryptocurrency investor, but if they are willing to learn the intricacies of the exchange, Binance truly offers one of the best platforms coupled with some of the lowest trading fees on the market.
Binance review in a nutshell
Pros
High liquidity. It is the most used cryptocurrency exchange in the world which means all markets are highly liquid and offer low slippage.
Innovative. Binance has been one of the best when it comes to innovation. The list of features on the exchange speaks for itself.
Market range. Binance hosts one of the largest selections of cryptocurrencies across any exchange.
Accessibility. Thanks to its unregulated, flexible nature, Binance is accessible from most countries worldwide.
Low fees. Its popularity means Binance can charge some of the lowest fees on the market, with trading fees starting from 0.1%.
Cons
Overwhelming. With so many features on offer, a new cryptocurrency investor could easily be overwhelmed by options.
Custodial. To fully utilise all features of Binance a user must deposit and leave funds on the exchange platform.
Feature access. Access to certain features will vary depending on geographic location.
Compare Binance against other exchanges
Frequently asked questions
Thanks to its flexible and unregulated structure, Binance remains available for the majority of countries around the world. Features will vary depending on location.
Yes, the Binance app is available for download on both Android and iPhone devices. The app comes inbuilt with both ‘Lite’ and ‘Pro’ versions.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclaimer: Binance Australia has recently encouraged their customers to enter a competition run by Finder, whereby they could win a reward if they left a review (positive or negative).
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