Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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.
Standard Binance cryptocurrency-to-cryptocurrency trading fees are 0.1%, but there are ways to get considerable discounts by using the Binance cryptocurrency (BNB) and unlocking higher trading tiers.
Standard trading fee
Credit card purchase
The higher of either 3.5% or US$10
Trading fee discounts
What it is
How much it is
A discount when paying trading fees with the BNB coin.
Tiered trading fee discounts
A discount for holding different amounts of BNB in your account while meeting trade volume requirements.
Reduces base trading fees to as low as a 0.02% maker fee and a 0.04% taker fee.
Users currently get a 25% discount on their trading fees when paying them with Binance’s BNB coin.
Binance’s white paper planned for the fee discount to drop to 12.5% in July 2019, but the company issued a statement saying it would continue the 25% discount. In a video, Binance’s CEO clarified that the 25% discount would be available for at least a year, and the company has not yet decided what will happen after that.
By holding certain amounts of BNB in your account while meeting trade volume targets, you can get discounts off standard trading fees.
BNB balance required
30-day trading volume required (BTC equivalent)
At midnight (UTC) every day, Binance will evaluate your total trade volumes and BNB balance. At 1:00am (UTC), you will be moved into the appropriate tier. The relevant fee structure will apply for the next 24 hours until you’re re-evaluated, after which you may be re-categorised.
Note that you will need to meet both the BNB balance and trading volume requirements to move into a tier.
The discount for paying trading fees in BNB can still apply on top of these.
Maker fees apply when you post a new order that someone else fills. Taker fees apply when you fill an order that someone else posted.
Deposit and withdrawal fees
Binance does not charge any deposit fees. You will still need to pay the small network fees involved with moving your cryptocurrency onto the exchange though.
There are no deposit fees for fiat purchases, as all associated costs are simply built into the transaction fee.
Withdrawal fees are dynamically adjusted based on the current state of the relevant blockchain network.
They vary depending on the cryptocurrency, but are generally equivalent to less than a dollar.
Non-verified user withdrawal limits
2 BTC per 24 hours
Verified user withdrawal limits
100 BTC per 24 hours
How fast will my funds be available?
Usually within minutes
Deposits are usually completed within minutes. But in some cases, how long it takes might also depend on how you set the transfer fees in the sending wallet and on what the cryptocurrency is.
Within an hour
Withdrawals are typically posted to the blockchain within half an hour to an hour, at which point it will generally arrive in your wallet within a few minutes. Again, this may vary depending on the cryptocurrency you’re withdrawing.
The Binance markets
Binance’s markets are a little different from other exchanges. You’ll find them categorised into four different groups.
BNB market. This market is for trading BNB against other popular cryptocurrencies.
BTC market. This market is for trading BTC against a wide range of other cryptocurrencies.
ALTS market. This market is for trading mostly ETH, but also XRP, against other cryptocurrencies
USDⓈ market. This is Binance’s stablecoin market and is for trading different stablecoins such as USDT, TUSD and PAX against popular cryptocurrencies.
You can also set favourites to quickly access your preferred pairs.
The reason for these categorisations, according to Binance CEO Changpeng Zhao, is because the user interface was running out of room.
What’s it like to use Binance?
1. Getting started
Explore the current promotions and see what's happening at Binance, or start browsing its markets.
2. The markets
Explore the BNB, BTC, ALTS and USDⓈ markets, or set your own favourites, and find the trading information that's most relevant to you.
3. Trading data
Find a detailed range of trading information at your fingertips when you dive into a trading pair.
4. Advanced market view
You can also set up advanced trade types and find more information in the advanced view.
5. Log in
Get started by creating an account and logging in. Note the reminder to make sure you're at the real thing and not a phishing site.
Regulation. Binance is based in Malta, and is only lightly regulated under the still-developing Maltese Virtual Financial Assets (VFA) act. It could be argued that although Binance takes steps to comply with all the regulations it needs to, it has historically taken steps to minimise the number of regulations it needs to comply with.
Verification process. Binance is a crypto-only exchange, and only requires verification for users who want to withdraw more than 2 BTC per 24 hours. The verification process is typical for most cryptocurrency exchanges.
Security features. Binance offers 2-factor authentication and follows industry cybersecurity best practices, including the use of multisignature wallets and cold storage for customer funds. Binance fell victim to a hack in May 2019, losing US$40 million of cryptocurrency to a thief. It replaced all missing user funds with its own reserves.
Despite its regulatory distance and relaxed verification processes, Binance is widely regarded as the world’s most trusted cryptocurrency exchange.
This view of Binance as a trustworthy exchange is shared by entities such as the Blockchain Transparency Institute, which has assessed Binance trade volumes as being 100% real and without any of the wash trading that tends to permeate the cryptocurrency industry.
It’s also widely regarded as having earned its trust the hard way. As the world’s most popular cryptocurrency exchange, it holds a large fortune in cryptocurrency at any given time and is constantly being probed by sophisticated attackers.
To date, it has only succumbed to one attack, losing US$40 million worth of cyptocurrency to a hacker in May 2019. Following the attack, it replaced all lost user funds with its own reserves.
Overall, Binance has a reputation for being a very communicative cryptocurrency exchange compared to other similar-sized platforms.
How do I create an account at Binance?
Create an account on Binance by signing up with your email address and choosing a password.
If you’re going to want to withdraw more than 2 BTC per 24-hour period, you can get verified. Otherwise, you can skip it.
To get verified, go to your account settings page and the account verification section, and then fill out your details and upload supporting documentation.
Accepted documentation includes photographs of documents such as a passport or driver’s licence, and a photo of you with a dated and handwritten note that says “Binance.” Make sure you have everything with you before commencing the verification process. You have 15 minutes to complete it from start to finish, or you will have to wait half an hour to start again.
Deposit funds onto Binance by going to “User centre” and then “Deposits and withdrawal” and then “Funds.”
Click “Deposit” on the cryptocurrency you want to deposit to see the address you should send funds to. You can either copy and paste it or use the QR code.
Browse the markets and select your desired trading pair to get started. You can place orders on the basic trading page, or you can find additional options such as stop limits on the advanced orders trading page.
Binance was a relative latecomer to the cryptocurrency scene compared to other exchanges. It was founded in China in 2017, just in time for the Chinese government to ban cryptocurrency trading domestically.
This proved to be a blessing in disguise though. It retained a number of its Chinese users but was also forced by circumstances to rapidly expand overseas. This gave it a global footprint and made it a well-known option in time for the cryptocurrency boom of late 2017.
While 2017 saw Binance find its feet and pick up a dedicated user base, 2018 was the year Binance expanded its service range and further developed its existing one. It moved to Malta and started building out plans for security token listings, added a range of educational resources to its site, initiated charity programs, opened a branch in Uganda, started trialling fiat currency deposits in Singapore, reformed its token listings process and jumped into the stablecoin craze.
And a lot more is on the radar for 2019. Most notably, it will be launching a decentralised exchange counterpart for the Binance centralised exchange, and building out its own blockchain to serve it, with BNB as the native token.
In a nutshell
Very well known. Binance is the world’s most popular and highest-volume cryptocurrency exchange.
Verification optional. You can trade cryptocurrency without verification.
Competitive fee options. The standard crypto trading fees of 0.1% are similar to some other exchanges, but the Binance fee tiers, liquidity and BNB discounts can make it more competitive.
Fiat options. Direct fiat currency purchases with a wide range of currencies are available, although verification may be required for these.
Advanced trading. In addition to direct purchases, Binance also offers advanced trading features such as cryptocurrency margin trading and futures trading.
Loosely regulated. Binance does not offer users the protections associated with tight regulations.
Binance supports users in countries all over the world.
Note that it’s a user’s obligation to ensure that they only use Binance if it’s legal to do so in their jurisdiction. Because users don’t necessarily have to get verified, this is primarily enforced by the honour system.
Yes. You can take Binance on the go with its app for Android and iOS.
The verification process is similar to other cryptocurrency exchanges and involves filling out some personal information and uploading photographic evidence to support those details.
Binance offers an extensive help section where users can also submit requests. Beyond that, users can reach out to Binance through a range of social media channels.
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.
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