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.
Supported fiat currencies:
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more
Supported cryptocurrencies:
Approximately 304 cryptocurrencies
Supported cryptocurrencies include:
FET
BTC
ETH
XRP
BCH
EOS
XVG
LTC
ADA
XLM
IOST
SNT
DGB
AION
WTC
BAT
NAS
LRC
ELF
ARK
TRX
NEO
DASH
XMR
XEM
VET
USDT
ETC
ICX
QTUM
KMD
ARDR
MITH
PIVX
POLY
KNC
LOOM
GAS
BNT
CTXC
BNB
OMG
ZEC
ZIL
LSK
BTG
ONT
NANO
STEEM
ZRX
FUN
GXS
SKY
SYS
NULS
LINK
POWR
HOT
NEBL
GTO
SC
WAN
DCR
WAVES
BTS
BCD
REP
MKR
PPT
DOGE
NCASH
MANA
RLC
REQ
THETA
CVC
POA
STORJ
SNM
QSP
Which payments methods are accepted?
Credit card
Cryptocurrency
Debit card
Osko
PayID
Credit card
A wide range of third-party payment providers
How to buy and sell crypto with fiat currency on Binance
You can buy cryptocurrency with fiat currencies directly through Binance, as well as sell cryptocurrencies for fiat currency.
Warning: Binance offers cryptocurrency derivatives which the regulator banned from sale to UK consumers in January 2021.
Binance’s supported fiat currencies as of 15 July 2020 include:
AED
AUD
ARS
BGN
CHF
COP
CZK
DKK
EUR
GBP
HKD
HRK
HUF
IDR
ILS
INR
KES
KRW
KZT
MXN
NGN
NOK
NZD
PHP
PEN
PLN
RON
RUB
SAR
SGD
SEK
THB
TRY
UAH
USD
VND
ZAR
Although CNY is not formally supported, you can trade CNY for Bitcoin through the Binance P2P market.
To buy or sell with fiat currency on Binance:
Go to the Binance website
Login or create an account
Click “Buy Crypto” from the navigation bar at the top of the screen
Select your payment method out of: “Credit/Debit card” (usually fastest), “Third-party payment” (usually cheapest) or “P2P crypto exchange” (good for CNY purchases).
Choose whether you want to buy or sell, select your currencies, and enter the amount you want to trade.
You will now be able to enter the amount you want to buy or sell and proceed with your purchase.
Binance fees and limits
The following fees are current as of 15 July 2020
Platform trading fees
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.
Type
Fee
Standard trading fee
0.1%
Fiat currency purchases
Varies
Trading fee discounts
The discount
What it is
How much it is
BNB discount
A discount when paying trading fees with the BNB coin.
25% discount
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.
These trading fee discounts can be used cumulatively for fees as low as 0.015% maker and 0.03% taker.
Users get a 25% discount on their trading fees when paying them with Binance’s BNB coin. To access this discount you simply need to hold BNB in your Binance account. Then by default you will start using it to pay discounted trading fees.
If you’d rather hold onto your BNB and not get a discount, you can switch this option off in your account settings.
By trading a certain volume in a rolling 30-day period you can get significant discounts. You are also required to hold certain thresholds of BNB to get these discounts. The table below does not include the BNB discount.
Tier
BNB balance required
30-day trading volume required (BTC equivalent)
Discounted maker/taker fee
0 (no discount)
0 BNB
<50BTC
0.1%/0.1%
1
50 BNB
≥50 BTC
0.09%/0.1%
2
200 BNB
≥500 BTC
0.08%/0.1%
3
500 BNB
≥1,500 BTC
0.07%/0.1%
4
1,000 BNB
≥4,500 BTC
0.07%/0.09%
5
2,000 BNB
≥10,000 BTC
0.06%/0.08%
6
3,500 BNB
≥20,000 BTC
0.05%/0.07%
7
6,000 BNB
≥40,000 BTC
0.04%/0.06%
8
9,000 BNB
≥80,000 BTC
0.03%/0.05%
9
11,000 BNB
≥150,000 BTC
0.02%/0.04%
Last checked 15 July 2020
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
Deposit 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
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.
Limits
Your limits will vary depending on your purchase method, verification level and the markets you’re trading. With full identity verification, most traders are unlikely to encounter any limits, but the main limits to consider include:
Transaction type
Limits
Fiat purchases
Varies by payment method and currency. Lower limits are often around US$5,000 equivalent maximum per 24 hour period.
Non-verified user crypto withdrawal limits
2 BTC equivalent maximum per 24 hours
Market order limits
Varies by market liquidity. Maximum market orders in less liquid markets may be as low as ~US$50,000 equivalent
How fast will my funds be available?
Deposits
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.
Withdrawals
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 offers many different ways to trade, and you can choose whether you want to keep things simple with only basic market order trading, or show more advanced trade types such as limit orders and OCO (one cancels the other) orders. Available markets include:
Spot markets. Trade a range of fiat to crypto markets, as well as BTC to alt and other crypto-to-crypto markets.
Margin trading. Access up to 125x leverage, but we aware of the risks involved.
Binance savings, loans and spending
Binance also lets you earn returns on your deposits in several ways, and access additional features. These extras include:
Savings. Earn returns on flexible deposits that can be withdrawn at any time, or commit your crypto to a lockup period for higher returns.
Loans. Use your crypto as collateral to get stablecoin loans.
Staking. Easily earn returns on stakable cryptocurrencies from within your Binance wallet.
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.
Warning: Binance offers cryptocurrency derivatives, which the Financial Conduct Authority (FCA) has banned from sale to UK consumers.
Regulation. Binance is based in Malta, although in 2020 it announced plans to launch a UK arm – Binance UK. Crypto businesses operating in the UK must register with the FCA. Binance is only lightly regulated under the still-developing Maltese Virtual Financial Assets (VFA) act. It could be argued that Binance has historically taken steps to minimise the number of regulations it needs to comply with.
Verification process. Binance does not require verification for users who only want to trade crypto for crypto, but identity verification is necessary for accessing fiat purchases, higher withdrawal limits or some extra features. 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 has only fallen victim to one hack, in May 2019, when it lost US$40 million of cryptocurrency to a theft. It replaced all missing user funds with its own reserves.
Binance’s reputation
Despite its regulatory distance and relaxed verification processes, Binance is widely regarded as one of the world’s more trusted cryptocurrency exchanges due to its presence on social media, .
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 want to access higher withdrawal limits, fiat currency purchases or additional features, you can get verified. Otherwise, you can skip this step.
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.
Make fiat purchases by going to “Buy crypto,” selecting your payment method and currency, and following the prompts provided.
Or deposit cryptocurency 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.
You now have funds in your Binance account. You can use these funds to start trading, staking or accessing other features.
What else do I need to know about Binance?
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, every year from 2018 onwards has seen Binance expand its service range and introduce more features, many of which integrate the native Binance BNB cryptocurrency.
In a nutshell
Pros
Very well known. Binance is the world’s most popular and highest-volume cryptocurrency exchange by most measures.
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.
Cons
Loosely regulated. Binance does not offer users the protections associated with tight regulations.
Not authorised. Binance offers cryptocurrency derivatives but is not authorised to do so to UK consumers.
Table: shows partner brands and other brands, sorted by popularity
Frequently asked questions
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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