Binance.com is a global cryptocurrency exchange that has shown tremendous growth and demonstrated an astounding level of innovation for digital asset trading products since its initial launch in 2017. CEO and Co-Founder, Changpeng Zhao (aka CZ Binance), is a leader in the crypto industry with unmatched prominence in Non-US regions.
Note: For information on Binance’s US exchange, read our Binance.us review. Binance.com is not available in the US. When we refer to Binance throughout this review, we mean Binance.com only and not Binance.us.
Originally founded in China, Binance has since moved its headquarters to Japan and ultimately, Malta, to take advantage of a crypto friendly and clearly delineated regulatory atmosphere. With the combination of regulatory give and CZ’s monstrous work ethic, Binance has flourished to become the world’s top crypto spot exchange with over 6x as many coins offered and 4x the daily volume of CoinbasePro, the largest US-based exchange. When you add the fact that Binance trading fees are far lower than all American exchanges, you start to understand how US citizens are missing out on some of crypto’s top performing platforms.
To get an idea of the level of progression that the Binance exchange has experienced, here are a few of their many milestones for 2020 alone:
In a few short years, Binance has rolled out the most used crypto trading platform, with everything from innovative futures products and P2P trading, to its own decentralized exchange and a full suite of DeFi offerings.
Binance provides a range of trading products for all levels of experience. Their wide array of crypto trading pairs (including multiple privacy coins, payment options, and languages) make for a rich trading experience from most anywhere on the planet. Just not the US.
While USD is not supported on the platform, Binance has two USD-pegged stablecoins available: USDT (Tether) and its own stablecoin, BUSD.
Binances offers two tiers of basic trading experiences:
P2P Trading is Binance’s answer to BuyLocalBitcoins. Users gain access to Binance’s crypto network to buy and sell crypto assets with other investors. P2P transactions can be funded by a bank transfer or over 100 other payment options (availability varies by region). KYC verification is required for P2P trading.
Assets available in the P2P marketplace are USDT, BTC, ETH, DAI and Binance’s own BUSD and BNB. BUSD is their USD-backed stablecoin while BNB is Binance’s exchange token, which they use in multiple ways to provide liquidity and increased value to BNB holders.
Binance offers three types of staking:
Binance’s native token, BNB, provides multiple benefits for users and the protocol as a whole:
Binance provides video tutorials in each trading interface, in addition to maintaining a fully loaded “Binance Academy‘,’ which teaches all things crypto, trading, and Binance. They also deliver to its users institutional-grade analysis and reports.
While the advanced trading products may not be for the beginner, Binance gives a step by step education as you navigate the different tiers of trading experiences.
Binance.com fees are lower than any US exchange, by far. By using the platform’s native BNB token for transaction fees, users can save an additional 25%. If they use BNB and a referral, another 20% is “kicked back”.
There are 4 main ways of funding your Binance account:
Minimum deposit amounts vary by coin and there are no fees for deposits.
There are two levels that determine the maximum amount of Bitcoin that you can withdraw daily, Each level involves different verification procedures (discussed in following section):
For crypto level access – Users wanting only to deal with digital assets on Binance.com need only provide an email address. In the case they should want to withdraw more than 100 BTC per day, they’ll have to get verified (explained in the previous section).
Fiat verification levels are not transparent with Binance.com. This may be due to the fact that they deal with over 60 fiat currencies and different regions may have different requirements. Binance says that they do align with KYC/AML requirements when users want to deposit fiat currencies and that for SEPA verifications, which provide faster payments, users must provide everything from name, address, BOD and email, to facial identification, official ID, and proof of residence.
What are AML and KYC?
As part of a range of Anti Money Laundering regulations mandated nationally and internationally, KYC involves the requirement of companies to verify each customer’s identity during the onboarding process. Verification is achieved by submitted identification, proof of ownership, and personal information such as name, address, date of birth, email address, phone number and tax I.D. number.
The Advanced trading view features a full suite of chart functionalities for technical analysis and trading of 320+ cryptocurrencies. Many design elements are available to customize your charts, and TradingView integration is also in place. Binance.com’s order book during Bitcoin bull runs moves at lightning speed as the platform often will have a 24-hour volume in the tens of billions of dollars.
The main interface is quite complex, so not appropriate for beginner traders, and margin trading choices are featured at the bottom of the main page.
Margin trading allows traders to borrow against their holdings and use those funds for trading purposes. Binance.com supports both Cross Margin and Isolated Margin Modes:
Over the Counter Trading (OTC) at Binance enables crypto trading of large amounts with 70+ coins (including trading pairs not listed Binance.com), fast settlements, and 24-hour chat service.
Before you begin futures trading on Binance, you’ll need to complete a Binance Futures Service Agreement. Futures products offered include:
When Decentralized Finance (DeFi) broke loose during the summer months of 2020, Binance was highly proactive in integrating DeFi coins earlier than US Exchanges (except Coinbase, which unexpectedly added a few DeFi coins to the amazement of many traders who’d been waiting for them to list much more notable and liquid coins).
As usual, Binance was on its feet and rode the initial DeFi wave, quickly listing the latest hot coins. In this way, they were able to generate some of the transaction revenue from that initial period of increased DeFi trading. This was a first hint of decentralized protocols capturing some liquidity and trader activity away from centralized exchanges.
Since that time, Binance has put in place a full suite of its own DeFi offerings, including:
You just won’t get an experience like Binance.com at any US exchange. The level of innovation far exceeds the American platforms, which are beholden to a constrictive regulatory environment.
There are so many ways in which Binance.com stands out from all other exchanges with innovative products like P2P trading, loans in Monero, and a Battle trading game for betting on longs and shorts in 5 minute competitions with other traders.
Navigating Binance’s trading products is easy and intuitive, with guides for each product readily available.
Binance has gotten hacked but continues to advance its security regimen while securing most of its cryptocurrency holdings in cold (offline) storage.
Some of the security protocols they implement for user safety include:
Binance has a massive social following with 77,000 followers on their China Telegram channel alone (over 355,000 in all their Telegram channels) and 1.4 million Twitter followers, to name just a few social platforms. They also own CoinMarketCap, have an global Alexa search ranking of 862, and their website is translated into 26 languages.
At the time of this research, we did notice that Binance’s VK account (VK is Russia’s biggest social media platform), was suspended due to “organizing suspicious contests or activities”.
When engaging with Binance, you must be aware that there are many, many Binance scammers that open groups and offer giveaways where people have to send them a bit of crypto in order to get their prize. It’s tricky because Binance.com does hold giveaways all the time.
On Telegram especially, fake “Binance Giveaway” accounts can collect tens of thousands of followers before getting reported and taken down – these unsuspecting users end up interacting with a bot that will take their money, with the empty promise of a bigger giveaway prize. Always be sure to note the URL of the website you are visiting and be very wary of Telegram groups posting giveaways and selling trading advice. As crypto is the wild west of finance, Telegram is the wild west of social media.
For a trader who loves to trade, Binance offers a wealth of rich features with the promise of continued innovation in the digital asset realm. They exhibit a breathtaking adaptability, exude a positive force in the crypto community, and manage millions of users relatively well considering they’re dealing with so many countries and languages.
There may be additional risks to trading on Binance, since it is not a US regulated exchange. But to many, the large number of trading products and digital asset pairs, and the sheer number of opportunities to earn will likely help them overcome their fear of these risks.