Binance Review 2024

Binance is one of the largest cryptocurrency exchanges in the world. The exchange is widely used but has also managed to find itself at the heart of regulatory scrutiny over the last few years. In this Binance review, we aim to delve into why Binance is so popular and whether or not it is the best exchange for you to use in 2024.

An Introduction to Binance

Binance launched in 2017 and was created by Changpeng Zhao, who remains the company’s CEO. The platform allows you to buy and sell cryptocurrencies, in addition to staking, lending and trading.

Binance is a centralized exchange that offers over 500 cryptocurrencies. The platform is suitable for both beginner and advanced traders and offers platforms for exchanging as well as trading. Out of all of the cryptocurrency exchanges that we have reviewed, Binance stands out as one of the most multifaceted.

However, the exchange has recently run into regulatory troubles with the SEC. The platform’s regulatory grey zone means that Binance is not available in all jurisdictions.

Binance Review Overview

💼 Provider Type:	Crypto Exchange
💸 Minimum Deposit:	$10
💰 Trading Fees:	Varied
💰 Deposit Fees:	Varied
💰 Withdrawal Fees:	Varied
💰 Management Fees:	Varied
🔀 Minimum trade order	$10
⌛ Withdrawal Timeframe:	24 – 48 Hours
#️⃣ Number of Cryptocurrencies Supported:	500+
#️⃣ Number of Crypto Pairs Supported:	90+
💱 Top supported Cryptocurrencies:	BTC, ETH, DOGE, BNB, SOL
📊 Leverage:	Up to 75x
📱 Native Mobile App:	Yes
🖥️ Free Demo Account:	Yes
🎧 Customer Support:	Support Centre, Twitter, Facebook, and Instagram
✅ Verification required:	KYC, AML
📈 CFD Available	Yes
📊 Software:	Website, web app, mobile app
⚽ Social Trading:	Yes
✂️ Copy Trading:	Yes
👮‍♂️ Regulators	None

Pros and cons of using Binance

Pros

Cons

• Binance is the world’s largest cryptocurrency exchange
• Binance offers a Visa card, which allows you to make purchases with cryptocurrencies in several countries
• Binance has both basic and more advanced versions, so you can enjoy the platform regardless of whether you’re a beginner or a seasoned trader
• Binance has 24/7 support to help you in case you run into issues
• Binance has several online communities where you can discover like-minded people and get advice on your cryptocurrency trading

• Binance is not regulated in any jurisdiction
• Binance’s massive selection of tools might be confusing to beginners
• Binance is currently facing a lawsuit against the SEC

Is Binance a Good Exchange to Use in 2024?

The main question that we aimed to answer during our Binance review was, is Binance a good exchange?

Simply put, yes Binance is a good cryptocurrency exchange. As one of the largest options available, Binance has deep liquidity which means that you can buy and sell coins quickly. The exchange also offers a user-friendly interface with a range of tools for beginners such as educational resources and live customer support.

Binance stands out from other exchanges because it caters to all types of traders, making it a good all-in-one platform to consider.

Despite this, Binance is not our top Bitcoin exchange. This is mainly due to the exchange’s regulatory troubles, which have forced Binance to stop offering services to traders in some countries. For traders who want to avoid problems that could be caused by future regulatory upheaval, we recommend considering brokers such as eToro, which is regulated in 7 jurisdictions.

Key Features of Binance

Binance has a huge range of features that make the platform popular with cryptocurrency enthusiasts, regardless of their skill level. Below are some of the key features that we found during our review.

Binance crypto exchange

The first feature that we reviewed was the platform’s native cryptocurrency exchange. The Binance exchange has a simple interface that makes it easy to navigate.

Through the exchange, you can swap crypto for fiat, or crypto for crypto. Simply enter the amount that you would like to buy/sell and confirm the order.

You can choose from hundreds of different coins – all available with relatively low fees.

Spot Exchange

If you are interested in implementing a more active trading strategy, the Binance spot exchange may offer the features that you need.

Through the spot exchange, you can trade cryptocurrency pairs such as BTC/JYP, BTC/ZAR, ETH/EUR, and BNB/AUH. The pairs available through the Binance spot exchange are cryptocurrency CFDs that allow you to speculate on the price of a coin without buying the underlying asset.

CFD trading is ideal for active trading strategies and trading with leverage. Binance is one of the best Bitcoin CFD trading platforms available because it offers a large number of trading pairs, competitive spreads and a user-friendly interface.

However, the charting tools available at Binance as not as comprehensive as those offered by brokers such as Plus500 and Pepperstone.

Peer-to-peer marketplace

Peer-to-peer trading involves buying cryptocurrency directly from another trader. This is suitable for traders who want to avoid third-party intervention and find competitive prices.

Binance’s peer-to-peer exchange connects you with thousands of individual sellers. Each seller is given a completion score and user feedback rating to help you find a reputable seller.

The p2p exchange is easy to navigate and offers a good level of transparency.

Trading bots

Perhaps one of the most exciting features that Binance has to offer is its selection of crypto trading robots. You can choose between arbitrage bots, spot grid bots, rebalancing bots, auto invest bots and DCA bots.

Binance’s trading bots allow you to seamlessly automate your trading strategy. You can set each bot up manually or use AI to set trading parameters.

We were particularly impressed by the volatility scores that are given to each trading pair. This makes it possible to assess the risk involved with using the bots to trade different coins.

Auto invest

For long-term investors, the auto invest feature makes it possible to create a custom investing plan and automate regular investments over a set period of time. You can create your own investing strategy or invest in a ready-made portfolio.

Binance Cryptocurrencies and Trading Options

Now that you understand the key features that are available through Binance, let’s take a look at the different coins and trading options that are available.

What Cryptocurrencies Can You Trade on Binance?

Binance allows you to trade over 500 cryptocurrency pairs. Here are some of the most popular options available.

• Bitcoin (BTC) – BTC/USDT, BTC/BUSD, BTC/EUR
• Ethereum (ETH) – ETH/BTC, ETH/USDT, ETH/BUSD, ETH/EUR
• Dogecoin (DOGE) – DOGE/BTC, DOGE/BUSD
• Binance Coin (BNB) – BNB/BUSD, BNB/ETH, BNB/BRL

• Solana (SOL) – SOL/USDT, SOL/BUSD, SOL/BTC, SOL/EUR

Different Trading Options Offered by Binance

As well as basic buying and selling, Binance supports several trading options. These include:

• Futures: Futures trading is an agreement that you will buy or sell a cryptocurrency asset later. Prices and times are predetermined, and you must fulfil the transaction after agreeing to the contract.

• Options: Options trading is a little different from futures. Instead of being obliged to make a purchase, the buyer can choose not to; this contract just gives you the option to do so.

Can I Trade With Leverage on Binance?

Before we continue, remember that leveraged trading carries extra risk, and you should treat it with caution, especially if you’re a beginner.

Binance offers a comprehensive suite of leverage options. Its structure is tiered and ranges from 2-75x for lower values to 1x for the much higher ones. These figures apply to Bitcoin/BUSD and Ethereum/BUSD.

When using leverage on Binance, the margin rate also changes and increases in value. Margin rates range from 2-100% for Bitcoin/BUSD and Ethereum/BUSD.

Binance also offers leveraged tokens, allowing you to trade without worrying about liquidation. Leverage for these will vary.

Fees, Limits, and Payment Options on Binance

One of the most important factors to consider when choosing a trading platform is fees. Here is an overview of what we found during our Binance review.

What Are the Deposit and Withdrawal Fees, Limits, and Speeds?

Many cryptocurrency exchanges will charge fees when you buy and sell cryptocurrencies, and Binance is no different in this respect.

Deposit fees will depend on the currency and payment method you use. For example, UK-based users adding money to their account via faster payments will pay 50p, while bank card transfers are charged at 1.80%.

Deposit Methods

If you use Binance’s P2P marketplace, you can use over 100 payment methods to purchase cryptocurrencies. But for the sake of this article, we’re going to talk about Binance’s main platform.

On Binance, you can deposit fiat money into your account using one of the following methods:

• Bank transfer, including wire transfers and SEPA

• Debit/credit card

Like many other cryptocurrency exchanges, Binance imposes deposit limits. If you’re a corporate user, you can deposit up to £/€1 million per day, though you might be granted a higher upper threshold upon request.

If you’re a regular user, your limits will be determined on a case-by-case basis. If you deposit more than your daily limit, Binance will feed the money into your account over the next couple of days until you receive everything.

To increase your deposit limit, you should verify your account.

Transfer speeds will depend on the payment method you use. If you use SEPA to deposit money into your account, you’ll often need to wait between one and three working days. However, debit and credit card deposits are normally instantaneous.

Depending on where you live, you might need to verify your transaction. Some countries will ask that you sign in to an app and verify your identity, whereas others will ask you to open the specific banking app and confirm the amount that you’d like to deposit.

In cases where you deposit large amounts, you might also need to enter your security code or confirm the transaction with either fingerprint ID or facial recognition.

Withdrawal Methods

When you’re ready to withdraw money from Binance, you can do so by sending the money to your bank account. You’ll need to choose how much crypto you’d like to withdraw in fiat money before entering your details.

The speed of your withdrawal will depend on a couple of variables. Firstly, the banking method you use will play a part; SEPA will again take 1-3 business days, whereas wire transfers might take between one and four.

Like depositing, the limits you’ll have will depend on several factors, including your level of verification. If you want to withdraw more money each day, you can increase your limits by confirming your identity.

Withdrawal fees will depend on your currency and chosen payment method. If you live in the US, wire transfers cost $15. In the European Economic Area (EEA), you’ll pay €1.50 if you withdraw using SEPA.

How Much are Binance’s Fees and Commissions?

Cryptocurrencies will apply fees for trading activity. But in some cases, the platform may add its own additional costs. These are relatively common throughout the industry, and you’ll have to pay some kind of fee regardless of the exchange from which you buy cryptocurrency.

We’ve already discussed deposit and withdrawal fees; you can refer to those in the sections above. If you can’t find a suitable cost for your currency and payment method, a complete list is available on the Binance website for both.

Binance charges maker/taker fees whenever you buy and sell a cryptocurrency. These will depend on your 30-day trading volume. They range from 0.1% to 0.02/0.04% for spot trading. You can reduce your spot trading costs by purchasing BNB to pay these fees, which will give you a 25% discount.

Maker/taker fees will vary depending on the type of trading you use. Similarly, your BNB discount will differ.

You’ll also pay liquidity swap fees for trading cryptocurrency pairs. Again, these depend on the coins you use; for example, BTC/ETH ranges from 0.02% down to 0.06%.

Binance Trade Sizes and Limits

Binance has various trading rules that you should adhere to when using the platform. When it comes to trade sizes, your bottom and upper limits will depend on the cryptocurrency you use, as well as the pairs you’re trading.

For example, you must trade a minimum of 0.0001 ETH for ETH/BTC. Your minimum BTC order is the same amount, and the maximum order amount is just over 982 ETH at the time of writing.

You must also adhere to size limits when trading cryptocurrencies with fiat currencies. If you were to trade BTC/GBP, for example, the minimum amount would be 0.0001 BTC and the minimum order size would have to be £10 or higher. Your maximum order size is just over 16 BTC at the time of writing.

Binance Trading Platform

In the following section, we will take a closer look at the Binance trading platform, focussing on accessibility.

What Devices Can I Use Binance On?

As you might expect from the world’s largest cryptocurrency exchange, you can use Binance on several different devices.

In addition to its website, you can access Binance via its cryptocurrency trading app, which is available on both iOS and Android. You can also download Binance for your macOS, Windows, and Linux. On the app, you can buy and sell cryptocurrencies with ease, access live charts and view your portfolio.

Below are all the devices on which you can access Binance’s trading platform:

• iPhone

• Android

• Windows

• Linux

• Mac

Can I Use Binance in Any Country?

Binance is available in several countries, but not all of them. It’s also worth noting that if you live in the US, you’ll have to use Binance.US instead of the main platform, and you cannot use it in seven states.

You should also remember that some countries and jurisdictions have banned cryptocurrencies, so we recommend that you check the laws in your jurisdiction.

With all of that out of the way, below are the four main countries in which Binance is available:

• Canada (excl. Ontario)

• Australia

• Germany

• France

Is Binance Available in My Language?

If English isn’t your first language, don’t worry; Binance is available in dozens of languages, and you’ll likely find your mother tongue. Besides English, the four main languages that Binance supports are:

• Spanish

• Portuguese

• Italian

• French

How Easy Is It to Use Binance?

Binance is pretty straightforward to use, even if you initially find the range of tools available daunting. You can buy and sell cryptocurrencies without difficulty, and moving them to your wallet is not a challenge.

Binance’s apps make it easier than almost every other cryptocurrency exchange to access your portfolio and trade across multiple devices. Generally speaking, responsiveness is also good, and problems are fixed quickly.

Security and Regulation

All crypto trading comes with risk. However, during our review, we found that Binance implements a range of security processes to minimize the risk involved with using the exchange. This includes anti-money laundering policies, user verification, and 2FA.

Is Binance Safe?

Binance offers various tools that help you achieve higher levels of security. Besides QR code scanning for sign-ins, you can also enable two-factor authentication on your account.

If you suspect that someone else has access to one of your devices on which you’re signed into Binance, you can also opt to restrict access.

Am I and My Cryptocurrency Protected?

Binance offers protection for up to $250,000 if you have a USD balance. This should provide some peace of mind in case an unforeseen event, such as a hack, takes place.

Is Binance Regulated?

Binance’s regulatory status is a little confusing. For example, one bank in the Netherlands said that the platform isn’t regulated in that country; Binance noted in 2021 that it plans to change this.

As it stands, Binance is not regulated in any country. However, the exchange does follow local guidelines regarding anti-money laundering and user protection.

Binance has come under heat in other countries, too, such as the UK. Having said that, the country’s Financial Conduct Authority (FCA) said that it had complied with the regulator’s June 2021 demands.

In 2021, Binance chose to withdraw its Singaporean licence bid and has since decided to suspend its local services.

Binance.US is licensed in several US states.

Do I Have to Verify My Account With Binance?

You can use Binance without verifying your account, but your trading will be limited.

Verification is essential for several reasons, including know your customer (KYC) checks and anti-money laundering legislation.

To verify your account, you’ll usually have to provide a photographic ID and take a selfie to confirm that it’s you. In addition, you’ll need to submit a copy of a document that proves your address.

You can verify your Binance account on either your computer or through the smartphone app.

How to Buy and Sell Cryptocurrency on Binance

If you would like to use Binance for crypto trading in 2024, here is an overview of how to buy and sell crypto on the platform.

How to Buy Crypto on Binance

How to Sell Crypto on Binance

Once your investment has seen some returns (or started to see some losses), you may want to sell your crypto. Follow the steps below to sell crypto from your Binance account:

• Step 1: Sign in to your Binance account
• Step 2: Select Fiat and Spot
• Step 3: Click on the Withdraw button
• Step 4: Tap on the Fiat option
• Step 5: Enter the amount in fiat money you’d like to withdraw before confirming the transaction

Final Thoughts

Having reached the end of this guide, you should have a complete understanding of how to use Binance and what it’s good for. It’s not surprising that this is the world’s largest cryptocurrency exchange; it provides a significant range of offerings and tools that make it an excellent choice for all skill levels.

Binance also offers a vast range of resources to help you to improve your knowledge and trade with confidence.

Overall, Binance is a one of the most comprehensive cryptocurrency exchanges available that offers a wide range of features for different traders. If you’re looking for an exchange that offers everything in one place, it could be a good option to consider.

However, Binance’s regulatory status is uncertain and the exchange is currently going through a lawsuit which could impact the future of the platform. For this reason, we recommend researching other options before committing to the Binance exchange.