Binance continues to be one of the top cryptocurrency exchanges in the world by offering users the most cryptocurrency markets of any trusted exchange, resulting in Binance having the highest number of trades of any crypto exchange. Founded in 2017 by Changpeng Zhao, Binance quickly became the world’s top cryptocurrency exchange and has its own crypto called Binance Coin that trades as a top 10 asset. Binance offers users the most trading pairs of any trusted exchange while also providing ways to purchase cryptos such as Bitcoin directly using fiat or a credit card. Binance can be accessed through its website, desktop, or mobile app, giving users multiple avenues through which they can access their account and trades assets.
By: Arthur Crowson | Dec 11, 2019 | Modified Jun 1, 2020
|Bank Account (ACH)||Yes||Yes||1-3 days|
|Wire Transfer||Yes||No||1-3 days|
Signing up for a Binance account is relatively easy but it does take a little bit of work. You can choose to open a limited unverified account or a full featured verified account. For unverified account:
Click Register button on Binance homepage:
For verified account, follow same steps as above then:
You will receive an email once your account has been verified. If your verification fails, you can try up to three times in a 24-hour span.
All of the heavy hitters in the cryptocurrency world — including Bitcoin, Ethereum, Litecoin and Ripple — are available for direct purchase using fiat or credit cards with even more available for trade. Here’s the complete list of coins available for direct purchase:
Of course, the exchange offers support for even more coins if you are trading cryptocurrency, including Bitcoin SV (BSV), Chainlink (LINK), EOS (EOS), Cosmos (ATOM), Stellar (XLM), Tether (USDT), Cardano (ADA) and Tezos (XTZ). In total there are over 176 different digital assets listed on Binance. For a full list of all supported coins and pairings please visit: https://www.binance.com/en/markets.
Binance offers mobile and desktop applications in addition to the online website. The desktop application is available for MacOS and Windows, while the mobile app is available for iOS and Android.
Binance has an official cryptocurrency wallet called TrustWallet, which is available for Android and iOS. This wallet is separate from the exchange, so assets need to be sent/withdrawn from Binance’s exchange to TrustWallet. When storing assets with TrustWallet you own the private keys, whereas you do not when you leave assets on Binance.
Yes, Binance is safe. While cryptocurrency is still an emerging technology that is inherently volatile Binance is one of the biggest exchanges in the world and has held millions of dollars worth of cryptocurrency over the year.
While it’s true that Binance was hacked for $40 million in early 2019 the exchange’s response to the event was spot and it immediately reimbursed anyone who was affected by the hack through Binance’s Secure Asset Fund for Users (SAFU). SAFU is a cold storage wallet that keeps enough capital so that it can cover user’s losses. The site conducted an in-depth investigation of the hack and there have been no incidences since.
A $40 million hack might sound scary but it’s really important to know how an exchange will react to such a situation (for instance MT. GOX famously shut their doors and left users in the lurch) so it bodes well for Binance users that management has a firm handle on what to do in such situations.
Binance has the lowest transaction fees of any major exchange. Buyers and sellers both pay 0.1% in fees. This fee can be decreased by having more than 50 Bitcoin (BTC) value in trading volume on your account in a 30-day period or holding over 50 Binance Coin (BNB) in your account. For example, if you trade more than 4500 BTC value or hold more than 1000 BNB in your account in the past 30 days your fee goes down to 0.07% and 0.09% for making a buy order or taking a sell order, respectively. For more information on making and taking orders please visit Binance’s ZenDesk.
Depositing an asset to your Binance account is always free, apart from the transaction fee to send it from your wallet. Withdrawal fees from Binance vary depending on the asset you wish to withdraw. In addition, there are minimum withdrawal amounts. For example, to withdraw OmiseGo (OMG) you must withdraw a minimum of 2.42 OMG and will pay a withdrawal fee of 1.21 OMG per transaction. Therefore if you are going to withdraw assets from your wallet it is best to do so in as few transactions as possible to save on withdrawal fees.
Yes! Binance launched a dedicated US service called Binance US (https://www.binance.us/en/) in September 2019. This is a licensed version of Binance with the same engine and asset support, but operated by BAM Trading Services in San Francisco, California. Users can trade their USD for cryptocurrency and trade all the same coins and assets they can on Binance’s main site, with the same security and transaction speed.
Yes, on May 7, 2019 Binance was hacked. The hackers were able to access Binance’s Bitcoin wallet and withdrew 7000 BTC, $40 million in value at that time. Binance was forthright in admitting they had been hacked and suspended all deposits and withdrawals for a week following the attack while they investigated, though they allowed trading to continue. Users who were affected by the hack were reimbursed through Binance’s Secure Asset Fund for Users (SAFU). SAFU is a cold wallet where Binance stores assets in case something like a hack occurs, so that they can cover their users’ losses. Binance continues to offer SAFU and has not since been hacked.
Binance Coin (BNB) is the native token of the Binance exchange. BNB was used to fund the creation of the exchange by being offered as an Initial Coin Offering (ICO), which is similar to an IPO when dealing with regular stocks. BNB can be traded for other crypto assets and tokens on Binance, while also offering a discount to transaction fees when used to pay fees on Binance. In addition, holding an amount of BNB greater than 50 in your Binance account for 30 days reduces your transaction fees as well. The more BNB you hold in your account the greater the reduction in fees.
The founder and CEO of Binance, Changpeng Zhao, is Chinese. However, due to restrictions on cryptocurrency in China in 2017, Binance moved its servers and headquarters to Japan, and subsequently to Malta in 2018 when Japan’s regulations became stricter. Binance remains in Malta.
Binance used to be solely a crypto-to-crypto exchange, meaning you could only trade assets with Binance, but not buy crypto directly with fiat. Coinbase has always been a broker exchange, accepting 32 different countries’ fiat in exchange for a limited array of cryptocurrencies. This means that before Binance began accepting credit cards or fiat for direct purchase of assets, Binance users would have had to use a service such as Coinbase to purchase their assets and then send them to their Binance address in order to make crypto swaps. Now Binance offers direct purchase of crypto assets like Bitcoin using a credit card or fiat, just like Coinbase, while also directly depositing the assets in your Binance account. The fees Binance charges for these transactions are the same or even less than through Coinbase. This combination of services makes Binance a better option than Coinbase because you can purchase assets directly and immediately begin trading them for other cryptocurrencies on Binance.
No, you cannot trade fiat currency on Binance. You can use fiat currency to purchase cryptocurrency directly through Binance, and there are options to withdraw to Russian Rubles, but you cannot trade fiat for another fiat on Binance.
Binance’s exchange offers two trade settings: Basic and Advanced. The Basic setting is the default layout for Binance, meant to be used by trading newbies. It still contains all the necessary information for making trades but does not contain all details. This is where the Advanced setting comes in. The Advanced setting on Binance’s exchange is meant for expert traders and contains much more data than the Basic setting. The Advanced setting is used for more complex trades.
Binance as a company hosts competitions to encourage users to do things such as try out a new exchange beta, trade/buy a specific coin or token, or simply see who can have the most trading volume of a crypto. Rewards for these competitions range from crypto assets, to cash, to cars.