Binance is one of the most well-known and respected exchanges in the world. It is a popular trading platform in terms of features, volume, and liquidity. To see how the platform compares to the best exchanges in the world, this review will assess Binance's most common features, accepted countries, deposit method, supported assets and trading pairs, limits, fees, ease of use, security, and customer service.
- Ranked #1 in world for trading volume
- 1,650+ trading pairs against fiat, altcoins and stablecoins
- 0.1% flat spot trading fee with 25% discount using BNB
- Loan and savings accounts to earn interest on crypto
- Spot, futures and margin trading available
- Beginner and advanced interface with Tradingview charts
Binance is a leading crypto exchange in the world for trading volume and liquidity. The platform is super beginner-friendly, easy to use and offers a massive range of crypto pairs, innovative products, features, competitive fees and responsive customer support. It exchange is available in multiple countries worldwide and supports the most trading assets compared to any other exchange and has excellent liquidity.
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What Is Binance?
Binance is a cryptocurrency exchange that was founded in July 2017 after a successful ICO that raised $15 million. The exchange has attracted millions of users in multiple countries across the world and is often applauded in exchange reviews and social media as the best trading platform. Users can buy, trade, sell, earn, stake, and instantly swap digital assets on a beginner-friendly and easy-to-use platform.
Binance is widely regarded as one of the best crypto exchanges with the largest selections of cryptocurrencies and trading pairs available to exchange, store electronic funds within a secure wallet, and earn interest on crypto. As of 2022, the popular exchange boasts a user base of over 90 million investors, traders, and blockchain enthusiasts.
The owner of Binance is Changpeng Zhao, who is often referred to as 'CZ' on social media channels. CZ is a Chinese entrepreneur that is the founder and CEO of Binance. CZ started Binance from nothing and has become a self-made billionaire within 1 year.
|Fiat Currency||AUD, USD, EUR, GBP, SGD & UGX|
|Payment Type||Bank transfer, SEPA, Bank card (VISA) & SWIFT|
|Trading Fee||0.1% (maker) and 0.1% (taker)|
|Mobile App||Yes (iOS and Android)|
Pros & Cons
It is important to weigh up the advantages and disadvantages of crypto exchange to make a fair assessment. The advantage of Binance is the all-in-one experience for buying, trading, storing, staking, earning, and selling crypto on a single platform. The abundance of supported coins and markets to trade is second to none.
Binance includes a feature-rich desktop and top crypto trading app that is geared for serious traders on the move. Coupled with very low fees and deep liquidity, Binance is a top-tier platform. On the flip side, the abundance of features can be daunting for new users and is suitable for experienced traders only.
- #1 exchange in the world for trading volume and liquidity
- Low fees of 0.1%, volume and staking discounts and low slippage
- Advanced charting and trading platform on desktop and mobile devices
- All-in-one platform with a broad range of products and services
- Supported in many countries worldwide
- Difficult to navigate for first-time investors and traders
- Complicated to use for individuals that just want to buy and hold crypto
- Company is facing pressure by regulators in several countries
- Customer support is poor with lengthy response times
Features & Services
Binance is a leading digital asset provider that has expanded its features and services to provide a full offering of products that can be accessed through the Binance website or the mobile app. The core features offered by Binance are described below.
$50 Welcome Bonus
Binance offers up to a $50 welcome bonus for new customers who use our referral ID 10360506 to sign up on Binance. At the time of writing, the highest reward is up to $25 for performing several tasks. Here is the full referral link to get access to the rewards.
There are three bonus reward categories that the Binance referral code delivers.
- $5 cashback voucher: Making the first-time deposit of up to $100 within five days of registration makes the user eligible for a $5 cashback.
- $20 spot cashback voucher: Spot trading of up to $1000 within seven days of registration makes the user eligible for a $5 cashback.
- $25 spot cashback voucher: Spot trading of up to $20,000 within seven days of registration makes the user eligible for a $5 cashback.
The Binance referral code is only applicable to new customers who do not have a current account on Binance.
Suitable For Everyone
One of the best features of using Binance is the user interface has been designed for individuals with various levels of skill and experience. There are multiple trading modes for beginners, advanced users, and margin traders to buy Bitcoin with fiat currencies, altcoins or stablecoins. Those who are not familiar with charting may use the 'Classic Interface' which is easy to use or 'Binance Convert' to instantly buy or sell Bitcoin for cash on the exchange.
Variety of Payment Methods
Binance is a popular trading platform due to its availability worldwide, support for multiple fiat currencies, and a wide variety of ways to transfer funds to an account. The exchange provides various payment methods for individuals around the world to fund a trading account. Users can buy crypto using methods such as bank transfers, credit/debit cards, SEPA, wire transfers, and cash deposits.
Over 600 Supported Assets
Binance supports over 600 digital coins on the exchange that can be bought, traded, and sold. There is a wide range of pairs that can be traded against Bitcoin, altcoins, fiat money, or stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD. Users will not have any trouble finding trading opportunities. This is a strong reason why Binance is one of the best altcoin exchanges in the market.
Advanced Trading Interface
Binance provides a cutting-edge trading platform to trade digital currencies with a full range of trading tools, indicators, and chart options. Powered by TradingView, traders are well equipped to comprehensively analyze the price action to find trading opportunities.
Seasoned traders will appreciate the crisp, streamlined and highly responsive charts. The extensive assortment of tools at their disposal is enviable, including drawing trend lines, add indicators and charting patterns to perfectly time a trade.
Binance VISA Card
Binance has introduced a cryptocurrency debit card that allows its users to convert and spend digital currencies like a traditional debit card. The Binance VISA card can be used by more than 60 million merchants worldwide. The benefits of using a Binance debit card include:
- The card is free to use with zero Binance administrative or processing fees
- Earn up to 8% crypto cashback on purchases using the VISA card
- Easy to transfer and top up funds using a Binance wallet
- Funds on the card are protected by a high standard of security
The amount of cashback rewards that can be earned with the Binance VISA debit card depends on the amount of BNB coins staked in a Binance wallet. Beginners that order the card can earn 1% cash back rewards for free without staking any Binance Coins.
However, to earn a maximum cashback bonus on purchases of 8%, users will need to stake at least 6,000 BNB tokens which is the equivalent of $USD 270,000 at current prices. This is a considerable investment to obtain an 8% cashback.
Obtain Crypto Loans With Binance
Binance has entered the decentralized financial lending and borrowing space with its crypto loan product. Traders on the cryptocurrency platform can use their digital currency assets as collateral to obtain an instant cash loan or lend out to earn interest. Any user on the Binance platform is eligible to obtain a crypto-backed loan.
Binance supports over 76 digital currencies that can be borrowed using 67 assets such as BTC, BUSD, BNB, ETH, and USDT that can be used as collateral. Each loan can be repaid over a 7, 14, 30, 90, or 180-day period. There are no penalties or fees if early repayments are made during the loan term. The interest is calculated hourly and determined from the start time of the loan.
In the example above, to obtain a cash loan of $1,000 USDT, a collateral amount of 1.30 ETH would need to be deposited. An interest rate of 0.01% is calculated hourly over a 90-day term period which equates to a repayment amount of $1,009 USDT.
The Binance interest module is comparable to traditional banks and popular borrowing and lending platforms. The crypto borrowed can be withdrawn or transferred to the spot/margin exchange to trade, however, this is not recommended for beginners.
Earn Interest With Binance Earn
Binance offers its customers various products under its investment platform called 'Binance Earn' which allows customers to earn free crypto by lending crypto to receive interest on the borrowed funds. The services are broadly categorized under the products 'Flexible terms', 'Fixed terms' and 'High-risk products' which provide various interest rates across each product.
220 of the 233 supported crypto are available through the Flexible account where digital assets can be redeemed from the wallet at any time. Interest on the capital deposited into the wallet will start to generate on the second day and will continue to accrue on a daily basis.
The flexible savings account provides users the option to earn staking rewards on their crypto. The interest rates are lower compared to a fixed-term deposit, and come with the flexibility to redeem and withdraw the funds at any time to the trading platform or cryptocurrency wallet. For example, the Binance savings account offers approximately 5% APY interest on the stablecoin Tether (USDT) which is a great option to hedge against market volatility.
Moreover, investors can obtain interest payments on 233 supported cryptocurrencies such as Bitcoin, Ethereum, Cardano, and Flow, giving Binance one of the largest selections of interest-earning products on the market. Interest rewards of up to 25% Annual Percentage Yield (APY) can be obtained.
Binance's interest-earning wallets will appeal to investors who value choice and flexibility. The savings account provides a way to earn interest on crypto for buying and holding funds through Binance Earn. While there is always a risk of leaving assets on an exchange, Binance is a trustworthy place with bank-like security measures to ensure funds are kept safe in a savings account.
Binance Staking To Earn Rewards
Binance offers one of the best staking platforms for crypto with fixed staking terms for 14, 21 30, 60, 90, and 120-day periods to earn rewards up to 73.99% APY. The exchange supports 106 cryptocurrencies that can be staked on the platform using a fixed-term arrangement. The yield and minimum staking amount do vary for each asset. The supported coins include CELR, ATOM, KSM, FYI, SUSHI, WAVES, XTZ, TEZOS, and others. The minimum amount required does vary on each coin.
Fixed staking will suit crypto holders that are comfortable with locking in their coins for a set period of time to accrue the staking benefits. Once the coins are staked, the wallet balance will be deducted and the coins will stake automatically in the pool to earn rewards. For example, users can stake Cardano on Binance to earn 6.59% APY when locked in for a fixed term of 60 days.
Binance also supports staking Ethereum 2.0 which can be staked on the platform for modest returns of around 4.9% APY. The one-click ETH 2.0 staking has a minimum requirement of 0.1ETH to begin. The rewards cannot be redeemed during the first phase of the Ethereum network upgrade.
Buy Stocks on Binance
If you're wondering if you can buy stocks on Binance using crypto, the short answer is yes. Binance has opened a new product called Stock Tokens that allows verified users to trade equity shares through cryptocurrency coins such as BUSD. The available stock tokens that are offered on Binance include Tesla, Microsoft, Coinbase, Microstrategy and Apple.
Binance does not offer shares in the companies, however, each token represents a share in a stock corporation and is pegged to the performance of the respective company. Each token is created on collateral which is held by the custodian CM-Equity, a global investment provider.
Binance tokens work like a CFD where the price of the stock token will rise if the price of the underlying asset rises. The same concept applies if the price if the company falls, the price of the stock token will also decline. The tokens can only be traded during normal market hours.
Binance has entered the Non-Fungible Tokens (NFT's) market due to record sales prices for unique pieces of art, collectibles and trading cards. Existing users with Binance can participate in the Binance marketplace to become a buyer or seller to exchange NFTs.
The Binance marketplace aims to bring together artists, creators and crypto enthusiasts to buy, mint and sell NFTs. Investors can buy NFTs on the exchange with a variety of coins such as BUSD and Ethereum. There is a nominal 1% processing fee on transactions and creators will receive a 1% royalty payment for all subsequent trades.
Binance is a world-class exchange that offers a wide variety of products and services. Here is a comparison of Binance alternatives with similar features and benefits such as Coinbase, FTX and eToro.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|319||0.02% / 0.07%|
|5% off trading fees||Visit FTX||FTX Review|
|None available at this time||Visit eToro|
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."
Is Binance Safe?
Binance is one of the world's most secure and trustworthy exchanges that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customer's personnel information and funds. Examples of the technologies used to provide a safe and secure trading environment for users that decide to leave their coins on the exchange include cold wallet storage and two-factor authentication.
However, there is always risk when storing funds on a centralized crypto exchange. The safest way to store cryptocurrency is to transfer funds from Binance to a reputable hardware wallet such as the Ledger Nano X.
Has Binance Been Hacked?
In 2017, Binance was the subject of major cryptocurrency theft and security breach. Hackers compromised the security systems using phishing emails, viruses, and other attacks. 7,000 Bitcoins (approximately USD 40 million at the time) were stolen and some users' two-factor authentication codes and API tokens.
Binance reimbursed all of the user's lost money to cover the security breach using its emergency insurance fund. The incident is a stark reminder that even the best cryptocurrency exchanges can still be hacked. For more information, you can read our article on security hacks and breaches on crypto exchanges that were reported between 2013 and 2022.
Is Binance Trustworthy?
Since the launch of Binance, the exchange has proven itself to be a legitimate, safe and trustworthy exchange that allows users from all over the world to buy, trade, and sell cryptocurrencies. The exchange is regulated in a number of jurisdictions and complies with KYC requirements and local AML/CTF regulations in each country. users'
To ensure the highest security standards, Binance has implemented leading-edge security controls such as Two-Factor Authentication (2FA) and offline storage facilities to protect users' funds stored in a Binance wallet. With a daily trading volume of nearly $9.5 billion during 2022 without reported security breaches, Binance can be considered a safe place to transfer funds.
Binance is a global centralized cryptocurrency exchange that includes several companies around the world that use the 'Binance' brand name and technology. The Binance partners are established in several jurisdictions to service over 200 countries worldwide through the main Binance website or an official partner. Each exchange under the Binance name is independently operated and fully compliant with the country's local regulations and laws. Binance partners allow a fiat-to-crypto exchange for individuals worldwide to buy or sell Bitcoins for cash.
Binance has also partnered with several exchanges such as FTX and WazirX. The integration with WazirX allows users from India to purchase assets through the Binance portal.
Can US Traders Use Binance?
Binance has restricted US customers from trading on the main exchange due to regulatory policies. Users from the US are permitted to buy crypto with Binance.US however cannot perform active trading on the global Binance platform. The USA version of Binance also doesn't offer margin trading and the selection of coins for staking is very limited. For more information, read our Binance.US review for an overview of its features, fees, pros and cons.
Binance supports over 600 crypto coins that can be purchased, traded, and sold such as Bitcoin, Ethereum, XRP, Chainlink, Litecoin, Cardano, and more. Users can trade each of these assets using different digital currencies as collateral. Binance has the following pairs against altcoins:
- Binance Coin (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tron (TRX)
- Ripple (XRP)
- Fiat currencies (e.g. USD, EUR, GBP)
- Stablecoins (e.g. USDT, BUSD, TUSD)
Binance also supports numerous tokens that are part of an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO). These events allow Binance traders to speculate on a newly listed crypto asset. To view a full list of crypto markets available to trade, visit the Binance site.
Liquidity & Trading Volumes
It is important to use an exchange that has deep liquidity and high trading volumes as the depth in the order book for each available trading pair results in low spreads between the bid and ask price. At the time of writing, Binance is ranked #1 for traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported for spot and derivatives markets. Traders that employ crypto arbitrage methods will benefit from the deep liquidity to buy crypto at the lowest prices compared to other exchanges we have reviewed.
For this reason, Binance is one of the best crypto day trading platforms due to the deep liquidity across its trading pairs. Smaller crypto exchanges that lack liquidity will have a wider spread cost when trading. Secondly, users that trade large position sizes on lesser-known altcoins with a small market cap may not be able to fill their position or suffer from slippage.
To create an account with Binance.com, the process is straightforward and only takes a few minutes. Users will be required to provide an email address and password. To access higher withdrawal limits, traders must verify their identity. There are no fees to create or maintain a Binance account or wallet, however, must be over the age of 18 years old.
ID Verification Requirements
Binance uses a level-based verification system that determines the maximum withdrawal limits. New users are not required to submit their ID to begin trading cryptocurrencies. However, will be limited to the basic verification level. It is not mandatory to complete ID verification on account creation, however, there will be a limit placed on withdrawals to a maximum of 0.06 BTC in a 24-hour period. The Binance withdrawal process will be rejected if attempting to withdraw more than the maximum account limit.
|Verification Level||Information Required||Withdrawal Limit||Verification Speed|
|Level 1 (Basic)||Full name, date of birth and residential address||0.06 Bitcoin per 24 hours||Approx. 1 hour|
|Level 2 (Advanced)||Full name, date of birth, residential address, photo ID document||100 Bitcoin per 24 hours||Approx. 24-72 hours|
The Binance verification speed does vary depending on how busy the customer support team is. In some instances, the basic verification can be approved in a few minutes and less than 4 hours for the full Binance verification level. However, users can still able to trade and withdraw up to 0.06 Bitcoin using the Basic Verification, which was reduced from 2 BTC in July 2021.
Individuals that create an account with Binance to buy cryptocurrency using a credit or debit card must first complete the Binance identity verification process, otherwise known as "KYC" (Know Your Customer). This ID process is to comply with local regulations in the relevant country and is a one-time task for each registered Binance account.
There are several methods to fund a Binance account to begin trading using either a digital coin or purchasing crypto with fiat money. For beginners, the easiest way to deposit funds to Binance is by transferring Bitcoin or Ethereum using the unique address or QR Code as shown below. Depending on the cryptocurrency, it can take between a few seconds, minutes, or even hours for the blockchain to confirm the transaction for the funds to arrive in a Binance wallet.
To cater to individuals around the world, Binance and its partner offer a variety of payment methods to fund an account with fiat. The platform supports over 70 traditional currencies such as USD, GBP, EUR, AUD, RUB, TRY, NGN, UAH, KZT, and INR. Binance and its affiliate partners around the world offer different deposit methods for each region. The most common payment options include:
- Bank transfers
- Credit card and debit cards
- Faster Payments
Binance also has its peer-to-peer (P2P) marketplace that enables its users to trade between themselves with greater deposit methods and currencies (and no fees). There is escrow to ensure funds are kept safe until the transaction is completed.
Using A Credit Card
Binance has the option to deposit fiat and purchase digital currencies using a credit card or debit card. The new feature is provided through a partnership with Simplex, a leader in fiat on-ramps for crypto purchases. The supported currencies which can be directly obtained using a VISA or Mastercard and deposited to a Binance account include BTC, ETH, BNB, XRP, BUSD & USDT.
The advantages of using a credit card to buy crypto on Binance are:
- Safe and convenient payment method (VISA or Mastercard accepted)
- Fast processing time between 10-30 minutes for the crypto to arrive
- Low transaction fees of 3.5% per transaction or USD $10, whichever is higher
Overview of the Binance Trading Experience
Binance is a leading exchange for digital currencies on a safe and stable trading platform. The user interface has been designed to cater to various levels of experience and skills. The easiest way to exchange crypto for another digital currency is using 'Binance Convert'. This avoids using a price chart and order entry window which can be daunting for beginners.
Users can select the digital asset to buy and sell with a simple window to convert easily in a single go (as shown above). Binance Convert supports the majority of the listed coins and is a fast way to swap cryptocurrencies. Binance will preview the conversion rate and amount of crypto to be received before completing the transaction.
Binance Spot Trading
The charts are an essential consideration when looking for a cryptocurrency trading exchange. This is where traders will spend most of their time looking at the charts and managing open positions. Binance has a 'Simple' and 'Advanced' user interface designed for intermediate and professional cryptocurrency traders. Binance has integrated with the best crypto charting software, TradingView, which provides free charts, live data, technical indicators and drawing tools.
The trading window is easy to use and clean and features standard tools such as a price chart, order box, trading pairs list, trade history, recent market activity and active/pending positions. Advanced traders can quickly navigate between pairs to find trade opportunities from a single place. A great feature of Binance is the ability to quickly enter the size of trade using the percentage auto-fill options (e.g. 25%, 50% or 75%) of available trading capital.
The order window provides a variety of orders such as limit, market, stop-limit and One-Cancel-Other (OCO). OCO is not offered on many exchanges - but is an important feature as it allows a take profit and stop-loss order to be placed using a single order instead of two. If the take profit level is reached, the stop-loss order will be automatically removed and vice versa.
In addition, the order price can be populated by clicking on the prices under the recent trades window. This will automatically popular the entry price which minimizes the risk of entering the incorrect price (e.g. missing a decimal point).
Binance has one of the best leverage trading platforms for crypto with margin trading and Binance Futures. This allows advanced traders to use borrowed funds to trade a position greater than their capital. Funds will need to be transferred to a Binance margin wallet or the Futures wallet to use as collateral to begin trading with high leverage.
The amount that can be borrowed is determined by the number of coins in the margin wallet, using a fixed rate of 5:1 (5x). There is an indicator to show the margin risk level which is calculated on the borrowed funds (Total Debt) in relation to the funds held in a margin account (total capital). A benefit of using Binance margin is the ability to short-sell. For more information, read our article on how to short on Binance.
Binance Fees & Limits
Binance uses level based fee structure that is based on trading volume. The current trading fee for new accounts is 0.1% for each transaction (e.g. buy/sell) using a maker and taker system. However, users can receive a further reduction in transaction fees by performing the following activities on the exchange:
- Increase 30-day trading volume (up to 20% fee discount)
- Store Binance Coins (BNB) on the platform (25% fee discount)
- Receive kickbacks through the Binance referral program (20% fee discount)
For example, an individual that has a monthly trade volume of greater than 50 BTC will receive a 0.01% discount when placing limit orders or adding liquidity to Binance's order book. The fee can be further reduced to 0.0675% by buying BNB tokens and storing in the wallet. The spot trading fees on Binance are very competitive in the market compared to other exchanges that we have reviewed such as Coinbase Pro, Kraken, Coinmama, Bitfinex and Gemini.
When it comes to trading Binance futures contracts, the fees start from 0.02% and 0.04% respectively. Similar to the spot market, Binance Futures offers very low fees when compared to other platforms we have reviewed such as FTX, Kraken and Bybit. The table below shows a comparison of the fees. Overall, Binance has lower fees for advanced traders that are looking to trade crypto with leverage.
|Platform||Futures trading fees|
|Binance||0.02% / 0.04%|
|FTX||0.02% / 0.07%|
|Kraken||0.16% / 0.26%|
Binance does not charge a fee to deposit cryptocurrency assets to the exchange. Users can transfer coins from other trading platforms or a personal hardware wallet to Binance free of charge. In comparison to exchanges such as Coinbase which charge a deposit fee that varies depending on the payment method and country, Binance users can save with the low fees.
Similarly, there are no Binance fees to withdraw digital assets from a Binance wallet to an external website or wallet. The only cost is the blockchain fee, which is determined by the network load at the time of the transaction, not Binance. For example, an individual that wants to withdraw Bitcoin from Binance using the BTC network will incur a 0.0002 BTC fee. For a full list of each coin withdrawal fee, visit the Binance Fee Page.
Binance exchange has expanded to allow investors to buy Bitcoin in Australia or other digital currencies using Australian Dollars (AUD). The fiat-to-crypto service supports bank transfers to fund their wallet using PayID/Osko through the desktop or mobile app at 100+ supported Australian banks to use.
Binance Australia has a zero-fee AUD deposit for its customers who can use the full services provided by Binance.com. Customers can also withdraw AUD from Binance to their bank accounts. Users that buy & sell on the Binance platform are charged the same spot trading fee of 0.1%, which is one of the lowest fee options in Australia. In comparison, popular exchanges such as Coinspot and CoinJar charge a 1% fee for instant buy/sell orders. In short, Binance is a low-fee platform and arguably one of the best Australian cryptocurrency exchanges based on HedgewithCrypto's reviews.
Customer Support & Reviews
To be one of the world's leading cryptocurrency exchanges, the platform provides a wide range of contact methods, communities, blogs and support channels to service the massive customer base. This is no exception with Binance which provides several channels to get in touch with the support team.
If you can't find a solution to your problem in the FAQ section or Support Center, Binance has a ticket system that allows you to submit a request. There are a number of categories to filter the question to make it easy. We have tried the ticket system ourselves and received a response 6 hours later. This is fairly average and could be improved.
Given the huge customer base, there is also going to be users with frustration and problem, so it is not surprising to see mixed reviews on Trust Pilot. However, we doubt that Binance would be in the position it is now if the customer support was terrible.
Frequently Asked Questions
Binance was originally headquartered in Shanhai, China but later moved out of due to China's increasing regulation of cryptocurrency. The company and server infrastructure relocated from China to Malta in late 2017 and was referred to as a 'Malta-based cryptocurrency exchange'. The parent company, Binance is allegedly incorporated in the Cayman Islands.
However, the exact location of the head-office and company structure is largely unknown. In October 2020, Forbes reported a leaked document that reveals the Binance corporate structure is designed to intentionally deceive United States regulators to evade tax.
Binance appears to be a legal operation and business that is available to use in multiple jurisdictions worldwide. There are some reports that question if Binance is illegally operating in certain countries and is being used for criminal and money laundering. These headlines appear to be speculation only, claiming that Binance is a member of a crime cartel.
Coinbase is a reputable crypto exchange that was established before Binance. It's primary service offering is to allow users around the world to convert their local currency into digital assets such as Bitcoin and Ethereum. Whereas Binance is tailored to active traders that speculate on the crypto market and involved in buying and selling to make a profit. Both platforms are leading cryptocurrency providers in their own rights. For a detailed comparison between the two exchanges, read our article on Coinbase vs. Binance.
There is no cost involved to create a new account with Binance or maintain a Binance wallet. There are some fees involved to use a Binance account. These include depositing money to the exchange, buying and selling, trading between assets, and withdrawing to an external wallet. These fees are common on a centralized exchange to cover the company's expenses for providing the infrastructure to create a safe trading environment.
Binance is available to residents living in Australia that want to buy, trade, store and sell cryptocurrencies using Australian Dollars (AUD). Binance Australia is a registered and legal entity that complies with Australian AML/CTF laws and regulations. The fiat to crypto exchange offers local bank transfer with zero-fees using PayID/Osko to buy Bitcoin using AUD. To deposit AUD into Binance, follow these simple steps:
- Create an account with Binance
- Login to the account and complete ID verification
- Navigate to the Binance wallet and click on 'Deposit AUD'
- Enter in the amount of Australian Dollars to spend
- Complete the PayID bank transfer using the internet banking portal
Binance offers a wide selection of coins that can be staked on the platform to earn passive rewards. Users on the platform can deposit coins such as Algorand, Tezos, Cosmos and many others to earn staking rewards. The staking percentage does vary from coin to coin. For example, Tezos has an estimated staking field of 6-7% compared to Yearn Finance which offers 2.49% APY.
Binance users will need to confirm their identity in accordance with Know Your Customer (KYC) regulations in affect in most countries worldwide to prevent funding of terrorism activities and fraud. This means user's will not remain anonymous when transferring money from the exchange to a bank account. The amount of funds that can be withdrawn varies on the ID verification level completed.
Binance.com does not offer Dollar Cost Averaging (DCA) on its platform. However, Binance.US does allow its users to set up recurring, fixed and regular purchase amounts on the mobile app. Recurring orders are popular with risk-averse investors that want to reduce the impacts of volatility by limiting exposure to sudden price fluctuations of the coin.
The majority of individuals that use Binance will need to declare profits and losses to the tax agency within their respective countries. Unfortunately, Binance does not provide a financial year summary report or a tax calculator. Individuals will need to use a third-party crypto tax software such as koinly.io or cointracker.io, which can import data from Binance.
To conclude this review on Binance, the exchange is one of the best crypto exchanges that offers a simple and advanced trading interface for beginners and experienced traders alike. While the sophisticated platform can be difficult to use at first, it is an ideal investment platform for serious crypto traders. With low fees, over 600 pairs to trade and earning options, Binance is a top choice.
HedgewithCrypto strives to provide independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.
A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read the full exchange review process.