Binance Cryptocurrency Exchange Review

The secure online platform offers multiple crypto trading products while holding licenses with several regulatory agencies. The firm has an average daily trading volume of over $2 billion and its owner – Changpeng Zhao, has a personal net worth of more than $2 billion. You can transfer cryptocurrencies like bitcoin, bitcoin cash, ether, and litecoin into more than 130 altcoins (e.g. XRP, NEO, and Dash), and vice versa. The trading platform also contains both advanced and intermediate trading tools and instruments for traders to look at coin movements and conduct market analysis.

The benefit of this is quite slim though – you’ll only get a 1% lower interest rate if you kept flexible access to these funds. In short, it allows you to earn interest on your cryptocurrency holdings. When I checked, you could easily and quickly start earning interest on more than 55 cryptocurrencies. There are currently 16 GBP trading pairs that are available on Binance. This allows you to easily exchange cryptocurrencies – without having to worry about using Binance’s normal trading interfaces. You can access the exchange using the ‘Classic’ or ‘Advanced’ trading views.

Step 2: Verify Id If Depositing With Fiat Currency

The company offers a discount when clients pay using BNB, which is currently 25% off trading fees and 10% off USDT-margined futures, but the rate varies. Although the exchange does provide both intermediate and advanced settings for users, first-time traders might find their first time on the platform daunting. Currently, Binance only allows you to deposit and withdraw cryptocurrencies. This means you can only trade cryptocurrency coins amongst each other, as opposed to being able to use fiat currency (USD, GBP, EUR, etc.). To deposit coins, simply go to your binance wallet and look for the deposit address of the respective cryptocurrency coin you’d like to deposit. Unfortunately, you can’t use Binance to buy cryptocurrencies such as Bitcoin or Ethereum with PayPal.

  • Users should navigate to API Management after login, create an API key (i.e. name) and then perform secondary verification by phone or email.
  • An important factor when withdrawing from the Binance exchange is to check out the Binance withdrawal fees.
  • This is because the platform offers hundreds of tradable markets across cryptocurrencies of all shapes and sizes.
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  • But, if you opt for a debit/credit card or bank transfer – you will first need to upload a copy of your passport or driver’s license.

Instead, you will need to trade your chosen cryptocurrency against Tether . This is a digital currency that is pegged to the US dollar, so the process works in exactly the same way nonetheless. Outside of USDT, there are hundreds of other crypto-to-crypto pairs on offer. That is to say, if you are looking to use Binance as a way to buy cryptocurrencies with a UK debit/credit card, then you will be using its brokerage service. This means that you will have access to a small number of coins that you can buy with pounds and pence. Over the past couple of months, Binance has averaged between $10-$20 billion dollars worth of trading volume, which is huge.

Stars For Binance Because Of Their Terrible Support

Derivatives can multiply potential returns and losses many times over. Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult.

Their wallets stand out due to their capacity to support upwards of 130 cryptocurrencies. However, there are much better alternatives for storing cryptocurrencies safely, such as paper wallets or hardware wallets, which allow you to keep your assets secure and offline. For example, the minimum amount of Bitcoin you can withdraw is 0.002BTC. If you wish, you might be able to access higher withdrawal limits by contacting the Binance team directly, but this is up to their discretion. Currently, there is no limit to the amount of cryptocurrency you can deposit to your Binance account.

Most clients that use Binance do so to engage in short-term trading. This is used to present users with ads that are relevant to them according to the user profile.test_cookie15 minutesThis cookie is set by

Binance Exchange Review 2021: Beginners Guide

Customers in the US and elsewhere can also purchase crypto using a credit card. Binance is a leading cryptocurrency exchange that offers trading on the likes of Bitcoin.

Binance, one of the world’s leading cryptocurrency exchanges, has been banned from operating in the UK. You may also find that there are minimum withdrawal amounts that meet and these will be displayed when withdrawing from the platform. You can find the Binance Withdrawal fees and minimum withdrawal amounts over on their fee page. With Binance, you can trade in markets including Bitcoin, Alts, Stablecoins, and their own BNB token. When trading with cryptocurrencies there is sometimes a small fraction of that cryptocurrency left over.

You can check the Binance website for more information on what fees apply. You can borrow the money for 7, 14, 30, or 90 days – with the interest rate depending on your preferred duration. For example, while a 7-day term translates into an annual interest rate of 18.25%, a 90-day period is slightly higher at 19.98%. As you don’t want to sell your Bitcoin, you can put it up as collateral via the Binance crypto loan feature. The cryptocurrency loan arena has grown significantly over the past couple of years. If you like the sound of the flexible savings account at Binance, more than 50 digital currencies are supported.

Accepted documentation includes photographs of documents such as a passport or driver’s licence. 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.


On the other hand, if you are looking to trade cryptocurrency pairs, then it could be argued that Binance is somewhat complex. This is because the platform comes packed to the rafters with advanced trading tools. This is going to be hugely beneficial if you’re a seasoned trader, but not so much if you are a newbie.

However, Binance moved their servers and headquarters out of China in advance of the Chinese government ban on cryptocurrency trading in September 2017. Binance has since opened offices in Malta after stricter regulations in Japan and China.

Unfortunately, Binance does not provide educational tools for traders, so first-time users should be wary and look through alternate resources online to learn the ropes of trading. As usual with sending cryptocurrencies from one place to another, there might be an additional transaction fee. Within its first few years, Binance has grown from just a spot crypto exchange to the industry’s largest business and ecosystem.

All in all, if a cryptocurrency is worth buying or trading, there is every chance that you will find a suitable pair at Binance. Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously. Once these features are turned on, you’ll have to verify each withdrawal you attempt to make from Binance. Staking cryptocurrencies helps to support the normal operations of blockchains that are using Proof of Stake to establish consensus.