Binance is a cryptocurrency exchange that has over 100 tradable coins for US customers. The fees are low and traders can keep more money from trade profits as they buy cryptocurrencies with fiat currency on this platform too! It offers even more options if you’re not in America- there’s no excuse not to invest today
This guide will give you the best oversight over Binance, which is the biggest cryptocurrency exchange platform in the world, not only by volume but also by user base and marketing/branding.
We as crypto user guide do always try to find the most established but most innovative platforms to use and Binance 100% is one.
You will find a complete review of this top-of-the-notch crypto exchange will its upsides, ecosystem, fees, licenses, USPs, details about its past and so much more
Binance is the largest cryptocurrency exchange/ trading platform in the world.
Because it does offer a robust selection of trading options and features, it might not particularly be seen as user-friendly for new investors.
Investors may experience a steep learning curve with Binance depending on their experience and knowledge.
Through the desktop or mobile dashboards, Binance offers a wide array of trading features, including a great selection of market charts and hundreds of cryptocurrencies.
Users can also access a variety of trading options including futures and options, as well as several order types. However, many options and features are not available in the United States and only 100+ cryptocurrencies are accessible to U.S. customers.
In addition to the tools and features, Binance also offers a comprehensive learning platform, an NFT platform, and much more. The NFT marketplace doesn’t appear to be available to U.S. customers yet.
Binance Cryptocurrency exchange Company overview
| SPEC | Detail |
|---|---|
| Founding Year | 2017 |
| Founder | Changpeng Zhao |
| Tradeable cryptocurrencies | 600+ |
| Native Token | $BNB |
| US version limited | Yes |
Binance is a popular cryptocurrency exchange which did start in China but then moved its headquarters to the crypto-friendly Island of Malta in the EU.
Nowadays they are getting licenses in Dubai, Italy, France, the USA, and much more countries while moving their new headquarters to Dubai.
The founder Changpeng Zhao is a software developer, which does a lot of speaking on crypto events and is seen as one of the most important KOLs (Key Opinion Leader) in the Industry.
Binance is seen as the biggest CEX (centralized exchange) in the world by not only trading volume but also user amount.
Not only is Binance one of the cryptocurrency exchanges with the lowest feed but it even has options to reduce your fee burden which you pay, by:
Binance Cryptocurrency exchange Visa Card
The Binance Visa Card does allow users to spend their cryptocurrency holdings in places that only accept fiat currency via credit or debit card (Your local shops for example).
Behind the scenes, your crypto holdings will be converted to fiat when you make a purchase (with zero fees), so that you don’t have to hold fiat on hand (So your cryptocurrency will be sold in the back, activating a taxable event).
The card is completely free with no admin or processing fees and lets you earn up to 8% cash back on eligible purchases.
Crypto Loans
Binance Loans offers loans to users in a variety of tokens, collateralized with some of the more popular tokens like, BTC, ETH and LTC or stables.
This provides an easy way to get your hands on stable coins like USDT, BUSD or USDC, while maintaining exposure to your cryptocurrency holdings and avoiding any taxable event of selling crypto (Loans are often used in a tax optimization strategy).
Binance Cryptocurrency exchange Fees
The cost of using Binance is usually called “fees” or is often called trading fees on cryptocurrency exchanges.
You can always find Binance Fees on their website, they do always list it very transparently.
- The lowest competitive trading fees in the whole cryptocurrency market
- 50% trading fee Discount if $BNB is used for trading fees
- There is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw (withdrawals also have fees).
– Referral bonuses payments
– Reaching very important person (VIP) status by trading a certain amount of digital assets (Trading volume)
At the time of writing, Binance does charge a rough fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token ($BNB) can get a 50% discount on the trading fees, which is amazing. These are surely some of the lowest fees on the market available at this time right now.
Binance Competitors
An overview of our findings by comparing FTX versus Binance
One of the main competitors that we see for Binance is FTX, which like Binance does have an extra US platform and an international one separated from each other.
While FTX is way younger being founded in 2019 with its headquarters in Nassau, the Bahamas they often do things like Binance, also with having a native Token ($FTT) (UPDATE Here: FTX did turn out as massive fraud)
| FTX | ||
| HEADQUARTERS: | Nassau, Bahamas | Dubai, UAE |
| YEAR ESTABLISHED: | 2019 | 2017 |
| COMPANY TYPE: | Cryptocurrency exchange, derivatives, NFTs, prediction market, Loans | Cryptocurrency exchange, derivatives, NFTs, Earn, DeFi, Loans, Credit card |
| SPOT CRYPTOCURRENCIES LISTED: | 170+ | 600+ |
| NATIVE TOKEN: | $FTT | $BNB |
| MAKER/TAKER FEES: | From 0.02% / 0.07% | From 0.1% / 0.1% |
| SECURITY: | High | High |
| BEGINNER-FRIENDLY: | Yes | Yes |
| KYC/AML VERIFICATION: | Yes | Yes |
| FIAT CURRENCY SUPPORT: | Yes | Yes |
| DEPOSIT/WITHDRAW METHODS: | ACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card | ACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card, Advcash |
| MAKER/TAKER FEES: | From 0.02% / 0.07% | From 0.1% / 0.1% |
Binance is, by a huge margin, the largest cryptocurrency exchange in the world, they have millions of users worldwide and provide a suite of great products that are suitable for pretty much every crypto investor.
FTX on the other hand is catching up fast and is the fastest-growing exchange in the world. In under a year, they went from not being relevant a bit in the top 5 crypto exchanges to exploding past others like KuCoin and Kraken, now holding the number three spot, and thanks to their FTX US platform, they are quickly taking market share away from Coinbase as well. (DO NOT INTERACT WITH FTX, 11/22 update – FTX turned out as fraud)
Crypto.com Pros & Cons
Crypto.com is a crypto investing and staking platform that boasts of being “the fastest growing crypto app” and was founded by Kris Marszalek in the year 2016. With a team of more than 900 worldwide team members, Crypto.com is well-positioned to help its community of users get more and more improved projects, whose user numbers now stand at more than 10 million.
This crypto exchange and investment platform do offer a variety of features, including severak Visa crypto cards that features an up to 8% reward for all spending (cashback reward), a crypto wallet that comes with a mobile app, as well as a crypto credit service that offers loans in crypto.Crypto.com recently launched an NFT marketplace where users can discover and trade new NFTs.
| PRO Full-service exchange Lower fees for frequent traders Better rates in the U.S.More extra features (Pay, Wallet, NFTs) | Contra Best rates require staking CRO Loans unavailable in the U.S. Undisclosed spread fee on exchange Slow customer service response |
Binance Alternatives
Crypto.com Starter Friendly
Advcash.com Best Fiat Options
- Binance is the best worldwide crypto exchange in 2022
- If you do want a simple user interface, mobile focus, and a crypto credit card/debit card with a cashback bonus, then crypto.com is the perfect exchange for you
- Advcash is your go-to place for easy withdrawals into multiple currencies like Euro, dollar, ruble, yen, and much more, they also have one of the biggest cryptocurrency card selections on the market (they are partnered up with Binance, so you get the best of both worlds)
Binance feedback/Conclusion
Binance does 100% deserve its position as the biggest cryptocurrency exchange in 2022.
With its options, ecosystem, and advantage over competitors, it does clearly show why it is the go-to space for all things crypto-related.
Our feedback about it, in general, is just positive, with some very minor negatives but overall Binance could and should be considered the best cryptocurrency exchange in 2022.
The most advanced platform in terms of technology, team, legal company setup and licensing, withdrawal methods, ecosystem and partners – Binance will just grow stronger over the years and will hold its position as king of the cryptocurrency exchanges.
Moritz Pindorek (Moritzpindorek.com)
Social Media, Marketing & Blockchain
Crypto/Web 3 Advisor, Top 10 Crypto Influencer 2022(Forbes Monaco) & Top 10 Entrepreneur 2022 (Forbes Monaco)
Owner and writer for Cryptouserguide.com
[…] transactions. They are essential for the crypto world since they allow you to buy, sell or trade cryptocurrencies in exchange for fiat currencies or other cryptocurrencies. Some of the most popular crypto payment gateways […]
[…] people were paying attention to in the market. Around the same period, Coinbase and other major exchanges began automating much of their users’ tax reporting […]