Binance Login
Binance is one of the leading trading platforms around, supporting over 500 cryptocurrencies and more than 180 countries. In this review, I’ll cover the main things you need to know before signing up.
Last updated
Binance is one of the leading trading platforms around, supporting over 500 cryptocurrencies and more than 180 countries. In this review, I’ll cover the main things you need to know before signing up.
Last updated
Binance is a crypto trading platform that offers some of the most competitive fees around. Whether you’re a beginner or a seasoned trader looking to trade crypto, this is probably the easiest and cheapest way to go.
The platform accepts users from around the world and has received favorable reviews from the crypto community. The exchange has also partnered with 3rd party companies such as Simplex, to allow credit card and wire transfer purchases of cryptocurrencies at a premium. US users must trade on Binance-US, which differs slightly from the Binance service available to the rest of the world – however it is much more compatible with US trade regulations.
Binance is a cryptocurrency exchange that was founded in 2017 by Chinese-Canadian developer, Changpeng Zhao (aka CZ). Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million. Having originally been based in China, Binance moved headquarters to the Cayman Islands following the Chinese government’s increasing regulation of the cryptocurrency industry.
Investors who invested in Binance’s ICO got Binance Coin (BNB) in return, which could be used to trade cryptocurrencies and pay for fees on Binance. BNB is now also used to power BNB Chain, formerly known as Binance Smart Chain. BNB’s initial value was around $0.1, and has continued to appreciate with the rise of Binance and BNB chain.
Beijie Technology and its founder maintain an impressive track record within the industry. Zhao’s CV includes high-profile positions, such as technical director at Blockchain.com, and his company now provides trading systems for over 30 other platforms.
Binance‘s Exchange allows users to exchange fiat for Bitcoin or other coins. There are several ways you can buy crypto on Binance:
A very neat feature, Binance provides a peer-to-peer (P2P) trading service, which connects buyers and sellers of cryptocurrency directly. This facilitates fiat payments, with a wide variety of payment options that depend on the users’ preferences.
Binance has partnered with Simplex to provide a brokerage service supporting credit and debit cards. This service allows you to buy a variety of different cryptocurrencies with a credit or debit card, as well as using these cards to deposit fiat currency into your account. However, this service comes at a premium that can get as high as 4.5% in fees for USD deposits using a debit card.
Thanks to integrations with additional 3rd party providers, Binance now allows its users to buy crypto directly with fiat using SEPA & bank transfers. This option is especially attractive, as SEPA & wire deposits entail no transaction fee at all. On the downside though, this payment method is only available for a few fiat options such as SEPA for EUR & GBP (excluding the Netherlands & Switzerland), and wire transfers for USD (domestic wire & ACH), TRY & BRL.
The latest addition to Binance’s services is its financing option
Binance Savings allows users to make a return on idle funds, through “flexible” or “locked” account types. Flexible savings accounts yield variable interest rates, while locked savings accounts pay higher interest on fixed-term deposits.
Binance also provides a staking service, which allows users to earn returns on proof-of-stake and decentralized finance (DeFi) coins, without needing the technical knowledge to stake the coins themselves. Similar to the savings accounts, the staking service is available in flexible and locked options.
The Binance Visa Card allows users to spend their cryptocurrency holdings in places that only accept fiat currency via credit or debit card. 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. The card is completely free with no admin or processing fees and lets you earn up to 8% cashback on eligible purchases.
Binance Loans offers loans to users in a variety of tokens, collateralized with some of the more popular tokens like, BTC, ETH and ADA. This provides an easy way to get your hands on stablecoins like USDT, BUSD or USDC, while maintaining exposure to your cryptocurrency holdings and avoiding the taxable event of selling crypto.
All in all, there are over 500 coins available to trade, deposit and withdraw on the exchange, including major altcoins such as:
Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Ripple (XRP)
Bitcoin Cash (BCH)
Chainlink (LINK)
Binance Coin (BNB)
Binance USD (BUSD)
Basic Attention Token
(BAT) Cosmos (ATOM)
Dash (DASH)
EOS (EOS)
Nano (NANO)
Paxos Standard (PAX)
TRON (TRX)
TrueUSD (TUSD)
Tether (USDT)
Stellar Lumens (XLM)
Crypto can be traded for fiat (or other crypto) on the trading platforms or purchased directly using these payment methods:
Credit/ Debit card
SEPA
Bank transfers
When we pull everything together and look at Binance objectively, the pros far outweigh the cons. This is more than can be said for some other competitors.
The exchange’s low fees, combined with the team’s proven knowledge of how to build a trading platform, is enough to make it a major player.
It’s no wonder that Binance leads the pack when it comes to daily trading volume. Add to this the ability to offer a truly worldwide service away from the grip of the Chinese government, and there’s not much to stop Beiji Technology.
