Binance Exchange Review Findercom

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Our take on Binance
Binance is the number one crypto exchange in the world by trading volume for good reason.

It provides its millions of users with the tools to buy and sell over 500 crypto assets at low fees and to lend, borrow and stake their digital assets, as well.

If you are new to crypto, you may find all of Binance’s features overwhelming, but rest assured that Binance provides plenty of useful resources to help you get acclimated.

* Ratings methodology – how we rate Binance
Supported cryptocurrencies★★★★★Transferring money or assets★★★★★Fees and costs★★★★★Ease of use★★★★★Customer service★★★★★Features★★★★★Staking/earn★★★★★Trustworthiness/security★★★★★ * How we rate our crypto exchanges and platforms Finder’s editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform’s strengths and weaknesses. You can read our full methodology here. Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

Binance pros and cons
Pros

* Over 500 cryptocurrencies offered and over 1,000 trading pair
* A wide selection of trading tools and DeFi instruments for users to take advantage of
* Over 90% of Binance’s holdings are held in offline cold storage

Cons

* Difficult to navigate for new users
* Regulatory legal challenges around the globe
* A history of successful hacks on the exchange

About Binance – company history and background
Binance cryptocurrency exchange was launched in 2017. In the years since its launch, it has become the number one exchange in the world by trading volume.

In 2020, Binance built on its success and launched the Binance Smart Chain (BSC). BSC operates as a blockchain network that enables the running of smart contract applications.

Listed Binance crypto exchange assets
Binance supports over 370 cryptocurrencies, but some notable assets are missing. Namely, Dai, LEO Token and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 16 of the top 20 cryptos are available on Binance.

Popular assets on BinanceAvalanche (AVAX)
Binance USD (BUSD)
Bitcoin (BTC)
BNB (BNB)
Cardano (ADA)
Cosmos Hub (ATOM)
Dai (DAI)
Dogecoin (DOGE)
Ethereum (ETH)
LEO Token (LEO)

Lido Staked Ether (stETH)
Polkadot (DOT)
Polygon (MATIC)
Ripple (XRP)
Shiba Inu (SHIB)
Solana (SOL)
Tether (USDT)
TRON (TRX)
USD Coin (USDC)
Wrapped Bitcoin (WBTC)

* See all Binance crypto assets

Binance Fees
One of the main attractions of Binance is that it has some of the lowest fees among cryptocurrency exchanges.

The deposit fees are low or non-existent for fiat, with none for crypto. Withdrawal fees are low for fiat, and crypto withdrawal fees vary by network/blockchain congestion and asset.

Trading fees are some of the lowest in the market, with the highest fee being 0.1% for both maker and taker trades. Trading fees are reduced when you use the BNB token to pay for trades.

Binance does not require deposit fees for many fiat currencies, but it depends on currency and method. A full accounting of its deposit fees can be found on its fee page.

There are withdrawal fees for fiat currencies but these vary depending on which fiat currency and the method of withdrawal; typically they range between US$1 and US$15. Binance does not require deposit fees on any of its cryptocurrencies.

You will still need to pay blockchain network fees, as is always the case.

For withdrawals, the fee for withdrawing varies. The withdrawal rates are determined by the blockchain network and asset, with varying rates across tokens and coins.

Deposit methodsBinance deposit and withdrawal fees
Deposit fundsNone
Withdraw fundsFees vary
Binance trading fees
Other fees
Other fees may apply depending on factors such as the fiat currency that you use on the exchange and the country in which you use the exchange.

How to sign up on Binance
Signing up to Binance can either be done through email or a mobile number. The following is an example of signing up via email, but the mobile number process is almost the same:

1. Go to the Binance.com website Click the ‘Register’ tab in the top right corner next to the ‘Log In’ tab. On the registration page, enter your email address and create a password for your account. Read the Terms of Service agreement and then click ‘Create Account’. Your password will need to be a combination of numbers and letters. It will need to contain at least 8 characters, 1 upper case letter and 1 number.

2. Security verification You will then need to solve the Security Verification puzzle.You will receive an email verification 6-digit code to the email address you registered with which will be valid for 30 minutes. You have completed basic registration.

3. Additional security For an additional layer of account security click on the Go to Dashboard tab and enable 2-factor authentication (2FA) which can be done through phone verification and Google verification.

4. KYC You will then need to do KYC identity verification to use the exchange depending on your location.

Create a Binance accountAbout the Binance app
The Binance app offers all of the features that the web browser version of the exchange offers. Its user interface is intuitive and easy to interact with.

Is Binance exchange safe?
Despite some issues of hacks in the past, Binance has a good reputation for trust because of its response to the incident, its insurance fund and the use of security audits and continued focus on improving site security.

Past hacks. In 2019 a group of hackers was able to steal US$40 million worth of Bitcoin (7,000 BTC) along with 2-factor user codes and API tokens from the Binance exchange. The hack was successful in targeting the Bitcoin that was being stored on the Binance hot wallet (connected to the Internet) which accounted for around 2% of the total Bitcoin held by Binance. The other 98% remained protected in a cold storage wallet offline. The hack used phishing techniques and viruses to bypass the existing security on Binance.

Fortunately, Binance was able to cover the losses out of its Secure Asset Fund for Users (SAFU) and the affected users had their funds returned. The fact that the hackers were only able to access 2% of the Bitcoin reserves on Binance because the remaining 98% is secured in cold storage should offer comfort to users.

Security audits. Binance announced on December 14, 2021 its new security audit program called “Project Shield”. Project Shield is for BEP-20 and ERC-20 based projects listed on the Binance centralized exchange. Project Shield will operate alongside its Bulletproof Exchanger Project and user-accessible security tools projects designed to tighten security on the Binance exchange.

Insurance. On July 3, 2018 Binance announced the creation of its Secure Asset Fund for Users (SAFU). This has been used to pay back users who were affected by the hacks on the exchange. SAFU is funded with portions of trading fees collected by the exchange.

Binance customer support
Binance’s main customer support tool is a referral to its FAQ help center.

The exchange has a customer service tab in the bottom right of every screen, but this only offers you the solution through its FAQ. Users can submit questions that will be answered via email if they type in a question at the bottom. This process is designed to be a catch-all and a way to easily and efficiently solve most problems that users are encountering. Customers can submit a request, but again this is done through automated FAQ answers; otherwise you have to wait for an email response. Email is the best bet if the answer isn’t found in the FAQ.

Downloads on Google Play4.4 stars, 1.13M+ ratings, 50M+Downloads on Apple Store4.7 stars, 133K+How to reach Binance
* Contact form
* Discord
* Email
* Facebook page

Keeping your crypto secure
All centralized exchanges, including Binance, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial orhardware wallet is widely accepted as the best way to improve the security of your funds. We’ve shared some of our top picks below.

Supported assets

5,500+

Supported assets

1,450+

Supported assets

5,500+

Price (USD)

$149

Price (USD)

$213

Price (USD)

$79

Alternatives to Binance exchange
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