An impartial, objective analysis of Binance's features to help you compare platforms. Read our full analysis.
Staking Yields
5
Loan Rates
4
Established
3
Reviews
9
Risk Management
2
Withdrawals
2
Coverage
10
Support
7
Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao, commonly known as CZ. The platform has quickly grown to become one of the largest and most popular exchanges in the world, with a daily trading volume that often exceeds billions of dollars.
Binance offers a wide range of cryptocurrencies for users to trade, including Bitcoin, Ethereum, Ripple, and many others. The platform also has its own native token, called Binance Coin (BNB), which users can use to pay for trading fees at a discounted rate.
One of the key features of Binance is its advanced trading interface, which is designed to cater to both beginners and experienced traders. The platform offers a range of trading tools and resources, including real-time market data, price charts, and technical analysis indicators, to help users make informed trading decisions.
Binance also offers a mobile app, which allows users to trade cryptocurrencies on the go. The app is available for both iOS and Android devices and offers the same range of features as the desktop version.
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Another unique feature of Binance is its Launchpad, which is a platform for hosting initial coin offerings (ICOs). Launchpad allows blockchain projects to raise funds by selling their tokens directly to users through the Binance platform. This has made Binance a popular platform for investors looking to get in on the ground floor of new blockchain projects.
Binance has also become known for its commitment to security. The platform uses various security measures, including two-factor authentication and SSL encryption, to protect user accounts and funds. Additionally, Binance has set up a Secure Asset Fund for Users (SAFU) to protect users in the event of a security breach or hack.
However, like any cryptocurrency exchange, there are certain risks associated with using Binance. The value of cryptocurrencies is highly volatile, and users should be prepared for significant fluctuations in prices. Additionally, the platform charges fees for trading, which can add up over time, and users may be subject to tax implications for their trades.
In summary, Binance is a popular and advanced cryptocurrency exchange that offers a wide range of cryptocurrencies for users to trade. With its advanced trading interface, mobile app, and Launchpad, Binance has become a go-to platform for both beginners and experienced traders.
Pros
The biggest crypto platform in the world
Huge array of innovative crypto related services
High liquidity exchange offers competitive rates
Low maker and taker exchange fees
Cons
Headquarters location and license status unclear
Fiat withdrawls not available in some countries due to regulatory reasons
Min of $100 USD ($100 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
13.8%
APY
TO
278%
APY
Vip level 3
Min of $250 USD ($250 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
13.8%
APY
TO
278%
APY
Vip level 4
Min of $500 USD ($500 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
13.1%
APY
TO
263%
APY
Vip level 5
Min of $1,000 USD ($1,000 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
13.1%
APY
TO
263%
APY
Vip level 6
Min of $1,750 USD ($1,750 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
12.4%
APY
TO
248%
APY
Vip level 7
Min of $3,000 USD ($3,000 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
12.4%
APY
TO
248%
APY
Vip level 8
Min of $4,500 USD ($4,500 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
11.6%
APY
TO
234%
APY
Vip level 9
Min of $5,500 USD ($5,500 USD) of
BNB tokens on deposit
None
None
UP TO
65%
FROM
11.6%
APY
TO
234%
APY
Show 7 more rows
DeFinda Score™
Staking Yields
5
Binance has some of the best instant access saving rates for Tether (9%), Bitcoin Cash (8%), Chainlink (4%) and 3 more cryptocurrencies, however Binance also has some of the worst instant access saving rates for Bitcoin (1.5%), Litecoin (0.322%), XRP (0.599%) and several other cryptocurrencies
Binance has market average instant access loan rates for Filecoin (11%), Chromia (11%), Kusama (11%) and 11 more cryptocurrencies, however Binance also has less competitive loan rates secured against Bitcoin (11% vs 4.5% at Coinloan), Litecoin (11% vs 4.5% at Coinloan), XRP (11% vs 4.5% at Coinloan) and several other cryptocurrencies.
Note that loans are complex products with rates varying by collateral and LTV. For a full comparison visit our loans page.
Binance was founded in 2017 which makes it 6 years old. That's still quite young as the oldest crypto platforms are 16 years old.
Binance has approximately 4,000 employees. That makes it one of the smaller crypto platforms by number of employees.
Binance has a total of approximately 3 billion USD of assets under management. The biggest crypto platforms are managing up to 21 billion USD of assets.
Binance has an average expert rating of 92% based on 2,403 expert reviews, and an average user rating of 94% based on 151,437 user reviews. Expert reviews include Hedge With Crypto (96%), Benzinga (80%), Money Check (88%) and Jean Galea (90%).
Varies by currency and deposit method. Free for some methods/currencies. Up to 3.5% for others.
Fiat withdrawal fee
Varies by currency and deposit method. Free for some methods/currencies. Up to 2.5% for others.
Crypto deposit fee
Free
Crypto withdrawal fee
Varies by currency. 0.0005 BTC for Bitcoin.
Limits
Crypto wallet withdrawal limit
Up to 100 BTC per day for verified accounts
Binance Scams, Frauds, Hacks and Blunders
13 Jun 2022
Binance briefly froze BTC withdrawls for a few hours on 6 June 2022. This was during heavy selling off of all crypto assets and severe price corrections. The BTC withdrawls were reinstated after just a few hours and Binance claimed that the freeze was due a stuck transaction which needed to be reset.
Binance Supported Currencies
Binance supports over 500 currencies including Pounds Sterling, US Dollars, Euros and Polish Złoty.
DEFINDA DOESWE DO NOT PROVIDE FINANCIAL ADVICE Crypto investments are high risk. You should do your own research before making any investments. We have cookies 🍪. By accessing our site you accept our Terms and Privacy Policy.
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