Binance Review: How the Crypto Exchange Works [2024]

Online Trading » Crypto » Binance Review: How the Crypto Exchange Works [2024]

If you are interested in investing in cryptocurrencies, you’ll certainly be aware that the digital software on which you can buy and sell crypto are exchanges.

The current market is characterised by a very wide range of software. In this guide, we will talk about one of the most important cryptocurrency exchanges: Binance.

In our review you will find the answers to all your questions concerning this software and in particular how Binance works, what cryptocurrencies are available, how to open an account to trade digital currencies and finally what the costs and fees are. The aim of this review is to enable you to find out if Binance is right for you!


What is Binance?

Binance is a very famous exchange site that traces its roots back to 2017 when it was founded in China by entrepreneur Changpeng Zhao. Within Blockchain system, Binance stands as the largest software allowing cryptocurrency trading, covering millions of users each year and a steadily growing turnover.

>>> Open a trading account at Binance (official site) <<<

Is Binance safe?

Binance was founded in China, but now has operations all over the world and has over time established itself as a safe and, moreover, regulated exchange. In 2022, the CEO and founder of Binance himself, Changpeng Zhao (often abbreviated to CZ), travelled to Europe and registered Binance as an exchange in several countries, obtaining a virtual currency operator’s licence.

How Binance works

Binance is a virtual marketplace where the exchange, sale and purchase of cryptocurrencies takes place. Binance exchange works on a completely online software that can be used after creating a digital wallet where each member can deposit the cryptocurrencies he or she has bought and then wait for a favourable moment to sell them back.

Binance offers three different possibilities to its customers

  • trading through direct conversion
  • trading using the basic software
  • trading using the advanced software.

Regardless of the solution chosen, trading at Binance is carried out via the website or the related app, available for iOS and Android. Both, however, are functional, complete with many options and extremely user-friendly. Thanks to these strengths, Binance is one of the best cryptocurrency exchanges around and one that novices should approach for ease of use and possible revenues.

Cryptocurrencies available on Binance

One of the strengths that cannot help but be mentioned when talking about this exchange is the large availability of cryptocurrencies that can be traded on a daily basis.

Generally, there are more than 100 cryptocurrency pairs between major and emerging and not infrequently Binance adds new cryptocurrencies to the marketplace. Among the most prominent cryptocurrencies on Binance are Bitcoin, Ripple, Litecoin, Cardano and Ethereum, but the list is extensive and constantly evolving. Amongst other things, there is a section within the platform that provides information on the digital currencies currently available: this list is modified every 30 days by the system’s algorithms, removing cryptocurrencies that are poorly traded and less interesting to users and replacing them with better ones.

To find out which cryptocurrencies are available on Binance, visit the official website.


How to open an account at Binance

Registering and opening a trading account at Binance is very easy: just go to the official website of the exchange and do a few things. Keep your mobile phone and your documents with you, as you will need them to complete the process quickly so that you can start investing in the shortest possible time.

Operationally, you need to click on the top-right button ”Register now” and enter your personal details, a valid email – it is essential not to forget it – and then select “next”. At this point, the telephone number must be entered to activate two-factor authentication. Once the procedure is complete, you will receive a confirmation e-mail at the specified address, which you must click on to confirm the account.

Your Binance account is now active. The only step you need to take before you can start investing is a deposit, which can be made either by bank transfer or by debit/credit card (in the latter case there are fees, but the money arrives instantly). Once the credit has been registered, you can start trading.

>>> Open a trading account at Binance (official site) <<<

Commissions and costs at Binance

There are no costs involved in opening an account at Binance, nor is there a monthly fee.

The question then arises: how does Binance make money? The exchange charges commissions on the various transactions you make. These fees are 0.1% with a spread of just 1%. To start investing, however, a very low minimum deposit of 1 euro is required.

Another important aspect is Binance’s fees on withdrawals and deposits.

Deposits on Binance

Depositing euros on Binance is free of charge if you make a SEPA transfer, even if instant, while if you use a debit/credit card there is a fee of 1.8% of the transferred amount. Depositing cryptocurrencies on Binance is instead always free of charge, to deposit them all you have to do is follow the instructions provided by Binance in the appropriate section.


Withdrawals from Binance

With regard to withdrawing cryptocurrencies, on the other hand, there are fees, which vary depending on the digital currency, in some cases withdrawal is free of charge.

If you want to withdraw fiat currencies (such as euros, dollars, pounds sterling, etc.) you can have various solutions, including a bank transfer, which in the case of withdrawal to a euro bank account costs €1. Another solution may be a withdrawal to a bank card, which charges a fee of 1.80%.

In any case, the holder of the bank account or card on which the withdrawal is to be made must be the same as the holder of the Binance account.

App for mobile trading with Binance

After registering with Binance, you can trade and manage your account both on the Binance website and on the dedicated mobile app. To download it, simply go to your Android or iOS phone’s store and search for it. The functionalities offered by the app are the same as those of the mobile site, with the small difference that it is possible to set up a notification system that updates you in real time on the variation of the markets and the values of the cryptocurrencies followed.

In addition, Binance’s app is very stable, consumes little mobile phone battery power and allows you to invest and trade cryptocurrencies from anywhere. All you need is an internet connection and an enabled and verified account (and of course available liquidity).

Binance customer support

One of the main aspects to highlight in our Binance review is the customer support service offered to traders by the marketplace.

To communicate with the service staff, who respond 24 hours a day seven days a week, simply log in with your account and go to the ‘ticket’ section of the homepage. The online form on the website is very easy to use and is divided into info boxes to help the operator better understand the problem and facilitate its resolution. Finally, Binance has also included a real-time chat, which allows dialogue between the trader and the operator much faster.


Binance Coin (BNB): Binance’s cryptocurrency

Another aspect that we focus on is the fact that Binance has its own cryptocurrency called Binance Coin. Issued during an ICO several years ago, it can be used to pay commissions on the platform, saving 25% on the trading charges you would face using other payment instruments.

Therefore, if you wish to trade on Binance frequently, observing Binance Coin (BNB) could be a good idea to save on commissions. With the expansion of Binance, the demand for Binance Coin has also grown, which has led the cryptocurrency to appreciate!

Binance Card

It should also be mentioned that Binance also has its own payment card issued on the Visa payment circuit.

Its operation is simple. Like all other electronic cards, you can use it by bringing it close to the POS (it is contactless) or by inserting it in the payment reader. The card is free of charge, there are no transaction or handling fees and you can get cashback of up to 8% on all purchases made!

>>> Open a trading account at Binance (official site) <<<

Binance training

Another strength of Binance is its focus on education. Binance is an exchange that not only offers ease of use to everyone, even novices, but also focuses heavily on training and skills development. The website’s goal is to enable everyone to invest successfully through the growth of individual knowledge, an essential requirement in a highly dynamic sector such as cryptocurrency.

For this reason, Binance Academy was created already in 2018, an educational section of the platform that makes available to its users an archive of more than 450 articles in 15 languages that cover all the fundamental topics to start investing, from the theoretical basics of the blockchain system, to tips for investing in cryptocurrencies, or advice on the best markets to rely on.

According to the theoretical pillars of Binance, education on cryptocurrency trading is crucial to spread and make people understand the market of digital currencies, as well as their importance in the economic system.

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