Binance is the world’s largest online cryptocurrency exchange by trading volume. The exchange is also one of the fastest platforms in the crypto market today.

As the world’s largest crypto exchange by trading volume, Binance Coin delivers investors and traders with a full suite of offerings.

CEO Changpeng Zhao founded Binance back in 2017 and is headquartered in crypto-friendly Malta after having moved from China.

The exchange provides investors with one of the widest range of cryptos available in the market place today. Cryptos on offer range from the market’s largest by market cap to some smaller and less known coins and tokens.

These include but are not limited to Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”),Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).

With the broad range of cryptos on offer, Binance also delivers investors and traders with numerous ways to enter the market.

Investors and traders can purchase cryptos by:

• Bank Deposit: Binance supports bank deposits for fiat currencies.
• Credit/Debit Card: Visa and Mastercard.
• PTP Trading: By bank transfer and 60+ alternative options.
• 3^rd Party Payment: Via Banxa and Simplex.

Contents

Binance Platform Attributes

Key attributes of the Binance platform include:

• The Binance exchange is easy to navigate making it suitable for advanced and the more novice trader and investor. Binance offers multiple trading platforms to cater for different levels of trading experience. (See Key Features section).
• Users can deposit cryptocurrencies from external wallets or use a credit card, or deposit fiat currency. FX risk is removed, as Binance supports the deposit of all of the major fiat currencies.
• Traders can trade anywhere, with the Binance platform also available on Google Play, the App Store, and Android APK. For desktops, the platform is compatible with both, iOS and Windows.
• Finance: Users may earn rewards by depositing or staking cryptos, and get instant loans secured by crypto assets and more. (See Key Features for details).
• Binance supports amongst the largest number of cryptos in the market place.
• The platform not only supports spot trading but also margin and futures trading. Please see the Binance Futures review for more details.
• Strong emphasis on security, with Binance offering 2-FA and anti-Phishing measures.
• Charts are powered by TradingView – This gives users access to a wide range of indicators and drawing tools to support technical analysis.
• 24/7 – Customer support – 24 hours per day support is available via the chat page. There is also an extensive FAQ section and Learn Center to assist users to navigate the platform.

The Affiliate Program

For every new user referred to Binance, the referrer will receive a commission on fees anytime the new referred user trades on any of Binance’s spot or futures markets.

Users are free to invite new users via either a spot referral link or futures referral link and receive commissions.

Spot Referrals:

• Affiliates base referral rate is between 41%-50%. Affiliates can choose to share 0%, 5%, 10%, 15%, or 20% with the friends they invite.
• If the inviter’s daily average BNB account balance is less than 500BNB and their base referral rate is 20%, they can choose to share 0%, 5%, or 10%.
• If the inviter’s daily average BNB account balance is 500BNB or more, their base referral rate is increased to 40%%. They can choose to share 0%, 5%, 10%, 15% or 20%.

Please refer to the Binance Futures review for details of the futures referral program.

The Pros and Cons

Pros

• A user-friendly platform, with plenty of tutorials and support to assist in familiarizing yourself with the platform.
• Binance offers amongst the widest range of cryptos in the market and a comprehensive range of crypto pairings to trade.
• High trading volume delivers greater liquidity to Binance traders.
• Supports the deposit and withdrawals of crypto and fiat money.
• Strong emphasis on security, with an array of security measures to protect investor assets.
• Launchpad gives Binance users access to newly launched coins and tokens.
• Users can earn interest by saving cryptos and earn rewards for staking cryptos.
• Multiple trading platforms to cater for different trader experience levels.
• Comprehensive support center and 24/7 customer support.

Other positives include

• KYC verification delivering an additional protection layer for Binance users.
• Mobile Compatible: Android and IOS.

Cons

• KYC compliance will be positive for some, while considered negative for traders seeking anonymity. Users are able to trade Bitcoin, however, before completing the verification process.
• A demo account is only available for the Binance Futures platform.
• The more advanced trading platforms can be daunting for novice traders while delivering for the more advanced trader.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

Binance provides multiple trading platforms to support the trading of cryptocurrencies.

Cryptos supported for trading include Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”), Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).

The Platforms

Binance offers the following trading platforms to cater for the more novice and more experienced traders:

• Basic: This is the easiest way to trade on the Binance exchange. Users can trade Bitcoin, BNB, and hundreds of other cryptos in just minutes.
• Classic: A standard trading platform that provides users with a more traditional platform to trade from. The platform includes charts and options to trade with stop loss, by market or limit order, and either spot or with margin. Binance also has an additional feature “One Cancels the other”. This is where a stop-limit order and a limit order are placed at the same time. When either of the order pairs is triggered, the other order will be canceled. If one is canceled, the OCO pair will be canceled.
• Advanced: The advanced platform offers all of the “Classic” features. Additionally, however, there are more trading tools within the charts.
• Margin: Allows traders to trade with margin to enhance earnings.
• OTC: Offers better pricing and fast settlement for larger buy or sell trades.
• P2P: Allows traders to buy and sell cryptos directly with other Binance users on the P2P platform.

Additionally, Binance has a Binance Futures platform to support the trading of cryptos via derivatives. Please refer to the Binance Futures review for details.

The Trading Platforms

Basic

In order to access the “Basic” platform, go to the “Trade” dropdown menu and click “Basic”.

• From the dropdown menus, simply select the crypto you wish to convert and enter the amount. Then select the crypto you wish to purchase.
• Preview the conversion and then complete the trade.