Ease of use
Binance is the leading crypto exchange in the world for trading volume and liquidity. The platform is super beginner-friendly, easy to use and offers a massive range of crypto pairs, innovative products, features, competitive fees and responsive customer support.
In this Binance review, we will assess the platform’s key features, its services and our experiences so you make an informed decision before you decide to create an account.
While we aim to provide you with accurate information in this exchange review, we strongly suggest that you visit the Binance site to keep updated with any changes that may occur afterward.
What Is Binance?
Binance is a cryptocurrency exchange that was founded in July 2017 after a successful ICO that raised 15 million. The exchange has attracted millions of users in multiple countries across the world and is often applauded in exchange reviews and social media as the best cryptocurrency trading exchange. Users can buy, trade, sell, earn, stake and instantly swap digital assets on a beginner-friendly and easy to use platform.
Binance is well known for having one of the largest selection of cryptocurrencies and trading pairs available to exchange, store electronic funds within a secure wallet and earn interest on crypto in a Binance savings account.
Advanced features, intuitive user interface and a mobile trading app are important features on Binance. This comparison table lists alternate cryptocurrency trading exchanges like Binance that offer world-class features.
AUD, USD, EUR, GBP, SGD & UGX
Bank transfer, SEPA, Bank card (VISA) & SWIFT
Bank transfer: None
Credit card: 1%
Bank account: None
Crypto: Standard network fee
Features & Services
Binance is a leading digital asset provider that has expanded it features and services to provide a full offering of products that can be accessed through the Binance website of mobile app. The core features offered by Binance are described below.
Suitable For Everyone
One of the best features with using Binance is the user-interface has been designed for individuals with various levels of skill and experience. There are multiple trading modes for beginners, advanced users and margin traders. Those who are not familiar with charting may use the ‘Classic Interface’ which is easy-to-use or ‘Binance Convert’ to buy/sell crypto instantly on the exchange.
Variety of Payment Methods
Binance is a popular trading platform due to its availability worldwide, support for multiple fiat currencies and a wide variety of ways to transfer funds to an account. The trading platform provides various payment methods for individuals around the world to fund a trading account using methods such as bank transfers, credit/debit cards, SEPA, wire transfer and cash deposits.
Binance supports over 150 digital coins on the exchange that can be bought, traded and sold. There are a wide range of pairs that can be trading against Bitcoin, altcoins, fiat money or stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD. Users will not have any trouble finding trading opportunities.
Advanced Trading Platform
Binance provides a cutting-edge trading platform to trade digital currencies with a full range of trading tools, indicators and chart options. Powered by TradingView, traders are well equipped to comprehensively analyse the price action to find trading opportunities.
Binance Savings Account
Similar to BlockFi, Nexo and crypto.com, Binance has joined the borrowing and lending space and offers its customer a savings account to earn interest on crypto. The interest rate is up to 7% APY on selected coins that are stored within a Binance wallet such as USDT, BTC and BUSD. The savings account provides an easy way to earn free crypto for buying and holding funds through Binance Earn.
Who Owns Binance?
The owner of Binance is Changpeng Zhao, who is often referred to as ‘CZ’ on social media channels. CZ is a Chinese entrepreneur that is the founder and CEO of Binance. CZ started Binance from nothing and has become a self made billionaire within 1 year. Under the leadership of CZ, Binance became the largest cryptocurrency exchange in the world in 180 days.
Is Binance Safe?
Binance is one of the world’s most secure and trustworthy exchanges that features multiple layers of ‘bank-like’ security measures and management protocols to ensure the 100% safety of its customers personnel information and funds. Examples of the secure technologies used to provide a safe and secure trading environment for users that decide to leave their coins on the exchange include cold wallet storage and two factor authentication.
However, there is always risk when storing funds on a centralized crypto exchange. The safest way to store cryptocurrency is to transfer funds from Binance to a reputable hardware wallet such as the Ledger Nano X. Read this article for more information on the best places to store Bitcoin and other digital currencies.
Has Binance Been Hacked?
A question on a lot of readers mind is how safe is Binance and has Binance exchange been hacked before? In 2017, Binance was the subject of a major cryptocurrency theft and security breach. Hackers compromised the security systems using a phishing emails, viruses and other attacks. 7,000 Bitcoins (approximately USD 40 million at the time) were stolen and some user’s two-factor authentication codes and API tokens. Binance reimbursed all of the users lost money to cover the security breach using it’s emergency emergency insurance fund.
Is Binance Trustworthy?
Since the launch of Binance, the cryptocurrency has proven itself to be a legitimate, safe and trustworthy exchange that allows users from all over the world to buy, trade and sell cryptocurrencies. The exchange regulated in a number of jurisdictions and complies with KYC requirements and local AML/CTF regulations in each country.
To ensure the highest security-standards, Binance has implemented leading-edge security controls such as Two Factor Authentication (2FA) and offline storage facilities to protect users funds stored in a Binance wallet. Therefore, Binance can be considered a safe place to transfer funds.
Binance is a global centralized cryptocurrency exchange that includes several companies around the world that use the ‘Binance’ brand name and technology. The Binance partners are established in several jurisdictions to service over 180 countries worldwide through the main Binance website or an official partner below.
Wire transfer, debit card, bank transfer (ACH)
Bank transfer (PayID)
GBP and EUR
Wire transfer, credit card
Mobile money, bank transfer
Each exchange under the Binance name is independently operated and fully compliant with the countries local regulations and laws. Binance partners allows a fiat-to-crypto exchange for individuals worldwide to buy and sell digital assets, trading and access finance services.
Is Binance Free?
There is no cost involved to create a new account with Binance or maintain a Binance wallet. There are some fees involved to use a Binance account. These include depositing money to the exchange, buying and selling, trading between assets and withdrawing to an external wallet. These fees are common on a centralized exchange to cover the companies expenses for providing the infrastructure to create a safe trading environment.
Liquidity & Trading Volumes
It is important to use an exchange that has deep liquidity and high trading volumes as the depth in the order book for each available trading pair results in low spreads between the bid and ask price. According to coinmarketcap, Binance is currently ranked the #1 exchange based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported for spot and derivatives markets.
For this reason, Binance is one of the best places to trade altcoins due to the deep liquidity across its trading pairs compared to other crypto exchanges. Smaller crypto exchanges that lack liquidity will have a wider spread cost. Secondly, users that trade large position sizes on lesser known altcoins with a small market cap may not be able to fill their position or suffer from slippage.
To create an account with Binance.com, the process is straight forward and only takes a few minutes. User’s will be required to provide an email address and password. To access higher withdrawal limits, traders must verify their identity. There are no fees to create or maintain a Binance account or wallet, however must be over the age of 18 years old.
Binance uses a level based verification system which determines the maximum withdrawal limits. New users are not required to submit their ID to begin trading cryptocurrencies. However, will be limited to the basic verification level. If you’re wondering if you should verify on Binance, it is not mandatory, however there will be a limit placed on withdrawals to a maximum of 2 BTC in a 24 hour period.
Level 1 (Basic)
Full name, date of birth and residential address
2 Bitcoin per 24 hours
Approx. 1 hour
Level 2 (Advanced)
Full name, date of birth, residential address, photo ID document
100 Bitcoin per 24 hours
Approx. 24-72 hours
The Binance verification speed does vary depending on how busy the customer support team are. In some instances, the basic verification can be approved in a few minutes and less than 4 hours for the full Binance verification level. However, user’s can still able to trade and withdraw up to 2 Bitcoin using the Basic Verification which should be sufficient in most cases.
Individuals that create an account with Binance to buy cryptocurrency using a credit or debit card must first complete the Binance identity verification process, or otherwise known as “KYC” (Know Your Customer). This ID process is to comply with local regulations in the relevant country and is a one-time task for each registered Binance account.
Deposit Crypto To Binance
There are several methods to fund a Binance account to begin trading using either a digital coin or purchasing crypto with fiat money. For beginners, the easiest way to deposit funds to Binance is by transferring Bitcoin or Ethereum using the unique address or QR Code as shown below. Depending on the cryptocurrency, it can take between a few seconds, minutes or even hours for the blockchain to confirm the transaction for the funds to arrive in a Binance wallet.
To cater for individuals around the world, Binance and it’s partner offer a variety of payment methods to fund an account with fiat. The platform supports over 10 traditional currencies such as the USD, GBP, EUR, AUD, RUB, TRY, NGN, UAH, KZT and INR. Binance and it’s affiliate partners around the world offer different deposit methods for each region. The most common payment options include:
- Bank transfers
- Peer-To-Peer (P2P) transfers
- Credit card and debit cards
- Faster Payments
Swap Crypto With Binance Convert
Binance is a leading exchange for digital currencies on a safe and stable trading platform. The user-interface has been designed to cater for various levels of experience and skills. The easiest way to exchange crypto to another digital currency is using ‘Binance Convert’. This avoids using a price chart and order entry window which can be daunting for beginners.
Users can select the digital asset to buy and sell with a simple window to convert easily in a single go (as shown above). Binance Convert supports the majority of the listed coins and a fast way to swap cryptocurrencies. Binance will preview the conversion rate and amount of crypto to be received before completing the transaction.
The charts is an important consideration when looking for a cryptocurrency trading exchange. This is where traders will spend most of their time looking at the charts and managing open positions. Binance has a ‘Simple’ and ‘Advanced’ user-interface designed for intermediate and professional cryptocurrency traders. Binance has integrated with the premium crypto charting software package TradingView to provide the charts, indicators and drawing tools.
The trading window is easy to use and clean which features the standard tools such as a price chart, order box, trading pairs list, trade history, recent market activity and active/pending positions. Binance traders can quickly navigate between pairs to find trade opportunities from a single place. A great feature with Binance is the ability to quickly enter the size of a trade using the percentage auto-fill options (e.g. 25%, 50% or 75%) of available trading capital.
The order window provides a variety of orders such as limit, market, stop-limit and One-Cancel-Other (OCO). OCO is not offered on many exchanges – but is an important feature as it allows a take profit and stop loss order to be placed using a single order instead of two. If the take profit level is reached, the stop loss order will be automatically removed and vice versa.
In addition, the order price can be populated by clicking on the prices under the the recent trades window. This will automatically popular the entry price which minimizes the risk of entering the incorrect price (e.g. missing a decimal point).
Binance Margin Trading
User’s on Binance can activate margin trading or Binance Futures trading to speculate on digital currencies with leverage. This allows traders to use borrowed funds to trade a position greater than their capital. Funds will need to be transferred to a Binance margin wallet or the Futures wallet to use as collateral to begin trading with high leverage.
The amount that can be borrowed is determined by the amount of coins in the margin wallet, using a fixed rate of 5:1 (5x). There is an indicator to show the margin risk level which is calculated on the borrowed funds (Total Debt) in relation to the funds held in a margin account (total capital). A benefit of using Binance margin is the ability to short sell.
Binance supports over 150+ crypto coins that can be purchased, traded and sold using the exchange such as Bitcoin, Ethereum, XRP, Chainlink, Litecoin, Cardano and more. Users can trade each of these assets using different digital currencies as collateral. Binance has the following pairs against altcoins:
- Binance Coin (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tron (TRX)
- Ripple (XRP)
- Fiat currencies (e.g. USD, EUR, GBP)
- Stablecoins (e.g. USDT, BUSD, TUSD)
Binance also supports numerous tokens that are part of an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO). These events allow Binance traders to speculate on a newly listed crypto asset. To view a full list of crypto markets available to trade, visit the Binance site.
Paying For Crypto With A Credit/Debit Card
Binance.com users in over 180 countries can deposit fiat and purchase digital currencies using a credit card or debit card. The new feature is provided through a partnership with Simplex, a leader in fiat on-ramps for crypto purchases. The supported currencies which can be directly obtained using a VISA or Mastercard and deposited to a Binance account include BTC, ETH, BNB, XRP, BUSD & USDT.
The advantages of using a credit card to buy crypto on Binance are:
- Safe and convenient payment method (VISA or Mastercard accepted)
- Fast processing time between 10-30 minutes for the crypto to arrive
- Low fees of 3.5% per transaction or USD $10, whichever is higher
Withdrawing Money From Binance
Binance is a crypto-to-crypto trading platform that offers trading between digital currencies. Profits are withdrawn from the exchange in cryptocurrency which can be transferred to a hardware wallet. To withdraw crypto, users can select the coin from their wallet and click on the ‘withdrawal’ button.
Once the address details are entered and transaction confirmed, the digital funds will be sent. The speed of crypto withdrawals will depend on the coin and network usage at the time of the request. For more information, read our article on Bitcoin transfer speeds and confirmations.
Binance allows its users to withdraw fiat from a Binance wallet to a local bank account or bank card. There are 14 currencies that can be sent from Binance exchange to a bank which include the AUD, BRL, EUR, GBP and USD. This means the money does not have to leave Binance to a fiat-to-crypto exchange like Coinbase to send money to a bank.
Individuals that want to withdraw cash from Binance to a bank account, select the currency from the wallet to withdraw and click on the ‘withdrawal’ button. The user will need to complete ID verification to add and verify a bank account in order to complete the process. Fiat withdrawals to a bank account can take between 1-3 business days to complete.
Australian Dollars (AUD)
Brazilian Real (BRL)
Bank transfer, cash transfer
Bank transfer (SEPA), Bank card (VISA)
Pound Sterling (GBP)
Bank transfer (Faster Payments), Bank card (VISA)
Transfer Money From Binance To Coinbase
Binance allows cryptocurrency assets on the exchange to be transferred to another wallet address, which can either be a hardware wallet or another exchange such as Coinbase. The funds can be converted to traditional cash or held in a wallet. Binance does not currently allow fiat to be withdrawn from Binance to Coinbase or any other exchange. Users will need to transfer money to a bank account which can then be deposited to Coinbase.
Binance Fees & Limits
Binance uses level based fee structure that is based on trading volume. The current trading fee for new accounts is a 0.1% for each transaction (e.g. buy/sell) using a maker and taker system. However, users can receive a further reduction in fees by performing the following activities on the exchange:
- Increase 30 day trading volume (up to 20% fee discount)
- Store Binance Coins (BNB) on the platform (25% fee discount)
- Receive kickbacks through the Binance referral program (20% fee discount)
For example, an individual that has a monthly trade volume of greater than 50 BTC will receive a 0.01% discount when placing limit orders, or adding liquidity to Binance’s order book. The fee can be further reduced to 0.0675% by holding BNB tokens in a wallet. The spot trading fees on Binance are very competitive in the market compared to other exchanges such as Coinbase Pro, Kraken, Coinmama and Gemini.
Binance does not charge a fee to deposit cryptocurrency assets to the exchange. Users can transfer coins from other trading platforms or a personal hardware wallet to Binance free of charge. In comparison to exchanges such as Coinbase which charge a deposit fee that varies depending on the payment method and country, Binance users can save on fees.
Similarly, there are no Binance fees to withdraw digital assets from a Binance wallet to an external website or wallet. The only cost is the blockchain fee, which is determined by the network load at the time of transaction, not Binance. For example, an individual that wants to withdraw Bitcoin from Binance using the BTC network will incur a 0.0005 BTC fee. For a full list of each coins withdraw fee, visit the Binance Fee’s Page.
Binance VISA Card
Binance has introduced a cryptocurrency debit card that allows its users to convert and spend digital currencies like a traditional debit card. The Binance VISA card can be used at more than 60 million merchants worldwide. The benefits of using a Binance debit card include:
- The card is free to use with zero Binance administrative or processing fees
- Earn up to 8% crypto cashback on purchases using the VISA card
- Easy to transfer and top up funds using a Binance wallet
- Funds on the card are protected by a high standard of security
The amount of cashback rewards that can be earned with the Binance VISA debit card depends on the amount of BNB coins staked in a Binance wallet. Beginners that order the card can earn 1% cashback rewards for free without staking any Binance Coins.
However, to earn a maximum cashback bonus on purchases of 8%, users will need to stake at least 6,000 BNB tokens which is the equivalent of $USD 270,000 at current prices. This is a considerable investment to obtain an 8% cashback.
Binance Lending & Loans
Binance has entered the financial lending and borrowing space with its crypto loans product. Traders on the cryptocurrency platform can use their digital currency assets as collateral to obtain an instant cash loan or lend out to earn interest. Any user on the Binance platform is eligible to obtain a crypto-backed loan.
Binance supports over 35 digital currencies that can be borrowed using assets such as BTC, BUSD, BNB, ETH and USDT as collateral. Each loan can be repaid over a 7, 14, 30 or 90 day period. There are no penalties or fees if early repayments are made during the loan term. The interest is calculated daily and determined from the start date of the loan.
In the example above, to obtain a cash loan of $1,000 USDT, a collateral amount of 1.45 ETH would need to be deposited. An interest rate of 22.78% is calculated over a 90 day term period which equates to a repayment amount of $1,056 USDT. The Binance interest is comparable to traditional banks and popular borrowing and lending platforms. The crypto borrowed can be withdrawn or transferred to the spot/margin exchange to trade, however this is not recommended for beginners.
Binance offers its customers various products under its investment platform called ‘Binance Earn’ which allows customers to earn free crypto by lending crypto to receive interest on the borrowed funds. The services are broadly categorized under the products ‘Flexible terms’, ‘Fixed terms’ and ‘High-risk products’ which provide various interest rates across each product.
The flexible savings account provide users the option to earn staking rewards on their crypto. The interest rates are lower compared to a fixed term deposit, comes with the flexibility to redeem and withdraw the funds at any time to the trading platform or hardware wallet. For example, the Binance savings account offers approximately 6% APY on Tether (USDT) which can be great option to hedge against market volatility.
Binance Earn is a safe place to store and earn interest on coins. While there is always risk leaving assets on an exchange, Binance is a trustworthy place with bank-like security measures to ensure funds are kept safe in a savings account.
Binance has fixed staking terms for 3, 6 or 9 month periods to earn rewards up to 30% APY. The exchange supports 37 cryptocurrencies that can be staked on the platform using a fixed term arrangement. The yield and minimum staking amount does vary for each asset. The supported coins include CELR, ATOM, KSM, FYI, SUSHI, WAVES, XTZ, ATOM and others. The minimum amount required does vary on each coin.
Fixed staking will suit crypto holders that are comfortable with locking in their coins for the set period of time to accrue the staking benefits. Once the coins are staked, the wallet balance will be deducted and the coins will stake automatically in the pool to earn rewards.
Binance Stock Tokens
If you’re wondering if you can buy stocks on Binance using crypto, the short answer is yes. Binance has opened a new prouct called Stock Tokens that allows verified users to trade equity shares through cryptocurrency coins such as BUSD. The available stock tokens that are offered on Binance include Tesla, Microsoft, Coinbase, Microstrategy and Apple.
Binance does not offer shares in the companies, however each token represents a share in a stock corporation and is pegged to the performance of the respective company. Each token is created on collateral which is held by the custodian CM-Equity, a global investment provider.
Binance tokens works like a CFD where the price of the stock token will rise if the price of the underlying asset rises. The same concept applies if the price if the company falls, the price of the stock token will also decline. The tokens can only be traded during normal market hours.
Binance exchange has expanded to allow investors to buy Bitcoin in Australia or other digital currencies using Australian Dollars (AUD). The fiat-to-crypto service supports bank transfers to fund their wallet using PayID/Osko through the desktop or mobile app at 100+ supported Australian banks to use.
Binance Australia has a zero-fee AUD deposit for its customers which can use the full services provided by Binance.com. Cutomers can also withdraw AUD from Binance to their bank accounts. Users that buy & sell on the Binance platform are charged the same spot trading fee of 0.1%, which is one of the lowest fee crypto exchanges based in Australia. In comparison, popular exchanges such as Coinspot and CoinJar charge a 1% fee for instant buy/sell orders.
Binance Singapore allows individuals residing in Singapore to invest in digital currencies using Singapore Dollars (SGD) as a deposit. The fiat-to-crypto exchange in Singapore supports 7 cryptocurrencies that include BTC, ETH, BNB, LTC, BCH, XRP, NEO and LINK.
There is a 0.6% fee to buy and sell crypto in Singapore, which is higher than the main Binance website. Unfortunately, it is not possible to link an account between Binance.SG and Binance.com to transfer funds. Users will need to create an account with both providers and complete ID verification.
Binance UK (Formerly ‘Binance Jersey’)
Binance launched an affiliate fiat-to-crypto exchange in early 2019 called Binance Jersey for crypto lovers in the UK. The platform was designed to allow residents in the UK deposit fiat such as GBP and convert into digital currencies.
However, Binance Jersey has since closed down since October 2020 that including its deposit platform and trading services. The primary reason for Binance Jersey’s closure is that the main exchange Binance can offer GBP deposits using a bank transfer via the Faster Payments network and SEPA for Euros.
Binance plans to open a new crypto exchange in London that will be compliant with local regulations set out by the Financial Conduct Authority (FCA). The Binance.UK domain and FCA-regulated entity has been purchased by Binance and is earmarked to launch in 2021, with Binance advertising on bus stops throughout London. The exchange will feature 65 crypto pairs, feature the advanced trading interface, allow the buying of cryptos using British Pounds (GBP) and Euros (EUR) via Faster Payments, SEPA and debit cards.
Binance Referral Program
Binance has one of the most lucrative referral programs with up to 40% of referred members trading fees. The link can be shared with friends and family or promoted online through a blog or news website. A unique feature with Binance is the ability to change the percentage of the trading commission with new referrals by offering a trading fee discount.
For example, an existing Binance user can share their unique affiliate link with a friend and choose to give a 30% discount on their trading fees and earn the remaining 10% of the commission.
Customer Support & Reviews
To be one of the world’s leading cryptocurrency exchanges, the platform provides a wide range of contact methods, communities, blogs and support channels to service the massive customer base. This is no exception with Binance that provides several channels to get in touch with the support team.
If you can’t find a solution to your problem in the FAQ section or Support Center, Binance has a ticket system that allows you to submit a request. There are a number of categories to filter the question to make it easy. We have tried the ticket system ourselves and received a response 6 hours later. This is fairly average and could be improved.
Given the huge customer base, there is also going to be users with frustration and problem, so it is not surprising to see mixed reviews on Trust Pilot. However, we doubt that Binance would be in the position it is now if the customer support was terrible.
Binance vs. Coinbase
Coinbase is a leading cryptocurrency exchange in the USA that expanded globally to more than 100 countries worldwide. The exchange is predominately a fiat-to-crypto service that allows individuals to convert cash to crypto using a variety of payment methods. Coinbase is designed for beginners to enter the market and supports the most popular coins by market cap.
Binance is aimed for retail traders and investors to trade crypto-to-crypto with access to hundreds of supported crypto coins and trading pairs. Binance has expanded its product offering to include a fiat onramp like Coinbase.
A key point of difference between the two exchange is the spot trading fees. Coinbase’s trading platform Coinbase Pro charges 0.5% per trade, where as Binance offers a transaction fee of 0.1% for buy/sell orders.
Frequently Asked Questions
Where Is Binance Located?
Binance was originally headquartered in Shanhai, China but later moved out of due to China’s increasing regulation of cryptocurrency. The company and server infrastructure relocated from China to Malta in late 2017 and was referred to as a ‘Malta-based cryptocurrency exchange’. The parent company, Binance is allegedly incorporated in the Cayman Islands.
However, the exact location of the head-office and company structure is largely unknown. In October 2020, Forbes reported a leaked document that reveals the Binance corporate structure is designed to intentionally deceive United States regulators to evade tax.
Is Binance Better Than Coinbase?
Coinbase is a reputable crypto exchange that was established before Binance. It’s primary service offering is to allow users around the world to convert their local currency into digital assets such as Bitcoin and Ethereum. Whereas Binance is tailored to active traders that speculate on the crypto market and involved in buying and selling to make a profit. Both platforms are leading cryptocurrency exchanges in their own rights.
Can I Use Binance In Australia?
Binance is available to residents living in Australia that want to buy, trade, store and sell cryptocurrencies using Australian Dollars (AUD). Binance Australia is a registered and legal entity that complies with Australian AML/CTF laws and regulations. The fiat to crypto exchange offers local bank transfer with zero-fees using PayID/Osko to buy Bitcoin using AUD. To deposit AUD into Binance, follow these simple steps:
- Create an account with Binance
- Login to the account and complete ID verification
- Navigate to the Binance wallet and click on ‘Deposit AUD’
- Enter in the amount of Australian Dollars to spend
- Complete the PayID bank transfer using the internet banking portal
Can US Traders Use Binance?
Binance has restricted US customers from trading on the main exchange due to regulatory policies. Users from the US are permitted to buy crypto with Binance.US however cannot perform active trading. Click here to read which cryptocurrency exchanges are available in the USA.
Is Binance Illegal?
Binance appears to be a legal operation and business that is available to use in multiple jurisdictions worldwide. There are some reports that question if Binance is illegally operating in certain countries and is being used for criminal and money laundering.
These headlines appear to be speculation only, claiming that Binance is a member of a crime cartel. This rumour follows the public indictments launched against BitMEX and its co-founders for facilitating money laundering without proper KYC processes.
Is Binance Closing Down?
The investigation against BitMEX for potential money laundering has resulted in Binance closing down its services in the United States and leaving the market. Binance requested US-based users to withdraw funds in 14 days and any user that identifies themselves as a US resident will be blocked from using Binance.com. Binance has since launched a new platform called Binance.US which is a smaller version of the global Binance with limited features and services.
Does Binance Support Staking?
Binance offers a wide selection of coins that can be staked on the platform to earn passive rewards. Users on the platform can deposit coins such as Algorand, Tezos, Cosmos and many others to earn staking rewards. The staking percentage does vary from coin to coin. For example, Tezos has an estimated staking field of 6-7% compared to Yearn Finance which offers 2.49% APY.
Can I Withdraw Funds From Binance Without Verification?
Binance users will need to confirm their identity in accordance with Know Your Customer (KYC) regulations in affect in most countries worldwide to prevent funding of terrorism activities and fraud. This means user’s will not remain anonymous when transferring money from the exchange to a bank account. The amount of funds that can be withdrawn varies on the ID verification level completed.
Does Binance Support Dollar Cost Averaging?
Binance.com does not offer Dollar Cost Averaging (DCA) on it’s platform. However, Binance.US does allow its users to set up recurring, fixed and regular purchase amounts on the mobile app. Recurring orders are popular with risk adverse investors that want to reduce the impacts of volatility by limiting exposure to sudden price fluctuations of the coin.
Does Binance Have A Tax Calculator?
The majority of individuals that use Binance will need to declare profits and losses to the tax agency within their respective countries. Unfortunately, Binance does not provide a financial year summary report or a tax calculator. Individuals will need to use a third-party crypto tax software such as koinly.io or cointracker.io, which can import data from Binance.
If you’re looking for the best place to trade cryptocurrency, then Binance will deliver on all of your expectations. It’s leading the way to provide its customers with a beginner-friendly, modern, advanced and innovative platform to profit in digital assets. Simply put, Binance offers the widest range of products and services and is always at the forefront of new and innovative features.