Binance is a China-based cryptocurrency exchange, founded in 2017. It is one of the most popular crypto exchanges in the world with 6 million active accounts. It’s popular among cryptocurrency traders, because it has high liquidity and competitive fees. Binance exchange is pretty easy to start with and is suitable for both beginners and professional traders.
Supported currencies: The service supports 186 cryptocurrencies with 461 pairs traded with BTC, ETH, USDT, TUSD, USDC, BNB and PAX as quote currencies.
You need only email to start trading on Binance. It has basic functionality for casual traders and advanced functionality with in-depth technical analysis tools.
Fee structure: Regarding trading fees on Binance, you have to pay 0,1% per each trade.
If you want to reduce your fees, you can use Binance Coin (BNB), to pay any kind of fees on this platform with this token (Tip: In Balance section you have an option to convert the coins on your balance that aren’t worth much and can’t be traded into BNB, so the deposit of even 30 cents can be used to pay a commission). You can have 50% off your commission for the 1st year and 25% discount for the 2nd year.
Binance exchange has no deposit fee. Moreover, Binance has recently added new option: using credit card via Simplex.
Withdrawal fees depend on currencies. The Bitcoin withdrawal fee is 0.0005 BTC, for ETH the fee is 0.01 ETH. The amount you can withdraw depends on the level of your account. You can increase the level by providing Binance with personal information requested.
Binance exchange is easy to start, and it is suitable for newbies and professional traders. Variety of cryptocurrencies for trading and low commissions certainly contribute to Binance’ popularity and to its leadership among other exchanges.
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