- Low exchange fees
- Low transaction fees
- P2P exchanges with low fees are available
- High security level
- Multiple wallet types are available
- Card is available
- Interface may be complicated for beginners
- No support for margin trading
- Withdrawal process can be complicated for beginners
Binance is currently the largest crypto exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands and is available in over 180 countries worldwide.
Binance is a multiplatform crypto exchange that holds assets of more than 25 million customers and allows their customers to trade more than 500 cryptocurrencies. Platform handles the daily trading volume of $80 billion and annual trading volume of $8 trillion.
Binance Coin (BNB) is the cryptocurrency that is exclusively available on Binance platform and is TOP5 coin from the market capitalisation pespective. BNB used to pay fees on the Binance cryptocurrency exchange. Fees paid in BNB on the exchange receive a discount.
Binance is famous for the amount of transaction types available for their customers. These types include: buy, sell, trade, deposit, withdraw; stop order; limit order; margin, options, and futures trading. There is also API available for software developers, which makes it easy to develop trading bots.
Binance customers usually claim the platform for having to complex interface for beginners. The main reason for that is the number of transaction types and overall functionality available. However, Binance has its own Academy page to make your onboarding easy and fast. Crypto educational articles are also available.
Peer-to-peer exchange (or P2P exchange) is a marketplace where people can trade crypto directly with each other on their own terms, in virtually any country. This option allows Binance customer to save some money on fees, because transaction will happen without intermediary.
With the Binance Card, you can spend your favorite cryptocurrencies at more than 60 million merchants worldwide. The card is completely free and you will get up to 8% cashback on all eligible purchases made with it.
Binance frequently holds giveaways and challenges to increase user participation on their platform. Binance also hosts crypto airdrops for currencies that are soon-to-be listed on their platform.