Broker Review Contents
Binance is a cryptocurrency exchange which was established in 2017. Traders can access a wide range of products in a variety of markets, including spot, futures and NFTs.
Browser based platform and mobile apps for iPhone, Android, and tablets are among the online trading platforms offered by them.
Binance is a spot and derivatives cryptocurrency exchange. This means that Binance offers products suitable for both investors and speculators. When you trade the spot market you own the actual coins which you buy and sell. Derivative markets allow you to speculate and trade on the price of a coin without owning it.
A minimum deposit of 1USD is required for a live account. Binance, on the other hand, provides a free demo account that you may utilize to experiment and familiarize yourself with their platform. They aren’t currently regulated. Binance was established in 2017 and their head office is in Cayman Islands.
Before we get into the specifics of Binance’s spreads, fees, platforms, and trading tools, you might want to open their website in a new tab by clicking the button below to get the most up-to-date information directly from the company.
Disclosure: If you sign up with a broker through one of our links, we may receive a commission.
What are their spreads & fees?
Binance, like most exchanges, charges a fee based on the transactions which occur on the exchange. These can depend on the coin which you trade, as some coins have higher trading and withdrawal fees.
Choosing at what time of the day and through which coins to transact can lower your fees.
Before you complete a trade on Binance’s platform, it will show you a breakdown of all the fees which you may incur. Checking these fees before completing the trade could save you money.
As Binance is an exchange the spreads vary depending on trader activity. Any spreads displayed on our website are for information purposes only. Please visit their website for current spreads and fees.
Binance’s BTC/USDT spread was 10 USDT when we wrote this review. This is normal when compared to the average BTC/USDT spread of 8.
The table below compares the costs of trading one BTC/USDT with Binance vs. similar exchanges.
What can you trade with Binance?
Over 500+ different coins are available to trade at Binance.
Below, we’ve summarized the offering of Binance’s several types of markets, as well as the markets offered by some of their competitors for comparison.
What’s the Binance trading experience like?
1) Platforms and apps
Binance offers a web based platform which allows you to use it on any device which has a browser.
They offer Android and iOS mobile apps, making it easy to keep track of and execute trades while on the go.
2) Executing Trades
You can trade as little as less than 1USD with Binance. Depending on the cryptocurrency you trade, this may differ. Maximum trade size depends on the available liquidity on the exchange.
Margin requirements vary by account, and instrument, as they do with most exchanges.
Binance offers leverage as high as 10x for spot trading. They also offer leverage of up to 100x for derivatives trading.
Stop losses, trailing stop losses, limit orders, price alerts, api trading and other features are available through Binance. Here you can find a list of all of their account features.
We have included a list of some of the most common funding options that Pepperstone provides to its traders.
- Bank Transfer
3) Client support
Binance offers support in languages like Chinese, English, Spanish, Turkish, Korean, Vietnamese, Portuguese and Russian.
4) What you’ll need to open an account with them
Most crypto exchanges allow you to open an account without providing documents. This type of account will be severely limited in terms of maximum deposit and withdrawals.
In order to have higher deposit and withdrawal limits with Binance you need to pass verification by providing the following documents:
- a colour copy of your passport, driver’s license, or other government-issued identification
- a three-month utility bill, bank or credit card statement that shows your current address
They may also ask you to go through a verification of identity via your laptop or phone camera.
If you decide to trade using leverage, you’ll also need to answer a few questions regarding your trading experience.
You may be able to explore Binance’s platform right away, but as mentioned before until you pass verification, your deposits and withdrawals will be capped. Verification depending on the circumstances could take from a few hours up to a few days.
To begin the onboarding process with Binance, you can go to their website.