If you’re looking for an exchange to trade a variety of different cryptocurrencies Binance Exchange is one of the most popular platforms. Binance Exchange supports more than 100+ coins with 240 trading pairs. Since early 2018, Binance is considered one of the biggest cryptocurrency exchanges in the world, in terms of the trading volume.
However, Binance is no longer just an exchange. In this Binance review, I take a look into what Binance offers on its exchange. Including the likes of Binance Lending, Binance Academy, their own stable coins BUSD and location-specific platforms they are becoming a one-stop-shop for all things crypto.
What is Binance Exchange?
Although initially founded in China, they moved their servers and headquarters out of China to Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017. Binance have since opened offices in Malta after stricter regulations in Japan and China.
Back in July 2017, Binance raised $15 million dollars in an Initial Coin Offering (ICO) for its ERC20 BNB token. As of January 2018, it was the largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.
How to Withdraw from Binance?
When trading on an exchange, it is important to withdraw your crypto and not to keep it stored on a platform long term. With Binance or any other centralized exchange, you won’t have access or control over your private keys. Also, an exchange that holds a lot of assets is far more likely to be a target for hackers. Therefore, it’s important to withdraw from Binance and store your crypto safely in a secure wallet. I personally recommend a hardware wallet such as the likes of a Ledger or Trezor where your funds are stored offline and away from any potential harm.
If you want further information about how to withdraw, please check out this step by step guide on how to withdraw from Binance.
Binance Withdrawal Fees
An important factor when withdrawing from the Binance exchange is to check out the Binance withdrawal fees. Binance withdrawal fees do vary and depend on the type of cryptocurrency that you are withdrawing. You may also find that there are minimum withdrawal amounts that meet and these will be displayed when withdrawing from the platform. You can find the Binance Withdrawal fees and minimum withdrawal amounts over on their fee page.
Binance BNB Coin
Binance Coin (BNB) is an Ethereum-based token that allows you to receive discounts on the services of the Binance platform. Users of Binance can receive a 25% discount on trading fees, by paying with Binance’s BNB token.
When trading with cryptocurrencies there is sometimes a small fraction of that cryptocurrency left over. This is known as “dust”. Within Binance you can convert this dust into their BNB coin.
However, Binance also announced recently that they are formally expanding to the U.S. via a dedicated platform Binance.us.
BUSD Binance Stable Coin
Working in partnership with Paxo, Binance are launching a dollar-backed stable coin. The upcoming stable coin, which is dubbed as Binance USD (or BUSD) will be pegged 1:1 to the US dollar. They have also received the blessing of the New York Department of Financial Services (NYDFS).
When its launched, verified Paxos customers will be able to purchase BUSD tokens directly through the company’s wallet using either US dollar or PAX (which is their own stable coin). Binance users will also be able to trade BUSD for Bitcoin Binance Coin or XRP.
In late August 2019, Binance launched their lending platform on a subscription-based service which was on a first come, first service. Its a value added service to Binance users who hold idle digital assets.
What is allows, is for Binance users to grow their funds by earning interest income for lending out their holdings over a specific period of time.
They’ve split this across phases. Phase 1 of the lending launch included a 14-day fixed term for BNB, USDT, and ETC. And Phase 2 (released 4th September 2019) included 14 and 28 days fixed terms and included Cardano, BTC as well as the above.
Binance Mobile App
With the Binance mobile app, you can trade Bitcoin and cryptocurrencies from the palm of your hand. The app is available for download for Andriod or iOS. By installing on a mobile device, you can also make use of the built-in security features such as a face or fingerprint technology to secure your assets.
Margin trading is now available on selected Altcoin trading pairs
Binance & Brave Browser Widget
In Brave’s latest desktop update (version 1.8), Brave Browser has now released the Binance widget into its privacy-based browser. Meaning that millions of users can now seamlessly trade and manage crypto without ever having to leave their browser.
Binance Liquid Swap BSwap
Binance has recently created its own centralized version of an automated market maker (AMM) pool which is set to rival the likes of UniSwap. BSwap/Binance Liquid Swap (which is the name of their new decentralized exchange) allows users to token swap and provide liquidity in return for an annual percentage yield whilst also getting a share of the protocol’s trading fees.