Binance Review 2023: Trading, Fees, and Services

Binance Review 2023: Trading, Fees, and Services

In the world of cryptocurrency, Binance stands as a prominent exchange that facilitates trading in assets like Bitcoin and beyond. In this article, we delve into the intricacies of Binance, including the login process, fees, API capabilities, and its decentralized exchange service (DEX). We'll also dissect the diverse range of markets that Binance offers, from cryptocurrency futures to leveraged tokens.

Unveiling Binance

Binance serves as a platform where customers can buy, sell, and manage crypto assets for investment purposes. This secure online hub boasts a plethora of cryptocurrency trading products and holds licenses from various regulatory bodies. Notably, Binance records a substantial average daily trading volume of over $2 billion, while its founder, Changpeng Zhao, boasts a personal net worth exceeding $2 billion.

Accessibility Worldwide

Binance extends its services across multiple jurisdictions, including the UK, Uganda, Nigeria, and the United States. Binance Europe Services Limited, headquartered in Malta, serves as the organization's central hub.

In the UK, Binance Markets Limited adheres to the regulations set by the Financial Conduct Authority (FCA) and maintains an office in London. It's important to note that individuals dealing in crypto assets may be subject to income and capital gains tax in the UK.

Recently, Binance announced the closure of its local branch, Binance Jersey ( Its services are now seamlessly integrated into the global entity. Customers with accounts on Binance Jersey should sign in with their login credentials to withdraw any funds from their accounts before the website ceases operations.

Diverse Markets and Derivatives

Binance's spot offering encompasses a wide array of markets, featuring over 150 different coins. These include:

  • BTC (Bitcoin)
  • ETFs (traded against Tether, USDT)
  • Alts (Cryptocurrencies other than Bitcoin)
  • BNB (Binance Coin, the platform's proprietary cryptocurrency)
  • Fiat (Government-backed currencies like the Euro)

The spot market also includes leveraged tokens, offering various perpetual contract positions with leverage ranging from 1:1.25 to 1:4.

For those interested in futures markets, Binance provides:

  • USDT-margined perpetual futures, e.g., XRP/USDT
  • USD Coin-margined perpetual and quarterly futures, e.g., BTCUSD Quarterly 1225

The platform also offers options, following the Binance Futures BTCUSDT perpetual contract asset.

Clients can efficiently navigate through the myriad of cryptocurrencies using the Zones group, which lists all the currencies available on the platform, including Monero, Neo, and XRP. While Quant and Nano appear to be absent from Binance, the platform regularly announces new coin listings. The Zones group also includes the Innovation Zone, allowing users to trade new and potentially higher risk tokens, as well as DeFi (decentralized finance) listings such as Sushi Swap.

Enhancing Trading Strategies

Binance empowers customers to improve their trading strategies through the availability of historical trading data on futures, accessible via application. It's essential for clients to stay informed about the funding rate for futures, determined by the premium (the variation between a perpetual contract price and its mark price) and the interest rate. Understanding the concept of open interest, which quantifies the number of open positions held by clients, can also help newcomers gauge market sentiment.

Binance maintains an insurance fund for futures, pooling collateral from trader fees to cover positions of bankrupt clients. Additionally, it operates a Futures Leaderboard that showcases the performance of the top 500 traders based on daily ROI.

Unlike many traditional brokers, Binance offers five distinct ways to trade crypto assets:

Convert & OTC Desk

The 'Convert' feature allows clients to convert one cryptocurrency into another based on real-time exchange rates. Binance also recently introduced an over-the-counter (OTC) trading desk, which enables users to exchange larger quantities of cryptocurrencies in a single transaction with settlement directly into their Binance accounts.

Classic & Advanced Trading Interfaces

These interfaces offer users access to crucial data that informs their trading decisions. The Classic platform is user-friendly and suited for beginners, while the Advanced view provides a wealth of market data and price charts.

Margin Trading

Clients can engage in margin trading with leverage of up to 1:125. Binance provides tools to calculate initial margin, profit, and loss using the P&L analysis tab on the Futures calculator. Traders may also use the Isolated Margin mode, which allocates only a percentage of the user's total margin balance to a single position to manage risk.

Peer-to-Peer (P2P) Trading

Binance offers an escrow service for its fee-free peer-to-peer trading market. Traders can place orders to buy or sell crypto in local currency, and Binance holds the asset until the payment is delivered and both parties finalize the deal. The platform supports a variety of payment methods, including PayPal and Western Union.

Order Information

Binance offers several order types, including limit orders, stop-limit orders, market orders, stop-market orders, and trailing-stop orders. Limit orders are placed on the order book and execute only when the limit price is reached. Customers can review up to three months of trade history using the Orders tab.

Binance's Financial Services

Binance offers an array of financial products that go beyond traditional trading. These include:

Binance Earn

Binance's financial products resemble savings accounts and are unrelated to trading. They include Flexible Savings, where customers can earn interest on deposited funds, and Dual Savings, where clients can achieve higher returns as the value of their funds appreciates over time.

Binance also offers staking, allowing users to earn rewards by holding specific Proof of Stake (PoS) coins in their wallets. Recently, the platform introduced Ethereum 2.0 staking and supports yield farming.

The company hosts Launchpool, enabling clients to farm new token rewards in exchange for tokens like Binance Coin (BNB).

Other Financial Services

Binance extends its services to include:

  • Binance Pool, providing mining services with an emphasis on Proof of Work and Proof of Stake.
  • Binance Visa Card, available to customers in select countries, functioning like a debit card but utilizing crypto funds.
  • Crypto Loans, where clients can apply for loans using their crypto assets as collateral, with loan terms ranging from 7 to 90 days.
  • Liquid Swap, a liquidity pool that traders can either contribute to or use for swapping two tokens or fiat assets.

Understanding Binance Fees

A client's 30-day exchange trading volume and BNB balance determine their VIP level. Fees decrease as the VIP level increases, starting at a maximum of 0.1%. Maker trades, those placed on the order book, generally incur lower fees compared to taker trades. Binance offers a discount for clients who use BNB to pay their fees, currently providing a 25% reduction in trading fees and a 10% discount on USDT-margined futures.

Additional fees include:

  • Margin fees, with the daily interest rate for margin borrowing decreasing with the VIP level and varying between currencies.
  • Futures fees for USDT-margined futures, starting at 0.04% and reaching 0% for VIP level 9 clients executing maker trades. Quarterly and perpetual USD coin-margined futures also start at 0.04%, with VIP level 5-9 clients enjoying a negative interest rate on maker trades.

Furthermore, Binance offers a referral program where clients who invite friends using their referral code can earn rewards from completed trades in the form of commissions or 'kickbacks.'

Deposits and Withdrawals

Binance supports a wide range of coins and tokens for deposits and withdrawals, including GBP, BTC, and XRP. Importantly, fiat and crypto deposit fees are set at zero, with no restrictions on the amount traders can add to their accounts.

For many fiat currencies, including GBP and Euro, the withdrawal fee and minimum limit are also set to zero. However, when it comes to cryptocurrencies, clients can expect to pay 0.0005 for BTC withdrawals, with a minimum limit of 0.001. Detailed instructions on how to deposit and withdraw funds, including to a UK bank account, can be found in the broker's Q&A section.

Binance also offers zero deposit fees for clients using the Faster Payments Bank Transfer service to purchase crypto directly with local fiat currency. Please note that a withdrawal fee of £1.50 applies, with a processing time of a few minutes. Customers in the US and other regions can also buy crypto using a credit card.

The Power of Binance Chain

Binance Chain is a blockchain software system designed for the trading of digital assets. Users can interact with it through the Explorer function. The decentralized exchange feature, known as DEX, is built on top of the Chain. Binance Smart Chain operates as a parallel blockchain, enabling the creation of smart contracts. Customers can choose between the Trust Wallet or Binance Chain wallet to safeguard their trading funds.

Binance frequently employs the Testnet, a blockchain used by developers for testing purposes. The company also offers a Futures Testnet, specifically designed for paper trading as a demo environment.

Leveraging the Binance API

Clients can utilize the Binance API to automate trading in futures and other instruments using languages like Python. To get started, users need to create an API key on Binance, with official documentation available on Github. While historical data on cryptocurrencies is accessible through the API, it's important to note that using popular platforms like MetaTrader 4 (MT4) within the Binance transfer network is not currently supported.

Mobile Accessibility

The Binance app is readily available for both iPhone users and Android enthusiasts. It can be downloaded directly from the website or via a QR code scan. Desktop applications for macOS, Windows, and Linux are also available for download from the company's website.

Beyond Trading: Additional Features

Binance's offerings extend beyond cryptocurrency exchange. The company operates several initiatives, including:

Market Maker Program

This program rewards high liquidity providers with fee reductions and increased API limits.


Binance provides educational resources and research on cryptocurrency and blockchain technology.


It serves as an exclusive token launch platform.

Industry Recovery Initiative

Binance initiated a co-investment opportunity to support web3 projects and companies following the FTX collapse. The company pledged $1 billion in 2022, attracting funding from other brands and investors. If successful, the Industry Recovery Initiative could play a pivotal role in rebuilding trust in the industry.

Customer Support

Clients seeking assistance, whether it's for account management or forgotten passwords, can turn to Binance's Support Centre, which operates 24/7. While a contact phone number is not available, customers can submit a ticket request via an online form.

Binance is committed to keeping its community informed, with frequent announcement articles, an active blog, and a YouTube channel featuring trading tutorial videos. The company also maintains a presence on Twitter (@binance) and Telegram (@BinanceExchange) to provide up-to-date news and notifications.

Safety and Security

Security is paramount at Binance, with the platform employing the Google Authenticator for enhanced security during login and withdrawals. This two-factor authentication (2FA) process significantly boosts security while allowing for resets in case of phone changes or technical issues. Binance offers two verification tiers, Levels 1 and 2, with higher levels permitting greater withdrawal amounts from client accounts. For certain transactions, such as purchasing crypto with Visa bank cards, 3D-secure validation is also required.

Safeguarding Client Funds

Binance takes client fund safety seriously and established the Secure Asset Fund for Users (SAFU) in July 2018 to protect clients' assets. Initially, Binance allocated 10% of all trading fees to fund the SAFU, ensuring protection against potential security breaches. Notably, in 2019, Binance experienced a significant security breach, with approximately $40 million worth of crypto assets stolen from the 'hot wallet,' which held around 2% of total Bitcoin assets at the time. Thanks to the SAFU, Binance managed to cover all losses. The Secure Asset Fund was valued at US$1 billion as of January 29th, 2022.

Ensuring Transparency: Proof Of Reserves

Following the FTX collapse, Binance made a commitment to issue "proof of reserves." This type of audit is typically conducted by an independent third party to confirm that the custodian's assets are genuinely owned as claimed. This initiative, combined with Binance's fund safety protocol, has the potential to revolutionize the digital currency landscape by introducing a new level of transparency.

In December 2022, Binance published the results of its Bitcoin proof of reserves audit, conducted by Mazars, affirming the adequacy of collateral to cover potential losses in the event of default. Binance has also pledged to release proof of reserves for other tokens in the future.

Opening a Binance Account

Opening a Binance account is a straightforward process. Clients can register on the website, complete the identity verification step as part of the Know Your Customer (KYC) process, and proceed to open a personal account. For those with corporate documents, Binance offers the option to create a business account. The registration process is swift, typically taking just a few minutes.

Pros and Cons of Trading with Binance


  • Five trading methods catering to various experience levels and strategies.
  • The largest crypto exchange currently in operation.
  • A vast selection of coins and derivatives.
  • API offerings for automated trading.


  • A hacking incident in 2019 raised concerns about user security.
  • Ongoing investigations regarding money laundering.

In summary, Binance is a comprehensive crypto asset exchange, offering a diverse array of instruments and derivatives, including futures with competitive fees. Clients can utilize the Binance API for automated trading and access Binance DEX, in addition to various other financial products like Flexible Savings. Binance is well-suited for both beginner and advanced traders, making it a compelling choice for investors exploring the world of cryptocurrency.

Binance Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.


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