Binance Exchange Review.
Binance is one of the most popular cryptocurrency exchanges in the world. It claims to have over 15 million users worldwide and to do $2 trillion or more in volume each day.
Binance was launched in July, 2017. It was created by a trading software developer named Changpeng Zhao.
In the months after Binance was launched, it became well known for having a large number of coins listed. By January, 2018, it had become the largest cryptocurrency exchange in the world in terms of trading volume.
Binance was originally based out of Shanghai, China. But after the Chinese government banned cryptocurrency exchanges, Binance moved its main office to the more crypto-friendly city of Tokyo, Japan.
Binance also has branch offices in Taiwan.
The exchange is most known for the depth of its offering. It carries over 150 tokens and more than 500 trading pairs.
In addition, it is well known for providing support in many different languages.
Trading fees can greatly impact a crypto trader’s profits. And with many brokerages, these fees are complex and often confusing. So we’ll break down Binance’s trading fees here.
Trading fees at Binance are determined by your VIP rating. If you’ve never used the exchange before, you’ll start off at VIP 0 . This level has the highest fee of any VIP level.
Still, Binance’s fee is extremely low when compared to competitors - even at VIP 0. The only trading fee is a flat 0.1% per trade. If you don’t own Binance’s own crypto, called BNB, this fee comes out of the crypto you purchase.
For example, our purchase of 500 LOOM incurred a fee of 0.5 LOOM, leaving us with just 499.5 LOOM leftover. And when we later sold 499 LOOM, we received 0.00003209 ETH less than the price we had sold it for.
If you frequently trade large volumes, these fees can add up quickly. But they are still lower than the fees charged by most of binance cryptocurrency exchange
It’s important to note though that Binance doesn’t allow fractional unit trading for most of its coins. This can lead to "trading dust" or fractional coins getting stuck in the platform.
For binance herunterladen example, although we held 499.5 LOOM, we could only sell 499 because the extra .5 is a fractional value.
Because a single LOOM doesn’t cost much, binance ons this didn’t bother us. But if you trade a coin that has a higher unit price, you may need to take this extra cost into account.
With Ethereum and Bitcoin, however, fractional trading is allowed.
VIP levels explained.
For the casual crypto user, Binance’s trading fee may seem incredibly cheap. But if you are a high frequency and large volume trader, this cost may significantly impact your trading profits.
In this case, you can lower your per trade fee by increasing your VIP level. There are two ways to do this:
Increase your 30-day trading volume Increase the amount of BNB you hold in your account.
At midnight UTC each day, Binance’s computers calculate your trading volume over the past 30 days. Assuming you are not holding any BNB, this volume determines your new VIP level for the day. At 2 a.m. UTC each day, your fee is adjusted based on this new VIP level.
At higher VIP levels, the fee is also determined by whether you are placing a limit or market order.
Here is the volume required and trading fee for each level.
VIP Level 30 day volume (in BTC value) Limit order fee Market order fee 0 Less than 50 0.1% 0.1% 1 50 to 500 0.09% 0.1% 2 500 to 1500 0.08% 0.1% 3 1500 to 4500 0.07% 0.1% 4 4500 to 10K 0.07% 0.09% 5 10K to 20K 0.06% 0.08% 6 20K to 40K 0.05% 0.07% 7 40K to 80K 0.04% 0.06% 8 80K to 150K 0.03% 0.05% 9 150K or more 0.02% 0.04%
If you are not doing enough trading volume to reach the VIP level you desire, Binance will allow you to stake its utility token, BNB, to achieve whatever VIP level you want. Here is the amount you’ll need to stake for each VIP level.
VIP level Amount of BNB stake needed 0 0 1 50 2 200 3 500 4 1000 5 2000 6 3500 7 6000 8 9000 9 11000.
It’s important to note that if you hold BNB in your account, trading fees will be paid out of BNB instead of coming out of the coin you purchase. For this reason, your stake will decline as you continue to trade.
If you choose this route to high VIP levels, you may want to periodically replenish your BNB holdings to keep from losing levels.
Additional temporary discount for BNB holders.
BNB holders also gain an additional discount for all of 2021 and half of 2022. Until July 13, 2022, they get an additional 25% off all trading fees.
After July 13, 2022, Binance plans to give no additional benefits to BNB holders other than what their VIP levels allow them.
Having a great user interface won’t help you much if the exchange doesn’t carry the coins you want. So you may want to know what coins are available on Binance.
Binance excels in this department, offering 19 markets and over 150 coins. There are over 180 BTC currency pairs, more than 100 ETH pairs, 2 pairs with TRX as the counter currency, and 1 XRP currency pair (TRX/XRP).
Binance also offers markets for 15 different stable coins and fiat currencies, including USDT, USDC, EUR, GBP, and more.
And for more experienced traders, it offers tokens that behave like leveraged ETFs. For example, BTCUP allows you to make a leveraged bet on the price of Bitcoin going up, while BTCDOWN allows you to make a leveraged short trade against Bitcoin. Both of these are available in Binance’s "ETF" market.binance dimana keseimbangan saya
typically does over $9 billion in trading volume each day. So it has plenty of liquidity for users, another big advantage over many exchanges.
Coins are listed and delisted every day but suffice to say its a long list of coins including for example:
+ 110 more.
Binance is available to residents of over 100 countries, including the following:
+ 4 more.
Binance is not available in the US, Malaysia, Singapore, or the Ontario region of Canada. In addition, Binance will not accept international bank transfers from certain countries that it has not obtained fiat money transfer licenses in. The list of countries it does not accept fiat deposits from can be found here.
U.S. users are by far the most likely readers of our site to find that they cannot access Binance. For these users, we recommend these exchanges instead.
Overall, Binance has great availability for users across the globe.
Fiat deposit methods.
Users can deposit fiat to binance cryptocurrency exchange
through a variety of local and international payment channels. UK residents can use Faster Payments to deposit, residents of Eurozone countries Advcash or Etana, and Russian residents Payeer or Advcash.
From Ukraine, users can rely on GeoPay or SettlePay to transfer money to Binance, and Australian users can employ PayID/Osko or bank transfer for this task.
Users outside of these areas can deposit using international bank transfer (SWIFT) if no local option is available. Users can also rely on SWIFT for transfers if they don't want to use local options for whatever reason.
Binance has suspended deposits and withdrawals using SEPA and SOFORT, two of the most popular methods for European users. It has done this to satisfy regulators who claim that it did not go through the proper process to make these methods available. However, it is working to satisfy these concerns and bring these methods back as quickly as possible.
Deposit with Debit or Credit Cards.
In quite a few countries, Binance users can purchase crypto directly using a debit or credit card.