Binance Review July 2022

Cryptoassets are a highly volatile unregulated investment product.

Tradable Cryptos on Binance

One of the most attractive qualities of Binance is the number of available digital assets on the platform. With Binance, users can get access to 600 + cryptocurrencies. 

Firstly, investors can trade some of the largest digital assets in market cap – users can buy Bitcoin, Ethereum, and Cardano. Furthermore, Binance supports multiple utility tokens, mining tokens and stablecoins. 

Popular stablecoins available on Binance include Tether, USD Coin, Binance USD and many more. Additionally, Binance.com offers the unique opportunity to invest in BNB tokens – the local token of the Binance network. By holding these tokens, users can take advantage of multiple benefits, such as fewer fees on spot trading activities. 

BNB is an example of a utility token available on Binance since it acts primarily as a discount token that investors use on the platform. 

Thus, Binance has one of the largest range of crypto assets at its disposal. Investors interested in diversifying their portfolios can discover multiple investment opportunities with Binance. 

Cryptoassets are a highly volatile unregulated investment product.

Binance Fees & Commissions

One of the most important qualities when reviewing an exchange is evaluating the different fees available on the platform. In the sections below, we will be discussing all the important trading and non-trading fees that Binance charges. 

Binance Trading Fees

Firstly, the main fee applicable on Binance is the spot trading fee when buying and selling cryptocurrencies. Binance applies a maker/taker model, which begins at just 0.1% per transaction. There is a chance of making a 25% discount on spot trading fees by holding a certain number of BNB tokens. 

Binance also offers futures trading, which comes with a separate fee structure. This crypto exchange offers USD-margined Futures and Coin-Margined Futures products. The former gives settlements in USD-pegged assets, such as USDT or BUSD. The latter allows users to settle contracts in the underlying crypto asset. 

For example, when settling a USD-Margined futures contract on USDT, a maker/taker fee of 0.02%/0.04% is the highest applicable rate. On the other hand, a maker/taker fee of 0.01%/0.05% is the highest applicable rate on Coin-Margined Futures. 

Further discounts are applicable with BNB holdings. 

Trading on Binance also supports swap farming – a feature that lets users access different token pairs through a liquidity pool. For example, when using a BSW/USDT liquidity pool – users must pay an effective fee of 0.0750%. 

Binance Non-Trading Fees

Users should be aware that trading on Binance includes additional fees. When purchasing assets, users may be applicable to pay a few non-trading fees. Depending on the payment method users choose, an additional fee may be charged. 

For example, Binance charges a 4.5% fee when buying cryptos with a credit card. On the other hand, an ACH transfer does not have any additional fees. 

Furthermore, Binance charges a differing withdrawal fee per cryptocurrency. For instance, users withdrawing BTC tokens from the BNB smart chain must pay a fee of 0.0000054 BTC. This equates to only $0.10. 

No deposit fees are applicable with Binance. 

Is Binance User-Friendly? 

Trading on Binance can be conducted via the desktop feature and the Binance mobile app – available on iOS and Android. Being one of the largest crypto exchanges, Binance.com incorporates a simple-to-use interface with multiple trading options and assets. 

Regarding user-friendliness, Binance may be seen as best-suited for slightly advanced traders and investors. This is due to the number of advanced features available on the Binance app, such as advanced charting options and multiple API keys for integrating software. 

Furthermore, Binance may be overwhelming at first for new users. This has to do with the sheer number of features such as staking abilities, swap farming, crypto referrals and margin trading. Users looking for a beginner-friendly platform may choose to review other exchanges such as eToro. 

This crypto exchange and a social trading platform bring the trading community together. With eToro, users can access research tools, copy trades of skilled investors and share their knowledge on the social forums and community tabs. 

Cryptoassets are a highly volatile unregulated investment product.

Binance Features, Analysis & Trading Tools

Trading on Binance supports more than buying and selling crypto tokens. Users will be welcomed with multiple features and trading tools when using Binance. Therefore, we have summed up some of the top features and tools Binance offers in the below sections. 

Swap Farming 

We had briefly mentioned swap farming in the earlier sections, but let’s carefully analyse this unique feature available on Binance. Swap Farming offers users a unique way of accessing multiple cryptocurrencies. 

Binance Swap Farming uses an automated market maker (AMM) model to swap currency pairs without having to trade with other parties. The exchange has a liquidity pool, which users can instantly access to deposit or swap crypto pairs. 

Pairs of tokens are usually pooled together, and the swap price is determined by its live ratio. With competitive fees for accessing these liquidity pools, Swap Farming is an exciting feature which Binance users can enjoy. 

Margin & Leverage Trading 

With the Binance crypto exchange, users can conduct margin & leverage trading. These options are interesting for skilled traders and investors looking to take out futures contracts and trade on future price movements of top assets. 

On Binance, trades can be leveraged up to 20x. While this increases the possibility of profits, the chance of losing money also multiplies. Therefore, margin and leverage trading should be accessed by users with a high-risk tolerance. 

Staking Options 

With Binance Earn, users have the opportunity to make passive income with one of the best crypto-staking platforms. Binance Earn is a tool that lets users stake various crypto assets in return for interest. 

Among the available staking options are locked & flexible staking. While the former includes staking crypto assets for a minimum period, flexible staking can be used to buy and sell tokens as the user pleases. 

For example, accessing flexible staking on Bitcoin can reward users with an APY (Annual Percentage Yield) of 0.5% – 5%. This feature is popular for investors looking to make additional income on their crypto holdings, regardless of the token price. 

Along with altcoins, users can also stake stablecoins, DeFi tokens and more. 

Binance Academy 

For new users and beginner traders, Binance has developed an online academy full of research, articles and insights into the crypto world. The research includes an institutional-grade analysis of trending news pieces and an incubator for top blockchain projects. 

Furthermore, users can learn about multiple topics such as technical analysis, NFTs, security, tutorials and numerous altcoin discussions. The extensive research and guides provided via the Binance Academy can support users in increasing their knowledge and developing confidence when trading cryptocurrencies. 

Binance Copy Trading

Copy Trading is a unique tool for beginners and new users to use while starting to create their crypto portfolios. With Binance copy trading, users can start investing in digital assets by copying the exact trades of professional and experienced traders. 

For investors looking for how to copy trade on Binance, the platform offers an advanced copy trading system that executes orders of other traders and lets investors trade on autopilot. Over 40,000 users access this feature, with an average 30-day trading volume of more than $350 million. 

Cryptoassets are a highly volatile unregulated investment product.

Binance Account Types

When using Binance, users can access multiple account types which cater to the different markets this exchange caters to. Let’s take a look at all the account types that Binance offers. 

Binance Exchange 

Binance exchange is the leading trading platform users can access to invest in cryptocurrencies. Along with spot trading, users can access trading pairs, convert cryptos and access TradingView. With this software, investors can access multiple technical indicators, charting options and various order types. 

Additionally, Binance is one of the best P2P crypto exchanges, allowing users to send and receive cryptos from one another. 

Futures and Derivatives

Binance supports futures and derivatives trading and offers multiple crypto-denominated derivatives products. With this account, investors can also access leveraged tokens –…