Binance Review August 2022 – Check Binance Fees & Features

Binance charges a competitive trading fee and offers over 600 tradable assets, which is why it attracts the highest trading volume among any global crypto exchange.

This guide explores the cryptocurrency exchange, Binance, in depth. It reviews the various features of the exchange, how to use it, and what to be aware of when trading on Binance. We will also review the different features that are available on the Binance platform, such as the Binance wallet and the different trading features.

Tradable Cryptos on Binance

Binance is attractive because it offers a large number of digital assets. There are more than 600 cryptocurrencies available to users on Binance.

Firstly, investors can trade digital assets by market cap, allowing them to purchase Bitcoin, Ethereum, and Cardano. Binance also supports multiple utility, mining, and stablecoins.

Some popular stablecoins available to trade on Binance are Tether, USD Coin, and Binance USD. Additionally, Binance.com offers the unique opportunity to invest in BNB tokens, which are the local tokens of the Binance network. These tokens allow users to enjoy benefits such as reduced fees on spot trading.

Binance’s utility token, BNB, can be used as a discount token on the platform.

Binance therefore has a large number of cryptocurrency assets. There are many investment opportunities available to investors through Binance. This is a great way to diversify your portfolio and protect your investments.

Binance Fees & Commissions

When reviewing an exchange, it’s important to evaluate the different fees available on the platform. We will discuss all of Binance’s important trading and non-trading fees below.

Binance Trading Fees

The main fee applicable to Binance is the spot trading fee when buying and selling cryptocurrencies. Binance charges a maker/taker model, which starts at 0.1% per transaction. If you own a certain number of BNB tokens, you can get a 25% discount on spot trading fees.

This can be seen as an insurance policy against a drop in the price of Bitcoin Binance’s futures trading offers a separate fee structure that can be seen as an insurance policy against a drop in the price of Bitcoin. This exchange offers futures products that are margined with USD or coins. The latter will be given in sUSD, a synthetic USD collateralized by USDC The first option will give you settlements in USD-pegged assets, such as USDT or BUSD. The second option will give you settlements in sUSD, a synthetic USD collateralized by USDC. This allows users to settle their contracts in the underlying crypto asset.

For example, when settling a USD-Margined futures contract on USDT, the highest applicable rate for a maker is 0.02% and the highest applicable rate for a taker is 0.04%. The highest fee you can be charged for Coin-Margined Futures is 0.01% for being the maker and 0.05% for being the taker.

Further discounts are applicable with BNB holdings.

Swap farming on Binance lets users trade different token pairs through a liquidity pool. An effective fee of 0.0750% is charged when using a BSW/USDT liquidity pool.

Binance Non-Trading Fees

Binance users should be aware that there are additional fees for trading. When purchasing assets, users may be required to pay a few non-trading fees. If users choose a payment method that involves an additional fee, they will be charged that fee.

Binance is an example of a company that charges a 4.5% fee when buying cryptos with a credit card. An ACH transfer does not have any additional fees, unlike other types of transfers.

Furthermore, Binance charges a differing withdrawal fee per cryptocurrency. For example, a user withdrawing BTC from the BNB smart chain would have to pay a fee of 0.0000054 BTC. This equates to only $0.10.

No deposit fees are applicable with Binance.

Is Binance User-Friendly? 

Binance offers trading through a desktop feature and mobile apps for iOS and Android. One of the biggest crypto exchanges, Binance.com, is easy to use with lots of different trading options and assets.

Binance is best-suited for slightly advanced traders and investors because it is user-friendly. This is because the Binance app has a lot of features that are normally only available on advanced apps, such as special charting options and the ability to use multiple API keys to integrate different software.

Binance may be confusing for new users at first. This refers to the large number of features, such as staking, farming, referrals, and margin trading. If you’re a beginner, you might want to look at other exchanges like eToro.

A social trading platform that brings the trading community together. eToro allows users to access research tools and copy the trades of more experienced investors. They can also share their knowledge on social forums and community tabs.

Binance Features, Analysis & Trading Tools

In addition to buying and selling crypto tokens, Binance also supports trading. When using Binance, users will be welcomed with multiple features and trading tools. The following are some of the top features and tools Binance offers.

Swap Farming 

Swap farming is a unique feature available on Binance that allows users to earn rewards by providing liquidity to the platform. Swap Farming allows users to access multiple cryptocurrencies in a unique way.

Binance Swap Farming uses an automated market maker model to swap currency pairs without having to trade with other parties. This allows for a more efficient way to manage currency pairs. The exchange has a liquidity pool containing various crypto pairs that users can instantly access and swap.

Two tokens are generally grouped together, and the swap price is dictated by the current exchange rate. Binance users can enjoy Swap Farming with competitive fees for accessing these liquidity pools.

Margin & Leverage Trading 

The Binance crypto exchange allows users to trade with margin and leverage. Skilled traders and investors who are interested in taking out futures contracts and trading on future price movements of top assets may find these options interesting.

On Binance, trades can be leveraged up to 20x. The likelihood of both making a profit and losing money increase when multiplying. Because margin and leverage trading can result in big losses, it’s only appropriate for investors who can handle a lot of risk.

Staking Options 

Binance Earn allows users to make passive income with one of the best crypto-staking platforms. Binance Earn is a program that allows users to hold various crypto assets in return for interest payments.

There are two types of staking options: locked and flexible. While staking crypto assets for a minimum period locks up your tokens, flexible staking allows you to buy and sell tokens as you please.

For example, staking Bitcoin flexibly can give users an APY of 0.5%-5%. This feature is popular with investors looking to earn extra income from their crypto holdings, regardless of the token price.

Users can also stake altcoins, stablecoins, DeFi tokens and more.

Binance Academy 

Binance has developed an online academy, full of research, articles and insights into the crypto world, for new users and beginner traders. The research will analyze trending news pieces and identify top blockchain projects.

Users can learn about topics such as technical analysis, NFTs, security, tutorials and numerous altcoin discussions. Binance Academy’s extensive research and guides can help users become more knowledgeable and confident when trading cryptocurrencies.

Binance Copy Trading

Copy Trading is a great way for beginners to get started in creating their own cryptocurrency portfolios. Binance copy trading allows users to invest in digital assets by copying the trades of professional and experienced traders.

Binance offers an advanced copy trading system that executes the orders of other traders, letting investors trade on autopilot. appr. 40,000 users operate with this feature, with an average 30-day trading volume of more than $350 million.

Binance Account Types

Binance offers different types of accounts to meet the needs of different markets. Binance has several different types of accounts that offer different benefits.

Binance Exchange 

Binance is the leading cryptocurrency trading platform that users can access to invest in cryptocurrencies. Binance is constantly listing upcoming coins. In addition to spot trading, users can access trading pairs, convert cryptocurrencies, and access TradingView. This software gives investors access to a lot of different indicators, options for how to chart data, and different order types.

As well as being one of the best P2P crypto exchanges, Binance also allows users to send and receive cryptos from one another.

Futures and Derivatives

Binance offers support for futures and derivatives trading as well as multiple crypto-denominated derivative products. This account allows investors to access leveraged tokens, which are open positions on the futures market.

While most derivatives are perpetual contracts, users can also access quarterly Bitcoin contracts on Binance.

Launchpad

The Binance launchpad is a new way for users to signal their interest in buying tokens before they launch. The main difference is that with an IPO, you’re investing in a company that’s already established, whereas with a launchpad, you’re investing in a company that’s just starting out A launchpad is a fundraising method for investing in new companies, similar to an IPO (Initial Public Offering) for stocks and shares. The main difference is that with an IPO, you’re investing in a company that’s already established, whereas with a launchpad, you’re investing in a company that’s just starting out.

Users interested in purchasing new coins must lock up BNB tokens to the desired amount. Binance’s launchpad has been behind some huge projects, such as BitTorrent, the MATIC network, and WazirX.

Binance users can also access the Binance wallet, which lets traders store multiple cryptos offline. Binance has also launched an NFT marketplace which supports the creation and trading of popular non-fungible tokens.

Keep reading to learn about these two interesting features that can be accessed via Binance.

Binance App Review 

The Binance app, available on iOS and Android, is one of the best investment apps. The app is designed well and has an easy to use interface that makes buying cryptocurrencies easy and efficient.

The Binance app includes all the same features as the desktop version. This trading platform can be accessed by users on the go and from their portfolios. A beginner-friendly mode is available for those who don’t want to use advanced features. This allows you to buy and sell items and reduces the number of different types of orders you have to choose from.

Advanced Traders can choose to have the app in Profession or Full mode, which gives them access to advanced trading charts, features and technical tools. On the Binance app, each feature can be accessed with one click. For example, popular tools that allow you to access your referral ID or make a deposit can be used immediately.

The Binance app enables users to monitor all their incoming and outgoing transactions in real-time. For instance, if you want to view all the assets you received from a Binance airdrop, you would need to click on the “Distribution” tab.

Compare the best cryptocurrency exchanges for trading bitcoin and other assets

Coinbase

What makes Coinbase unique is that it offers more than 100 cryptocurrencies, including bitcoin, ethereum, litecoin, dogecoin, and ripple. The exchange offers investment options for both individual and institutional clients. The account features of Coinbase include staking rewards, mobile apps for iOS and Android, and an option toEarn that pays you in cryptocurrency for watching educational videos.

In addition to its basic offerings, Coinbase also provides Coinbase Pro for more experienced traders and Coinbase Prime for institutions and wealthy individuals with a net worth of at least $1 million. Coinbase Pro users have access to more advanced features like secure trading bots, charting tools, and real-time order books.

In addition to the Prime cryptocurrency trading platform, institutional clients can utilize commerce services, cold storage (offline storage for crypto assets), and an Asset Hub that allows issuers to list and grow their products on the platform.

Coinbase, a digital asset exchange, has recently beta launched its NFT trading platform. In order to encourage more people to use its platform, it is not charging transaction fees for a limited time. Many NFT platforms charge a 2.5% fee per transaction, so Coinbase’s offerings are much cheaper in comparison (you can read more about its NFT platform here).

Read our Coinbase review to learn more.

If you use margin accounts for trading, Coinbase is not the best option for you. The exchange does not offer the ability to borrow money to trade crypto assets temporarily, nor does it offer futures. Futures are legal contracts that give the holder the choice to exchange a security at a specific price on a forthcoming date.

Abra

Abra stands out from other crypto exchanges because it is available to traders in more than 150 countries. Abra is a great exchange because it doesn’t charge any trading fees and has a lot of different crypto products and features.

This platform offers trading for 80 cryptocurrencies, interest accounts with up to 10% returns on eligible assets, crypto-backed loans, over-the-counter (OTC) trading, and multiple educational guides for beginners. In addition to its regular stock market services, this company also gives institutional clients the ability to earn interest on their accounts, take out loans, and receive support from a designated account manager.

Also, Abra gives you 3% cash back for CPRX token trades, and the exchange has 0% interest loans.

Abra is available on iOS and Android phones.

Read our Abra review for more info.

When using a credit card, be aware that Visa and Mastercard transactions have high fees.

Kraken 

What makes it unique: Its customer service, low fees and easy withdrawals make Kraken a favourite among cryptocurrency investors. Kraken is a popular choice among cryptocurrency investors due to its extensive list of supported coins, excellent customer service, and easy withdrawals. Although Binance.US may have more global support than Kraken, Kraken has a bit more reach. The exchange currently supports traders in nearly 200 countries.

Kraken also offers margin trading and futures trading. By using margin accounts, you can trade crypto assets while only having to pay a percentage of the total value. This allows you to leverage your account balance up to five times. Futures contracts for bitcoin, ethereum, litecoin, bitcoin cash, and ripple are available for trading. Futures contracts are agreements to buy or sell an asset at a set price on an upcoming date.

The exchange also offers its own futures trading platforms. Institutional clients can have access to expert opinions, one-on-one consultations, account management support, and more.

All clients can use Kraken’s staking rewards, iOS and Android mobile app access, and educational resources.

Check out our Kraken review to learn more.

Some things to be aware of include that Kraken’s futures mobile platform is unavailable to US traders currently. The exchange offers consultation and account management services, but only to institutional and high-net-worth clients.

CEX.IO

CEX.IO is a global crypto exchange based in London that supports traders in more than 99% of countries worldwide. According to its website, it also supports 48 US states. An exchange is a platform that allows you to buy, sell, or trade cryptocurrencies for other assets, such as fiat currency or other digital currencies. The exchange also gives you access to bitcoin and more than 100 other crypto assets.

CEX.IO offers instant credit and debit card purchases, a mobile app, staking rewards, and crypto-backed loans to all users. Some traders might prefer CEX.IO because it offers spot trading and margin trading accounts. Its aggregator and payment management services can be used by institutions and businesses.

It’s also important to point out CEX.IO’s fee schedule. The exchange charges a fee based on your 30-day trading volume, with a lower fee for “makers” (those who add liquidity to the market by placing orders that can be immediately matched) and a higher fee for “takers” (those who place orders that cannot be immediately matched). Maker orders on CEX.IO cannot be executed immediately, as they need to be matched with another order. Taker orders can be executed immediately, as they are matched with an existing order.

Its maker fees are 0.00-0.15%, and its taker fees are 0.01-0.25%. CEX.IO is available on both iOS and Android devices.

You’ll find more details in our review of CEX.IO.

What to look out for: Transactions with debit or credit cards can be pricey at CEX.IO. For Visa and Mastercard deposits, you’ll be have to pay a 2.99% fee (it only requires 1.49% for GBP deposits with UK-issued cards). Withdrawals for US residents using a Visa card include a service charge up to 3% plus an additional $1.20 and commission up to $3.80. Mastercard users can expect a service charge up to 1.8% plus an additional $1.20. There’s also a commission up to 1.2% plus $3.80.

Gemini

Why it stands out: Gemini offers a wide variety of crypto trading services for individuals and institutions. Traders can take advantage of multiple platforms, including the Gemini web exchange, Gemini iOS and Android mobile apps, Gemini Active Trader platform, Gemini Fund Solutions, and institutional trading tools.

But the exchange also provides a few other notable features: Gemini Wallet, Gemini Earn, Gemini Clearing (brokerage services for off-exchange crypto trades between parties), Gemini Custody, Gemini Pay, and Gemini Dollar (a digital asset backed by US dollars).

Though Gemini isn’t strictly a personal wallet service, its two storage and custody options — Gemini Wallet and Gemini Custody — give you the choice of online storage or institutional offline storage for your crypto assets. Gemini custody also offers $200 million in cold storage insurance coverage.

Gemini Earn allows you to earn up to 8.05% interest on your cryptocurrency balance, while Gemini Pay allows you to use your assets to make purchases at more than 30,000 retail locations across the United States.

Learn more by reading our Gemini review.

Different accounts and account actions on Gemini have different fee schedules. Transfers made through ACH or wire methods do not have a fee, while credit or debit card transfers have a 3.49% fee. The exchange only supports a limited number of cryptocurrencies which can be found on its website.