Binance offers a variety of trading tools, including real-time charting tools with moving averages and exponential moving averages. Users can place trades through the Binance app, Binance website, or Binance desktop app. The team at Binance recently introduced margin trading to its platform. You will need to apply for a margin account if this is something you’re interested in, which will include a disclaimer form indicating that you understand the risks involved. When the crypto-craze of late 2017 was in full force, Binance experienced a significant wave of new account applications. The throughput was so high that the platform had to temporarily suspend new registrations.

The “Convert” interface is the beginner-friendly option, which removes all of the advanced features such as charts and different order types. This makes it easy for newbies to swap between cryptocurrencies at market rates, without any confusion. A very neat feature, Binance provides a peer-to-peer (P2P) trading service, which connects buyers and sellers of cryptocurrency directly. This facilitates fiat payments, with a wide variety of payment options that depend on the users’ preferences.

Investment Products

This is mainly due to the number of clients it supports, which makes it overwhelming to respond to queries on time or thoroughly. This trading option is similar to spot trading, but instead of changing assets on the spot, futures allow traders to trade without having to own the assets. Traders get a loan that is x times the amount of collateral they place in their margin trading account. For example, if a trader has an initial margin deposit of $10000, they can get a loan of 2, 5, or 10x of the collateral, which is $20,000, $50,000, or $100,000. Finally, the exchange maintains an insurance fund for futures which collates the collateral from trader fees to cover its bankrupt customers’ positions.

If you want to trade crypto futures, Binance has a specific section for it. You can get access to mock trading experience, multiple assets, https://www.tokenexus.com/ and leverage up to 125x for specific assets. Binance also provides settlements in UDST or COIN (specific crypto you plan to trade).

What fiat and cryptocurrencies are supported?

Once you deposit crypto or fiat, this moves to the Funding wallet, which can then be transferred to the Spot wallet without any fee. However, it is advisable not to store a lot of funds on a centralized exchange and instead use a hardware wallet. The trading interface is loaded with spot, derivatives, P2P, and other offerings. Note that the interface itself is segregated as Binance Lite and Binance Pro. As the name suggests, Binance Lite is meant for new traders and offers a more streamlined view of the interface. Also, instead of depositing fiat, you can directly use the same to buy crypto.

• It is based on the Ethereum blockchain and uses the ERC20 token standard.
• This includes a recent campaign to help females in Uganda who suffer from period poverty.
• Below is a list of some of the trading options available on Binance Global.
• This large number of supported cryptocurrencies is one of the main reasons behind Binance’s astounding popularity and success.
• In this review, I’ll cover the main things you need to know before signing up.
• The over-the-counter (OTC) trading desk allows users to exchange large quantities of crypto in one transaction.

Binance uses a volume-based maker/taker fee structure that rewards active traders with reduced fees. The standard spot trading fees on Binance are 0.1% for each transaction (e.g., buy/sell). Given the recent closure of competitors Paxful and LocalBitcoins, the Binance P2P platform is one of the bigger P2P exchanges to use. By the end of this review, readers will have a clear understanding of Binance’s fees, supported assets, trading platforms, security, regulation status, and overall reputation. Whether a beginner looking to buy their first crypto or an advanced trader exploring derivatives, our review covers everything you need to know to decide if Binance is the right fit.

Binance customer support

However, there is a nominal 1% processing fee applied to transactions that aren’t the cheapest compared to premium NFT platforms in the market. Binance Convert supports most listed coins and is a fast way to swap cryptocurrencies. The exchange offers many markets and features, so customers can choose which products to utilize. By taking this approach, Binance has ensured its highly accessible for new traders while allowing users to progress through the available features as they build confidence and gain experience. More experienced investors, though, will gravitate toward Binance.US’s Advanced Verification.

• While this was previously 50%, the next reduction will take the discount down to 12.5%.
• It shows real-time candlestick charts and depth charts for the selected trading pair.
• It’s even talked about morphing into a decentralized autonomous organization (DAO) in the future, which would leave its governance to the traders who use it.
• In this Binance review, we learned that Binance is exceptionally keen on experimenting and pushing cryptocurrency services forward.
• We’ll examine everything from signing up and trading on Binance to its security measures and customer support.
• To do this, you’ll initially need to enter your full name, home address, country of residence, and date of birth.

You can easily withdraw cryptocurrencies from Binance, as well as a variety of fiat currencies including USD, GBP & EUR. For a full list of fiat currencies along with binance review the relevant withdrawal fees, click here. Margin trading is available for selected trading pairs, allowing users to trade with leverage of up to 10x on some coins.