The Binance exchange is an exchange founded in 2017 with a strong focus on altcoin trading. Binance has quickly grown to become of the most\ popular cryptocurrency exchanges, offering trading in more than 500 cryptocurrencies and virtual tokens (but only about one-tenth of that amount of names for U.S.-based customers) including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).
Binance doesn’t offer fee-free trading. However, its fees are low compared with even the best crypto exchanges that charge fees and commission. The highest spot trading fee you’ll pay is 0.1%.
Earn up to 10% on holdings
Through Binance staking, you can earn rewards on funds held in your Binance.US account. It’s similar to an annual percentage yield on a savings account, but without the security you’d get from a bank. Reward amounts vary by currency between 0.5% and 10%.
Large crypto selection
Binance is one of the largest cryptocurrency platforms in the world. It gives users around the world access to more than 280 currencies. This includes 10 DeFi tokens, stablecoins, Bitcoins, and altcoins. Binance.US users in the United States, however, have access to just over 50 coins.
Trading on Binance
Like other crypto exchanges, Binance offers services around the trading, listing, fundraising, and de-listing or withdrawal of cryptocurrencies. Cryptocurrency enthusiasts willing to launch their own tokens can use Binance for raising funds through initial coin offerings (ICOs). Binance is used by a large number of traders and participants for exchanging and investing in various cryptocurrencies.
- Limit order
- Market order
- Stop limit order
- Stop market order
- Trailing stop order
- Post only order
- Limit TP/SL order
There is no fee charged for cryptocurrency/fund deposits, though withdrawals do come with a transaction fee that varies depending upon the cryptocurrency and amount.
You can use Binance via desktop, mobile, or web-based app. Each option lets you:
- Buy, sell, or trade
- Set up recurring buys
- Access live tracking and alerts, and portfolio insights
It’s a centralized exchange so you’ll need to provide some personal information to verify your account before you can get started. Binance.US accounts are available to users in the U.S. in all states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. If you don’t live in the U.S., you can use its general platform.
Binance comes with a robust set of features and dashboards that can be a lot to take in. Its Buy Crypto page makes it easier to wade through the noise and make simple transactions. It’s a clean interface where you can simply buy, sell, or convert crypto.
From this screen, you can initiate a one-time or recurring buy of any available coin. You can purchase crypto with USD from your Binance account balance, a connected bank account, or a debit card.
Earn rewards with staking
If you stake certain currencies, Binance pays rewards. It’s a bit like earning interest on a savings account — you leave your currency in your Binance account, and it will earn money.