Binance was founded in 2017, making it one of the younger crypto exchanges out there. However, when it comes to usage data, the number of clients and trading volume, it is already among the biggest. Binance was originally based in Hong Kong; it now operates in various jurisdictions but the governing law of its terms is still Hong Kong law. Its orporate structure is opaque; it is not possible to tell what the legal entity is at which you open your account. Binance does not charge an inactivity fee or any account management fees. There are no deposit fees unless you deposit by credit/debit card.

binance overview

If the FAQ section can’t help you, there is an automated bot to help you find the answer to your question or resolve your problem. If that doesn’t work, you can submit a request to chat with a customer service representative. Binance-US, which differs slightly from the Binance service available to the rest of the world – however it is much more compatible with US trade regulations. There is also a chatbox on the bottom right corner of the support screen that can be accessed on the Binance website.

Binance limits and verifications

If you’re still on the fence about checking out Binance, there are some strong alternatives to consider. Even if you check out a competitor to Binance, you can always come back later to see if anything’s changed. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings.

If Bitcoin drops just $0.1 you trade will be closed and you’ll have lost your $100. So, let’s say you have $100 in your account, you’ll be able to buy or short Bitcoin for $1,000. You can make a lot of money very quickly if the market goes your way.

  • The team has worked on and operated a number of exchanges, and they have accumulated a large network of partners in this space.
  • A good user experience is one of those things that you just know when you run across it.
  • Binance.US is a 24/7 crypto exchange that offers low trading fees on over a hundred crypto options.
  • Active traders based in the U.S. may find some opportunity on Binance.US, but it offers fewer supported cryptocurrencies than the global platform.
  • However, after the 2017 bull market, regulatory pressure increased significantly.

Instant purchase means a model scenario where we bought a coin straight, for example with a credit card or other instant deposit. A non-instant purchase means a model scenario where we first deposit in a fiat currency (USD, EUR, etc.) then convert the deposit into a coin. First, let’s go over some basic terms related to crypto service fees. Just as with brokers, what you need to keep an eye on are trading fees and non-trading fees. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear.

Sub-account Transfer History (For Sub-account)

The platform adds this extra layer of protection to ensure the security of its online trading account. The two-factor authentication not only protects the username and password but also secures credible information. The two-fold exchange store established by Binance contains a massive amount of valuable information that is personally identifiable.

Binance Fiat Support

This provides an easy way for token holders to participate in these networks and earn staking rewards, without the need for technical expertise or any special hardware/software requirements. Is one of the leading trading platforms around, supporting over 500 cryptocurrencies and more than 180 countries. In this review, I’ll cover the main things you need to know before signing up.

You can’t use Binance if you’re in Hawaii, Idaho, New York, Texas, or Vermont. If Binance seems a little overwhelming at the moment, I’d encourage you to check out our Everything You Need to Know About Crypto resource. Once you’ve reviewed that material, you’re going to have a much steadier footing and a lot more confidence. While that should give you pause, remember that the crypto market is largely unregulated, and governments across the globe are looking to gain transparency into them. Binance is an inexpensive, speedy exchange with enough power to satisfy the experts, but might be a little overwhelming for crypto novices.