Binance is undoubtedly one of the largest cryptocurrencies in the world. It is also one of the first to be created. For a long time this exchange has held top positions in all trading volume sets. It serves clients from around the world, and its headquarters are located in Tokyo and Hong Kong.
On the Binance platform, we can trade all popular cryptocurrencies. The platform is very keen on security, but it has fallen victim to several hacker attacks.
The commissions in Binance are among the lowest on the market. No commission on payments to the exchange. The transaction commission is 0.1% of the transaction value. There is also the possibility of reducing transaction costs by half (0.05%) by using Binance Coins (BNB). Binance is also charging for withdrawals, but this costs are dynamic and depends on market conditions. You can check therem here (link).
Binance complied with industry-wide standards related to international law on counteracting money laundering and terrorist financing. People wishing to use the platform must pass the KYC (Know Your Client) verification.
On the Binance platform, we can trade all popular cryptocurrencies, trade with leverage, earn money on DeFi projects, and even pay in stores using a card connected to an account on the exchange. It is currently one of the widest offerings in the crypto market. You can also find many tokens not available on other exchanges.
The Spot Market is the most popular form of cryptocurrency trading. It is based on direct exchange of goods, where we get “physical” goods. This means that if you want to buy bitcoin for pounds, as a result of the transaction on the SPOT market (GBP / BTC pair), you will receive bitcoins in your account. You can then exchange them for other cryptocurrencies or FIAT currencies, or simply withdraw them from the exchange to your external cryptocurrency wallet.
It is worth mentioning that there are several hundred different cryptocurrencies on the stock exchange, which makes it one of the largest markets.
The standard commission on the Binance SPOT market is 0.1000% Maker / 0.1000% Taker (0.08% / 0.08% with our discount available below). Maker commission is a commission charged when placing pending orders (providing liquidity), while Taker is commissions for immediate transactions, carried out immediately on the market.
It is worth adding that commissions also decrease with increasing trade volume. You can check the full commission table here.
Futures / Derivatives market
The Futures/Derivatives market is a market of cryptocurrency contracts and options. Its main advantage and what distinguishes it from the SPOT market is the possibility of using financial leverage. Thus, it is very similar to the Forex / CFD market.
At Binance, the maximum leverage in the Futures market is x125. Of course, with larger volumes, the level of the maximum leverage decreases. However, given the nature of the cryptocurrency markets and their high volatility, lower levels of leverage will certainly be sufficient as well.
If you want to learn more about the derivatives offer offered by Binance, you should read the guides prepared by the exchange team here.
Other markets and services on Binance
Although the two above-mentioned markets are probably the most popular in the exchange’s offer, it is also worth mentioning about other offers that we can use on Binance.
When it comes to exchanging cryptocurrencies, it is worth highlighting here the P2P market, where we can buy and sell cryptocurrencies directly with other users. Interestingly, in this case, we can use a very wide set of traditional payments, such as online payments providers, card payment or ordinary bank transfer.
Below is a list of other markets:
- Currency converter;
The second set of services is Binance Earn, which allows you to earn profit in several ways, such as Staking, Farming or investing on Launchpad:
- Dual Investment;
You can find out more about passive forms of earning on Binance here.
Commissions (-20% discount)
Binance commissions are among the lowest in the market. The commission on the transaction is 0.1% of the transaction value, regardless of its size. You can lower your commission on Binance by 20%, thereby reducing its level to 0.08% by registering on the exchange via our link. You can also enter the code “DGIQXW2Z” when registering.
Binance also lowers the amount of commission for clients who make the appropriate turnover per month (min. 50 BTC / BNB per month) and keep the appropriate amount of BNB on their balance.
Withdrawal fees are also charged, but their amount is dynamic and depends on market conditions. Detailed commissions can be checked here (link).
Is Binance exchange safe?
Yes, the Binance exchange has been operating continuously since 2017 and is currently one of the largest exchanges in the world.
Can I pay lower fees on Binance?
Yes, through our website you can get a lifetime 20% discount on commissions from trading on the exchange.
Does binance offer leveraged trading?
Yes, binance is offering derivatives market when you can trade with leverage.