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WikiBit 2023-08-02 17:42

Abstract:BINANCE is one of the world's largest and most popular cryptocurrency exchanges. Founded in 2017 by Changpeng Zhao, it has quickly gained prominence in the crypto space for its extensive range of digital assets and high trading volumes.

Founded 2017
Regulation NMLS, MAS/FinCEN (Exceeded)
Supported Cryptocurrencies 350+
Fees 0.012%-0.10%
Funding Methods Wallet, ACH transfer, Wire transfer, Cryptos
Customer Service 24/7 live chat, email, FAQs, Social media

BINANCE Overview

BINANCE is one of the world's largest and most popular cryptocurrency exchanges. Founded in 2017 by Changpeng Zhao, it has quickly gained prominence in the crypto space for its extensive range of digital assets and high trading volumes.

BINANCE offers a user-friendly platform, advanced trading features, and a wide array of services, including spot trading, futures trading, staking, savings, and more, making it a preferred choice for both beginners and experienced traders in the cryptocurrency market.

Pros & Cons

√ Pros × Cons
• Numerous tradable cryptocurrencies • Exceeded MAS and FinCEN regulatory licenses
• Wide selection of trading options • Not available in the U.S.
• Low fees
• Multiple payments

Pros Revealed

• Numerous Tradable Cryptocurrencies

Binance offers 350+ cryptocurrencies available for trading, allowing users to access various altcoins and popular digital assets beyond Bitcoin and Ethereum.

• Wide Selection of Trading Options

Binance provides a diverse array of trading options, including spot trading, futures trading, options trading, margin trading, and more. This variety caters to traders with different strategies and risk appetites.

• Low Fees

Binance is known for its competitive fee structure, with low trading fees for both makers (0.012%-0.10%) and takers (0.024%-0.10%). This cost-effectiveness attracts traders who seek to optimize their profits while engaging in frequent trading activities.

• Multiple Payments

Binance supports multiple payment methods, such as wallets, debit cards, ACH transfers, and wire transfers, offering users flexibility and convenience in funding their accounts and participating in the cryptocurrency market.

Cons Revealed

Exceeded MAS and FinCEN Regulatory Licenses

Binance reportedly faced regulatory concerns related to its licenses with the Monetary Authority of Singapore (MAS) and the United States Financial Crimes Enforcement Network (FinCEN). Such concerns could potentially impact its ability to operate in certain jurisdictions and might raise questions about its compliance with regulatory standards.

Not Available in the U.S.

Binance has faced restrictions in the United States, with certain services and features not being available to U.S. residents due to regulatory complexities. This limitation may inconvenience American traders who are looking to access the full range of services offered by the exchange.

Regulatory Compliance

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, BINANCE reportedly holds a regulated MTL license from the United States Nationwide Multi-state Licensing System (NMLS, No. 1906829), an exceeded Monetary Authority of Singapore (MAS) license (No. 201811768M), and an exceeded MSB license from the United States Financial Crimes Enforcement Network (FinCEN, No. 31000159813807).

These licenses reflect BINANCE's compliance with regulatory requirements in different jurisdictions and underscore its commitment to operating within established legal frameworks.


BINANCE has implemented several security measures to enhance the safety of its platform and user funds.

Secure Asset Fund for Users (SAFU)

BINANCE stores 10% of all trading fees in a secure asset fund to protect a share of user funds in the event of a security breach or unexpected situations. It is designed to cover potential losses and ensure that users' assets remain secure.

Personalized Access Control

BINANCE provides various security features to help users protect their accounts, including two-factor authentication (2FA), email verification, and anti-phishing codes. These measures add an extra layer of security to prevent unauthorized access to accounts.

Advanced Data Encryption

BINANCE employs end-to-end encryption protocols to safeguard user data, ensuring that sensitive information remains protected from unauthorized access.

While BINANCE has taken significant steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.

Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.

Cryptocurrencies Available

BINANCE offers a vast selection of over 350 cryptocurrencies for trading on its exchange. It also supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, and INR, making it accessible to users from various regions.

Some of the notable cryptocurrencies available on BINANCE include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BINANCE Coin (BNB), BINANCE USD (BUSD), Cardano (ADA), Solana (SOL), Polygon (MATIC), Polkadot (DOT), SHIBA INU (SHIB), Ripple (XRP), USD Coin (USDC), Dogecoin (DOGE), TRON (TRX), Litecoin (LTC), and Bitcoin Cash (BCH), among many others.


BINANCE's fee schedule is transparent and straightforward. The transaction fees are capped at 0.10%, and they vary depending on whether you are a maker or a taker. Makers pay a fee ranging from 0.012% to 0.10% of their transactions, while takers pay a slightly higher percentage, ranging from 0.024% to 0.10%. These fees can be reduced according to your tier and the 30-day trading volume you transact.

Moreover, BINANCE offers certain fee discounts and promotions. For instance, there is a 0% fee on BTC/TUSD Spot & Margin Pair, a 25% discount on Spot & Margin Trading fees if using BNB (BINANCE Coin), and a 10% discount on USDⓈ-M Futures Trading fees with BNB.

The tier-based maker and taker fees on BINANCE are as follows:

Level 30-Day Trading Volume (BUSD) Taker Fee Maker Fee
Regular User <1M 0.10% 0.10%
VIP 1 1M-5M, 25+ BNB 0.10% 0.09%
VIP 2 5M-20M, 100+ BNB 0.10% 0.08%
VIP 3 20M-100M, 250+ BNB 0.06% 0.042%
VIP 4 100M-150M, 500+ BNB 0.054% 0.042%
VIP 5 150M-400M, 1000+ BNB 0.048% 0.036%
VIP 6 400M-800M, 1750+ BNB 0.042% 0.03%
VIP 7 800-2000M, 3000+ BNB 0.036% 0.024%
VIP 8 2billion-4billion, 4500+ BNB 0.03% 0.018%
VIP 9 4billion+, 5500+ BNB 0.024% 0.012%

In summary, BINANCE implements a tier-based maker and taker-maker fee system, allowing traders with higher trading volumes to benefit from reduced fees and additional discounts on specific trading pairs.

Funding Methods

BINANCE offers a wide range of payment methods for its users to deposit funds and start trading. Users can fund their accounts using wallets, debit cards, ACH transfers, wire transfers, and various cryptocurrencies.

While withdrawal fees vary depending on the chosen method, BINANCE has not disclosed specific fees for wallet and crypto conversions. However, for debit card transactions, a 4.5% fee is applicable, while ACH transfers are free of charge. For wire transfers, there is a $15 fee.

Funding Method Fees
Wallet N/A
Debit cards 4.5%
ACH transfer Free
Wire transfer $15
Crypto conversion N/A

Compare to Other Cryptocurrency Exchanges

Fees 0.012%-0.10% 0.2% 0% - 3.99%
Cryptos Available 350+ 700+ 200+


Best for experienced traders and those seeking a wide range of cryptocurrencies and advanced trading options.


Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.


Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.

Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.

Binance User Review

User 1:

Binance is my crypto go-to! The security features like 2FA and cold storage are top-notch, giving me peace of mind. The interface might be overwhelming for newbies, but it's a paradise for traders seeking countless cryptocurrencies to dabble in. Liquidity? No worries, it's like a bustling marketplace. However, customer support can be slow, and trading fees, while competitive, can stack up with frequent trading. Privacy-wise, it's alright, but I wish they'd amp up data protection. Deposits and withdrawals are usually swift, and order types cover all my trading strategies. Stability? Generally good, but those occasional glitches can be frustrating. Overall, Binance is a powerhouse with room for improvement in support and privacy.

User 2:

Mixed feelings about Binance. The security is solid with cold wallets and all, but the whole regulatory uncertainty gives me pause. The interface is sleek, catering to both newbies and pros. Liquidity is impressive; you can trade just about anything here. However, their customer support often feels like shouting into a void. Trading fees are manageable, but privacy feels a bit lax - I'm not sure how much data they're collecting. Deposits and withdrawals are usually quick, but I've had a few hiccups. Order types are versatile, and stability's good overall, but those occasional downtimes irk me. Binance is a heavyweight, but regulatory clarity and customer support need work.

Frequently Asked Questions (FAQs)

Q 1: Is BINANCE regulated?
A 1: Yes. It is regulated by NMLS, but the MAS and FinCEN regulatory licenses are both exceeded.
Q 2: At BINANCE, are there any regional restrictions for traders?
A 2: Yes. U.S. citizens are restricted from using BINANCE in the United States. Four states in the U.S. have also restricted access to BINANCE: Hawaii, New York, Texas, and Vermont.
Q 3: Can you trade NFTs on BINANCE?
A 3: Yes.
Q 4: Is BINANCE a good crypto exchange for beginners?
A 4: Yes. It is regulated and offers extensive tradable cryptocurrencies and trading options with lows fees and advanced trading tools.
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