This Binance 2023 review cover
- Binance Referral Code and Signup Bonus
- Binance FREE trading bot
- Binance Safety and Regulation – Binance has been hacked once and refunded all funds very fast
- Binance KYC and Verification – Binance has low non-KYC withdrawal limits
- Binance Earn – One of the best ways to earn passive income
- Binance Deposit and Withdrawals – Binance offers many options for deposits and withdrawals with low fees
- Binance Trading Fees – Binance has among the lowest crypto trading fees
- Binance Leverage Trading – Binance has the best trading volume, lowest fees, and most trading products for leverage trading.
Referral Code for Trading Fee Discount
If you sign up through our link, you will get -20% off spot trading fees from Binance.
Binance SignUp Bonus 600$
We currently offer a $600 signup bonus you can release.
Read the terms and conditions and see all the best crypto signup bonuses in 2023.
Binance FREE Trading Bot
➤Binance offers a free trading bot feature where you can program an automated trading strategy with no programming skills.
- Spot Grid – See Bybit for a full explanation of a spot grid trading bot. Binance also has automated parameters or manual input.
- Futures Grid – Same as spot grid but operates in the futures market instead of the spot market.
- Rebalancing Bot – Category portfolios are generated based on the category and market cap of the relevant coins. Examples are Metaverse, Liquid staking, or Proof-of-stake baskets.
- Auto-Invest – Similar to a DCA bot. Accumulate specific crypto over time and get a market average buy price.
- TWAP (Time-weighted average price) – Only suitable for large orders. Slice large orders into smaller ones for a better execution price due to slippage. Available on API trading.
- VP (Volume Participation) – Split large orders across a specific market volume ratio. Available on API only. The Volume Participation algorithm is suitable for an order execution strategy that aims to perform sizable notional orders larger than the available market liquidity while minimizing the impact on the market.
Compare all the free crypto trading bots from different crypto exchanges.
Binance Safety and Regulation Review
Binance was founded by the Chinese developer and entrepreneur Changpeng Zhao. The website (and company) established operations in 2017 through an ICO.
Zhao had previously founded the high-frequency trading company, Fusion Systems in 2005 in Shanghai. Further, he has been working with Blockchain.info and at OKCoin.
Binance Regulation Review
Binance has, for a long time, been in an uncertain regulatory landscape. Also, regulations are not 100% set in the crypto landscape.
➤While Changpeng “CZ” Zhao thinks “regulation is essential for the crypto industry,” he also states, “it’s just as crucial for regulation to complement instead of hinder crypto’s growth“. This summarizes the Binance regulation strategy.
Binance is not at the forefront to be regulated as Coinbase and Kraken but rather have the approach to wait and see what the crypto regulators actually restrict.
In the meantime, they focus on offering as many products as possible for their customers, which has made them the largest crypto exchange in the world with the most features.
It is important to point out that Binance is working hard to comply with the regulators, but still, Binance has a hard time with regulators. They have also been asked to remove some products, like the Binance stock tokens, and also did they stop accepting US customers on Binance.com?
Binance Safety Review
Binance can be considered a safe, legit crypto currency exchange. Of course, Binance doesn’t disclose very much about its security features, but as the largest crypto exchange in the world, you can be sure there are constant hacking attempts.
Also, Binance was hacked for $40 million, which might look like a giant hack. However, it was only 2 percent of Binance’s overall bitcoin holdings and an even lower % of the total holdings. Binance could easily replace the lost funds in this case.
In addition, Binance is building up a $1 billion insurance fund to help its users in a future hack.
Binance KYC and ID Verification Review 2023
➤No KYC: No withdrawals
➤KYC1: 0.06BTC per day
➤KYC2: 100BTC per day
For a complete comparison between the top crypto sites for trading, see our article about non-KYC exchanges and withdrawal limits.
There are two different verification procedures on Binance. Also, you can achieve higher limits by completing both of them.
Binance Basic KYC Info
- This verification requires the user’s name
- address
- date of birth
Binance KYC 1: Identity and Face Verification
Binance users must complete identity and face verification to get a 5.000 EUR/daily limit.
This verification level will require
- a copy of a valid photo ID
- taking a selfie to prove identity by face verification. This step will require a smartphone with Binance App installed or a PC/Mac with a webcam.
Binance KYC2: Address Verification
Binance users must complete address verification to get a limit of 10.000 EUR/daily
- To have this limit, you will need to complete your identity and address verification.
It is possible to increase the daily limit to 10.000 EUR/daily. In order to do so, contact Binance support, as described in the next section.
Can I withdraw crypto from an unverified Binance account?
Binance changed their withdrawal limits for unverified and basic verified accounts during August 2021.
Now, the daily withdrawal limits are 0.06 BTC for accounts which have completed only Basic Account Verification.
Complete identity verification to increase your daily withdrawal limits to up to 100 BTC.
What is Binance Earn?
➤Binance Earn includes several options to earn a passive income APY on your crypto holdings.
Binance staking
Staking with Binance is possible through their platform. Binance offers locked staking, flexible staking, and Defi staking. You can earn up to 25% per year on your cryptocurrency holdings, a high passive income. With Binance, you can stake with two different features
Locked Staking where you hold you cryptocurrency funds in a wallet to support the operations of the blockchain.
DeFi Staking helps users to participate in different DeFi products via the Binance exchange.
Binance ETH 2.0 Staking
It is now possible to stake ETH 2.0 with Binance.
Binance has a very competitive offer to stake ETH 2.0 and you dont need any knowledge. You can stake as little as 0.0001 ETH.
The staking APY is 5-20% and the current APY is around 17% (8th Dec 2020).
Read more about how to stake ETH 2.0 with Binance.
Payment Methods and Deposit Methods on Binance
Binance does offer the most common deposit methods like,
- Credit Card
- Bank transfer (From many different fiat options)
- Cryptocurrency
- P2P, peer-to-peer trading with over 100 different payment options
- Other third-party payment options (Simplex, iDeal, and Banxa)
Minimum Deposit Binance
There is virtually no minimum deposit for cryptocurrencies on Binance.
However, for depositing EURO via card, there is a minimum of 15 EUR, and via SEPA bank, deposit a minimum 1 EURO.
Binance Withdrawal Fees
For each crypto there is an individual withdrawal fee and you can follow the link above to see all crypto withdrawal fees on Binance.
For EURO withdrawal to a card there is 1% fee and withdrawal to bank account is 5EUR + 0.5% fee.
How to deposit fiat to Binance with Card or Bank deposit?
- Signup to Binance
- Login to your Binance account
- Go to “Buy Crypto”
- Click on “Bank Deposit” or “Credit/Debit Card”
- After here, there are several options also depending on your geolocation
- Binance recommends card deposits and “only charges” 1.8%, which is very low compared to Kraken, Coinbase, or any other extensive crypto exchange.
How to deposit crypto, and what is a deposit address?
- Signup to Binance
- Login to your Binance account
- Go to “Wallet” in the top menu
- Click on “Fiat and Spot”
- Search for your cryptocurrency
- After here,click on “deposit”
- Now, make sure you understand that one cryptocurrency can have several deposit addresses. For example, USDT have different deposit address for various networks (Tron TRX and ETH are different from each other)
What happens if you accidentally send Bitcoin (BTC) on another network on Binance?
If you would be able to do this (and you maybe were in history), I would assume they are gone.
However, Binance is implemented as “unmatched networks automatically removed”.
It means if you have a Bitcoin BTC deposit address you want to send to from your Binance wallet, you can only do this on the Bitcoin BTC network.
Binance Referral Code: -20% on all commissions with our link
Binance Trading Fees Review
Binance charge very low trading fees as you will see in this review section.
First, you must understand that there are always two different trading fees. These two are called maker and taker trading fees.
➤You pay maker fee if you add an order to the order book (Limit order).
➤You pay taker fee if you remove liquidity from the order book (Market order).
In the table below you can see the difference between maker and taker fee. On top of this, Binance also charges a different fee if you hold their native token, Binance coin(BNB). There are actually three levels of Binance fees.
- Ordinary fees (most expensive, but still low fees in comparison to other platforms)
- 25% off if you hold 500 BNB.
- 25% off if you hold 500 BNB and additional 20% kickback with our referral code.
In addition, you can see that there are different trading fees for different crypto trading instruments.
The trading Binance trading fees are also dependent on you VIP level. You achieve different VIP levels (0-9) dependent on your trading volume the last 30 days. This information you also find in the table below.
Binance Spot Trading Fees
- VIP1
- ≥1M
- ≥ 25
- 0.09%/0.1%*
- VIP2
- ≥5M
- ≥ 100
- 0.08%/0.1%*
- VIP3
- ≥20M
- ≥ 250
- 0.07%/0.1%*
*Pay with BNB to get a 25% fee discount.
For the full table and our comparison for the lowest crypto spot trading fees among the top crypto trading sites.
Binance Futures Trading Fees
- -
- 0
- <15M
- .02/.04%*
- .012/.03%*
- VIP3
- ≥250
- ≥100M
- .012/.032%*
- .012/.03%*
*Get a 10% discount when you pay Binance futures trading fees with the BNB coin.
For the full table and our comparison of the lowest crypto futures trading fees among the top crypto trading sites.
Binance Referral Code: -20% on all commissions with our link
Binance Leverage Trading
- Binance Margin Trading
- Binance Option Trading
- Binance Futures Trading
Binance Margin Trading
Binance offers simple exchange services and additional trading features, including crypto margin trading. Crypto margin trading is one form of crypto leverage trading.
Note: Leverage trading always involves higher risk than traditional spot market exchange.
The first is pretty straightforward, as you swap altcoins with other currencies of your desire. As for the trading, you have the standard set of function, them being Limit, Market, and Stop-Limit.
You can see the purchase and sell forms in Binance review picture below.
Read our full article about Binance margin trading.
At this point, Binance offers no other sub-functions or leveraging for its clients. On the other hand, it does offer two additional platforms. One is called Labs, which provide a space for ICOs to show and sell their tokens. Another is LaunchPad, which is a platform where you can fund new projects and improvements to the blockchain.
Binance Options
Yes, you can trade European-style crypto options on Binance. Binance is one of the best crypto option trading sites for Bitcoin BTC options.
To be able to trade crypto options on Binance, you will need to activate your Binance Futures account by answering a few questions related to the risks associated with crypto derivatives trading.
Once your Binance Futures account is created and activated, you can transfer funds into the futures account.
After this, you can begin buying crypto options on Binance.
Read our step-by-step guide about how to buy long Bitcoin BTC options on Binance.
Binance Futures Trading
Binance is one of the best crypto leverage trading platforms. Here, you can trade futures available both as USDT and COIN-M futures(Inverse futures). Binance is offering the lowest fee on the market for crypto futures trading. Also, they have many different cryptocurrencies to trade. Read about how to trade Binance futures.
Binance Risks – Is it possible to lose money on the Binance exchange?
Depositing to Binance is similar to depositing to a traditional bank account (The main difference is that Binance doesn’t hold financial insurance). Otherwise, both deposits get exposure to 3rd part service risks
1. Binance can go bankrupt
2. Binance can be hacked (This has happened but Binance refunded all lost funds)
3. Binance can turn out to run bad businesses (Similar to Celsius Network)
4. Binance can get shut down by regulators (Unlikely that you will lose your funds but it’s still unclear what will happen here)
The above examples are the risk associated with depositing funds to Binance (Or any crypto exchange or financial institution without any financial insurance).
In addition, there are many more risks if you start using the Binance features.
Here, it’s hard to summarize the risks, but if you start using derivatives and crypto leverage trading, you better know what you are doing, or you will get burned.
Binance Centralized Exchange VS Decentralized Exchange
A centralized exchange, like Binance, is the middleman between a buyer and a seller. The centralized exchanges provide an interface where buyer and seller can meet in an order book as either maker or taker. The centralized intermediate acts as a trustworthy middleman supplying a user-friendly interface and take a fee for this service.
With a decentralized exchange, there is no middleman controlling your funds. Here, you swap against your counterpart directly.
First question is of course how you can trust the system that you will receive the requested amount.
Here, the main function of the blockchain and smart contracts comes into play. By performing the transaction with a digital agreement (smart contract) you trust an application built on the blockchain. Such decentralized exchange applications include Uniswap, Sushiswap, and Pancakeswap.
A decentralized exchange can also use a traditional order book or an automated market-maker model.
Binance Android and IOS App for Trading and Staking
Binance is offering a great mobile app for Android and IOS. Here, you can execute almost all the operations you can do from the desktop Binance version. You can do spot trading, margin trading, and staking, among many other things. Read more about the Binance Android and IOS app.
Can I short Bitcoin on Binance?
Yes, Binance offers you several different opportunities to short Bitcoin. They have margin trading, futures, and leveraged tokens. We have a dedicated article on how to short Bitcoin on Binance. Also, we explain the difference between cross-margin and isolated margin in the article.
What is Binance Coin BNB?
Binance Coin, BNB, is a cryptocurrency created by Binance. It´s the native coin of the Binance Chain. There are several use cases for the Binance coin, such as fueling transactions on the Chain, paying transaction fees on Binance Exchange, making in-store payments, and many more. See our more about Binance fees and Binance Coin BNB explained.
Binance Customer Support Review
Although based in Hong Kong, the exchange offers its services globally except for the US.
As for customer support, the platform offers
- Support Center (In the footer menu)
- Submit a request (In the footer menu)
More importantly, Binance offers frequent announcements and updates on the marketplace. Although new, the exchange still does not provide live chat, as is the case with Kraken.
Binance Review Pros and Cons
Pros
- A large number of cryptos and trading pairs are available
- Adequate security features
- Services are globally available (Not the US)
- Great liquidity
- Many trading features
- Very low fees
Cons
- US traders are not allowed.
Why Should I Trade on Binance?
In this Binance review, we went over the platform’s ability to provide secure and profitable exchange services. Binance, although strictly crypto-to-crypto, does offer some unique features for its clients. You have exchange and trading services, alongside with IOC lab marketplace. You also have several security tools protecting your assets, though we would recommend to not keep a large number of coins. If you are unsure about what crypto trading platform is best for you, read our article about how to find the best crypto trading platform.
Binance Referral Code: -20% on all commissions with our link
What Crypto Trading Bots are compatible with Binance?
Binance is the largest crypto exchange and all third part services wants to integrate with Binance. Therefor, there are many software you can connect via an API with your Binance account.
Read about all the best crypto trading bots you can connect to your Binance account.
Track Binance trading with Coin Market Manager

There are numerous software compatible with Binance.
They all fulfill different purpose and in this Binance review we have chosen to mention Coin Market Manager.
Coin Market Manager is a tracking software that can track several crypto trading platforms in one software.
In addition, Crypto Market Manager can help to improve your trading by a lot of intuitive features which you can read more about in our article about crypto trading tools.
Best Crypto Trading Bot with Binance
We think Coinrule is the best crypto trading bot compatible with Binance. Coinrule is also able to connect with a numerous of other crypto exchanges like Binance US, Poloniex, Bitpanda Pro, Coinbase Pro, Bitstamp, HitBTC, Kraken, Liquid, OKex.
- Company
- Price/Month
- Buy
Best Crypto Trading Tax Software with Binance
We think Koinly is the best crypto tax software compatible with Binance.
Koinly helps you to extract all transactions from Binance via a read-only API and automatically calculates the tax report for you.
Koinly currently supports 20+ countries and increasing all the time. Read more in our Koinly review.
- Company
- Price/Year
- Buy
Binance Technical Analysis with TradingView
Tradingview is the best crypto technical analysis app out there.
Why?
● Best charting tool according to many influencers and traders
● Very good free plan (Basic)
● Great community which also produces analysis
● Easy to learn
● Great backtesting tool
● Huge amount of functionality in one charting package
Read more about TradingView in our TradingView Review for mobile and desktop versions.
- Company
- Tool
- Signup