Binance Exchange
Binance is a cryptocurrency exchange that was established in 2017 and is now the biggest crypto exchange on the market. On most days, Binance’s trading volume is the highest among all cryptocurrency exchanges on both spot and derivatives markets.
Binance lists more than 400 different cryptocurrencies, and provides a big suite of products and services for crypto traders and investors. It is worth noting that Binance is ranked #1 on our list of best crypto exchanges.
Users can buy and sell cryptocurrency on Binance in many different ways—the exchange offers spot trading, futures trading, margin trading, AMM token swaps and more.
Binance’s trading fees are some of the lowest in the industry, and users can reduce them even further by paying fees in the BNB cryptocurrency. The base spot trading fee on the exchange is 0.1%, but it can be decreased to 0.075% when paying with BNB.
Binance launched the BNB cryptocurrency as a way of raising capital in 2017, but has since made efforts to transition BNB into an independent crypto asset with its own blockchain platform (BNB Chain).
Since its launch, Binance has introduced support for fiat currency deposits and credit/debit card cryptocurrencies to provide an on-ramp for cryptocurrency investors. Alternatively, users can deposit stablecoins or any other crypto assets supported by the exchange.
The Binance Futures platform for trading cryptocurrency derivatives allows traders to go long or short on a wide variety of cryptocurrencies, and supports high leverage trading—on certain products, Binance supports leverage levels as high as 125x. On Binance, leveraged trading is offered through perpetual and standard futures contracts.
Beyond trading services, the Binance crypto exchange also provides passive income products under the Binance Earn banner. These products allow users to earn yield on their cryptocurrency holdings, and are offered in both fixed and flexible variants. For supported Proof-of-Stake cryptocurrencies, users can also stake their coins through Binance to earn staking rewards.
Another interesting aspect of Binance is Binance Launchpad, which is a platform for token sales held by up-and-coming blockchain projects. There’s usually a high demand for these token sales, as many projects that were featured on Binance Launchpad showed very strong performances after hitting the market—Polygon and Axie Infinity are just two examples. You can find a list of Binance token sales on CoinCodex.
The Binance exchange also provides an NFT marketplace, where users can mint and trade non-fungible tokens (NFTs) and browse different NFT collections. Binance NFT supports NFTs on the Ethereum and BNB Chain blockchain platforms.
Binance requires users to complete an identity verification process before they can start trading or using any other products offered on the exchange.
Notably, Binance does not offer its services to customers from the United States. US-based users can consider Binance US, which is a cryptocurrency exchange that provides a very similar trading experience but operates under a different company.