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Binance Overview

Binance is one of the major crypto exchanges. It has an impressive catalog of over 200 cryptocurrencies. Thanks to their low fees, you can buy bitcoin and other cryptocurrencies without harming your pocket.

Which cryptocurrencies do they offer? What are the pros and cons of Binance? Is it any good?

Well, keep reading as this post answers all these questions and many more.


Binance was launched in 2017 by developer Changpeng Zhao (aka CZ). Initially, the company was based in Hong-Kong. However, strict crypto laws of the Chinese governments forced Zhao to register the company at multiple locations. This way Binance won’t be affected by one regulatory body.

Beijie Technology, the company behind Binance raised $15 million in their ICO. After such a successful ICO, Binance exchange was created.

Binance At A Glance

Binance is a crypto trading platform where you can buy bitcoin and over 200 other cryptocurrencies. With Binance you can buy crypto using other cryptocurrencies as well as fiat cash such as EUR, CAD, and AUD. The best part about Binance is that it has one of the lowest fees in the market – only 0.1%.  The crypto exchange also has its native cryptocurrency – BNB (Binance Coin). If you pay using BNB coin for services on the platform you will get exciting discounts.

Thanks to their large cryptocurrency portfolio, low fees, and responsive website, Binance ranks the top amongst all crypto exchanges first in terms of 24-hour trading volume.

Supported Cryptocurrencies and Payment Methods

Binance supports over 200 cryptocurrencies, including major cryptocurrencies like –

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Binance Coin (BNB)
  • Tether (USDT)
  • Basic Attention Token (BAT)
  • Dash (DASH)

Talking about payment gateways, Binance supports

  • Credit/ Debit card
  • SEPA
  • Bank transfers

Binance Services  (100)

●       Binance Exchange

Binance exchange platform allows you to buy bitcoin or other crypto coins. There are three major ways to buy cryptocurrency on Binance – a) using P2P trading b) using credit/debit card (high fee – 3.5%) and c) using fiat cash.

●       Trading Platform

No matter you are a beginner or a seasoned trader, Binance trading platform has you covered. Trading on Binance is smooth as you can choose between basic, classic, or advanced interfaces depending on your expertise. Binance also offers spot trading, margin trading, peer-to-peer trading, and OTC (Over The Counter) trades.

●       Futures And Derivatives

If you are someone who loves banking profits by speculating on the prices of various cryptocurrencies, Binance Futures is for you. The platform offers the highest leverage – 125x. Meaning, you can multiply your profits up to 125 times your initial investment.

●       Financing Options

Binance recently added financing options in its services. With this service, you can earn crypto using savings accounts and staking. Plus, you can also access crypto loans in BUSD and USDT on Binance.

Pros Explained

  • Huge cryptocurrency selection – Binance offers nearly 200 cryptocurrencies to trade from.
  • Low fees – On Binance you have to pay only a 0.1% fee on every trade. Also, if you trade using BNB coin you will get more discounts.
  • High liquidity – Binance has liquidity, this allows you to easily buy and sell crypto in an instant.

Cons Explained

  • Customer Support – There are mixed reviews about Binance customer support, some love their service while others struggle with their complaints.
  • Technical Issues – Many users have also reported faulty 2FA/SMS confirmation.

How Do You Buy Bitcoin Using Binance?

  1. Create your Binance account
  2. Link your debit card, credit card, or bank account with Binance
  3. Navigate to the ‘Buy Crypto’ option on the upper-right corner. Choose the amount of bitcoins and the payment method
  4. Confirm the details and complete your purchase.

The Verdict

Binance is one of the few crypto exchanges that offers over 200 cryptocurrencies at low fees.

Still thinking how do you buy bitcoin? Head over to Binance and buy bitcoin or other cryptocurrencies in a few simple steps!