Binance is an excellent exchange for crypto investors. This exchange is based in Malta. Its transaction fees are considered quite good. It is entirely reasonable to say that Binance is the broker with the lowest commissions. At the same time, its platform can handle a large volume of transactions without experiencing any significant delay in transaction time. Binance does not offer currency transactions. But this exchange offers over 500 cryptocurrencies for customers to choose from.
Supported and verified countries
Binance Exchange is a global cryptocurrency trading company that operates in over 180 countries. This exchange only has restrictions on countries on the list of economic sanctions or those on the “Deprecated List” of the US Department of Commerce.
Citizens and residents of the United States can use the Binance US exchange. Other countries with region-specific versions of Binance are Binance Singapore, Binance Uganda, and Binance Jersey.
Verification procedures and requirements vary by customer type. Customers who register for the first time will need to undergo an identity verification process. Binance will require customers to provide the following documents:
– Government identification documents (passport, identity card or driver’s license)
– Home address (electricity bill)
Verification is also relatively easy and fast. Binance responds fairly quickly to documents submitted by customers for approval. Binance requires customers to take a selfie and hold an identification document and a piece of paper that says “Binance” and the date in hand. Clients can only withdraw up to 2 BTC per day without profile verification. Once verified, you will be able to withdraw up to 100 BTC per day. When a customer fails to verify the profile, the exchange’s security system can trigger a mandatory verification at the time of withdrawal. Therefore, Binance is not suitable for users who wish to increase online security with privacy.
Binance Review: Fees on Binance Exchange
Deposit and withdrawal fees
Customers will deposit funds into their accounts completely free of charge with Binance. However, customers will be charged fees for transactions and withdrawals. But Binance is still rated as the exchange with the best prices in the industry.
Binance takes 0.1% off every trade that takes place on its platform. Trading can be even cheaper if the user has an average trading volume sufficient for 30 days and transactions in Binance Coin (BNB).
Withdrawal fees vary between cryptocurrencies. Here is an example of fees for some of the most popular cryptocurrencies:
|Bitcoin (BTC)||0.002 BTC||0.0005 BTC|
|Ethereum (ETH)||0.02 ETH||0.01 ETH|
|Litecoin (LTC)||0.02 LTC||0.01 LTC|
|Currency (XMR)||0.1 XMR||0.04 XMR|
|Ripple (XRP)||22 XRP||0.5 XRP|
Kraken and Bittrex will pay 0.001 BTC, while Bitfinex and HitBTC will pay 0.0008 BTC and 0.00085 BTC.
Last but not least are the deposit and withdrawal fees. Binance waives fees for clients to deposit over 180 cryptocurrencies backed by Binance. When it comes to withdrawals, Binance will charge different fees between cryptocurrencies. Here are some examples of fees for some of the most popular coins:
|coin||Minimum withdrawal||Withdrawal fee|
|Bitcoin (BTC)||0.001 BTC||0.0004 BTC|
|Bitcoin (BTC) – BEP2||0.0000044 BTC||0.0000022 BTC|
|Ethereum (ETH)||0.02 ETH||0.003 ETH|
|Ethereum (ETH) – BEP2||0.00018 ETH||0.000092 ETH|
|Litecoin (LTC)||0.002 LTC||0,001 LTC|
|Litecoin (LTC) – BEP2||0.00074 LTC||0.00037 LTC|
|Currency (XMR)||0.0002 XMR||0.0001 XMR|
|Ripple (XRP)||0.5 XRP||0.25 XRP|
|Ripple (XRP) – BEP2||0.17 XRP||0.083 XRP|
As you can see, Binance allows users to withdraw regular versions or BEP2 from their resources. BEP2 withdrawals are based on Binance Chain and do not use the actual crypto-resources, but it is a fixed version of BEP2. For example, Kraken and Bittrex both charge a withdrawal fee of 0.0005 BTC. While Bitfinex and HitBTC load 0.0004 BTC and 0.001 BTC respectively.
Although Binance does not have fiat-to-crypto trading pairs, it is easier for customers to buy fiat-to-crypto with the help of third-party integrations and providers. Binance Fiat Gateway allows you to buy and sell cryptocurrencies with over 40 fiat currencies. Fees vary depending on the payment method and changes in exchange rates as determined by Simplex, Koinal, TrustToken, BANXA, iDEAL, SEPA, Paxos and other payment processors.
The Fiat gateway fee ranges from 1% to 7%, depending on the selected payment method and processor. Credit card transactions often cost more than other payment options.
Overall, Binance charges some of the lowest fees in the industry. It can be said that this is a great advantage for this exchange. Trading products are increasingly diversified and developed with reasonable prices. It makes Binance one of the most convenient, innovative and accessible trading options.