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Binance landing page

Binance review 2020

Binance is a fairly new exchange but don’t let that fool you. It was founded in July 2017 but by the beginning of 2018 it was the largest crypto exchange in the world.

Binance operates in most countries in the world as a crypto to crypto exchange. This mean that when it was launched you could only purchase crypto with other cryptos mainly Bitcoin. As Binance has evolved it now supports a big amount of FIAT currencies through its big list partners that help customers fund their accounts with Bitcoin by various payment methods like credit and debit card.

Payment methods

Binance doesn’t process any of the deposits. Instead they rely on partners like Simplex, BANXA, Paxful and Koinal, which support credit card and bank transfers.

Payment provider Payment methods Fee
Simplex VISA and Mastercard 4.50%
(2.50% + price 2% higher
than market price)
Paxful Domestic Bank transfer
SWIFT
Paypal
3%
14%
6%
BANXA VISA and Mastercard
Bank transfer (SEPA, POLi, iDEAL and
Faster Payments Bank Transfer)
1.99%
Free
Koinal VISA and Mastercard 2.50%

Binance also have their own integrations for VISA deposit, euro top up cards and many more depending on your region and currency.

Fees

Binance has a trading fee of 0.10% for maker and taker. However if you use their BNB token then you will be getting a 25% fee reduction meaning the fee would drop to 0.075% for both maker and taker.
Binance has an more advanced fee structure as it is an exchange suited for traders that trade more frequently. Depending on how much you trade your fees will get lower and lower. The have 10 levels, VIP0 - VIP9.