Best for Investors Looking for the Lowest Trading Fees
Binance
Minimum Investment
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Binance exchange was founded in 2017 by Changpeng Zhao, a Chinese Canadian developer, and is now among the most popular crypto exchanges across the globe. This crypto trading platform is designed for experienced investors but has relatively low trading fees and a vast selection of cryptocurrencies to trade on. Binance currently has some regulatory issues with the authorities and is under investigation in several countries. Only 3 financial institutions have operating licenses to carry out digital payment tokens (DPTs) businesses in Singapore.
Read also: how to invest in bitcoin
All details
Key Features
- Minimum trade: $10
- Transaction and trading fees: Flat spot trading on 0.1%. 0.5% for instant buy and sell fee – an additional 4.5% for debit card transfers.
- A number of cryptocurrencies: Offers more than 60, including Ethereum, Bitcoin, Bitcoin Cash, Dogecoin, Binance Coin, and Litecoin, among others.
- Crypto-to-crypto trading pairs: Offers more than 60 crypto-to-crypto trading pairs with Bitcoin and other digital currencies, including Bitcoin Cash (BCH), Cardona (ADA), and Ethereum (ETH), among others. The cryptocurrencies on the platform can be traded for stable coins like Binance USD and Tether.
- Security and digital wallet options: Binance users have Trust Wallet as their official wallet. Trust Wallet is a highly rated wallet on App Store and Google Play. Users can also use other wallets when using Binance.
- Mobile App: Binance International has a trading app that includes price tracking and the ability to automate recurring buys and customize other features. The app mimics the functionality of the desktop site.
- Peer-to-peer trading: The platform allows direct trading between sellers and buyers with no transaction fees. However, users are charged the spread between the buy and the selling price. The minimum trade for peer-to-peer trading is $10,000.
- Three trading platforms: Binance exchange offers three different platforms, including the basic, advanced, and OTC, for peer-to-peer trading.
Pros & Cons
The Pros
- Offers more than 65 tradable cryptocurrencies
- Users have a wide selection of trading options and order types to choose from
- Low fees
- User-friendly mobile app
- You can easily buy crypto with fiat currency
- Instant live chat support
The Cons
- The platform can be confusing for new users
- Does not have a built-in digital wallet
- The platform has encountered regulatory problems in several countries, including Singapore
General Information
Other Fees and Charges
Binance exchange offers the lowest fees in the industry. Its fees are much lower than you would typically expect in most exchanges. This crypto trading platform uses the maker/taker fee structure, where the fee varies based on the trading volume and the BNB (Binance Coin) Balance. In short, the higher your trading volume, the lower your trading fees.
You can also get fee discounts on the following on Binance:
- Referral bonuses
- Using Binance (BNB) in your trades
- Reaching VIP Status by trading a certain amount of assets
Here is an overview of the different fees associated with payments types and withdrawals on Binance:
| Payment Type | Fees |
| Wallet | N/A |
| Debit cards | 4.5% |
| ACH transfer | Free |
| Wire transfer | $15 for U.S. customers |
| Crypto conversion | N/A |
| Trades | 0.00% to 0.1% |
| Buy/Sell Crypto | 0.50% |
How Does Binance Compare with Other Cryptocurrency Exchanges?
| Crypto exchange | Binance US | Gemini | Coinbase |
| Coins | 80+ cryptocurrencies, including the Binance coin | 70+ cryptocurrencies | 150+ cryptocurrencies |
| Fees | 0.1% trading fee; You Can get a 25% discount on your fee if you hold a Binance coin | 0.50% convenience fee; $0.99 to $2.99 transaction fee; 1.49% transaction fee for trades over $200 | 0.50% spread; Trading fee between 1.49% and 3.99% (or $0.99 to $2.99 flat fee) |
| Wallet storage | Keep coins in your Binance account or transfer them to your wallet | Keep coins on your Gemini account, Gemini Wallet option, or transfer them to your wallet | Keep coins on your Coinbase account, Coinbase Wallet option, or transfer them to your wallet |
| Minimum Trade | $10 | Equal to the smallest amount of each coin that can be traded (0.00001 BTC) | $2 |
Creating an Account
Opening a Binance account is relatively straightforward. Here are the steps to follow:
1. Go to Binance’s Official Website
2. Click on the ‘Get Started’ Button and enter the required information. This process will take a few minutes.
3. Enable 2FA
4. Link your payment method
5. Deposit funds
6. Start trading when you are ready
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
Binance International – Our Verdict
Binance International offers the lowest trading fees with over 65 tradable cryptocurrencies in the market. The crypto trading platform also offers fee discounts for using its native currency and educational content through its official blog. However, Binance is not the easiest for beginners because of its complex user interface. It has also had regulatory issues in most countries.
Final Thoughts
Binance International is one of the largest exchanges in the world, offering the lowest fees in the market. It is ideal for experienced investors who want to explore different trade options and tokens on the platform. However, this crypto platform is undergoing regulatory scrutiny in several countries, which is a significant cause of concern.
Key Takeaways
- Binance is one of the largest crypto exchange platforms in the world, with the lowest trading fees.
- The platform is undergoing investigations and is banned in several countries.
- Binance has a complex user interface making it ideal for experienced investors.
- Binance is a secure and versatile way to trade and invest in crypto.
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FAQs
Did Binance Shut Down, Closed in Singapore?
Binance shut down its operations in Singapore on 13th February, citing regulatory issues. Singapore has tightened its anti-money laundering principles on financial institutions.
Is Binance Trustworthy?
Binance is a trusted U.S.-based exchange suitable for experienced investors interested in advanced trading options. Binance is available to U.S users as a separate exchange, Binance U.S., a Binance Smart Chain Investment.
How Much Money Do You Need for Binance?
Binance requires a minimum trade of $10
Which Is Better, Binance or Crypto.Com?
Crypto.com offers an easy way to trade crypto using your credit or debit card, but if you are looking for high-frequency trades and trading strategies with high liquidity, Binance is your best choice.
Is Binance the same as Bitcoin?
Binance is a crypto exchange, while Bitcoin is a cryptocurrency.
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