Binance Review Fees
Binance Futures trading fees. Source: Binance.com
Another key factor to look at when evaluating Binance's fees is futures funding rate and margin position daily interest rate. These tend to change based on market conditions, and there are no fixed rates, so be sure to check them regularly at Binance's website here and here.

Binance Review margin borrow rates
Binance's margin interest borrow rates. Source: Binance.com
Last but not least, there are deposit and withdrawal fees. Cryptocurrency deposits free for all 180+ coins supported by Binance. With withdrawals, Binance offers remarkably good value for money, although fees vary from cryptocurrency to cryptocurrency. A small sample of the fees for some of the more popular coins is shown below:

As you can see, Binance lets its users withdraw either regular or BEP2 versions of their assets. BEP2 withdrawals are based on Binance Chain and use not an actual crypto asset, but a pegged BEP2 version of it.

To put these fees in some perspective, Kraken and Bittrex both charge a 0.0005 BTC withdrawal fee, while Bitfinex and HitBTC charge 0.0004 BTC and 0.001 BTC respectively.

Although Binance does not have any fiat-to-crypto trading pairs, it does facilitate fiat-to-crypto purchases using third-party service providers and integrations. Using Binance Fiat Gateway, you can buy and sell crypto with over 40 fiat currencies. The fees vary based on the payment method and floating exchange rates determined by Simplex, Koinal, TrustToken, BANXA, iDEAL, SEPA, Paxos, and other payment processors.

Typically, fiat gateway fees vary from 1% to 7% based on the chosen payment method and processor. Bank card transactions tend to cost more compared with other payment options.

Binance Security
Security at Binance is generally sound, although the exchange has experienced a significant hack in May of 2019. The exchange lost over 7000 BTC due to a number of compromised user accounts and used its #SAFU fund (Secure Asset Fund for Users) for user compensations. Since then, the exchange has strengthened its security by introducing the Universal 2nd Factor (U2F) authentication method and enhancing its exchange monitoring capabilities.

Besides, Binance encourages users to enable two-factor authentication (2FA) using either Google Authenticator or SMS authentication. Also, traders have an option to whitelist addresses and set up an anti-phishing code. It also has a fairly extensive security FAQ in its support section, where it advises its users on how to guard against phishing attempts and personal security lapses. Every withdrawal from Binance must be confirmed by email.

As of 2021, Binance boasts of having state-of-the-art artificial intelligence (AI) risk control solutions that use identity and facial recognition, big data analytics, and cyber forensic investigations to monitor each movement that takes place on the exchange and identifies suspicious and irregular activities.

That said, recent events have shown that Binance can respond quickly to significant threats and protect customers' funds. For example, in March 2018, criminals managed to use phishing to hack into the accounts of numerous users, whose funds were inexplicably sold off in order to purchase the Viacoin (VIA) cryptocurrency. However, despite this, Binance was able to systematically identify and reverse all irregular trades, meaning that the only people to lose money were the hackers.

In July 2018, Binance has started a Secure Asset Fund for Users (SAFU) and allocates 10% of all trading fee revenue there. In the case of a successful hack, it is used to cover user losses like it was done in the May 2019 security breach. Later in 2019, the exchange also had a KYC data leak, which hackers have allegedly obtained from a 3rd party vendor.

According to CryptoCompare Exchange Benchmark Q4 2019 report, Binance is a solid A grade exchange. It makes it in the top 20 exchanges in terms of security grade, too, scoring an above-average 11.5 out of 20 possible points.

All in all, Binance is a secure exchange, but security is not its hallmark, and there is some room for improvements. 


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Who Should Use Binance?
You might have noticed from the buying part of our Binance review that there are two options to choose from - Basic and Advanced. This is what makes Binance such a popular exchange -- it is great for both beginners and advanced users.

In the trading guide above, we showed you how to use the basic functions. However, once you become a trading pro, there are some extra features available in the advanced section!

Binance Advanced

If you are a more experienced trader, the advanced options allow you to view more detailed statistics. For example, if you were interested in the price movements between Bitcoin and Ethereum, there are more advanced graphs you can view.

Candlestick bars allow you to view the opening, highest, lowest, and closing price of a cryptocurrency over a specific time period.

Just remember, if you are just getting started with cryptocurrency trading, it is probably best that you use the basic option until you feel more comfortable!

Conclusions
If you have read our Binance review from start to finish, you should now be able to decide if it is the right exchange for you. There are many advantages to using Binance, however, there are also some disadvantages to consider -- such as not being able to deposit with a debit or credit card.

Whether you decide to use the platform or not, at least now you know how to use Binance, and you should easily be able to deposit, trade and withdraw funds!

In my opinion, Binance is one of the best cryptocurrency exchanges out there for trading between different cryptocurrencies. It offers a great, easy-to-use interface that caters to all types of traders. Not only that, but it's a platform you can trust.

So, what do you think about the layout of the exchange? Does Binance have the cryptocurrency that you want to buy?

Let us know if you enjoyed our Binance exchange review! 



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