binance-review-header

Binance fees, payment methods and limits – 2020 review

Binance-logo
Binance
Wide offer of the cryptocurrencies
Binance Coin – coin with a great perspective
A handy, fast and clear mobile app
Low trading fees
Based on some reviews there is slow customer support

Binance, one of the biggest crypto exchanges on the internet is very popular at crypto traders and holders. The Binance offers the widest crypto coins offer in comparison with the other popular crypto exchanges.

About Binance

Binance was established in 2017 in China, but during 2018 it was moved to Malta, a country that is a Member State of the European Union. Malta is trying to be a world leader in this sphere, and the presence of this company contributes to it. 

Binance was founded by the 40-year-old Changpeng Zhao. This stock market gained great popularity during the end of 2017 when it was the only big crypto exchange that was able to accept new members at the time of a huge rush of new users. This was not possible, for example, with competing Bittrex, who had to block registrations for a long time.

Binance Coin (BNB)

Binance introduced the Binance Coin (BNB) in 2017 during the initial coin offering (ICO). BNB can be used to pay for the goods in many online stores. The main idea of Binance Coin is to reduce the trading fees on the Binance platform. More information about BNB coin you can find in this post.

Cryptocurrencies

At the time of writing this review, Binance offers to buy, sell or trade following cryptocurrencies:

  • Ethereum (ETH)
  • EOS (EOS)
  • Ripple (XRP)
  • ChainLink (LINK)
  • Tezos (XTZ)
  • BNB (BNB)
  • Litecoin (LTC)
  • Bitcoin (BTC)
  • Bitcoin Gold (BTG)
  • Bitcoin Cash (BCH)
  • TRON (TRX)
  • ICON (ICX)
  • Cardano (ADA)
  • Ethereum Classic (ETC)
  • Monero (XMR)
  • Stellar Lumens (XLM)
  • Waves (WAVES)
  • Basic Attention Token (BAT)

and many, many more…

There are around 250 cryptocurrencies available.

binance-coins-offered

Payment methods

In the beginning, the Binance was accepting only crypto transfers to deposit or withdraw from the wallets. But now can all supported countries buy cryptocurrencies with the major Credit / Debit cards or by Bank transfer.

binance-buy-crypto-with-card

Limits

As an unverified user, on the verification level 1, you can withdraw up to 2 BTC every day.

While verified users – on the level 2 can in one day withdraw up to 100 BTC.

You can verify your identity by submitting information about you with a scan of your personal documents like ID card, driving license, etc..

Bonuses

Binance offers a wide offer of bonuses. Firstly, you can lower your trading fees by using the BNB cryptocurrency – in these cases, you can save up to 12.5% off from the trading fees.

The second option is to use for the registration at Binance our promotional link, which allows you to get off an additional 5% of the trading fees.

Binance also continually organizes various competitions in which distribute tokens or physical prizes. Mostly, they distribute them among the traders, who make in the given period with at a certain cryptocurrency the most deals. For example, at Christmas 2017, the Maserati 3.0T Levante Classic car was given to the user who made the most of the Tron (TRX) trades.

Fees

As an every crypto exchange, during the trading there are deducted fees for the buying or selling cryptocurrency.

The trading fees, based on the account level you can find below:

Level 30d Trade Volume (BTC) & BNB Balance Maker / Taker fees
VIP 0 < 50 BTC or ≥ 0 BNB 0.1000% / 0.1000%
VIP 1 ≥ 50 BTC & ≥ 50 BNB 0.0900% / 0.1000%
VIP 2 ≥ 500 BTC & ≥ 200 BNB 0.0800% / 0.1000%
VIP 3 ≥ 1500 BTC & ≥ 500 BNB 0.0700% / 0.1000%
VIP 4 ≥ 4500 BTC & ≥ 1000 BNB 0.0700% / 0.0900%
VIP 5 ≥ 10000 BTC & ≥ 2000 BNB 0.0600% / 0.0800%
VIP 6 ≥ 20000 BTC & ≥ 3500 BNB 0.0500% / 0.0700%
VIP 7 ≥ 40000 BTC & ≥ 6000 BNB 0.0400% / 0.0600%
VIP 8 ≥ 80000 BTC & ≥ 9000 BNB 0.0300% / 0.0500%
VIP 9 ≥ 150000 BTC & ≥ 11000 BNB 0.0200% / 0.0400%

For more information what does Maker or Taker means, read this post.

Comparison with other crypto Exchanges

Exchange
coinbase
Binance
Kraken
Fee
1,49 %
0,10 %
0,26 %
Payment methods
Bank transfer, Credit and Debit cards, PayPal
Visa, MasterCard, Cryptocurrency
Bank transfer, Cryptocurrency
 

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