Binαnce Cu𝔯rencies and Pαyment Methods
Currencies and Payment Methods
All in all, there are over 500 coins available to trade, deposit and withdraw on the exchange, including major altcoins such as:
Bitcoin Cash (BCH)
Binance Coin (BNB)
Binance USD (BUSD)
Basic Attention Token (BAT)
Paxos Standard (PAX)
Stellar Lumens (XLM)
Crypto can be traded for fiat (or other crypto) on the trading platforms or purchased directly using these payment methods:
Credit/ Debit card
In a competitive space, the fee structure of Binance is cutting edge. Its team members have sharpened their knives and are slicing the opposition apart.
Spot trading fees start at 0.1% which is very enticing for any trader who doesn’t need immediate fiat liquidation. Binance has a VIP level system that reduces rates as your 30-day trading volume increases. The lowest spot rates for VIP level 9 are 0.02% / 0.04% for maker orders and taker orders. Traders that use Binance’s futures trading platform enjoy even lower fees, starting at 0.02% / 0.04% for VIP level 0 maker and taker orders, but can go as low as 0.00% / 0.01% for the highest volume VIP level 9 traders.
Incredibly, Binance undercuts most other large exchanges, some of which charge upward of 0.2%. That’s a pretty sizable difference if you’re working with large orders.
Users who hold BNB, the native Binance token, will receive an additional 25% discount on transaction fees when using BNB to pay fees. Please note that this was a promotional discount that was announced back when Binance launched in 2017, and is due to be discontinued on Binance’s 5th anniversary on July 13th 2022.
Deposits are free, as you’d expect (aside from blockchain fees that are always paid by the sender). Withdrawal fees do apply, although they generally correlate with the blockchain transaction fees as well.
Binance withdrawal fees for fiat and crypto seem to be updated on a regular basis, to try and offer a fair price.
Binance uses the same VIP ranking system mentioned earlier to dictate withdrawal limits. The lowest level VIP level 0 members can withdraw up to 8,000,000 BUSD within a 24 hour period. The highest level VIP level 9 users can withdraw up to 96,000,000 BUSD in a 24 hour period.
Binance does not explicitly mention which countries are supported by its exchange, however it is essentially available worldwide with a few exceptions.
Customers from the USA can now use Binance US after Binance withdrew its main service from the country. Binance US was launched in 2019 after the platform came under fire by the US Department of Financial Services radar for potential violation of New York’s virtual currency regulations.
Although Binance doesn’t clearly say which countries are restricted, there have been reports from certain users that Binance has closed their accounts for living in certain countries such as Iran and Serbia.