The Complete Binance Guide
- Guides
- 2 days ago
- 9 min read
What is Binance?
Binance is the largest cryptocurrency exchange in the world. With 190 million registered users globally and over 500 cryptocurrencies available, Binance has built a strong reputation as a reliable and trusted platform.
Operating since 2017 without payment failures or major disruptions, Binance offers far more than just buying and selling crypto.
Additional services include staking, spot and futures trading, a crypto debit card, launchpad for new token listings, NFT marketplace, P2P trading, and Binance Earn for passive income.
Binance was founded in 2017 by Changpeng Zhao, known as CZ, and quickly grew into the world's leading crypto exchange.
The platform also has its own native token, BNB, which can be used to reduce trading fees and access various platform features.
How to create an Binance Account
Signing up on Binance is a straightforward and intuitive process. Like all reputable crypto exchanges, Binance requires KYC (Know Your Customer) verification to prevent money laundering and fraud.
It is strongly recommended to set up Two-Factor Authentication (2FA) via an authenticator app like Google Authenticator or Authy for additional security.
All personal data — including your password and any codes received from Binance — should NEVER be shared with third parties. Binance employees will never ask for your personal login details.
Learn more:
Binance has different KYC levels, each with different limits. These are:
Level 1 (Basic):
Email and phone number only
Limited deposit and withdrawal limits
Verification Time: Instantly
Level 2 (Standard):
Government-issued ID (passport or national ID)
Selfie for identity verification
Higher limits
Verification Time: a few minutes - 24 hours
Level 3 (Advanced):
Additional documents such as proof of address (e.g. utility bill)
Maximum limits
Verification Time: a few days
For most users, Level 2 is more than sufficient.
How to buy crypto on Binance
Buying crypto on Binance is very simple. First, log into your account and click the "Buy Crypto" button.
From there, select the cryptocurrency you want and choose your preferred payment method — either credit card or bank transfer.
Enter the amount you wish to spend and confirm the transaction — your crypto will land directly in your Spot Wallet.
That's it. It's the simplest and fastest way to get crypto on Binance.
Spot Trading on Binance
Spot trading is the process of buying and selling cryptocurrencies at the current market price.
This means you purchase or sell the desired cryptocurrency at whatever price it is trading at the moment of the transaction, rather than setting a predetermined price.
These are the order types available on Binance — and on financial exchanges in general:
Learn more:
Order Types
Market Order:
A Market Order means you buy or sell a cryptocurrency at the current market price.
Fastest order type
Ideal when you want to enter or exit a position quickly
Downside: you have no control over the exact price you pay or receive
Limit Order
A Limit Order means you set a specific price at which you want to buy or sell a cryptocurrency.
You determine the price yourself
The order only executes when the desired price is reached
Better for fees than a Market Order, as you are considered a "Maker"
Downside: the order will not execute if the desired price is never reached
Stop-Limit Order
A Stop-Limit Order is a combination of a Stop Order and a Limit Order. You set two prices:
Stop Price — the price at which the order is activated
Limit Price — the price at which the order is then executed
Key points:
Useful for limiting losses (Stop Loss)
Automatic — you do not need to actively monitor the market
More control than a pure Market Order
Downside: if the market drops too quickly, the order may not execute
Trading Pairs
A trading pair is a visualization of two assets being traded against each other. The first is what you buy, the second is what you pay with.
Examples:
BTC/USDT — you buy Bitcoin and pay with USDT
ETH/BNB — you buy Ethereum and pay with BNB
Key points:
USDT is the most common quote currency as it is a stablecoin
BNB as a quote currency often results in reduced fees
The more liquidity a pair has, the better the price
Trading Tips for Binance:
Always use Limit Orders to save on fees
Use BNB as your quote currency where possible to reduce fees further
Do not trade emotionally — avoid FOMO and panic selling
Start with small positions — never risk more than you are willing to lose
Observe the market before trading — check liquidity and volume of the trading pair
Use Stop-Limit Orders to automatically limit potential losses
Binance Fees Explained
What are Fees?
Every trade on Binance comes with a trading fee. The amount of this fee varies depending on how you trade.
There are two fundamental types of fees: Maker Fees and Taker Fees.
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Maker Fees
You add liquidity to the market — you place a Limit Order at a set price and wait. By doing so, you add liquidity to the order book.
Taker Fees
You remove liquidity from the market — you buy or sell immediately at the current price via a Market Order.
By doing so, you remove liquidity from the order book.
Therefore:
Maker Fee is lower — you help the market
Taker Fee is higher — you take from the market
On Binance specifically:
Maker: 0.1%
Taker: 0.1% (standard, equal — but diverge at higher VIP levels)
Fee Structure
The standard spot trading fee on Binance is 0.1% per trade. By paying fees with BNB, this is reduced to 0.075% — a 25% discount.
Binance also operates a VIP level system: the more you trade, the lower your fees become.
Higher trading volumes unlock progressively better fee rates for both Maker and Taker orders.
Withdrawal Fees
To withdraw cryptocurrencies, a small withdrawal fee applies. Each cryptocurrency has its own withdrawal fee, so the amount varies.
The same applies to the blockchain network used, as fees also differ depending on which network you withdraw on.
Binance Earn & Staking
Binance Earn is the umbrella term for all passive income opportunities available on Binance.
Rather than solely trading and profiting from price movements, Binance offers a variety of ways to generate passive income.
Learn more:
Flexible Savings:
Deposit crypto and withdraw at any time
Lower APY but maximum flexibility
Locked Staking:
Lock your crypto for a fixed period of time
Higher APY than Flexible Savings
Downside: no access to your funds during the lock-up period
DeFi Staking:
Binance stakes in the background on DeFi protocols
You earn rewards without having to manage your own wallet
Launchpool:
Farm new tokens by staking BNB or other supported coins
Free to participate — only opportunity costs apply
Risks:
Locked Staking — no access to funds during the lock-up period
DeFi Staking — smart contract risks operating in the background
Binance Social Features
Many people think of Binance purely as a cryptocurrency exchange, but there is a strong social side that is often overlooked.
There is a large and active community that shares knowledge, allows you to learn from experienced traders, or even copy their trades directly.
Binance brings all of these aspects together in one app and website.
Binance Square
Binance Square is the social feed of Binance. Users share their opinions on crypto, news, analyses, and much more.
You can create posts, write articles, and upload videos. As a result, your timeline typically shows trending topics and current crypto news.
Since everything is combined in one platform, there is no need to switch between Reddit, Twitter, and Binance.
It is directly connected to trading and serves as a solid source for market opinions.
Binance Live
Binance Live allows users to livestream directly on the Binance platform.
Traders broadcast their sessions live, providing real-time market analysis from experienced traders.
It is fully integrated into Binance and allows users to interact with streamers through Q&A sessions.
Copy Trading
Copy Trading allows you to automatically copy the trades of experienced traders, meaning no active trading is required.
You determine the amount you want to allocate, and all trades of your chosen trader are automatically replicated on your account. It is ideal for beginners and offers a way to generate passive income.
Copy Trading allows you to benefit from experienced traders without needing any expertise yourself. However, losses are also copied — so choosing the right trader is essential.
Binance Security
Binance has built a reputation worldwide as one of the safest and most professional cryptocurrency exchanges in the world.
Like any major exchange, it is not immune to being hacked — but never at the expense of its users.
The SAFU Fund, worth one billion dollars, serves as an insurance reserve for Binance users in the event of a hack.
Learn more:
Account Security
As mentioned, Two-Factor Authentication (2FA) is essential for securing your assets.
Anti-Phishing Code — a personal security code that appears in all official Binance emails, allowing you to verify their authenticity.
Withdrawal Whitelist — only pre-approved wallet addresses are permitted to withdraw funds from your account.
What You Can Do Yourself
Never share your login credentials or authentication codes with anyone
Only use the official Binance website or app
Change your password regularly
Risks
Phishing attacks — fraudulent websites or emails designed to steal your login credentials
Fake Binance apps — always download only from the official app store
SIM Swapping — attackers hijack your phone number to bypass 2FA
Binance App
The Binance app is the mobile version of the Binance website.
It covers almost all functionality, with the exception of a few highly advanced features — making it more than sufficient for 95% of users.
The app is available on both iOS and Android.
Features:
Trading, buying, and selling
Binance Earn directly in the app
Portfolio overview
Push notifications for price movements
Advantages:
Always with you — trade from anywhere
Intuitive interface
Face ID and fingerprint login for additional security
Binance Card
The Binance Card is a debit card directly linked to your Binance Wallet.
It is accepted by all merchants worldwide that accept Visa payments.
Crypto holdings are converted into fiat currency in real time, allowing you to complete transactions instantly.
This saves a significant amount of time — otherwise you would have to manually convert your crypto to fiat within Binance and then initiate a bank transfer, which would take considerably longer.
Learn more:
Advantages:
Depending on your card tier, you receive a certain percentage of cashback in BNB
Accepted everywhere Visa payments are supported
No hidden fees
Important:
Availability varies by country
Crypto price risk — the value of your crypto can change at any time
Binance Launchpad
The Binance Launchpad is Binance's own cryptocurrency launchpad.
New crypto projects are listed here first, giving users early access to information and the opportunity to participate in the purchase of a new cryptocurrency before it becomes publicly available.
How it works
To participate in a Binance Launchpad event, you need to hold BNB, Binance's native coin.
The more BNB you hold, the more tokens you are allocated during the event.
Tokens are acquired at a set price before they become publicly tradable on Binance.
Advantages:
Early access to new projects
Often significant gains at the time of listing
Risks:
Not all projects perform well after launch
BNB must be held for a certain period of time
Binance P2P
In P2P trading, you acquire cryptocurrency or fiat not from the open market, but by trading directly with another user.
This means there is no middleman involved in the P2P process.
The concept is relatively simple: a buyer and a seller agree on a fixed price.
Binance acts as an escrow, meaning the cryptocurrency is locked with Binance until the payment is confirmed.
Available payment methods include bank transfer, PayPal, and many other options.
Learn more:
Advantages:
Often better prices than on the open market
Wide range of payment methods available
Great for converting crypto directly into fiat
Risks:
Scam risk — always trade with verified users only
Longer process compared to regular trading
Binance vs other Exchanges
As mentioned, Binance is the largest cryptocurrency exchange in the world by daily trading volume. Its main competitors are Coinbase, Kraken, and KuCoin.
The core differences:
Binance | Coinbase | Kraken | KuCoin | |
Spot Trading Fee | 0.1% | 0.5%+ | 0.16% | 0.1% |
Available Coins | 500+ | 250+ | 200+ | 700+ |
Beginner Friendly | Medium | Very Good | Good | Medium |
Security | Very Good | Very Good | Very Good | Good |
SAFU Fund | ✅ | ❌ | ❌ | ❌ |
P2P Trading | ✅ | ❌ | ❌ | ✅ |
Availability | Restricted in some countries | Restricted in some countries | Restricted in some countries | Restricted in some countries |
Learn more:
Final Verdict
Binance is rightfully the largest cryptocurrency exchange in the world by daily trading volume.
It is a highly professional and well-rounded platform that is miles ahead of its competitors.
For beginners it can feel a little overwhelming at first, but Binance offers simplified features for buying and selling cryptocurrency without having to navigate the professional spot trading interface.
On top of that, users benefit from a complete social ecosystem, providing access to information and direct contact with other traders.
All in all, Binance is the best cryptocurrency exchange available — offering the lowest trading fees, the best product offerings, and the most comprehensive social system.
The complete Binance experience starts here — continue with the full Guides section to master every corner of the crypto ecosystem.
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