Binance is one of the largest cryptocurrency exchanges globally by market capitalization and daily trading volume, facilitating billions in transactions. This review covers everything UK users need to know—fees, supported assets, payment methods, safety, and more.
What is Binance?
Launched in 2017, Binance serves millions of traders worldwide, offering:
- Low trading fees (0.10% per slide)
- 400+ cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin (BNB)
- Derivatives trading (futures, options)
- High-yield savings accounts (up to 25% APY)
Supported Coins
Binance supports:
- Brokerage purchases (debit/credit card): BTC, ETH, LTC, XRP
- Exchange trading: Hundreds of crypto-to-crypto pairs (e.g., ETH/BTC, XRP/USDT)
Small-cap coins like Cartesi (CTSI) are also available, though trading requires intermediate steps (e.g., buying BTC first).
Fees & Commissions
| Fee Type | Cost | Notes |
|------------------------|---------------|--------------------------------|
| Debit/Credit Deposit | 2% | Visa/MasterCard only |
| Trading Commission | 0.10% | Drops to 0.075% with BNB |
| Futures Trading | 0.02% | Leverage up to 125x |
No fees for crypto deposits or withdrawals.
Security Features
Binance prioritizes safety with:
- Two-factor authentication (2FA)
- Anti-phishing codes
- Wallet address whitelisting
- Trust Wallet (proprietary cold storage)
Mobile & Debit Card
- Binance App: Rated 4.4/5 (Google Play) and 4.8/5 (App Store)
- Visa Debit Card: Spend crypto globally with real-time conversions
Regulation
Binance UK is FCA-authorized for fiat transactions but operates globally for crypto-to-crypto trading.
How to Get Started
- Sign up (email/password)
- Verify ID (for fiat deposits)
- Deposit funds (card, bank transfer, or crypto)
- Start trading
FAQs
1. How much does Binance charge to buy Bitcoin?
- 2% for card purchases; 0.10% for exchange trades.
2. Is Binance regulated in the UK?
- Yes, for fiat services. Crypto trading falls under global operations.
3. Does Binance accept PayPal?
- No, but debit/credit cards and bank transfers are supported.
4. What’s the minimum deposit?
- No minimum for crypto; varies for fiat.
5. Can I earn interest on crypto?
- Yes, via flexible (1.2%–5.32% APY) or locked savings (up to 7% APY).
6. Does Binance offer leverage?
- Up to 125x on Bitcoin futures (non-UK clients).
For further queries, Binance provides 24/7 live chat support.
Disclaimer: Crypto investments carry high risk. Always research before trading.
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