Is Binance a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Binance is a good crypto exchange to start trading with. In this article you will learn whether Binance is good for beginners, what its pros and cons are and what a novice trader needs to know.
Binance's Top Features for Beginners
Binance’s beginner-friendly features, such as a demo account, low minimum deposit, educational materials, copy trading, staking, a user-friendly mobile app, customer support, fiat deposit and withdrawal options, and low fees, were compared against the top two competitors to ensure a comprehensive evaluation.
| Binance | OKX | Kraken | |
|---|---|---|---|
| Demo account |
Yes |
Yes |
No |
| Minimum deposit, USD or USDT |
No |
10 | 10 |
| P2P exchange |
Yes |
Yes |
No |
| Spot maker fee | 0,1 | 0,08 | 0,25 |
| Fiat transactions |
Yes |
Yes |
Yes |
| Bank cards |
Yes |
Yes |
Yes |
| Commissions and fees | 8.45 | 9.25 | 6.2 |
| Educational tools |
Yes |
Yes |
Yes |
| Crypto bonuses |
Yes |
Yes |
Yes |
| Staking |
Yes |
Yes |
Yes |
| Copy trading |
Yes |
Yes |
Yes |
|
|
|
|
Why We Focused on Comparing These Beginner-Friendly Features:
Demo account – Allows beginners to practice trading without risking real funds, helping them gain confidence and understand the platform.
Minimum deposit, USD or USDT – Ensures low entry barriers, making it affordable for newcomers to start trading with a small initial investment.
P2P exchange – Enables direct cryptocurrency trading between users, often with no intermediaries, providing a straightforward and accessible way to trade.
Spot maker fee – Highlights competitive trading fees for placing limit orders, which is cost-effective for those starting with spot trading.
Fiat transactions – Simplifies the process of depositing and withdrawing funds using local currencies, making it convenient for first-time users.
Bank cards – Provides an easy and familiar way for beginners to fund their accounts quickly using Visa or Mastercard.
Commissions and fees – Transparent and competitive fee structures help beginners calculate costs and avoid unexpected charges.
Educational tools – Tutorials, webinars, and guides equip beginners with the knowledge needed to trade confidently and effectively.
Crypto bonuses – Offers incentives like signup rewards or deposit bonuses, encouraging newcomers to explore trading.
Staking – Allows beginners to earn passive income on their holdings, introducing them to advanced cryptocurrency features with minimal effort.
Copy trading – Lets new traders learn by replicating the strategies of experienced traders, reducing the learning curve.
Short summary about the broker Binance
The Binance exchange is one of the largest cryptocurrency exchanges in the world with its headquarters in Hong Kong. According to the CoinMarketCap cryptocurrency portal, Binance holds the top spot in terms of aggregate indicators of the platform's daily turnover, the number of novices and active users, liquidity, and web traffic (ranking, queries, statistics in search engines, etc.). The exchange is also a cryptocurrency startup that has its own “native asset” used in the Binance ecosystem as the “basis gas” (payment internal unit). More about Binance Card
| 💰 Account currency: | EUR, USD, other currencies, and cryptocurrencies |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | Up to 1:125 |
| 💱 Spread: | 0.1% |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Binance Pros and Cons
👍 Advantages of trading with Binance:
•low commissions due to liquidity and trading volumes.
•high platform performance;
•proprietary BNB Coin which allows Binance to reduce the commission size;
•a proprietary cold wallet guarantees the security of your crypto assets by storing them.
👎 Disadvantages of Binance:
•complex verification procedure;
•the exchange is not licensed by a regulator;
•The platform can go offline without warning;
•there are complaints about the technical functionality of the platform;
•there is an intricate mechanism for calculating commissions and rewards (grid system Maker/Taker).
Trading Conditions for Binance Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Binance offers traders the following conditions.
| Minimum deposit, USD or USDT | No |
| Futures leverage | 100 |
| Spot leverage | 10 |
| Coins Supported | 415 |
| Affiliate program | Yes |
| Replenishment / Withdrawal | Bankcard, credit cards, P2P cryptocurrency exchange, third-party services |
| Trading features | Investment program available, copy trading |
|
|
Binance's Fees
We compared XXX's fees with the top two competitors to provide a clear understanding of how affordable the exchange is for its users.
| Binance | OKX | Kraken | |
|---|---|---|---|
| Spot Taker fee, % | 0,1 | 0,1 | 0,4 |
| Spot Maker fee, % | 0,1 | 0,08 | 0,25 |
| Futures Taker fee, % | 0,05 | 0,05 | 0,05 |
| Futures Maker fee, % | 0,02 | 0,02 | 0,02 |
| Withdrawal fee | 0-3,5% | 0,0004 BTC 2,6 USDT | 0,0005 BTC |
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Binance commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The Traders Union experts analyzed the Binance exchange’s trading terms for the difference in commissions. Exchange commissions depend on the following parameters: the trader's activity (trading turnover per month), the volume of the traders’ investments in the BNB exchange token, on the asset type. There is a withdrawal fee the size of which depends on the name of the cryptocurrency.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | from $6 | Yes |
Investment programs of Binance
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Binance offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Binance investment programs are integrated into the active trading functionality. If you buy/sell cryptocurrencies you will automatically get extra bonuses that can be used to reduce commissions. There are also classic investment programs based on their proprietary BNB token, which are analogous to deposits.
Maker/Taker and Lending/Staking — the heart and mechanism of investment
Maker/Taker is Binance's investment program that accumulates commission discounts based on trader activity. A “Maker” is a person who sets pending orders; a “Taker” sets market orders. A trader is assigned a level from Regular User to VIP 9 depending on the aggregate monthly turnover and the BNB holdings. The higher the level, the lower the commission for buying/selling cryptocurrency. Users have the option to receive a 25% discount on trading fees when paying by BNB.
Examples of Spot and Margin trading commissions:
-
Regular User. Turnover less than 1,000,000 USD per month (equivalent), Maker/Taker commission is 0.1/0.1, and 0.075/0.075 if paid with BNB, respectively;
-
VIP 4. For turnover of more than 75,000,000 USD and BNB balance over 500 BNB, commissions shall be: 0.042/0.054 and 0.0315/0.0405;
-
VIP 7. For turnover of more than 800,000,000 USD and BNB balance over 3000 BNB, commissions shall be: 0.0192/0.0288 and 0.0144/0.0216.
Lending is an investment program that provides for investments in individual deposit projects or structured products. Staking means getting extra profit for storing cryptocurrency on a Binance account with blockchain. Staking also implies the ability to connect to the Binance Pool for Bitcoin mining.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Binance affiliate program
-
This is a classic referral program with cashback. It provides for getting up to 40% of the commission paid by the referral.
Cashback with a partner's balance of up to 500 BNB is up to 10%; with more than 500 BNB it is up to 20%.
Spot Copy Trading
Binance is making it even easier for cryptocurrency traders at different experience levels to work together. Through spot copy trading, users can now automatically replicate the portfolios and trading strategies of select traders in the mainstream spot market. This follows Binance's previous launch of a similar function for its futures products.
The new tool gives people more flexibility to diversify how they build their crypto holdings. Investors can choose to copy the moves of up to 10 lead traders at once. This provides a handy way to tap into the insights of more experienced members of the Binance community.
For those serving as lead traders, it's a chance to potentially earn extra income. They'll receive a share of any profits generated by their followers, as well as transaction fees. Anyone with strategic approaches they're confident in can start to monetize their market know-how.
Best of all, spot copy trading steers clear of the leverage and amplified risk that comes with futures. It gives a simpler entrance for novices to experiment with collaborative investing. Meanwhile, veterans have another outlet to showcase their trading skills.
Conclusion. Is Binance good for beginners?
The Binance cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Binance could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.