Binance Made Simple: A Breakdown of Binance Products & Features
Crypto Basics

Binance Made Simple: A Breakdown of Binance Products & Features

Created 1yr ago, last updated 1yr ago

With more than 30 million users worldwide and $10+ billion in daily trading volume, Binance is the largest cryptocurrency exchange that offers a wide range of features and products.

Binance Made Simple: A Breakdown of Binance Products & Features

Table of Contents

Besides being one of the most popular cryptocurrency spot and derivatives exchanges, Binance also offers an entire community of other products which help users do more with their cryptocurrencies.

As a burgeoning ecosystem of products, it can be difficult to grasp the sheer scope of what Binance has become since it launched in 2017.

Today, we break down 20 of its most popular products, feature and services, helping you to get up to speed quickly.

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Binance Deposit

As a cryptocurrency exchange and financial product ecosystem, Binance allows users to buy, trade, swap, earn and utilize hundreds of cryptocurrencies.

But to begin using many of the platform’s features, users need to top up their accounts first. That’s where the Binance deposit comes in.

The platform allows users to deposit more than 20 fiat currencies by bank transfer (SWIFT, SEPA, Faster Payments, etc.) and various country-specific deposit methods.

As a multi-asset crypto wallet, users can also top up their balance using more than 675 cryptocurrencies. After which cleared/confirmed funds can be used throughout a range of Binance features and services.

Spot Trading

Binance’s main feature is its spot trading platform, which can be used to trade hundreds of crypto assets across thousands of trading pairs.
Binance's spot trading platform comes in two distinct flavors: simple and advanced. As you might expect, the simple platform allows users to easily buy or sell cryptocurrencies instantly. It also supports recurring buys for those looking to dollar cost average (DCA).
Tailored for experienced traders, the advanced spot trading platform supports more advanced order types and charting features, allowing users to set limits, market, stop-limit orders and more.

With a maximum fee of 0.1% for makers/takers, the Binance spot market is a cost-efficient way to trade cryptocurrencies.

For more information about trading on Binance, see our full guide.

Margin Trading

Back in 2019, Binance added support for margin trading, allowing traders to open larger trading positions by borrowing funds from third parties.

Supporting over 600 trading pairs and up to 10 times margin, Binance Margin allows users to maximize the efficiency of their capital while trading.

By borrowing funds, users will need to pay a daily margin fee, which goes to the margin lender. The platform has stringent controls in place to protect against insolvency.

With daily interest rates as low as 0.005%, Binance Margin trading can be a powerful tool for the experienced trader.

Derivatives Trading

Binance supports a wide array of derivatives products, including perpetual and quarterly futures, as well as European-style options.

Binance's futures trading feature allows users to place a variety of order types across a wide range of derivatives markets. This includes market and limit orders, various strategy orders and even trailing stop orders.

The platform features two main types of futures of contracts:

1. Stablecoin-margined futures: futures products quoted and settled in stablecoins like BUSD and USDT.

2. Coin-margined futures: futures products quoted and settled in cryptocurrencies like BTC and ETH.

Binance currently offers perpetuals for over 200 cryptocurrencies, with up to 125x leverage available on some markets.

Leveraged Tokens

Binance is one of the few cryptocurrency exchange platforms to support leveraged tokens.
These are tokens that help traders to go short or long on a token with leverage without risking liquidation.

As a type of simplified derivative product, leveraged tokens can help less experienced users get to grips with leveraged trading with fewer risks.

Users can opt to trade 20 different leveraged tokens, including Cardano (ADA), Build and Build (BNB), Bitcoin (BTC), Ether (ETH), and more with up to 4x leverage.

It’s important to note that there are a variety of fees associated with leveraged tokens, including both subscription and redemption fees — which are only applied to leveraged tokens and not other derivatives tradeable on Binance.

NFT Marketplace

Launched in June 2021, the Binance NFT marketplace has grown in popularity among connoisseurs of digital collectibles — thanks to the wide variety of premium NFTs it supports.

The platform supports many of the most popular NFT collections on BNB Chain, including BULL BTC CLUB, TUD NFT, Dummy NFT, Golden Ape Club and more.

It also supports mystery boxes for several collections.

Like most popular NFT marketplaces, the Binance NFT Marketplace allows users to mint, sell, bid on and purchase NFTs from a variety of creators and collections. It also hosts regular initial game offerings (IGOs) where players can purchase gaming NFTs from exclusive top-tier projects before anyone else.

The platform supports up to 10% royalty fees, and sellers incur a flat 1% fee if they make a sale through the platform.

Listing is free.

Strategy Trading

Binance recently launched its new strategy trading tool, which allows users to select from a range of trading strategies to automate their investments.

Users can choose to either create their own strategies using the spot or futures grid or can copy one of the numerous existing strategies to deploy their capital.

API traders also benefit from time-weighted averaging pricing (TWAP) and volume participation (VP) strategies.

Strategy trading is available at no additional cost, but users should be aware that profitability is not guaranteed.

OTC Portal

The Binance OTC portal is a dedicated solution helping private and institutional clients complete large block trades over the counter.
Binance OTC supports both request-for-quote (RFQ) and live streaming prices/request-for-stream (RFS) trading over API and allows users to deploy multiple algorithms to minimize slippage or market impact for large orders/illiquid assets.
Binance OTC doesn't require wallet pre-funding and participants can access flexible credit lines to maximize their capital efficiency.

This feature is largely reserved for institutions, but some well-heeled traders may find it useful.

Binance Convert

The simplest way to trade on Binance: Binance Convert lets users exchange between 350 tokens using either a market or limit order.

By mixing more advanced order types, Binance Convert helps users quickly exchange their assets without the usual complexities of cryptocurrency trading.

There are no additional trading fees for using Binance Convert, the quote shown is the amount the trader will receive after executing a market order, while limit orders are executed exactly at the specific limit price.

Simple Earn

Binance provides an easy-to-use investment feature known as simple earn, which allows users to deposit assets in return for a yield.

Supporting more than 300 cryptocurrencies, users can currently earn up to 52.9% APR on their deposits, and have the option either to commit their deposit for a fixed period or to retain the ability to redeem at any time by opting for flexible staking.
In most cases, locked products offer a higher APY than flexible ones, and users typically have the option to auto-subscribe to a flexible product when their fixed product expires.

BNB Vault

One of Binance's simplest investment products, BNB Vault allows users to stake their BNB to earn a variable APR (currently 0.35%) while also earning rewards via Binance Launchpool and other yield-bearing products.

The tool is designed to aggregate yields from multiple sources, helping BNB holders get the best possible yield.

BNB Vault provides users with an overall APR of approximately 5-10%, compared to around 1% when using any single BNB investment product.

Auto Invest

To help users more easily earn a yield on their investment, Binance offers a simplified auto-invest product. As its name suggests, it allows users to regularly invest in cryptocurrencies and then earn a passive income on that investment.

Supporting 63 cryptocurrencies, Binance auto-invest lets users tailor their own investment plan — selecting the coins and amount to invest in, as well as the investment frequency.

This helps users automatically stick to a DCA strategy and gain exposure to a range of assets over a given time period.

DeFi Staking

Binance’s DeFi staking platform allows users to easily apply their token holdings to a variety of smart contract-powered investment options through simple flexible or fixed-term staking products.

As of writing, Binance DeFi staking allows users to stake 14 different assets across popular DeFi platforms like Venus, DYDX, Aave and MakerDAO.

It should be noted that some DeFi staking products have a limited quota, so users will need to act fast to participate.

Dual Investment

One of Binance's more complex investment products, Dual Investment allows users to maximize the profitability of their orders by earning a yield while buying or selling their desired asset at a chosen price and date.

Irrespective of the direction of the market, investors will earn a yield when buying one of the 14 different assets supported by Binance Dual Investment. As it stands, the estimated APR ranges from 2.5% to over 200%.

Binance Dual Investment features a beginner mode that provides a step-by-step guide to the subscription process, or users can opt to manually select from the range of available settlement products — filtering by asset type, direction, settlement date, and price target.

Binance Pool

Binance is one of the few cryptocurrency exchanges to offer its own mining pool — this helps miners pool their hash rates together to more reliably generate a return from cryptocurrency mining.
Supporting five different Proof-of-Work (POW) algorithms and six different coins, and a fee of 0.5%, Binance Pool is currently a popular choice for both individual and institutional miners.

Binance Card

Binance Card is a cryptocurrency debit card that allows users to spend their cryptocurrencies in-store and online anywhere that accepts VISA.

Supported by Google Pay and Samsung Pay, Binance Card can be used with over 60 million merchants worldwide and features on-the-spot conversions between crypto and fiat.

When using the card, users can earn up to 8% cashback (paid in BNB) on eligible purchases and also have access to free ATM withdrawals and zero foreign exchange fees.

Instead, it features a flat 0.9% conversion fee for payments. The card itself is delivered free of charge.

Binance Launchpad

Binance Launchpad is a popular crowdfunding platform that allows BNB token holders to participate in initial exchange offerings (IEOs) for upcoming crypto projects.

With an average all-time high return of almost 20,000% and a current return of 2,350%, Binance Launchpad is the best-performing IEO launchpad by a long shot — making it a massive draw for Binance users.

Several notable projects have emerged from the launchpad, including Axie Infinity, STEPN, The Sandbox and Elrond.

In most cases, users can simply subscribe to a launchpad project by temporarily committing BNB. They then receive an allocation equal to their share of the total committed BNB — such that if a user contributes 0.1% of all BNB, they’ll be eligible to purchase 0.1% of the available launchpad project tokens.

Learn more about Binance Launchpad.

Binance Launchpool

Binance Launchpad also includes a secondary service known as Binance Launchpool.

Similar to the launchpad, promising new projects can use Binance Launchpool to distribute their tokens to a large number of new holders. The only difference is, these tokens are distributed free of charge to participants — similar to an airdrop.

Unlike Binance Launchpad, users can stake both BUSD and BNB to participate in a Launchpool. By doing so, they can farm new project tokens over a specific farming period.

For example, at the time of writing, users can stake their BUSD and/or BNB to farm Hashflow (HFT) tokens. Rewards are usually calculated and distributed daily over the farming window.

Binance Referral

Binance features a popular referral program, which allows current customers to refer new users to the platform in return for a range of perks.

Binance currently features two referral programs: lite and standard.

With the lite program, users will receive a 100 USDT trading credit for every new referral they make, and their referral will also receive a 100 USDT trading credit.

Participants in the lite program can also take part in a range of tiered tasks, which can see them earn up to 1,200 BUSD for referring new users.

Alternatively, users can opt for the standard referral program, which allows them to create custom referral links. These referral links can allow the referrer to earn up to 40% of the trading fees of all the users they refer, or provide an up to 20% trading fee kickback to their referrals.

Binance Angel

The Binance Angel Program is a new initiative that allows volunteers to join the Binance family and help make crypto more accessible to everyone.

Binance Angels are tasked with helping Binance grow by pursuing a range of simple goals — such as organizing and hosting meetups, providing support and testing new features.

In return for their participation, Angels get to join Binance events as privileged guests, receive limited edition gifts and help shape the future of crypto.

To find out more about Binance, check out its exchange overview page.

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