In this Binance Lite review, we’ll take a deep dive into the beginner-friendly cryptocurrency exchange App from Binance. We take a look at the app’s features, fees, plus how to use Binance Lite to buy, sell, convert and earn. Then compare Binance Lite to their more advanced Binance Pro versions and discover which is the best mode for you.
What is Binance Lite?
Binance Exchange introduced Binance Lite in February 2021. Making it the easiest way to buy crypto for novices or for users who just want the basics. Now the default mode for app users, Binance Lite can easily be switched back to Binance Pro at any time when users want to use more advanced functionality.
Binance Lite users can check prices, buy, sell and exchange crypto without having to access more complex order books or charts. Plus users can also take advantage of Binance´s Earn feature from within the simplified wallet.
Before you get started you’ll need to have a Binance account. One of the easiest ways to sign up and go through all your verification is using the web platform. If you’re new to Binance, you can save up to 45% off your trading fees.
Binance Lite Review: How to Use Binance Lite?
When trading or “converting” your crypto, you’ll find that the list of tokens is not as diverse as the likes of Binance Pro. For example, although you can deposit, buy and sell the CAKE token, this currently isn’t available to convert into another cryptocurrency.
Binance Lite does support popular cryptocurrencies such as Bitcoin, Ethereum, ERC20 tokens, plus their own Binance (BEP2) and Binance Smart Chain (BEP20) tokens.
Binance Lite Fees
Lite does not charge any fees for depositing cryptocurrencies into the app. However, for each withdrawal, a flat fee is paid by users to cover the transaction costs. This is fee is dependent on the blockchain and is on crypto by crypto basis. You can find a full list of Binance withdrawal fees here.
Binance does not charge any fees for their “convert” feature. However, there will be a “spread” meaning the buy price will be above the current market rate and the selling price will be slightly below.
If you are trading on Binance Pro, trading with the market, limit or stop-limit orders will incur a 0.1% fee, which (at the time of this Binance Lite review), is one of the cheapest of any cryptocurrency exchange. These fees can also be reduced for new users.
How to Access Binance Lite?
Binance Lite is already inbuilt into the Binance App. If you’re not too sure if you’re already using Binance Lite as opposed to Pro mode, simply press onto the market tab within the app and it’ll display the word “lite” at the top of the screen.
Alternatively, you can alternate between Lite and Pro mode by pressing the Profile icon in the top left-hand side of the app and by pressing the Lite toggle button.
With Binance Pro, you can perform the same functions, however, there are more advanced order types and trading types such as futures, margin trading and they offer a more diverse range of tokens for trading.
As you may already be aware, some FIAT currency withdrawals have been suspended on Binance due to regulations. However, this may have changed depending on the time that you are reading this Binance Lite Review. However, crypto and stablecoins withdrawals are not an issue.
For those of you who have been with Binance for a while, you’ll know that they used to be just a crypto-to-crypto exchange. If you need a FIAT-to-Crypto exchange there are obviously others you can use such as Coinbase or Gemini. However, these do come with higher trading fees.
Binance Lite vs Binance Pro
Binance Lite is said to be better for those new to crypto, looking for an easy way to buy and sell.
However, Binance Pro offers all of the above, but with more advanced options such as Futures, Options Trading, and Margin Trading. They also offer a wider range of tokens and features which is ideal for more experienced users.
You can switch between the 2 modes at any time as both are inbuilt into the Binance app.
Is Binance Lite Safe?
Binance is considered a safe cryptocurrency exchange and includes a number of security controls. Including cold storage, mandatory implemented 2-factor authentication for withdrawals, and email/text confirmations.
Binance Lite app is a great option for the newbie crypto investor. The app is beginner-friendly with an easy-to-use interface. Giving you everything you need to get started. Unfortunately, when buying or swapping your tokens (with Lite mode) you won’t necessarily be getting the best price. This is due to the spreads when converting or the fees when buying. To get the best rates or to define the price you’d like, you will need to trade with Binance Pro. Where you will also find a more diverse range of tokens to trade with.
I would just highlight Binance Lite is an exchange and not a wallet to store your crypto assets long term. Check out our Trust wallet review and tutorial which the official wallet from Binance,