What Is Binance? Fees, Orders and Tools Explained
Binance is the largest crypto exchange in the world, and also the one with the most product names to decode: Lite, Earn, P2P, PNL, stop-limit. This guide explains what each one actually is, what it costs, and which ones no longer exist.
- Binance is the world's largest crypto exchange by volume, founded in 2017, with more than 300 million registered users and base fees of 0.1% on spot and 0.02% / 0.05% on futures.
- A stop-limit order combines a trigger price with a limit price, and it is the basic risk tool every Binance trader should master, including its one weakness: it can fail to fill in a fast market.
- Binance Lite is the simplified mode of the same app, not a separate product; Liquid Swap, by contrast, was shut down in January 2024 and no longer exists.
- Binance Earn is the official name of the earning products (the Turkish keyword "Binance kazan" refers to it); P2P is the escrow-protected marketplace for trading crypto against local currency.
- Fees are the one cost you control: through Trade Reclaim, 30% of your Binance trading fees come back in USDT, from your public UID alone.
More than 300 million people have a Binance account, and most of them use a tenth of what the platform can do. The rest hides behind product names that nobody explains in one place: Lite, Earn, P2P, PNL, stop-limit, and a few features that quietly no longer exist. This guide walks through what Binance is and what each of those pieces actually does, with the current facts as of July 2026.
What is Binance?
Binance is the largest cryptocurrency exchange in the world by trading volume, founded in July 2017 by Changpeng Zhao. It grew into the market leader within its first year and has stayed there since; by the end of 2025 it passed 300 million registered users. The core product is simple: a marketplace where you trade crypto, on the spot market (buying and selling the actual coins) and on futures (contracts with leverage). Around that core sit staking and earning products, a P2P marketplace for local currencies, a launchpad for new tokens, an NFT market and its own blockchain ecosystem around the BNB token. For beginners the practical takeaway is this: Binance is where the most coins, the deepest liquidity and the lowest base fees meet, which is exactly why it is the reference point every other exchange gets compared against.
What does trading on Binance cost?
The base rate is 0.1% per spot trade and 0.02% maker / 0.05% taker on futures, before discounts. Two discounts matter. Paying spot fees in BNB, Binance's own token, cuts them by 25% to effectively 0.075%, and holding BNB in your futures wallet earns a 10% discount there. VIP tiers reduce fees further with volume, but for most traders the base rates are the reality. The full breakdown is in the official fee schedule, and our own Binance fees guide runs the numbers with examples. One framing worth internalising early: fees look small per trade and compound into the largest controllable cost of active trading. A trader doing 100k in monthly futures volume pays real money every month, which is why the cashback lever at the end of this guide exists.
What is a stop-limit order on Binance?
A stop-limit order places a limit order automatically once a trigger price is reached. It is the basic protective order on Binance, available on spot and futures. You set two prices: the stop price (the trigger) and the limit price (the order that gets placed). Example: you bought BNB at $580 and it trades at $600. You set a stop at $585 and a limit at $580; if the price falls to $585, a sell order at $580 goes live, capping your loss. The same logic works for buying breakouts. Binance's Academy explainer is honest about the one weakness, and you should be too: in a fast crash the price can gap straight through your limit and the order never fills, leaving the position unprotected. That is why futures traders often prefer stop-market orders for hard exits. There is also OCO, which pairs a take-profit limit with a stop-limit and cancels whichever one does not execute.
What is Binance Lite?
Binance Lite is the simplified interface of the normal Binance app, not a separate app or product. On first install the app opens in Lite mode by default: a clean buy, sell, convert and balance view without charts, order books or leverage. Switching to the Pro mode, with futures, margin and full charting, takes two taps on the profile icon, and you can flip back anytime. Lite is genuinely the right starting point for a first-time buyer, because it removes every control you do not need yet. The important part is knowing the switch exists: many users trade in Lite for months without realising the full exchange sits behind the toggle, including the tools this guide covers.
What was Binance Liquid Swap, and does it still exist?
No. Binance Liquid Swap was discontinued on 19 January 2024, and anyone telling you otherwise is reading old articles. Liquid Swap was Binance's in-house liquidity-pool product, an AMM where users deposited token pairs and earned a share of swap fees, similar to DeFi pools but centralised. Per the official shutdown announcement, all remaining pool positions were automatically returned to users' spot wallets. Binance named no direct successor. What people use today instead: Binance Convert for instant, zero-fee swapping between assets at a quoted price, and Simple Earn for the passive-yield part that pools used to cover. If you searched for Liquid Swap because a guide recommended it, those two products are the current answer.
What does PNL mean on Binance?
PNL is your profit and loss, and Binance displays it differently on spot and futures, which is where most confusion comes from. On spot, the token PNL analysis shows today's PNL, 30-day and cumulative figures, where today's PNL is simply your balance now minus the balance at midnight, adjusted for deposits. On futures, the split that matters is unrealized versus realized: unrealized PNL is the paper result of open positions and is calculated on the mark price, so it fluctuates every second; realized PNL is what you actually booked when closing, based on the last price. Two practical consequences: your wallet balance excludes unrealized PNL while margin balance includes it, and Binance itself labels the spot PNL view as a reference figure, not a tax report. For real accounting, export your trade history.
What is Binance P2P?
Binance P2P is a marketplace where users buy and sell crypto directly with each other in local currency, with Binance holding the crypto in escrow. The mechanics protect both sides: when a seller posts an offer, the crypto is locked from their funding wallet, and it is only released to the buyer once the seller confirms the money arrived, per the official escrow explainer. Takers pay no trading fee; makers pay between 0% and 0.35% depending on the market. P2P exists because card purchases and bank transfers are not available or not attractive in every country, so it is the main fiat ramp in markets from India to Argentina. The safety rules are unglamorous but essential: never release crypto before checking your bank account, never settle outside the platform, and prefer verified merchants.
What is Binance Earn?
Binance Earn is the umbrella for everything that pays yield on idle assets: Simple Earn flexible and locked products, ETH and SOL staking, and structured products. A note for Turkish readers, because the search term "Binance kazan" is common: kazan is simply the Turkish verb for earn, and the product has always been called Binance Earn officially; there is no separate product named Kazan. The honest framing for beginners: flexible Simple Earn on stablecoins is the low-drama entry point, locked products pay more for giving up liquidity, and anything with double-digit advertised yields deserves a careful read of what you are actually underwriting. Earn is a good parking spot for capital between trades, not a substitute for understanding what you hold.
Binance in Turkey: what changed
Since Turkey's 2024 crypto law, global Binance and BinanceTR are two separate things, and the global platform no longer has a Turkish interface. Law No. 7518 put crypto service providers under the Capital Markets Board (SPK). Binance responded in 2024 by halting marketing to Turkish users, removing the Turkish language option from binance.com and its app in September 2024, and ending the retail referral program for Turkey. The local entity, BinanceTR (binance.tr), operates separately and appears on the SPK's provisional operating list, which the regulator itself notes is not a full license yet. Practical upshot for Turkish traders: the global platform remains reachable in English with deposits and withdrawals working, while BinanceTR offers the local, lira-denominated experience with a smaller product set. Which one fits depends on whether you need futures depth or a TRY on-ramp.
The bottom line
Binance earns its position as the default exchange: the deepest liquidity, the widest toolset and base fees that most rivals only match, not beat. The skill curve is real, but it is climbable in order: start in Lite, learn stop-limit orders before touching leverage, read your PNL correctly, and treat Earn as a parking spot rather than a strategy. And fix the one recurring cost early: every trade you ever make on Binance pays a fee, and fee cashback claws a fixed 30% of it back. Sign up through Trade Reclaim and the cashback accrues in USDT, withdrawable anytime, tracked from your public UID alone with zero account access. The tools in this guide decide how well you trade; the cashback decides what every one of those trades costs you.
Trading on Binance? Take 30% of your fees back
Every order on Binance costs a fee, whether you trade in Lite mode or run a futures strategy. Sign up through Trade Reclaim and we track the fees your account generates in our affiliate dashboard, identified only by your public UID, then pay 30% back in USDT, withdrawable anytime. No API keys, no account access.
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What is Binance in simple terms?
Binance is the world's largest marketplace for buying, selling and trading cryptocurrencies, founded in 2017, with over 300 million registered users. It offers spot trading, futures with leverage, earning products, and a P2P marketplace for local currencies.
How does a stop-limit order work on Binance?
You set a stop price and a limit price. When the market reaches the stop price, Binance automatically places a limit order at your limit price. It is the standard tool for capping losses or catching breakouts, with one caveat: in a very fast move the limit order may not fill.
Is Binance Lite a separate app?
No. Lite is the simplified mode inside the normal Binance app and the default view on first install. It shows only buying, selling, converting and your balance. The Pro mode with charts, futures and margin is two taps away on the profile icon.
Does Binance Liquid Swap still exist?
No. Binance shut Liquid Swap down on 19 January 2024 and returned all pool positions to users' spot wallets. For instant swaps, users now use Binance Convert; for passive yield, Simple Earn.
What is Binance P2P and is it safe?
P2P is Binance's marketplace for trading crypto directly against local currency with other users. Binance holds the crypto in escrow until payment is confirmed, takers pay no trading fee, and disputes are handled by support. Safe use means confirming money in your own bank account before releasing crypto and never settling outside the platform.
What is Binance Earn, and what does "Binance kazan" mean?
Binance Earn is the official name for Binance's yield products: Simple Earn flexible and locked, staking, and structured products. "Kazan" is just the Turkish word for earn; there is no separate product with that name.
Does fee cashback work on Binance?
Yes. If your Binance account was created through Trade Reclaim's link, we see the trading fees it generates in our affiliate dashboard, identified only by your public UID, and pay 30% of them back in USDT, withdrawable anytime. We never touch your funds and never need account access.
Trade Reclaim Research saare 11 partner exchanges par fee schedules, VIP tiers aur token discounts track karta hai. Har number ko live hone se pehle exchange ke official fee schedule ke against check kiya jaata hai, aur jab koi exchange apni terms badalta hai to dobara check kiya jaata hai. Maksad simple hai: traders ko unki asli net cost dikhana, headline rate nahi.
Trade Reclaim exchange referrals se kamaata hai aur uska zyada hissa aapko cashback ke roop mein wapas deta hai. Yeh education hai, financial advice nahi.