Binance is the largest crypto exchange by trading volume, catering to over 250M clients in more than 180 countries. The platform is most suitable for experienced investors, as it offers advanced trading features, including futures and margin trading, multiple order types, and a complex interface with real-time charting tools. It provides a wide range of products and services and supports over 350 altcoins.
Our detailed Binance review will go over the company’s background, list the supported cryptocurrencies, and explain the many services and products. You’ll also learn about the fees and commissions, the security measures, and answers to the most common questions regarding the exchange.
Our Binance Review – Key Takeaways
Our Verdict
9/10
- Binance’s P2P trading makes it easy for users to buy and sell directly with others, using local payment methods that fit their needs.
- Binance trading fees are some of the lowest in the industry. Additionally, Binance offers fee-free trading on multiple BTC and ETH pairs
- Binance Liquid Swap is perfect for smooth trading with low slippage, and you can even earn rewards by providing liquidity to the pools.
- Users can access various professional-grade tools to refine their trading strategies.
- Binance is serious about staying on the right side of global regulations, constantly updating its platform to ensure a secure and compliant trading experience.
Overview of Binance Excnahge
Binance was founded by Changpeng Zhao in 2017. The company was first based in China, but after the Chinese government restricted crypto companies, it moved to Japan and, later on, to Malta. It currently has no official company headquarters.
By January 2018, it was already the largest crypto exchange with a market cap of $1.3 billion. Since its beginnings, Binance has grown into the largest and most popular crypto exchange globally, with a trading volume of $21.47 billion. The exchange supports over 350 cryptocurrencies and is trusted by over 250M clients in more than 180 countries. It offers advanced trading features such as futures, margin trading, and multiple order types.
Over the years, Binance has introduced key improvements, including enhanced security measures, a user-friendly mobile app, and an expanding ecosystem of DeFi, NFTs, and blockchain services.
In 2019, Binance was banned in the US on regulatory grounds. That’s why it opened Binance.US, a separate exchange that complied with all applicable US federal laws.
Still, the exchange has experienced astounding success since its launch and comfortably sits at the number 1 spot in terms of 24-hour trading volume on Coinmarketcap.
Binance Services and Products
Binance provides a comprehensive suite of services and products tailored to both retail and institutional investors. Below, we explore each in detail.
Binance Trading Exchange Review
Binance offers the following trading options:
P2P trading
Binance is one of the best P2P exchanges, with over 800 payment methods and more than 100 fiat currencies, although availability varies by country due to regulatory restrictions. Users can use many cryptocurrencies, from digital assets like Ethereum and Bitcoin to stablecoins like USDT. They can also buy and sell cryptocurrencies directly with other traders using fiat payment methods such as bank transfers, PayPal, and mobile wallets.
The process covers the following steps:
- Place a P2P order on Binance’s marketplace.
- Send the agreed-upon payment to the seller using the chosen payment method.
- Receive the cryptocurrency once the seller confirms payment, with Binance’s escrow system ensuring transaction security.
Copy trading
Binance Futures provides a copy trading feature, allowing users to automatically mimic top-performing traders in their real-time contract trading strategies. After determining users’ investment amount, the system automatically copies trades from the lead traders they follow.
- Lead traders can earn performance-based commissions, typically receiving a share of the profits (up to 30%) and an additional rebate on trading fees.
- Copy traders can monitor risk metrics and performance history before selecting a strategy.
Trading bots
As one of the top-rated crypto robots, Binance offers built-in automated trading bots that execute predetermined strategies so investors don’t need to continually monitor market movements. They assist in optimizing profits and reducing potential losses. Some of the available strategies are:
- Grid Trading Bots: Automate buying and selling within predefined price ranges.
- TWAP (Time-Weighted Average Price) Bots: Spread large orders over time to minimize market impact.
There are currently 122,665 active strategies on Binance, with a total value of $71.20 billion.
Spot trading
This feature enables users to buy and sell many cryptocurrencies at their current market prices directly on Binance without leverage or predetermined contract terms. The user-friendly interface features different order types, including:
- Market orders: Instant execution at the best available price.
- Limit orders: Execution at a predefined price.
- Stop-limit orders: Triggered once a specified price is reached.
- OCO (One Cancels the Other) orders: A risk management tool that places two linked orders.
Binance offers real-time price updates so traders can access the most accurate market data.
Margin trading
With Binance margin trading, users can borrow funds against their holdings and use leverage, resulting in more cost-effective trading.
- Users can open long or short positions across various crypto pairs.
- Different leverage levels are available depending on the asset, with up to 5x leverage on spot margin trading.
- Borrowed funds require collateral and incur daily interest fees.
After meeting requirements, borrowed digital assets can be moved out of the margin wallet and withdrawn from the platform to carry out cross-exchange arbitrage strategies.
Note: Binance margin trading is not available to users of Binance US.
Binance Futures and Derivatives
Binance Futures is a derivative trading platform on Binance that allows traders to speculate on cryptocurrencies’ future price movements by selling and buying futures contracts. Binance Futures markets include USDS–M futures, Coin-M futures, trading bots, options, leaderboard, and copy trading.
It’s important to note that those who want to use Binance Futures should first have a regular Binance account and then open a Binance Futures account. Our Binance review confirms that users can enjoy up to 5,000 USDT welcome reward after opening a Futures account by reaching specific deposit and trading milestones. These promotions are subject to change and may have specific terms and conditions.
Binance Financing
In addition to providing exchange and trading services, Binance has expanded to provide DeFi products. These include:
Savings
Binance Earn allows users to deposit savings and earn interest on cryptocurrencies. It provides two main types of savings: flexible and locked. The former allows users to withdraw funds anytime with no loss of interest or penalties. In contrast, the latter enables them to lock their assets for a specific period but with higher interest rates.
Staking
Binance is a top crypto staking platform, allowing users to stake cryptocurrencies and enjoy rewards. Like savings accounts, the staking service is available in flexible and locked options. Some of the best staking coins can be found on Binance.
Participants hold cryptocurrencies in a wallet and thus support the blockchain network operations while earning rewards.
Staking is only available to users registered on Binance.
Binance Smart Pool
Another standout feature in our Binance exchange review is the “Smart Pool.” It uses a proprietary algorithm to automatically switch between mining different cryptocurrencies depending on their profitability. This enables miners to increase their earnings without manually switching between different mining options.
Binance Visa Card
The Binance Visa Card is a debit card enabling users to use their Binance crypto balance to make purchases at millions of merchants globally. The card is connected to users’ Binance accounts and funds transactions by using cryptocurrency from their account balance. After they purchase, Binance automatically converts their chosen crypto into fiat currency. The card is completely free with no admin or processing fees and lets you earn up to 8% cashback on eligible purchases.
Crypto Loans
This feature allows Binance users to take out crypto loans secured by their cryptocurrency assets, meaning that users can apply for loans using their crypto assets as collateral. Each crypto has a maximum amount that users can pledge or borrow. Binance offers several types of loans, including:
- Flexible
- Fixed-rate
- VIP loans
Binance Liquid Swap
Binance Liquid Swap is an automated market-maker (AMM) tool that lets crypto holders monetize their assets by supplying liquidity to a trading pool. There are two tokens in each pool, and the relative amount of tokens determines the price between them. Liquid Swap offers more stable prices and lower fees for large transactions. Users can trade coins on Liquid swap with minimal slippage, or provide their liquidity in return for a share of fees.
It is important to note that Binance’s services and promotional offers can change over time. For the most current information, it’s advisable to consult Binance’s official resources or contact their customer support.
Binance.US Exchange
Launched in 2019, Binance US was created to ensure a compliant and stress-free trading experience for US users. A key benefit is that US users can deposit USD directly into their trading account, as well as trade directly against the US dollar.
The platform is a slightly more simplified version of the global exchange; however, it carries most of its core trading features – including low fees capped at just 0.1%. At the time of writing, Binance.US even has zero-fee trading on Bitcoin trading pairs against USD and most US dollar stablecoins as it seeks to gain a larger market share against its local competitors.
Unfortunately, a much smaller range of assets is available to trade on Binance.US when compared to the global platform.
Aside from trading services, Binance.US also offers staking for proof-of-stake (PoS) coins. This provides an easy way for token holders to participate in these networks and earn staking rewards, without the need for technical expertise or any special hardware/software requirements.
Binance Wallet Review
Binance Wallet is a self-custody wallet within the Binance app, meaning that users are in complete control over their crypto assets. The wallet uses advanced multi-party computation technology (MPC), so there’s no need for a seed phrase. Since it includes built-in risk controls, users get alerts if a blockchain or token carries security risks, including malicious contract detection or wrong address protection.
Binance Wallet supports easy cross-blockchain token swaps at better prices, thanks to its integration with Binance Bridge and other providers. Users can generate yield effortlessly and explore dApps.
Key Features:
- Built-in Risk Controls: The wallet incorporates security measures that alert individuals to potential risks associated with specific blockchains or tokens, including malicious contract detection and incorrect address protection.
- Cross-Blockchain Token Swaps: Through integration with Binance Bridge and other providers, the wallet facilitates seamless token swaps across multiple blockchains, often at competitive rates.
- Decentralized Application (dApp) Access: Individuals can effortlessly explore and interact with various dApps directly through the wallet interface.
- 24/7 Customer Support: The wallet offers round-the-clock customer service to assist with inquiries or issues.
Supported Currencies and Payment Methods
A crucial part of our Binance exchange review is the number of supported cryptocurrencies, as more options provide users greater flexibility. On that note, Binance is the go-to place to choice from the best cryptocurrencies to buy as it supports over 350 cryptocurrencies, with 150+ of them available to the US market. For international users, it also supports many fiat currencies, including AUD, EUR, SAR, and PHP. Depending on the location, Binance also provides numerous cryptocurrency pairs.
It supports major players like $BTC, as well as new, emerging cryptocurrencies. Some of the best altcoins Binance offers are:
- Ethereum ($ETH)
- Binance Coin ($BNB)
- Dogecoin ($DOGE)
- Litecoin ($LTC)
- Polygon ($MATIC)
- Cosmos ($ATOM)
- Cardano ($ADA)
- Harmony ($ONE)
- VeChain ($VET)
- VeThor Token ($VTHO)
- Dash ($DASH)
- Compound (COMP)
The platform also ensures that new and upcoming Binance listings are announced on the Binance website, specifically on the New Cryptocurrency Listing page.
Crypto can be traded for fiat (or other crypto) on the trading platforms or purchased directly using these payment methods:
- Credit/ Debit card
- SEPA
- Bank transfers.
Binance Fees & Commissions
The Binance fee structure follows a maker/taker model, with fees varying depending on trading volume and Binance Coin balance. Generally speaking, higher-volume trades have lower fees. Moreover, discounts apply when using BNB for fees.
Here’s a breakdown of the Spot & Margin fees:
Level 30-Day Trade Volume BNB Balance Maker / Taker Regular User < $1,000,000 (or →) ≥ 0 BNB 0.1000% / 0.1000% VIP (1–9) (≥ $1,000,000 – ≥ $4,000,000,000) (≥ 25 BNB – ≥ 5,500 BNB) Up to 0.0900% / Up to 0.1000%
USDS-M Futures and Coin-M Futures fees require regular users (<$15M volume) to pay 0.0200% maker / 0.0500% taker fees, while VIP 9 users (≥$25B volume, ≥5,500 BNB) get as low as 0.0000% maker / 0.0170% taker fees. Again, discounts apply when using BNB for fees.
Options trading fees require regular users and VIPs 4-9, which is the same maker and taker fee of 0.0300%.
The deposit/withdrawal fees are divided into:
- Crypto: vary based on the cryptocurrency
- Fiat: varies by currency and payment method, with some including free transactions and others charging a percentage-based or fixed fee
Binance charges a fee of around 2% for credit card payments.
Binance.us fee structure is also competitive and tiered. It removed its zero-fee pricing for certain pairs, like BTC/USDT, in 2024.
Binance Security
Those asking themselves, ‘Is Binance Secure?’ should keep in mind that the exchange has made user protection a top priority by using the latest security measures and data privacy controls across its platform. As per Certified, the exchange security analysts credit Binance.US and Binance with an AAA security rating, ranked 5 and 6, respectively.
From a 360-degree risk management system and real-time monitoring to end-user security education and advanced data privacy tools, the exchange ensures its users are highly protected. Here are some of the key security features:
- Secure storage, with assets stored in offline, cold storage facilities
- Secure Asset Fund for Users (SAFU)
- Multisignature and threshold signature schemes (TSS)
- Real-time monitoring
- Strict sign-in protocols using two-factor authentication, including SMS, app-based, hardware, and email methods
- Advanced access control, with opt-in security features like API access control, IP and wallet address whitelisting, and device management
- Security notifications if suspicious activity is detected
- Advanced data encryptions for protecting personal information and user data, including Know-Your-Customer (KYC) information
Is Binance US safe? Since Binance.US opened, it has faced many legal challenges, resulting in Binance pleading guilty to federal charges in 2023 and Zhao being sentenced to four months in prison in 2024.
Pro Tip: In addition to storing your crypto in a secure wallet off the exchange, using a VPN can also help by encrypting your web traffic.
Binance Supported Countries
Binance is available to clients globally through a web browser and two apps. This Binance review section will list all the regions where the exchange is available and explain in more detail the devices users can use.
Countries
According to its official website, Binance operates in more than 180 countries, including:
- America: Brazil, Argentina, Chile, Mexico, Colombia, Peru
- Africa: South Africa
- Europe: Czech Republic, Turkey, Greece, Hungary, Italy, France, Latvia, Poland, Romania, Slovakia, Portugal, Bulgaria, Slovenia, Russia, Spain, Switzerland, Ukraine
- Asia & Pacific: Australia, Afghanistan, India, Cambodia, Indonesia, Kazakhstan, Japan, Mongolia, New Zealand, Myanmar, Pakistan, Taiwan, Philippines, Vietnam
- Middle East: Israel, Egypt, United Arab Emirates, Saudi Arabia
Binance isn’t available in places like the United States, and Singapore. In other countries, such as Malaysia, Japan, the UK, and Thailand, some features might be restricted because of local regulations. If you’re in Germany, Italy, or the Netherlands, you won’t have access to Binance’s futures and derivatives trading.
Is Binance available in the US? Customers from the USA can now use Binance US after Binance withdrew its main service from the country. What’s also worth mentioning here is that Binance.US isn’t available in all US states. Some of the unsupported states and regions include Connecticut, North Carolina, Oregon, Texas, New York, Washington, Alaska, Maine, Ohio, Georgia and North Dakota.
Devices
Users can obtain Binance’s services through the following devices:
- Web browser: On the web version, the interface is intuitive, full of features, and easy to find and operate. Switching through products is seamless.
- Binance desktop app: This app is available for MacOS, Windows, and Linux. It can be easily opened on a second screen, and as explained in almost every Binance app review, users can also customize options for the information and graphs they want to see.
- Binance app: This is an easy-to-navigate app with a user-friendly interface and top features. The app is available on Android and Apple devices, with a Binance rating of 4.9 on both stores.
Users can access the platform through an online dashboard or the mobile apps, available for Android and iOS.
Binance Customer Support and Reviews
Binance offers a live chat feature, with most inquiries addressed within ten minutes. However, there’s no phone or email support available, which is a setback for the platform.
Customer feedback is mixed; while some commend the efficiency of the live chat and the user-friendly interface, others report challenges such as unresponsiveness, prolonged resolution times, or complex problem-solving processes. These issues may stem from Binance’s extensive global user base. It is anticipated that Binance will address these concerns to enhance its customer service experience.
Binance, however, offers many self-service tools for password resets, account verification, security verification resets, unlocking accounts, and dispute resolution. Users can access tutorials, FAQs, and guides on trading, crypto deposits, security, and Binance products.
Opening a Binance Account
Creating a Binance account is a straightforward process. Below is a step-by-step guide to help you get started:
1. Visit the official Binance site and choose one of the listed registration methods: Users can sign in using their phone number, email address, Apple/Google account, or Telegram.
The following steps differ depending on the chosen registration method, so we’ll continue explaining each method separately.
Phone/Email registration method:
Step 2. Read and agree to the Terms of Service and Privacy Policy: After reading them, check the box and click ‘Next”.
Step 3. Verification: You’ll get a 6-digit verification code on your phone or email. Enter the code and click ‘Submit’.
Step 4. Create a password: Choose a strong password for your account and click ‘Next.’
Google/Apple registration method:
Step 2. Sign in to Binance: Use your Google or Apple account.
Step 3. Read and agree to the Terms of Service and Privacy Policy: Click ‘Confirm’ after reading and agreeing to them. You’ll then be directed back to the Binance website, where you should also confirm that you’ve read the Terms of Service and Privacy Policy and click ‘Next.’
Telegram registration method:
Step 2. Log into your Telegram account: Log in to your account to connect with Telegram.
Step 3. Confirmation: A confirmation notification will be sent to your Telegram account, and you’ll have to click ‘Confirm.’
Step 4. Click ‘Create a new Binance Account’: You would need to enter your phone number or email address, agree to Terms and Conditions, and click ‘Next.’
Step 5. Enter the verification OTP: This is sent to your phone or email. Click ‘Next’.
Remember that you have to complete identity verification before trading.
No Binance review is complete without the mention of the Referral program. It allows users to share their referral link with friends and invite them to sign up and deposit over $50. This way, both parties receive a $100 trading fee rebate voucher. Additionally, the Referral Pro feature allows participants to customize the commission rate shared with their referees, distribute their referral link or QR code across various platforms, and earn up to a 40% commission when their referees commence trading.Binance Referral Program to Invite Your Friends
Binance Review: Binance Pros and Cons
Pros Cons
Binance vs. Other Exchanges
Here is a comprehensive comparison of Binance against its competitors, highlighting its strengths, weaknesses, and unique offerings in the crypto exchange landscape.
Binance vs Coinbase
Binance and Coinbase each cater to different types of users. Binance is designed for experienced traders and offers various advanced trading tools. In contrast, Coinbase is well-known for its beginner-friendly interface, as highlighted in our Coinbase review.
Binance provides more advanced features and lower fees than Coinbase.
Exchange Fees Security Regional Availability Features Binance 0.1% maker/taker (discounted with BNB) Offline, cold storage; Secure Asset Fund for Users (SAFU); Multisignature and threshold signature schemes (TSS); Advanced access control; Real-time monitoring 180+ countries Exchange trading; Futures and derivatives; Financing options; Wallet services; 24/7 live chat Coinbase 0.5% per trade + flat fees Insurance; cold storage; 2FA 170+ countries Exchange trading; Futures and derivatives; Financing options; Wallet services; Live chat, email, AI chatbot
Binance vs Kraken
Binance supports over 350 cryptocurrencies and provides various advanced trading options, making it ideal for experienced traders. At the same time, according to our Kraken review, Kraken supports around 340 cryptocurrencies, catering to all investors with its user-friendly platform (Kraken) and more advanced features in Kraken Pro.
Ultimately, your choice between the two will depend on your preference of factors such as the range of supported assets, fee structures, customer support preferences, and security considerations.
Exchange Fees Security Regional Availability Features Binance 0.1% maker/taker (discounted with BNB) Offline, cold storage; Secure Asset Fund for Users (SAFU); Multisignature and threshold signature schemes (TSS); Advanced access control; Real-time monitoring 180+ countries Exchange trading; Futures and derivatives; Financing options; Wallet services; 24/7 live chat Kraken 0.2%–0.16% maker, 0.02%–0.26% taker FIDO2-compliant 2FA with Passkeys; SSL encryption; Global settings time lock; Cold storage, multi-signature wallets 190+ Exchange trading; Futures and derivatives; Wallet services; 24/7 live chat, email, and phone support
Binance vs Bitfinex
While discussing Binance alternatives, we should mention Bitfinex and compare the two exchanges. Binance is a go-to choice for traders looking for a wide variety of assets, while Bitfinex has a modest number of supported cryptocurrencies, offering around 200. Binance also outperforms Bitfinex in terms of fees, offering 0.1% maker/taker (discounted with BNB) fees in comparison to Bitfinex’s 0.10% maker and 0.20% taker fees (explained in more detail in our Bitfinex review).
Exchange Fees Security Regional Availability Features Binance 0.1% maker/taker (discounted with BNB) Offline, cold storage; Secure Asset Fund for Users (SAFU); Multisignature and threshold signature schemes (TSS); Advanced access control; Real-time monitoring 180+ countries Exchange trading; Futures and derivatives; Financing options; Wallet services; 24/7 live chat Bitfinex 0.10% maker and 0.20% taker 2FA; Advanced API key permissions; Universal 2nd factor (U2F); Advanced verification tools 180+ countries Exchange trading; Futures and derivatives; Lending; Advanced order types
Conclusion: Is Binance Safe to Use?
Binance is the largest cryptocurrency exchange globally and is widely classified among the safest.
As you’ve learned from our Binance review, the platform is the number one choice for over 250 million users and offers numerous services and products. One of its standout features is the incredibly low fees. Security is also a priority for Binance, with secure storage, multi-signature and threshold signature schemes (TSS), and real-time monitoring being only some of its features.
The exchange’s low fees, combined with the team’s proven knowledge of how to build a trading platform, is enough to make it a major player. What sets Binance apart from other crypto exchanges, however, is the sheer size and scope of the platform. Binance’s crypto offering tops any other exchange out there, and its daily trading volume is completely unmatched.
For experienced crypto investors looking for a feature-rich platform, Binance remains a top choice.
Visit Binance
Frequently Asked Questions
Is Binance trustworthy?
What are the disadvantages of Binance?
Is Binance better than Coinbase?
Is Binance Safe and is Binance.US Legit?
How do you buy Bitcoins on Binance?
What is the risk in Binance?
Binance
Pros
- Wide variety of currencies
- Low trading fees
- Multilingual support
- Good company reputation
Cons
- Slow customer support
- US platform is unpopular
- Derivatives trading suspended in some countries
References:
- Binance. Binance Official Website. Binance, https://www.binance.com/en.
- CoinMarketCap. Cryptocurrency Market Capitalizations. CoinMarketCap, https://coinmarketcap.com/.
- Cer.live. Certified Exchange Security Rankings. Cer.live, https://cer.live/.
- Reuters. Search Results for “Binance”. Reuters, https://www.reuters.com/site-search/?query=binance.
- CoinGecko. Binance Exchange Overview. CoinGecko, https://www.coingecko.com/en/exchanges/binance.
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