Cryptocurrency trading can be a complex and exciting journey, but choosing the right platform to buy and sell it is an important first step. Binance is one of the best crypto exchanges out there, but is it the right one for you to trade crypto?
In this Binance review, we’ll break down everything you need to know, from its wide variety of coins to its fees and trading features.
Binance Review: At a Glance
| Founded | 2017 |
| Founder | Changpeng Zhao |
| Trading Features | Spot trading, derivatives trading (futures and options), copy trading, P2P trading |
| Supported Assets | 389+ coins and 1200+ trading pairs |
| Native Token | BNB (Binance Coin) |
| Fiat Support | Yes (USD, EUR, GBP, and more) |
| Spot Market Fees | 0.1% Maker/taker |
| Futures Trading Fees | 0.02% maker and 0.05% taker |
| Security Features | 2FA, Cold Storage, SAFU Fund, Address Whitelisting, Anti-Phishing Code |
| Mobile App |
Binance app is available for both iOS and Android |
| Earn | Staking, Dual Investment, Crypto Loans, Mining |
| Decentralized Exchange | Yes |
| Launchpad | Yes, for new token launches |
| Customer Support | 24/7 via chat and email |
What is Binance?
Binance is a global popular cryptocurrency exchange, known for its extensive range of services and high trading volumes. It was founded by Changpeng Zhao (CZ) in 2017. As of now, it has a user base of over 200 million crypto traders from more than 100 countries. The platform handles an average daily trading volume of around $20 billion (source: CoinMarketCap).
Binance, though initially founded in China, established its headquarters in Japan shortly thereafter. This relocation was due to regulatory restrictions on cryptocurrency businesses within China. It subsequently expanded its operations to Taiwan and then Malta, seeking jurisdictions with more favorable regulatory environments for cryptocurrency exchanges.
The platform supports trading in over 389 cryptocurrencies, including popular cryptocurrency assets like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). It is also known for its user-centric approach, with a strong emphasis on security and regulatory compliance.
Pros of Binance
- Highest trading volume and liquidity in the crypto market
- Low trading fees and a 25% discount for BNB holders
- Advanced trading features like leverage trading and copy trading
- User-friendly “Simple” mode for beginners to buy crypto
- Earn passive income on idle assets with Binance staking
Cons of Binance
- Limited fiat-off-ramp methods in certain countries
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The parent company is not available in the U.S. (Separate Binance.US platform)
Binance Fees
Spot trading Fees
Spot fees on Binance apply to transactions involving buying or selling cryptocurrencies at current market prices. These fees vary based on the user’s VIP level, which is determined by their 30-day trading volume and Binance Coin (BNB) balance.
The base fee for spot trading starts at 0.10% for both makers (those who provide liquidity) and takers (those who take liquidity). Using BNB to pay for low fees, typically around 25% discount. Higher VIP levels enjoy progressively low fees.
Here’s a breakdown of the spot fees by VIP level:
Futures Trading Fees
The fees for futures trading are generally lower than spot trading fees and are also tiered based on the user’s VIP level. The base fee for futures trading starts at 0.02% for makers and 0.05% for takers. Similar to spot trading, higher VIP levels enjoy lower fees.
Options Trading Fees
The Binance fees for options trading are typically a flat rate per contract. Currently, Binance charges a flat fee of 0.02% of the notional value of the contract, which is competitive compared to other exchanges.
Deposit & Withdrawal Fees
There is no transaction fees for crypto deposits on Binance, but withdrawal fees vary based on the cryptocurrency and its netork. Binance adjusts these fees according to network congestion and transaction costs.
For example, Bitcoin (BTC) withdrawals typically have a fee of 0.00012 BTC, while Ethereum (ETH) withdrawals have a fee of 0.0016 ETH.
Here’s how withdrawal fees vary for some popular cryptocurrencies:
| Cryptocurrency | Network | Withdrawal Fee |
| Bitcoin (BTC) | BTC | 0.00012 BTC |
| Ethereum (ETH) | ERC20 | 0.0016 ETH |
| Tether (USDT) | ERC20 | 7 USDT |
| Binance Coin (BNB) | BEP20 | 0.0006 BNB |
| Ripple (XRP) | XRP | 0.2 XRP |
Check out the full structure of Binance fees structure.
Binance Security: Is Binance Safe?
Binance is a safe crypto trading platform. Here’s a breakdown of the security features Binance employs to ensure a secure trading environment.
- Two-factor authentication (2FA): Binance offers several options for two-factor authentication, which adds an extra layer of security to your account. Options include Google Authenticator, SMS-based 2FA, and Binance’s own Authenticator. This additional step ensures that even if someone has your password, they cannot access your account without the second factor.
- Know Your Customer (KYC): The KYC process is a mandatory identity verification procedure. You are required to submit government-issued identification documents. This helps Binance verify user identities, preventing fraudulent activities and ensuring compliance with global regulations.
- Secure Asset Fund for Users (SAFU): To protect Binance users in case of security breaches, Binance has established the Secure Asset Fund for Users (SAFU). This emergency fund, valued at $1 billion, acts as a financial safety net. If user funds are compromised due to a security breach, the SAFU fund is used to compensate affected users.
- Anti-Phishing Code: This code appears in all official emails, helping Binance users to easily identify legitimate communications and avoid phishing attempts.
- Withdrawal Whitelist: You can set up a whitelist of trusted addresses for cryptocurrency withdrawals. This means that withdrawals can only be made to pre-approved addresses, reducing the risk of unauthorized transactions.
- Advanced Risk Control and Monitoring: The platform employs machine learning algorithms to detect unusual login patterns and transaction behaviors. This real-time monitoring helps identify and mitigate potential threats quickly.
- Facial Recognition Technology: Binance employs an optional facial recognition technology for critical actions like withdrawals and password changes. This ensures that the person performing these actions is the legitimate account holder, adding an extra layer of security.
- Bug Bounty Program: Binance encourages external security experts to identify and report vulnerabilities through its bug bounty program. Participants are rewarded for their efforts, which helps Binance continuously improve its security measures.
- Cold Storage of Assets: A significant portion of Binance’s cryptocurrency holdings are stored in cold wallets, which are offline. This reduces the risk of large-scale hacks as these wallets are not connected to the internet.
Binance Features and Products
Futures and Derivatives
Binance Futures allows you to speculate on the future price of cryptocurrencies without owning the underlying assets. It offers two types of contracts: USD-M (USDT or USDC margined) and COIN-M (crypto margined).
USD-M contracts are settled in stablecoins like USDT or USDC, providing a stable value basis, while COIN-M contracts are settled in the cryptocurrency itself, like Bitcoin or Ethereum, adding an additional layer of risk and potential reward due to the volatility of the settlement asset.
Binance supports perpetual and quarterly futures contracts. Perpetual contracts do not have an expiration date, allowing you to hold positions indefinitely, while quarterly contracts have fixed expiration dates, such as every three months. This provides opportunities to capitalize on longer-term trends or events.
Here are some key insights to consider about Binance futures:
- Leverage: It allows high leverage up to 125x, enabling you to take larger positions with a smaller capital investment.
- Multiple Order Types: It supports various order types, including limit, market, stop-limit, stop-market, trailing stop, post only, limit TP/SL, market TP/SL, and TWAP orders.
- Risk Management Tools: Binance offers features like stop-loss, take-profit orders, and a futures calculator to manage risk effectively.
Also, Binance offers options trading. This allows you to speculate on the future price movements of cryptocurrencies without directly owning them. By using options contracts, you can bet on whether the price will go up (call option) or down (put option) within a certain timeframe. It offers European-style options contracts, which can only be exercised at expiry.
Margin Trading
Binance Margin Trading allows you to borrow funds to increase your trading position, offering leverage of up to 5x. It provides both cross-margin and isolated-margin trading.
Here are some key points to consider:
- Cross Margin vs. Isolated Margin: Cross margin uses the entire margin balance to avoid liquidation, whereas isolated margin limits the risk to the margin assigned to a specific position.
- Leverage: You can trade with 5x leverage, enhancing potential gains.
- Borrowing and Repayment: Borrow funds directly from Binance and repay them as per the required interest rates and terms. Interest rates are calculated hourly.
Copy Trading
Binance Copy Trading lets you copy the strategies of experienced traders, called Lead Traders, in both Spot and Futures markets.
It offers detailed profiles of each Lead Trader including their performance, PnL, strategies, risk tolerance, and trading history. This transparency helps you choose a Lead Trader that aligns with your investment goals and risk appetite.
When you copy a trader, a share of your profits, up to 10%, is paid to them, creating an incentive alignment between you and the Lead Trader. This feature simplifies trading for new users and offers a potential passive income stream for experienced traders.
Binance Trading Bots
Binance offers several crypto trading bots to automate trading strategies, including Grid, Arbitrage, Rebalancing, and TWAP bots. Here is a quick overview of Binance bots:
- Grid Trading Bot: Executes buy and sell orders at preset intervals within a specific price range, ideal for capturing profits in a volatile market. It offers grid trading for both the spot and futures markets.
- Arbitrage Bot: An arbitrage bot exploits price differences between different markets or trading pairs. It buys low on one market and sells high on another, pocketing the profit before the price gap closes.
- Rebalancing Bot: A rebalancing bot monitors your crypto portfolio and automatically buys or sells assets to maintain your desired allocation. This helps you stick to your long-term investment strategy and manage risk by keeping your portfolio balanced.
- TWAP (Time-Weighted Average Price) Bot: It will split your total order into smaller chunks and buy them steadily throughout your chosen timeframe. This aims to achieve an average price between the highest and lowest points during that period, reducing the impact of volatility on your overall purchase price.
Binance Earn Services
Binance Earn provides a suite of financial products designed to generate passive income on your cryptocurrency holdings. Here’s a breakdown of the products:
- Flexible Savings: Earn interest on your crypto with the advantage of withdrawing your funds at any time. This offers a balance between convenience and potential returns.
- Locked Savings: Commit your crypto for a fixed term (7, 14, or 30 days typically) to earn higher interest rates compared to Flexible Savings. This rewards users willing to lock up their holdings for a set period.
- Dual Investment: Invest in two cryptocurrencies simultaneously (e.g., BTC-USDT) and earn returns based on the asset with better performance over a predetermined timeframe. This allows you to potentially benefit from price movements in either direction. You can choose between Bullish and Bearish.
- Mining Pool: Participate in Binance’s mining pools to earn rewards by contributing your crypto’s computational power to validate transactions on a Proof-of-Stake blockchain. This eliminates the need for individual mining equipment.
- Crypto Loans: Borrow cash or stablecoins by using your crypto as collateral. This provides liquidity without selling your holdings, allowing you to leverage your crypto for other opportunities while retaining ownership.
Binance P2P Trading
Binance P2P Trading allows you to buy and sell cryptocurrencies directly with other users, facilitated by an escrow service. It also has zero fees on P2P trades.
The escrow service ensures that transactions are secure and fair by holding the seller’s crypto until the buyer confirms the payment. This process reduces the risk of fraud, making P2P trading a safe and reliable option for acquiring or liquidating crypto assets.
Additionally, Binance P2P supports over 100 fiat currencies and 800+ local payment methods, including bank transfers and online wallets like Google Pay, UPI, Banxa, etc., providing flexibility and convenience for traders worldwide.
Binance Launchpad
Binance Launchpad is designed to help promising blockchain projects raise capital and gain traction. It acts as a launchpad for new cryptocurrencies and tokens by providing them with access to Binance’s large user base and resources.
Here’s how it works:
- Project teams apply to list their tokens on Binance Launchpad.
- Binance reviews the applications and selects projects with strong potential.
- Selected projects go through a multi-stage launch process.
- Binance users can participate in the launch process through BNB or FDUSD staking and acquire tokens of the new project.
There have been 93 projects launched on Binance Launchpad so far. This platform has become a popular way for new crypto projects to gain exposure and liquidity, while also offering users the opportunity to invest in promising early-stage ventures.
Leveraged Tokens
Binance Leveraged Tokens (BLVTs) are an interesting experiment that offers leveraged exposure to cryptocurrencies without directly using margin trading. Unlike margin trading where you borrow funds to amplify gains (and losses), BLVTs are a type of derivative product that aims to deliver magnified returns based on the underlying asset’s price movement.
BLVTs came in two flavors: BULL (UP) and BEAR (DOWN). Bull BLVTs aimed to amplify gains when the underlying crypto’s price increased, while Bear BLVTs aimed to profit from price decreases. The leverage ratio isn’t fixed but targeted in a range, say between 1.25x and 4x.
Imagine there’s a BLVT named BTCUP that targets 3x leverage on Bitcoin’s price. If the price of Bitcoin goes up by 5%, BTCUP would ideally aim to deliver a 15% increase (3 times the underlying movement). Conversely, a BLVT named BTCDOWN targeting 3x leverage would aim for a 15% gain if Bitcoin’s price dropped by 5%.
BNB Chain
Binance BNB Chain is a powerful blockchain, combining two previously separate chains: Binance Chain and Binance Smart Chain (BSC). This fusion creates a robust ecosystem specifically designed to fuel decentralized applications (DApps) and smart contracts.
The true strength of BNB Chain lies in its ability to attract developers and users. Here’s why:
- DApps: Over 538 DApps have already been built on the BNB chain, showcasing the chain’s suitability for creating innovative decentralized applications in various sectors like AI, metaverse, gaming, and more.
- Speedy and Affordable: Transactions on BNB Chain are known for their impressive speed and remarkably lower fees compared to other major blockchains. This makes it a cost-effective and efficient crypto exchange for both developers and users.
- Rewards: Holders can stake their BNB tokens to participate in governing the network. This staking process not only contributes to the security of the chain but also rewards users with incentives for their participation, further driving decentralization.
Binance NFT Marketplace
Binance NFT Marketplace has become a popular destination for trading non-fungible tokens (NFTs). Unlike traditional marketplaces limited to a single blockchain, it allows you to buy, sell, and trade NFTs across multiple chains, including the popular BNB Chain and Ethereum.
The platform provides user-friendly tools for creators to mint and sell their NFTs, with transparent minting fees. This accessibility encourages a wide range of artists and creators to participate in the growing NFT ecosystem, expanding the variety and volume of NFTs available for collectors and traders.
Binance Pay
Binance Pay cuts out the middleman for cryptocurrency transactions. Imagine a system for sending, receiving, and even spending cryptocurrencies, that works anywhere in the world and doesn’t charge any fees. That’s the core functionality of Binance Pay.
Beyond the basics, Binance Pay boasts a wide range of features. You can choose from over 200 different cryptocurrencies, including major players like Bitcoin and Ethereum, to carry out transactions. This flexibility caters to users with diverse crypto holdings. Transactions themself are borderless, meaning you can send and receive crypto from anyone around the globe without restrictions.
The benefits extend to businesses as well. By integrating Binance Pay, merchants can open their doors to a whole new customer base: crypto users. This not only expands their payment method but also attracts a tech-savvy demographic.
Binance Wallet (Web3)
The Binance Web3 Wallet is a simple and secure tool within its app. It helps you enter the decentralized web, also known as Web3, without the usual hassles of crypto wallets.
You don’t need to worry about keeping a seed phrase. Instead, it uses an MPC technology that splits your private key into three parts stored in different places, like your device and cloud storage. This keeps your assets safer by reducing the risk of losing them.
The crypto wallet is designed to give you full control over your assets. It’s a self-custody wallet, meaning only you have access to it. If you lose access, Binance can’t help you recover it, so it’s important to back up your wallet and keep your recovery details safe.
Cryptocurrencies Available on Binance
Currently, Binance offers 389 different coins and over 1200 trading pairs. This extensive selection includes coins from various niches such as artificial intelligence (AI), metaverse, real-world assets (RWAs), gaming, DeFi, and more.
On Binance, you will find some of the most popular and high-market cap coins. However, if you are interested in trading low-cap coins, you might not find them on Binance. For low-cap coins, you can check out our review of MEXC, another crypto exchange that specializes in this area.
Binance supports some popular cryptocurrencies, which include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- Chainlink (LINK)
- Avalanche (AVAX)
- Shiba Inu (SHIB)
- Polygon (MATIC)
Customer Support
To address user inquiries and concerns, Binance offers various customer support channels including a 24/7 Live Chat, Support Ticket System for more complex issues, FAQ Center, and Social Media platforms like Twitter and Telegram.
While Binance offers multiple avenues for customer support, user experiences seem to vary. The live chat function appears to be the most popular choice, but wait times and the effectiveness of communication can be inconsistent.
Customer Satisfaction
Talking about user reviews, Binance receives 85% negative reviews on Trustpilot. However, most of these are fake, according to Trust pilot. The Binance mobile Play Store and the same 4.6/5 on the App Store. app receives a 4.6/5 rating on the
Trading Experience
Binance platform offers a variety of trading options and assets. The most basic option is “Convert”, where users simply choose their cryptocurrencies and execute the trade without charts, order books, or fees.
For more experienced users, Binance offers the “Classic” trading platform. The trading interface might seem complex at first, but it displays charts, order books (showing buy and sell orders), and your trade history. Don’t worry, Binance also offers tutorials and guides to help you navigate it.
You can place different order types to control how your trade gets executed. A “market order” buys or sells at the current market price, while a “limit order” allows you to specify the price you’re willing to buy or sell at. It also has a mobile version for both Android and iOS devices. The Binance app provides a user-friendly trading interface with real-time charting and various order types for trading.
Binance vs, Other Crypto Exchanges
Bybit and Coinbase are the best Binance alternatives to consider. Here is a quick comparison:
| Features | Binance | Bybit | Coinbase |
| Founded | 2017 | 2018 | 2012 |
| Best for | High-volume traders | Derivatives trading | US traders |
| Supported Cryptos | 389+ | 1,200+ | 241+ |
| Trading Products | Spot, futures, margin, copy trading, options, trading bots, P2P | Spot, futures, margin, options, copy trading, P2P, and bots | Spot and Futures (only for qualified crypto traders) |
| Maximum Leverage | 125x | 100x | 10x |
| Trading Fees | 0.1% maker and taker | 0.1% maker/taker | 0.4% maker and 0.6% taker |
| Funding Methods | Bank transfer, debit/credit cards, Google Pay, Apple Pay | Debit cards, credit cards, in-person cash payments, and 300+ more. | ACH, SWIFT, SEPA, and Wire transfer |
| PoR (Solvent) | Yes | Yes | Yes |
Rread our in-depth Binance vs. Bybit and Binance vs. Coinbase to choose the right exchange that suits your trading needs.
How to Open an Account on Binance?
Step 1: Create a Binance Account
To create an Binance account, first visit the official Binance website. On the homepage, you will find a “Sign Up” button in the top right corner. Click on this button to start the registration process.
Provide your email address and click “Next”. Now, create a strong password. Make sure your password is unique and secure. You can also enter our Binance referral code “QH6V74V5” to get a signup bonus and fee discount. After entering these details, click on the “Create Account” button.
Binance will send a verification email to the email address you provided. Open this email and click on the verification link to confirm your email address.
Step 2: KYC Verification
Then, begin Know Your Customer (KYC) verification by clicking the “Profile” icon in the top right corner of the account page. Select “Account” from the dropdown menu and click “Identification”. You’ll see different verification levels.
Basic verification is the minimum requirement. Start by providing your personal details like name, date of birth, and address. You’ll need to upload a clear photo of a government-issued ID (passport, driver’s license, or ID card).
There’s Advanced verification, which may require additional documents like income proof. This is optional, but recommended if you plan on trading large volumes.
Step 3: Deposit Funds
If you already own cryptocurrency, depositing it directly into your Binance wallet is an option. Go to the “Deposit” button. Choose “Deposit Crypto” to see a list of supported cryptocurrencies. Find the one you want to deposit.
Binance will provide a unique deposit address specific to that cryptocurrency. Copy this address and use it as the recipient address when transferring funds from your external wallet. Double-check both the address and the network you select to avoid losing your funds.
For those who prefer fiat currency like dollar deposits, Binance offers several deposit options like bank transfers and credit/debit cards. Go to the “Deposit” button and this time choose “Bank Deposit”. You’ll see various deposit methods, including bank transfer (SWIFT or SEPA) and credit/debit cards.
Select your preferred method and follow the on-screen instructions. Bank transfers require your bank details and initiating a transfer from your bank account. This can take a few days depending on your bank. Credit/debit card deposits involve entering your card details and completing the transaction, usually instant but with potentially higher fees.
Step 4: Start Trading Crypto
Binance’s services encompass various cryptocurrency investing and trading opportunities. Navigate to the “Trade” dropdown menu at the top. For a beginner-friendly experience, choose “Spot”. On the left side, you’ll find the crypto pairs listed. To trade crypto Bitcoin (BTC) for Ethereum (ETH), for instance, locate the BTC/ETH trading pair.
The center of the page displays the price chart alongside the order book, which shows buy and sell orders from other users. Below this is the order entry section. When placing a trade, you can choose between Market, Limit, and Stop-Limit orders.
Enter the desired trade amount and price (if using Limit or Stop-Limit). Double-check your order details before clicking “Buy” or “Sell” to confirm the trade.
Final Verdict
Our Binance review highlights that Binance has become a leading cryptocurrency exchange in the world. It offers a variety of services beyond just trading, including copy trading, margin, and futures contracts. Features like Binance NFT, Charity, and Academy cater to a broad audience.
Binance plarform is also known for its high trading volume, competitive fees, and user-friendly platform. For both beginners and experienced traders, it offers opportunities to earn passive income or engage in advanced strategies. Whether you’re interested in trading, staking, or NFTs, Binance supports a comprehensive platform for cryptocurrency enthusiasts around the world.
Binance Exchange Review: FAQs
Is Binance legit & trustworthy?
Binance is considered a legit and trusted cryptocurrency exchange with over 200 million registered users. It is registered in several jurisdictions and adheres to regulatory requirements in several countries. It employs advanced security measures, such as two-factor authentication and cold storage for assets, to protect user funds.
What is the withdrawal limit on Binance??
The withdrawal limit on Binance varies depending on the user’s level of verification. With basic verification, you can withdraw up to 8 million USD per day with a 50,000 USD fiat limit. Advanced verification offers even higher limits, depending on the region and regulatory compliance.
Can you make money with Binance?
You can make money with Binance. Methods include trading cryptocurrencies, staking, and using Binance Earn for interest. It also offers futures and options trading for advanced users. Binance referral programs provide additional earning opportunities.
Is Binance better than Coinbase?
Binance offers low trading fees and more cryptocurrencies, suitable for experienced traders. It is more user-friendly, making it ideal for new users. On the other hand, Coinbase has stricter regulatory compliance, especially in the US.
Can US citizens use the Binance platform?
Binance has a separate platform for US users called Binance.US. This platform complies with US regulations and offers a limited selection of cryptocurrencies for trading. But the main Binance platform is not available to US residents due to regulatory restrictions. Binance.US has fewer features compared to the main platform but still offers a good variety of trading.
