Binance, the world's largest exchange by volume, is often touted as the best platform available. But does it live up to the hype? Throughout our Binance review, we'll explore the features offered by the exchange, its fees, and its overall usability to help our readers decide whether it's the right trading platform for them.
Crypto Premium Score:
0.1% (spot) and 0.02% / 0.04% (Futures)
Global (USA allowed via Binance.US)
USD, EUR, GBP, AUD, CAD, +22 Others
Up to $100 welcome bonus
Ease of use
Our Binance Review - Quick Verdict
Binance is undoubtedly one of the best exchanges for trading cryptocurrency globally. Not only does it offer one of the most extensive selections of coins and trading pairs, but there is also a feature-rich ecosystem with new services and tools being added constantly.
Moreover, Binance is also one of the cheapest crypto exchanges with zero trading fees on Bitcoin spot pairs. Combined with its excellent security track record and advanced mobile app, Binance is hard to beat. Conversely, the abundance of features can take a while to explore and get used to, but it's well worth the effort.
Bianance Pros & Cons
- Some features are restricted in certain countries. Due to regulatory issues, some features offered by Binance are limited in certain countries. For example, Binance.US offers fewer assets than the global Binance platform and lacks interest-earning and staking products.
- Past security concerns. Although Binance is generally considered a safe exchange, it has faced security issues in the past. While all users affected by the past hack were made whole, it's worth keeping in mind. There's also plenty of FUD on social media concerning its solvency.
Binance At A Glance
Binance is a cryptocurrency exchange founded in July 2017 after a successful ICO that raised $15 million. The exchange has attracted over 90 million users to date in multiple countries worldwide. It is often applauded in exchange reviews and social media as the best crypto trading platform which is evident by its large user base.
Binance, owned by Changpeng Zhao (CZ), is licensed in multiple jurisdictions by authoritative bodies, including the AUSTRAC, DASP, and FSP. However, certain regulators like the UK's FCA have limited the services Binance can offer in some regions. Each exchange under the Binance name is independently operated and fully compliant with the country's local regulations and laws. Most Binance platforms provide a fiat-to-crypto exchange for individuals to buy or sell Bitcoins for cash.
Trading Bots, P2P Marketplace, Recurring Buys, Crypto Options, Demo Trading, Advanced Interface, Visa Card, Crypto Loans, Staking, NFT Marketplace, Binance Convert
Accepted Fiat Currencies
USD, EUR, GBP, AUD, CAD, +22 Others
Crypto, Wire Transfer, Credit/Debit Card, P2P
Number Of Trading Pairs
Help Center, Chatbot, Live Chat, Voice Call (VOIP)
SAFU Fund, 2FA, Encryption, Activity Monitoring, Cold Storage
Yes (Android and IOS)
Review of the Top Features on Binance
Binance is a leading digital asset provider that has expanded its features and services to provide a complete offering of products that users can access through the Binance website or the mobile app. We have reviewed the main features offered by Binance in the sections below.
$100 Welcome Bonus
Binance offers up to a $100 welcome bonus for new customers who use our referral ID 10360506 to sign up on the exchange. Here is the full referral link to get access to the rewards. The Binance referral code is only applicable to new customers who do not have a current account on Binance.
Suitable For Everyone
Binance is designed for everyone, regardless of experience. The exchange offers many markets and features, so customers can choose which products to utilize. By taking this approach, Binance has ensured its highly accessible for new traders while allowing users to progress through the available features as they build confidence and gain experience.
For example, the easiest way to exchange crypto for another digital currency is using 'Binance Convert.' This enables users to buy exchange assets without using a price chart and order entry window, which can be overwhelming for beginners. Binance Convert supports most listed coins and is a fast way to swap cryptocurrencies.
Binance offers some of the most popular crypto trading bots that users can utilize to streamline their workflow and automate the trading process. The bots offered include:
- Grid trading bot. Grid trading is a popular strategy that involves using a trading bot to buy and sell crypto within a specific price range automatically. While this method can require technical know-how, as users must input a price range and the number of grids to trade, Binance offers an automated strategy that massively simplifies the process.
- Rebalancing bot. Binance has built a bot that can automatically rebalance a user's portfolio to the assets contained within it to a specific weighting. Furthermore, Binance offers pre-built portfolios on sectors like the Metaverse or Proof-of-Stake (PoS) tokens for users who don't want to set up the bot manually.
- TWAP bot. Time-Weighted Average Price (TWAP) positions are designed to execute an order algorithmically over a set period to achieve an average buy/sell price. Typically TWAP strategies are utilized by high-capital traders not wishing to impact the price of an asset when completing a large transaction.
Binance has its peer-to-peer trading (P2P) marketplace that enables its users to trade between themselves with a greater variety of deposit methods and currencies (and no fees). There is an escrow service to keep funds safe until the transaction completes for those that want to go down this path.
Although fewer assets are supported for P2P trading compared to the actual exchange, the greater range of payment methods and reduced costs will likely appeal to international customers wishing to trade with a particular fiat currency or a payment method. Given the recent closure of competitors Paxful and LocalBitcoins, the Binance P2P platform is one of the bigger P2P exchanges to use.
Recurring Investments (DCA)
Dollar-cost-averaging (DCA) is considered one of the best crypto investment methods for retail investors. Binance has created a system enabling users to purchase crypto at predetermined intervals automatically. Customers can choose between daily, weekly, biweekly, and monthly purchases, and Binance will complete the purchase using a linked payment method. This feature will be highly suitable for beginners that don't want to actively use a crypto day trading platform.
Advanced trading interface
Binance is well-known for its cutting-edge trading platform to trade digital currencies with a full range of trading tools, indicators, and charting options. Powered by TradingView, traders will be well-equipped to analyze historical and live price action. Seasoned traders will appreciate the crisp, streamlined, and highly responsive charts on desktop and mobile.
The extensive assortment of tools at their disposal is enviable, including drawing trend lines, adding indicators, and charting patterns to perfectly time a trade. In short, Binance is one of the best places for technical analysis traders. On the flip side, it can be overwhelming for beginners.
Binance derivatives trading
Binance is one of the best crypto leverage trading platforms and offers margin, cryptocurrency options, and futures contract trading with up to 125x leverage. As such, experienced traders can open sizable positions with minimal capital requirements, making the platform excellent for utilizing strategies like scalping, which take advantage of small price movements.
A benefit of using Binance is the ability to short-sell, enabling users to earn profits even when prices are dropping. For more information, read our article on how to short on Binance.
Crypto options trading
Options trading is popular in traditional markets and is quickly growing more common in crypto. It enables traders to speculate on movements in price without buying an asset directly by purchasing fixed-term contracts entitling the holder to buy assets for a predetermined price once the contract expires.
Binance offers three assets for crypto options trading; BTC/USDT, ETH/USDT, and BNB/USDT. These contracts have expiry dates ranging from 24 hours to just under a year, meaning traders have plenty of options despite the limited range of supported cryptocurrencies.
Futures demo trading
Binance has a testnet that can be loaded with 3,000 USDT of virtual trading funds. It's an exact replica of the Binance trading platform with access to all the trading tools making it a good way to learn how to trade crypto. While it's more complicated and involved to set up, newer crypto traders can experiment with futures trading up to 125x leverage without risking their capital. Complete beginners may prefer a traditional crypto demo account with live pricing.
Binance VISA Card
Binance has introduced a cryptocurrency debit card that allows users to convert and spend digital currencies like a traditional debit card. The Binance VISA card can be used with more than 60 million merchants worldwide. The benefits of using a Binance debit card include the following:
- The card is free to use with zero Binance administrative or processing fees
- Earn up to 8% crypto cashback on purchases using the VISA card
- Easy to transfer and top up funds using a Binance wallet
- Funds on the card are protected by a high standard of security
The amount of cashback rewards that users can earn with the Binance VISA debit card depends on the amount of BNB coins locked in a Binance wallet. Beginners that order the card can earn 0.1% cash back rewards for free without staking any BNB.
However, to earn the maximum cashback bonus on purchases of 8%, users will need to stake at least 600 BNB tokens, equivalent to $191,976 at current prices., which is a considerable investment to obtain an 8% cashback.
Binance offers one of the best staking platforms for crypto with fixed staking terms for 10, 14, 15, 30, 60, 90, and 120-day periods to earn rewards up to 115.6% APY. The exchange supports 346 cryptocurrencies, including BTC, ETH, USDT, and XRP, that can be staked on the platform using a fixed-term or flexible arrangement.
Binance offers several yield-generating products, including protected staking, liquidity farming, and dual investments. While each product is similar, they vary in risk and potential yield. For example, protected staking lets users earn consistent rewards, liquidity farming pays users in specific cryptos, and dual investments are riskier but offer a greater APR.
Binance also supports staking Ethereum 2.0, which lets users 3.6% to 4.5% APY returns. The one-click ETH 2.0 staking has a minimum requirement of 0.1ETH to begin. However, the ETH cannot be withdrawn until the network's Shanghai Upgrade. Fixed staking will suit those comfortable locking in their coins for a set period to accrue rewards. However, flexible staking will appeal to customers not wishing to be locked into any contract.
Because Binance Earn supports such an extensive range of cryptocurrencies across many terms and provides several ways to earn interest on crypto, the platform is ideal for anyone looking to earn rewards across multiple assets on a central hub.
Binance crypto loans
Binance has entered the decentralized financial loaning and borrowing space with its crypto-lending platform. Traders on the platform can use their digital currency assets as collateral to obtain an instant cash loan or lend out their holdings to earn interest. Any user on the Binance platform is eligible to obtain a crypto-backed loan.
Binance supports lending and borrowing 123 digital currencies, including BTC, BUSD, BNB, ETH, and USDT. Users can repay loans over a 7, 14, 30, 90, or 180-day period. There are no penalties or fees if early repayments are made during the loan term. The interest is calculated hourly, based on the asset, and determined from the start time of the loan.
The Binance lending module is comparable to traditional banks and crypto-based borrowing and lending platforms. After borrowing, customers can withdraw the crypto or transfer it to the spot/margin exchange to trade. However, some regions, including the UK, are restricted from using the service.
Binance has its own NFT marketplace for existing Binance customers to use their accounts to access the Binance NFT marketplace and buy or sell NFTs. The Binance marketplace aims to bring artists, creators, and crypto enthusiasts together, enabling them to buy, mint, and sell NFTs. Investors can buy NFTs on the exchange with various coins such as BUSD and Ethereum. However, there is a nominal 1% processing fee applied to transactions that aren't the cheapest compared to premium NFT platforms in the market.
Binance Account and Verification Requirements
Creating an account with Binance is easy and only requires an email and password. However, customers wishing to trade on Binance must complete Know-Your-Customer (KYC) verification by providing a photo ID, proof of address, and a selfie. Furthermore, the Binance withdrawal process will be rejected when attempting to withdraw more than the account's limit.
While level one verification enables the user to access every Binance feature and provides a $2 million daily fiat limit, customers can complete Plus verification to attain unlimited fiat support. The Binance verification speed varies based on demand but typically completes within a few minutes to around 4 hours.
Supported Fiat Currencies and Deposit Methods
Binance is a popular trading platform due to its availability worldwide, support for multiple fiat currencies, and range of methods for transferring funds to an account. Users can buy crypto with 27 fiat currencies, including USD (only available on Binance.US), GBP, EUR, and AUD via bank transfers, credit/debit cards, SEPA, wire transfers, and cash deposits.
Additionally, Binance supports cryptocurrency deposits for every tradable asset and enables users to deposit fiat and purchase digital assets directly using a credit or debit card. However, going this route can incur fees as high as 2% per purchase.
Supported Cryptocurrencies and Trading Pairs
Binance supports over 350 unique digital coins that can be bought, traded, and sold. Each asset can be traded against Bitcoin, altcoins, fiat currencies, or stablecoins, bringing the total number of spot trading pairs to 1,395. Furthermore, there are 203 futures pairs, bringing the combined total of tradable instruments to 1,598.
With such a large selection of assets, users will not have trouble finding trading opportunities. This is a strong reason why Binance is one of the best altcoin exchanges in the market.
Binance Ease of Use
Ease of use is a crucial consideration when selecting a crypto exchange. Thankfully, Binance provides a clear and intuitive interface that will be familiar to anyone with past crypto exchange experience. Although the 'Lite' mode is only available on the mobile app, Binance does offer simple conversion services that will likely appeal to beginners.
Binance has integrated the best crypto charting software, TradingView, to offer users advanced charting capabilities, excellent drawing tools, technical indicators, and live price data. Furthermore, the order-book-based trading window is packed with features, including transaction history and recent market activity providing users with additional data. Although, finding the transaction history on Binance can be difficult for first-time users.
Moreover, placing orders on Binance is simple, as users can easily select a portion (e.g., 25%, 50%, or 75%) of their balance to trade. Furthermore, the exchange offers several advanced order types that can be used to enter and exit positions precisely. These include stop-loss, take-profit, limit, market, stop-limit, and One-Cancel-Other (OCO) orders.
As Binance has worked hard to develop features that simplify trading and vastly improve quality of life, the exchange is ideal for anyone looking for an easy-to-use yet feature-rich and powerful trading platform. Although it would be nice to see a beginner mode included, Binance is fast to get acquainted with and well worth the effort.
To cater to customers wishing to manage their portfolios or trade cryptocurrencies while on the move, Binance has built a mobile app accessible from Android and iOS devices. Currently rated 4.7/5 on the App Store based on over 140,000 reviews, the Binance app is well-designed, feature-rich, and beginner friendly.
After logging into the Binance app, users are presented with a central hub with links to key features, including the referral program, Binance Earn, and the news feed. However, users can customize these homepage links to their content.
Customers will be pleased to know that the app supports every feature on the desktop platform, including grid trading bots, reoccurring investments, and staking products. Furthermore, the app boasts excellent drawing tools for performing analysis and several popular technical indicators to help customers find promising opportunities.
Although the app is packed with features, it also offers a 'Lite' mode for beginners, reducing the available services to the essentials. As such, the Binance app is ideal for new and experienced traders alike, making it a valuable tool in any crypto enthusiast's arsenal.
Customer Support & Reviews
To ensure that its massive customer base can always get a prompt answer to a question, Binance offers a comprehensive support center, 24/7 live chat, and voice call support. However, to reach a customer advisor, the user must first speak to a helpful bot to point them in the right direction and gather additional details about the user's issue.
Given the size of Binance's operations, some users will face frustration and problems, so it is not surprising to see mixed reviews on Trust Pilot. However, we tested the support system and found the help center to offer a lot of answers, the chatbot to point users to the right articles, and the live chat to be quick as a customer service agent reponed within two minutes.
Being the largest crypto exchange on the planet, Binance has to offer excellent security measures to protect itself and its users. Some of these include real-time monitoring of activities, protocols that flag suspicious transactions, obscuring sensitive information, and cold wallets to store the majority of customer funds.
Additionally, Binance utilizes account-level security measures that customers can activate for increased protection. For example, Binance offers Two-Factor Authentication (2FA), session monitoring, device management, and an anti-phishing code for users to ensure communications with Binance are legitimate.
A unique feature of Binance is the Secure Asset Fund for Users (SAFU). Binance allocates 10% of trading fees to this fund, which is used to reimburse users in case of a hack. The fund is valued at over $1 billion, making it massively valuable to Binance users.
Frequently Asked Questions
Is Binance good for beginners?
Binance caters to beginners with its Binance Convert feature, which provides newer traders with a simple tool to swap cryptocurrencies for fiat or other coins. Additionally, Binance mobile offers a 'Lite' version with simplified features. However, the more sophisticated products have a steep learning curve and take a while for users to familiarize themselves with
Is Binance trustworthy?
Since the launch of Binance, the exchange has proven to be a legitimate, safe, and trustworthy exchange that allows users worldwide to buy, trade, and sell cryptocurrencies. The exchange is regulated in several jurisdictions and complies with KYC requirements and local AML/CTF regulations in each country. users'
Can US traders use Binance?
Binance has restricted US customers from trading on its primary exchange due to regulatory policies. However, customers can access the Binance.US platform. Unfortunately, the US version of Binance doesn't offer margin trading, and the selection of coins for staking is limited. For more information, read our full Binance.US review exploring its features, fees, pros, and cons.
Is Binance safe?
Binance is one of the world's most secure and trustworthy exchanges featuring multiple layers of 'bank-like' security measures and management protocols to ensure the safety of its customer's personal information and funds. Examples of the technologies used to provide a safe and secure trading environment for users include cold wallet storage and 2FA.
Has Binance been hacker?
In 2019, Binance was the subject of a significant cryptocurrency theft and security breach. Hackers compromised the security systems using phishing emails, viruses, and other attacks. As a result, 7,000 Bitcoins (approximately $40 million at the time) were stolen, along with some users' two-factor authentication codes and API tokens.
Binance reimbursed all users using its emergency SAFU fund. However, the incident is a stark reminder that even the best cryptocurrency exchanges can still be hacked. For more information, you can read our article on security hacks and breaches on crypto exchanges reported between 2013 and 2022.
Binance is a well-designed cryptocurrency exchange that supports futures, margin, and spot trading on over 1,300 pairs. With the platform boasting some of the lowest fees in the industry and phenomenal charting/analysis tools, it's an excellent option for traders looking to maximize their earnings.
While creating our Binance review, we were impressed with the features offered by the platform, particularly its automation tools and earning products. Furthermore, the Binance customer support team has responsive and knowledgeable, ensuring customers can always get a prompt answer to a pressing query.
While the exchange is well-designed, cost-effective, and fast, its expansive feature set could be complicated for a beginner to navigate. However, as each area of the platform offers some guidance, even a complete beginner could get used to the platform quickly, making it one of the all-around best crypto exchanges available.