With over 180 million users, Binance is the biggest cryptocurrency exchange in the world. But why is Binance such a big success, and is it reasonable? We thoroughly investigated Binance and will show you everything that you need to know in this Binance review! We will cover everything about fees, payment methods, security, use cases, customer support, and more.
At the end of our Binance review, you will know exactly if the exchange is right for you or not.
To get started, we summed up key datapoints in the table below as well as our key takeaways. Read on to get an in-depth breakdown.
| Stats | Binance |
|---|---|
| 🚀 Founded | 2017 |
| 🌐 Headquarters | Dubai |
| 🔎 Founder | Changpeng Zhao |
| 👤 Registered Users | 160m |
| 🪙 Supported Cryptos | 422+ |
| 🪙 Futures Contracts | 200+ |
| 🔁 Spot Fees (maker/taker) | 0.1% / 0.1% |
| 🔁 Futures Fees (maker/taker) | 0.02% / 0.05% |
| 📈 Max Leverage | 125x |
| 🕵️ KYC Verification | Required |
| 📱 Mobile App | Yes |
| ⭐ Rating | 4.7/5 |
| 💰 Bonus | $100 (Claim Now) |
Key Takeaways:
Here’s what you need to know about Binance:
- Users must complete identity verification to access the platform.
- Binance is the most advanced crypto exchange in the market.
- Binance is available in over 130 countries, but some features may be restricted in certain areas.
- Offers low trading fees of 0.1% for spot while futures traders pay 0.02% maker and 0.05% taker fees
- Supports fiat deposits and withdrawals, with various options for transactions, including SEPA transfers.
- New users can benefit from promotional rewards worth up to $100.
- Over 420 cryptocurrencies are available for trading.
- Deep Liquidity and low trading fees.
- Binance has the biggest security fund (SAFU) in the crypto industry, worth over $1 billion.
- The platform is not easy to navigate for beginners and caters mostly to advanced and experienced traders
Binance Overview
Founded in 2017 by Changpeng Zhao, Binance is the most popular cryptocurrency exchange in the world. The crypto centralized exchange has over 150 million users, an average daily trading volume of over $20 billion (even reaching up to $80 billion), and over 420 available cryptos for trading.
What we love about Binance is that they offer a free crypto demo trading environment. This is perfect for beginners or traders simply seeking to try out new strategies.
We show you step-by-step how to set up a practice account in our comprehensive Binance demo trading guide.
Binance offers an easy way to buy and sell hundreds of different cryptocurrencies on the spot and futures markets with some of the lowest fees on the market. Aside from traditional spot and futures trading, Binance offers P2P (Peer-to-peer trading), OTC, loan services, passive income products, saving accounts, payment systems, staking, and even an NFT marketplace.
The Binance interface is extremely comprehensive and designed for experienced traders. Therefore, Binance is considered to be rather hard to navigate for beginners. For traders seeking to trade on the phone, we recommend the Binance app for iOS and Android, which has over 50 million downloads and a 4.6/5 star rating.
For advanced trading, Binance even has a standalone Windows and iOS application that can be downloaded and installed on your PC or laptop. The application provides all of the features and services available on the website while being more stable and reliable.
Binance also great has fiat support to offer dollar deposits and withdrawals. Aside from USD support, Binance supports over 40 different fiat currencies, including EUR, GBP, AUD, TRY, RUB, and more.
Binance Pros & Cons
| 👍 Binance Pros | 👎 Binance Cons |
|---|---|
| ✅ Most comprehensive crypto platform | ❌ Not very beginner-friendly |
| ✅ 420+ digital assets | ❌ Slow during high volatility phases |
| ✅ Low spot and futures trading fees | ❌ Regulatory issues in europe |
| ✅ Deepest liquidity | ❌ Not available in US and CA |
| ✅ 24/7 live chat support | |
| ✅ Best passive income products | |
| ✅ $1 billion security fund |
Binance Signup & KYC
You can register on Binance within a few seconds with an email or phone number and a strong password. However, in order to unlock all features like trading and withdrawing, you must verify your identity with the Binance KYC verification. Binance requires KYC.
For level 1 KYC verification, Binance accepts government-issued IDs, Passports, and, in some cases, driver’s licenses. Furthermore, you must have a device to take a selfie. This can be your phone or webcam.
If you need higher withdrawal limits, you must complete level 2 KYC, which requires proof of address.
The level 1 KYC process on Binance usually just takes 15 minutes, while level 2 KYC can take several days.
| KYC Level | Daily Withdrawal Limit | Requirements |
|---|---|---|
| No KYC | Not Allowed | • Sign Up |
| Level 1 | $2,000,000 | • Personal information • Government ID • Facial verification |
| Level 2 | $8,000,000 | • Proof of address • Additional ID verification • Enhanced due diligence |
| Level 3 | $8,000,000 | • Advanced verification • Additional documentation • Comprehensive review |
* KYC levels and limits are subject to change based on regulatory requirements and platform policies.
🌍 Free Binance Country Checker
We strive to keep this information up-to-date, but regulations may change. While we regularly update this data, we make no guarantees, and it is your responsibility to verify whether your country is supported before using the platform.
Due to regulations, Binance does not support every country. To ensure that you are eligible to register on the exchange, you can use our free Binance country checker.
Simply type in your country and see if you can use the platform or if your country is restricted.
Binance Security & Regulation
The Binance platform uses a variety of measures to protect user accounts and assets, including encryption, two-factor authentication, and hardware security keys. Binance also has a secure cold storage crypto wallet for storing most of its users’ funds offline, reducing the risk of hacking and other security incidents.
On top of that, Binance has created a security fund called SAFU, surpassing over $1 billion. This fund is dedicated to protecting and recovering customer funds in cases of a hack. After the FTX crash due to mismanaging customer assets, Binance released its proof of reserves. The Binance proof of reserves displays the current ratio of customer assets on the exchange, which are backed 1:1.
Regarding your individual account security features, there are a few steps you can take to ensure your Binance account is safe and secure. First, using a strong, unique password for your account is important; avoid sharing it with anyone else. You can also enable two-factor authentication (2FA) on your account, which adds an extra layer of security by requiring you to enter a one-time code in addition to your password when logging in.
Lastly, Binance has a list of countries that are restricted due to laws and regulations.
Check out our guide about Binance restricted countries.
Binance Supported Cryptocurrencies
Binance is a versatile crypto exchange offering over 420 digital assets for buying and selling on the spot market. Not only can you access popular cryptocurrencies like Bitcoin, Ethereum, or Solana, but Binance also offers smaller coins from various niches. Some sectors Binance covers include AI, DePin, DeFi, DEX, and even Meme coins.
It is notable that Binance offers various trading products, but not every trading product supports the same number of assets. Below is a more detailed breakdown.
- Spot Cryptos: 420+
- Futures Contracts: 220+
- Options Contracts: 5 (BTC, ETH, BNB, XRP, DOGE)
If you want to trade a specific cryptocurrency, make sure to use our Binance-supported crypto checker below. We scan all of Binance-supported assets (on the spot market) in real time to tell you if your desired crypto is available for trading on Binance.
Binance Trading Platform
Spot Trading
For spot trading, Binance features over 420 cryptos and 1700 different crypto pairs. Not only can you trade cryptocurrencies against USDT but also with BUSD, TUSD, USDC, and even fiat currencies such as EUR, GBP, TRY, and more. If you want to trade with borrowed money, Binance offers margin of up to 10x on the spot market. That means you can buy Bitcoin worth $10,000 when only having $1,000 in your wallet.
The Binance spot market is perfect for cryptocurrency investing. You can purchase most cryptos on the platform and then send them to your personal digital wallets, such as Trust Wallet or Ledger, to store your funds securely.
For spot trading, Binance supports the following order types:
- Limit
- Market
- Stop Limit
- Post Only
- Iceberg
Additionally you can choose between cross, isolated, and grid mode depending on your trading strategy. It is safe to say that Binance is one of the most advanced cryptocurrency exchanges when it comes to advanced order types.
Derivates Trading
Binance Futures is a derivative trading platform that allows users to trade while using leverage of up to 125x. That means with $1,000 in your futures account, you can open a $125,000 position. The Binance platform offers high leverage, low fees (0.02% maker and 0.05% taker), and a comprehensive interface.
You will be equiped with a limit orderbook showing a detailed insight of the available liquidity. Additionally, you can see all executed orders in real-time.
Binance Futures offers a number of other features that make it an appealing platform for crypto traders. For example, the platform all basic order types, such as limit orders, stop-loss, and take-profit orders, as well as more advanced order types, such as trailing stop-loss, GTC, FOK, OCO, etc., to help users manage their positions and reduce risk. Binance even offers TWAP (Time-weighted average price) and Iceberg orders.
Lastly, you can choose between single-asset mode and multi-asset mode where you can offset losses on one asset with profits of another asset.
Furthermore, Binance has some of the best liquidity in the cryptocurrency market, which allows users to easily enter and exit trades without impacting the price too much. Overall, Binance Futures is a powerful and relatively user-friendly platform that offers traders a wide range of features and services.
Whether you’re a beginner or an experienced trader, Binance Futures is a great option for anyone looking to trade cryptocurrency futures.
In your futures account dashboard, you can also analyze your past trades with a graph. This helps in understanding your performance and PNL over a long period of time.
If you want to learn more about derivatives trading, check out our full Binance futures trading guide.
Options Trading
Binance is one of the few crypto exchanges offering a crypto options contracts market where you can speculate on five assets. As of 2024, Binance supports Bitcoin, Ethereum, BNB, Ripple, and Doge options contracts.
When compared to other crypto exchanges, we noticed that Binance has the best liquidity when it comes to crypto options. Aside from deep liquidity, Binance offers leverage of up to 3x and low fees of 0.03% per transaction.
Binance Trading Fees
Overall, Binance has low fees. This is perfect for crypto traders with a lot of trading volume, as Binance offers them generous discounts and lower fees.
Binance spot trading fees start at 0.1% (maker and taker). Binance also offers other ways to reduce fees, such as a 25% deduction when covering fees with BNB. For this, you must hold BNB (Binance Coin) in your spot wallet. When you execute a trade, instead of deducting fees from your order, Binance will just use the BNB from your wallet equal to the value of the fees. Furthermore, Binance offers 0% fees for BTC/TUSD.
On the Binance futures market, the maker fee is 0.02%, and the taker fee is 0.05%. Yet again, when holding the Binance coin, you receive a discount. The BNB fee deduction for futures trading is 10%.
| Trading Type | Maker Fee | Taker Fee |
|---|---|---|
| Spot | 0.1% | 0.1% |
| Futures | 0.02% | 0.05% |
| Options | 0.03% | 0.03% |
Other fees include deposit, withdrawal, and transfer fees, which we will cover in separate sections later in this Binance review.
Binance Customer Support
Binance has a dedicated customer support team that is available 24/7 to answer any questions or issues you might have. The customer service team can be reached via email and 24/7 live chat. Binance does not offer phone support. The average response time is 5 minutes. Overall, Binance has a helpful and knowledgeable support team.
If you want to figure things out on your own, you can also check out the Binance help and learn center, with a lot of educational resources.
Binance Deposit Methods
When sending cryptos to Binance, you don’t pay any deposit fees. Binance suppoorts dozens of chains including Bitcoin, ERC20, TRC20, SOL, BEP20, BSC, XRP, and many more.
However, when you want to send fiat currencies such as EUR, AED, or PLN to Binance, you pay between 1€ and 2% in fees. Binance supports 8 fiat currencies to deposit and hold in your Binance account, and the fees differ for each currency. One of the cheapest fiat deposit methods is SEPA transfer for EUR € users, which has a fixed fee of only 1€.
| Currency | Deposit Method | Fees | Time |
|---|---|---|---|
| EUR | SEPA | 1€ | 0-3 Business days (depending on bank) |
| EUR | Credit/Debit Card | 2% | Instant |
| AZN | m10 | 2% | Instant |
| CZK | ZEN.com | 1.2% | Instant |
| HUF | ZEN.com | 1.2% | Instant |
| IDR | Tokocrypto | 0% | Instant |
| PLN | ZEN.com | 1% | Instant |
| RON | ZEN.com | 1.2% | Instant |
| TRY | Binance Transfer | 0% | Instant |
If your fiat currency is not listed in the table above for fiat deposits, you may still be able to use your local currency for direct purchases.
Additional fiat payment methods include credit and debit cards, Apple, and Google Pay. For direct payments, Binance supports over 40 fiat currencies including EUR, GBP, USD, CAD, and many more.
If you want to learn more about the onramp options, check out our full Binance deposit & payment methods guide.
Binance Withdrawal Methods
There are over 400 cryptos available to withdraw from Binance. The fees differ for each crypto and also vary based on the network as well as network capacity. Some options with low fees include USDT or BUSD with the TRC20 or BEP20 network, both of which cost $1 or less.
In terms of fiat withdrawals, Binance supports 20 different currencies. The withdrawal methods are similar to the deposit methods. Again, Binance supports major fiat currencies such as EUR, PLN, UAH, and more. The fiat withdrawal fees are different for each currency and payment method.
| Currency | Withdrawal Method | Fees | Time |
|---|---|---|---|
| EUR | SEPA | 1€ | 0-2 Business days |
| AZN | m10 | 2% | Instant |
| CZK | ZEN.com | 0% | Instant |
| HUF | ZEN.com | 0% | Instant |
| IDR | Tokocrypto | 0% | Instant |
| PLN | ZEN.com | 0% | Instant |
| RON | ZEN.com | 0% | Instant |
| TRY | Binance Transfer | 0% | Instant |
| UAH | Card | 3.5% | Instant |
| UAH | GEO Pay Wallet | 0% | Instant |
| AUD, GHS, NZD, PHP, PKR,
SAR, UAH, UZS, VND |
P2P | 0% | 0-1 Business Days |
If you want to send money to another Binance account, you can use Binance transfers with 0% fees. You can send funds from your Binance crypto wallet to other Binance wallets via Email, UID, or Pay ID. This option has no fees and also transfers the funds instantly. Not many cryptocurrency exchanges have this feature.
For more offramp information, you can read our in-depth Binance withdrawal guide.
Binance Alternatives
If you feel like Binance is not the right choice for you, maybe due to regulatory issues or concerns regarding user-friendliness, do not worry. There are great options that you can rely on.
One of the best alternatives for Binance is the Bitget crypto exchange. With low fees, over 640 different coins and an extremely user-friendly interface, Bitget has quickly become one of the most popular cryptocurrency exchanges in the world. Bitget is a great exchange for beginners and advanced traders from all around the world. You can check out our full Bitget review here. Additionally, you can check out our Binance vs Bitget comparison to see how the two exchanges compare side-by-side.
If you are a complete newbie and you just want to buy and hold rather than actively trading, we recommend you check out Coinbase. The crypto exchange is highly regulated in the US. While Coinbase has really high fees, it is still a good choice for newbies who seek security and simplicity. Check out our Binance vs Coinbase comparison to learn more.
Bottom Line
In conclusion, Binance is one of the best and most popular exchanges in the crypto world today. With over 420 cryptos, 1700 trading pairs, and the most advanced order types, Binance is perfect for experienced investors.
Aside from making money from crypto trading on Binance, you can also earn passive income with staking, mining, liquidity providing, and much more.
In addition to its low fees and excellent customer support, the exchange also provides a comprehensive mobile app for users who prefer using smartphones.
All in all, Binance is a great option for anyone interested in buying/selling cryptocurrencies or trading futures, and it has many features.
It’s important to remember that Binance is not available in several countries, such as the US and Canada, due to regulatory issues.
FAQ
Does Binance require KYC?
Yes, Binance requires KYC verification. Without KYC, you can not trade on the platform. To verify your Binance account, you must submit your ID or Passport and a selfie.
What are Binance fees?
Binance spot fees are 0.1% for maker and taker orders. On the futures market, Binance only charges 0.02% maker and 0.05% taker fees. Overall, Binance has some of the lowest fees in terms of crypto trading platforms. When holding the Binance coin, you can even receive further discounts.
Is Binance safe to use?
Binance is a relatively safe cryptocurrency platform. The exchange uses a range of security measures, including two-factor authentication, encrypted wallets, and secure offline storage for the majority of its assets.
Does Binance allow customers from the US?
Unfortunately, Binance does not allow US customers on their site. If you want to use a great exchange that allows US citizens, we recommend Bitunix.
If I don’t have cryptocurrencies yet, can I buy them from Binance directly?
Yes. Binance offers you a “One-Click Buy” option to buy cryptocurrencies with FIAT. Supported payment gateways are Credit Cards, Google Pay, Bank Transfer, SEPA, Wise, Revolut, iDeal, and more. Binance also supports most FIAT currencies, including, but not limited to, EUR, GBP, AED, PLN, and more.
