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Binance Review

Last Updated: Nov 3, 2022  |  Published: Apr 8, 2022


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Our Review 

After reviewing over 50+ cryptocurrency exchanges in different countries, Binance is the best place in the world to trade altcoins at low fees and get access to lots of features. It has 600+ altcoins, 0.10% trading fees or lower, and the highest trading volume in the world.

The downsides are Binance can be overwhelming for beginners and it has limited fiat currencies (check if yours are supported). It also requires KYC and it didn't used to before. If Binance is restricted in your country you can try these crypto exchanges with no KYC or see the best DEXs to access thousands of altcoins.

Where It Shines:

  • Lowest Fees & Spreads in the Industry: Top exchange in the world according to trading volume with <0.10% trading fees
  • Lots of Altcoins & Features: Binance is one of the top platforms in the world for total number of features offered. 600+ coins, spot trading, margin, derivatives, earn, staking, loans, NFTs, and much more
  • Advanced Features: Professional trading terminal with live order books, advanced order types, charting tools, high liquidity and more
  • Great Reputation: Largest crypto exchange in the world by trading volume and has 90+ million users

Where It Falls Short:

  • Not Beginner-Friendly: Binance will be overwhelming for most beginner investors
  • Limited Fiat Wallets: Binance is available in 100+ countries but only supports 8 local currencies you can deposit, withdraw and trade. Check if your currency is supported below
  • Some Restricted Features: Certain features or markets are restricted due to regulations

Binance Overview

Spreads: Apr 2, 2022

Coins Offered

600+

BTC Spread

0.00% (Apr 2, 2022)

Trading Fee

0.10%

Fiat Trading Pairs

(8) AUD, EUR, GBP, RUB, BRL, TRY, UAH, NGN

BTC Withdrawal Fee

0.0004 BTC

Notable Features

600+ coins, lots of features, largest exchange in the world by trading volume

Restricted Locations

No official info available.

What Is Binance?

If you're unfamiliar with the world's largest cryptocurrency exchange, Binance was founded in 2017 by Changpeng Zhao (CZ) and has grown to 120+ million users. Binance is significantly larger than its competition. For example, their trading volume is higher than the next 5 crypto exchanges combined.

Binance has 600+ cryptocurrencies listed, zero-fee Bitcoin trading, and the highest trading volume in the world, among many other services. Overall, people enjoy the platform because of its competitive fees and wide selection of crypto assets.

Opening An Account

Opening a Binance account takes under 10 minutes. You used to be able to trade anonymously but today, Binance requires KYC which means you must verify your identity and upload a government-issued ID. 

You can sign up with just an email address if you want to test Binance first. However, you won't be able to deposit money until you verify your account. There are multiples levels of verification which offer different account limits.

Total Application Time

5-10 minutes

KYC Required

Yes

Instant Verification Possible?

Yes

Manual Verification Time

1-10 days

Who Is Eligible To Use Binance?

100+ supported countries

Sign Up Requirements

Email address

Name, address, date of birth

Government-issued ID (eg. drivers license or passport)

Facial recognition (selfie)

Binance Verification Levels:

Binance Australia Verifcation Levels and Requirements

Platform & Features

Whether we're talking about the crypto exchange or their services outside of it, Binance has a massive ecosystem. When it comes to trading, Binance has the most trading volume in the world (by a lot). When it comes to features, they also have everything like trading bots, interest accounts, learn and earn programs, NFTs, and the list goes on. 

List of Features:

  • iOS, Android and Web app
  • 600+ Cryptocurrencies
  • Advanced Trading
  • Instant Buy and Sell
  • Auto-Invest (Recurring Buys)
  • Binance Lite for Beginners (mobile app only)
  • Spot / Margin / Derivatives 
  • Binance Earn & Staking
  • Binance Loans (lending & borrowing)
  • Binance Visa
  • Liquidity Pools
  • Binance Coin (BNB: their own native utility token)
  • Binance Launchpad
  • NFT Marketplace
  • Referral Program
  • Binance DEX (decentralized exchange)
  • Binance Pay
  • Binance Academy and Research
  • Learn and Earn
  • 24/7 Customer Support
  • And more

1. iOS, Android and Web App

Binance Mobile App Screenshots

Binance has a sleek U/X with many features that can be accessed on all of your devices. The Google Play app has over 10 million downloads with a 4.5 star rating at the time of this review.

2. Trading Crypto

Binance offers a variety of ways to buy and sell crypto:

  • Instant Buy and Sell
  • Credit/Debit Card
  • Spot Trading
  • Margin
  • Derivatives
  • Auto-Invest
  • P2P Trading

3. Instant Buy and Sell

Binance offers multiple beginner and advanced ways to purchase crypto. The easiest option is the instant buy and sell.

4. Advanced Trading

Binance Advanced TradeAdvanced Trade Layout 2

For advanced users, Binance has technical charting tools, live order books, limit, market and stop-limit orders and more. You can also customize the look and feel with light/dark theme, change the colour theme and change the layout to add more charts.

5. Binance Lite

Binance Lite

Binance can be overwhelming for beginners so they rolled out Binance Lite which can be toggled on/off in the mobile app. It turns into a more simple U/X that is perfect for newcomers who want to buy, sell and trade crypto easily. 

6. Binance Earn & Staking

Binance Earn

Binance has a variety of offers that let you start earning interest on your crypto. You can pick different options based on your risk-level which range from staking, locked savings (7-90 days), flexible savings (withdraw anytime) and more. The interest rates range anywhere from 0.50% to 60% APY in some cases.

7. Loans 

Crypto Loans Feature

8. Binance Visa

9. Liquidity Pools

10. Binance Coin

BNB Binance Coin

Binance has their own native utility token called BNB. It can be traded like any other cryptocurrency and owning it can give you special perks such as reduced trading fees, access to token sales and more. 

Also, every 3 months Binance burns some BNB which permanently reduces the supply. At the time of this writing, over 31 million BNB have been burned so far. The quarterly burns will continue until 100 million BNB are destroyed forever which is 50% of the total supply.

11. Binance Launchpad

Binance Launchpad

12. NFT Marketplace

NFT Marketplace Feature

13. Referral Program

14. Binance DEX

15. Binance Pay

16. Learn and Earn

17. Other Binance Features

  • Binance Academy and Research 
  • Trust Wallet - One of the world's most popular crypto wallets with 10+ million users and tons of features
  • Binance Chain (BSC) -  A blockchain protocol with smart contract capabilities, extremely low fees and lightning fast transactions
  • Institutional and VIP Services
  • Crypto Gift Cards
  • Fan Tokens
  • API Management Keys

Fees & Spread

Price Test & Spread

Price Test (Coming Soon)

Prices

Total BTC Purchase Fee

0.10%

Total BTC Selling Fee

0.10%

Trading Fee

0.10% or less

BTC Spread

0.00%

BTC Buy Price

$00,000

BTC Sell Price

$00,000

Ref. Price Difference

Buy:

Sell:

Reference Price (Google)

$00,000

More Information

We tested 20 cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • *Total BTC Purchase Fee = Trading Fee + Buy Reference Price Difference
  • *Total BTC Selling Fee = Trading Fee + Sell Reference Price Difference

Keep in mind, there could be additional fees for depositing/withdrawing fiat. Check fees for your local fiat currency if it is supported on this exchange.

You can compare all platforms tested on this page

Trading Fee Discounts

Binance Spot Trading Fees

What We Found

Coming soon.


Deposit & Withdrawals

Fiat Currencies

Fiat Trading Pairs

(8) AUD, EUR, GBP, RUB, BRL, TRY, UAH, NGN

Credit/Debit Card

Yes (~1.80%-2.00% fees)

P2P Exchange

Yes

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.0004 BTC

0.001 BTC

Ethereum

0.002 ETH

0.01 ETH

USDT

10 USDT

50 USDT

XLM

0.02 XLM

40 XLM



Security

Company Security Features

  • Assets are held in offline cold storage (not stated how much)
  • SAFU (Secure Asset Fund for Users) - An insurance fund that will repay users if there is ever a hack. 10% of all trading fees are allocated to this insurance account. Currently, this fund is valued at approximately $1 billion
  • Compliant in many countries such as USA, Australia, Canada and more
  • Their systems are automatically monitoring for suspicious activity 24/7
  • They launched Binance DEX, a separate decentralized platform that can be used with full control of your private keys

User Security Features

  • Multiple 2FA options (Google authenticator, SMS, email or security key)
  • Withdrawal whitelist feature
  • Anti-phishing code to identify legitimate emails
  • Add and remove trusted devices
  • View your account history for suspicious activity (logins, IP Addresses, dates, etc)
  • Disable account button for emergencies

Has Binance Ever Been Hacked?

Yes, in 2019 Binance lost $40 million or about 7,000 Bitcoin to hackers. The good news is that this was only 2% of Binance's total Bitcoin holdings. Also, Binance covered these losses for its users via the SAFU insurance fund so no users actually lost any crypto.

Can You Trust Binance?

Yes, Binance is one of the safest cryptocurrency exchanges in the entire world. They have nearly $1 Billion in their insurance fund, it's one of the biggest platforms in the world, and they offer 2FA and many security features.

⚠️ Although Binance is safe, over 50% of platforms we tested have had hacks or incidents in the past. We strongly recommend storing and protecting your crypto on a non-custodial wallet where you own the private keys. Preferably, a reputable hardware wallet like the Ledger Nano X.

Customer Support

If you need to contact customer support, Binance has a 24/7 customer support system via live chat on their website. They also have an extensive help center with FAQs, tutorials and videos. I have not tested their support so I can't review the response time. However, I've been using Binance since 2017 and have never even needed to use their support team.

Compared

Compare the world's most popular cryptocurrency exchanges:

Name

Coins

# of Features

Standard Trading Fee

Supported Countries

Fiat Wallets?

BTC Withdrawal Fee

Website

240+

15+

0.10%

190+

No

0.0005 BTC

Binance

Binance 🏆(#1 overall)

600+

30+

0.10%

100+

Yes

0.0005 BTC

150+

15+

0.20%

?

Yes

0.0004 BTC

750+

10+

0.25%

180+

No

0.0005 BTC

50+

5+

0.50%

?

Yes

0.0005 BTC

300+

5+

0.75%

100+

Yes

0.0003 BTC

140+

15+

0.10%

180+

No

0.0005 BTC

170+

10+

3.99%

100+

Yes

Dynamic

110+

5+

0.60%

100+

Yes

Dynamic

30+

10+

0.10%

150+

Yes

0.15%

250+

20+

0.40%

90+

Yes

0.0006 BTC

40+

10+

0%

50+

Yes

0.50%

1400+

30+

0.195%

190+

No

0.001 BTC

60+

15+

1.49%+

60+

Yes

0.001 BTC

60+

10+

0%

100+

Yes

0.0005 BTC

500+

20+

0.20%

130+

Yes

0.0005 BTC

190+

10+

0.26%

190+

Yes

0.00002 BTC

700+

20+

0.10%

190+

No

0.0005 BTC

350+

25+

0.10%

100+

No

0.0002 BTC*

300+

10+

0.155%

100+

No

0.0005 BTC

130+

10+

0%

180+

Yes

0.0003 BTC + $2.99

Best Alternatives

Here are the best crypto exchanges around the world that are supported in many countries. We assessed 21 platforms across 40+ variables and 950+ data points.  

Binance
  • 600+ cryptocurrencies
  • Lowest spreads and fees in the industry
  • Most features in the industry
  • Not beginner friendly
Kucoin
  • Low spreads and fees if you fund your account with crypto
  • 700+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Crypto.com
  • Best crypto credit cards
  • Earn interest on 40+ coins
  • Lots of fiat currencies supported
  • High fees & spreads
  • User interface
Coinbase
  • Best reputation, publicly traded company
  • Best for beginners
  • Beginner + Advanced trading
  • Very high fees overall
Kraken
  • Great reputation (10+ years)
  • Professional trading tools
  • High volume 
  • Limited features
RankFinance

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