Binance Review: Is It Still Good In 2024?

Binance is the largest global cryptocurrency exchange, but is it worth the hype? Here’s what we like and don’t like about it.

Updated: Apr 8, 2024

Binance Global Exchange Review
  • Binance has 175 million users and is the world's largest crypto exchange by trading volume by a wide margin.
  • Users can trade over 400 cryptocurrencies and 300+ crypto futures with up to 100x leverage. The platform has low trading fees and the most trading volume in the world compared to other crypto exchanges.
  • On the downside, Binance can be overwhelming for beginners and is unavailable in many countries like Canada and the US.

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 over 175 million users. Binance is significantly larger than its competition. For example, their trading volume is higher than many other crypto exchanges combined.

Binance has 400+ 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.

Key Benefits & Features

Binance Advanced Trade
  • 600+ Cryptocurrencies: Binance has a wider selection of coins than other large exchanges like Coinbase and Crypto.com.
  • Advanced Trading: You can also trade 300+ crypto futures pairs with up to 100x leverage. Binance has USDT and USDC perpetuals, trading bots, margin, and all the trading tools you need.
  • Competitive Fees: Spot trading fees are 0.10% or less. Crypto futures have a 0.02% maker fee and 0.04% taker fee. Both are below the industry average, plus Binance has more trading volume than anyone else!
  • Variety of Features: I can't find a platform with more features than Binance. You'll find staking, crypto loans, learn to earn programs, P2P trading, 24/7 customer service, and so much more. Binance even built their own successful blockchain called BNB Chain
  • Usability: Binance has a great website and mobile app, allowing you to trade anywhere on the go. It averages over 4.5 stars on the App Store and Google Play with thousands of ratings.
  • High Security: Binance has world class security, including a $1 billion insurance fund, customer funds backed 1:1 according to their proof of reserves, and various security measures to protect funds. More on this below. 

Other Notable Features

  • Binance Lite: You can turn on "Binance Lite" in the mobile app for a completely different user experience. It turns into a simple app that is perfect for newcomers who want to buy, sell and trade crypto easily. 
  • Binance Earn: This area offers dozens of coins like ETH staking and interest rates for different risk levels. You'll find staking, locked savings (7-90 days), flexible savings (withdraw anytime), and more with APY's as high as 200%.
  • Binance Coin: The native token of the Binance exchange is BNB. It offers special perks like reduced trading fees, access to token sales, and more. BNB tokens are burned quarterly until 100 million BNB (50% of the total supply) will be destroyed forever.
  • 24/7 Customer Support: Talk with their team 24/7 via live chat on their website. They also have an extensive help center with FAQs, tutorials and videos. 

Binance's KYC Requirements

While you used to be able to trade anonymously on Binance, today, KYC is required to open an account. All users must verify their identity by uploading a government-issued ID. Today, Binance is supported in over 100 countries but the USA and Canada are prohibited from using the platform. Sign up requirements include:

  • Email address
  • Name, address, date of birth
  • Government-issued ID (eg. drivers license or passport)
  • Facial recognition (selfie)

Trading Fees

Binance has a 0.10% spot trading fee with discounts available with increased trading volume. Crypto futures have a 0.02% maker fee and 0.04% taker fee. Whether looking at spot or futures trading, Binance has competitive fees compared to the industry average.

Deposit & Withdrawals

Binance supports at least 8 fiat currencies with trading pairs and many more for instant purchases. If Binance doesn't support your local currency, many people still use it to deposit crypto in order to access its wide selection of trading features

Fiat Trading Pairs

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

Credit/Debit Card

Yes (~1.80%-2.00% fees)

P2P Exchange

Yes

Is Binance Safe?

Binance has been operating since 2017 and has a good track record of protecting user funds. They hold the majority of assets in cold storage and have a proof of reserves that show customer funds are backed 1:1. Plus an insurance fund called SAFU (Secure Asset Fund for Users) which holds over $1 billion of assets.

Binance was also given a 91.43/100 security score from Certik and a 9/10 trust score from CoinGecko. On an account level, you'll also find many features such as 2-factor authentication, address whitelisting, and anti-phishing measures.

One concern could be Binance's $40 million hack back in 2019. However, Binance didn't just sit back. They actually paid back everyone that was affected. Another potential concern could be their $4B lawsuit with the SEC. However, Binance has been battle-tested many times with multi-billion dollar withdrawals and passed flawlessly. Overall, Binance has proven to be a reliable platform and one of the safest crypto exchanges in the world.

Is Binance Worth It?

I think there's a reason Binance has the most trading volume in the world. It offers competitive trading fees, a wide selection of cryptocurrencies, and advanced trading tools like 300+ crypto futures with up to 100x leverage.

If it's available in your region, Binance is one of the best crypto exchanges in the world with the most trading volume and total number of features. If you want to find the best platform for you, other giant platforms you can compare it with include OKX, KuCoin and Bybit.

Downsides would be that Binance is overwhelming for beginners and has limited fiat currencies. It also requires KYC and it didn't used to before. If Binance is restricted in your region, you can try these non KYC crypto exchanges or see the best DEXs.

Pros & Cons

  • 400+ Coins: Wide selection of assets and trading pairs.
  • Competitive Fees: Trading fees are 0.10% or less and Binance has more volume than anywhere else.
  • Trading Tools: Binance has more features than any other platform. Staking, loans, NFTs, they have it all.
  • Advanced Trading: 300+ crypto perpetuals with up to 100x leverage.
  • Highly Secure: Multi-billion dollar insurance fund, good track record, proof of reserves.
  • Registration: Unavailable in some regions like the US and Canada.
  • Not Beginner-Friendly: Overwhelming for most beginner crypto investors.
  • Legal Troubles: Binance has faced lawsuits with regulators like the SEC, which may be a concern to some.

Binance Alternatives

OKX

OKX is a fast-growing exchange with a a sleek user-interface and low fees.

  • 400+ coins, 180+ futures
  • High volume + low fees
  • 100x leverage
  • Fewer altcoins
  • Unavailable in some areas
Binance

The world's largest exchange by trading volume with low fees and tons of features.

  • 400+ coins, 300+ futures
  • Highest volume + low fees
  • 125x leverage
  • Unavailable in some areas
  • Less beginner-friendly
MEXC Global

MEXC is one of the top non-KYC exchanges and has the best altcoin selection.

  • 2,000 coins, 300+ futures
  • Zero spot trading fees
  • 200x leverage
  • Some regions IP-Blocked
  • Not beginner-friendly

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.

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