Binance Exchange Review logo

Binance Exchange Review

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  • Binance Overview
    Huge selection of cryptos
    userfriendly
    Suitable for mobile
    Restricted Countries

    Among the restricted jurisdictions

    China flag China
    United Kingdom flag United Kingdom
    Japan flag Japan
    Malaysia flag Malaysia
    Thailand flag Thailand
    Ontario Canada
    Binance Key Facts
    Year founded

    2017

    Headquarters

    Malta

    Licences

    Category 4 Crypto Asset Service Provider (CASP), Money Service Business (MSB), Financial Intelligence Unit (FIAU), Money Transmitter License (MTL), other state licenses

    Type of exchange

    Centralized

    Markets amount

    1,357

    Best for

    All types of crypto holder and traders: beginners, intermediate to advanced traders.

    Fiat Currencies Available

    Australia Dollar, Euro, Hong Kong Dollar, Kazakhstan Tenge, Norway Krone, Peru Sol, Russia Ruble, Turkey Lira, Ukraine Hryvnia, Uganda Shilling, United States Dollar

    Cryptocurrencies Available
    Bitcoin logo Dash logo Dogecoin logo Ethereum logo Litecoin logo Monero logo Ripple logo Bitcoin Cash logo Binance logo
    Products & Services
    Staking NFTs Swapping Analytics dashboard Buy & Sell Educational resource Online wallet

    Binance Exchange Overview

    • Largest cryptocurrency in the world
    • TVL of $8.35 billion
    • Supports 50 plus trading pairs
    • Low trading fee of 0.1%
    • High speed trade execution via the Binance DEX Match Engine
    • Allows for the trading of futures and options
    • comprehensive learning platform (Inbuilt)

    Introducing Binance

    Binance review dappGambl

    Binance is the largest and one of the most popular centralized cryptocurrency exchanges available today. The platform boasts more than 30 million users, a net value of about $30 billion, and a total value locked (TVL) of about $8.35 billion. The exchange is built on an advanced order-matching engine, the Binance DEX Match Engine, which supports up to 20,000 trades per second. The marketplace also has its own token, BNB, mainly used to pay fees for transactions. The token was created with a total supply of 200 million BNB. The platform is available in more than 180 countries and supports a wide range of digital assets, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and more. It also offers a variety of other features, such as margin and futures trading, staking, and lending. Binance allows users to trade cryptocurrencies without having to entrust their funds to a third party. BNB is used as the native currency on Binance DEX. The platform has a special match engine that can handle up to one million transactions per second. Binance DEX also has a built-in order book and trading history so that users can see what’s happening on the platform at all times.

    Binance Exchange Key Facts

    • Year Founded: 2017
    • Headquarters: Malta
    • Licenses: Category 4 Crypto Asset Service Provider (CASP), Money Service Business (MSB), Financial Intelligence Unit (FIAU), Money Transmitter License (MTL), and other state licenses
    • Allowed Countries: Over 180 countries, including Germany, Spain, Poland, Croatia, Japan, and others
    • Fiat Currencies Available: EUR, AUD, USD, NOK, PEN, RUB, KZT, HKD, UAH, UGX, TRY
    • Cryptocurrencies Available: Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), Binance USDT, Binance GBP, Binance KRW, Binance RUB, Dogecoin (DOGE)
    • Customer Support: Binance Help Center, live chat, social media, online community
    • Products & Services: Binance DEX, Binance Academy, Binance Research, e-wallets, analytical charts, Binance Live, Binance Cloud, Binance Gift Card, Binance Launchpad, NFT marketplace, and others
    • Markets: 1,357
    • Type of Exchange: Centralized exchange
    • Best for: All types of crypto holder and traders: beginners, intermediate to advanced traders.

    Pros & Cons

    Pros

    • Supports over 60 cryptocurrencies
    • Simple and intuitive user interface
    • Low trading fees
    • Ultra-fast trade executions and transactions
    • Lucrative staking options
    • Supports futures, options, and crypto derivatives

    Cons

    • US residents can only use Binance US which has limited features
    • History of hacking and security issues
    • History of regulatory issues with the US and other countries

    Company Overview

    Binance review team Team- Who Founded Binance?

    The Binance team is led by CEO Changpeng Zhao, who also founded the exchange in 2017. Prior to this, Zhao was a developer at Blockchain.com and OKCoin. Binance also has CFO Wei Zhou, Chief Growth Officer Ted Lin, CSO Samson Mow, and other notable members on its executive team.

    The company’s team is based in Malta but also has offices in Singapore, Japan, Taiwan, the United Arab Emirates, and other countries. In 2019, Binance announced that it had raised $300 million in a Series A funding round led by Vertex Ventures China, with participation from other notable investors such as Sequoia Capital, GIC, Baidu, and more.

    Binance review market share Binance Market Share

    Binance is currently the largest cryptocurrency exchange in the world with a daily trading volume of $87.05 billion. It also has the largest market share of BTC/USDT trading pairs with a 24-hour volume of $43.88 billion.

    The exchange currently ranks first on CoinMarketCap’s official list of top cryptocurrency spot exchanges. It boasts a market cap of $19,014,856,231 and 168,137,036 Binance coins in circulation. The platform faces stiff competition from other leading marketplaces such as Coinbase and Kraken.

    Binance review licence and insurance Binance Exchange Licenses and Insurance

    Binance is a Category B Virtual Financial Assets (VFA) Service Provider in Malta and is registered with the country’s Financial Services Authority (MFSA). It also holds other licenses and registrations, including a Money Service Business (MSB) license with the US Financial Crimes Enforcement Network (FinCEN), a Money Transmitter License (MTL) from the State of New York, a Money Service Operator license (MSO) from the Japanese Financial Services Agency (FSA), and others.

    We found out that the firm has an insurance policy with Lloyd’s of London and the Federal Insurance Deposit Corporation (FDIC) covering up to $250,000 for deposits per client. This makes the site a reasonable and secure place for large crypto holders, traders, and investors.

    Binance review security Binance Reputation and Security

    Reputation and security are areas where the exchange falls behind slightly. It has been hacked multiple times, with the most notable hack occurring in May 2019 when fraudsters stole over $40 million in BTC from Binance’s hot wallets.

    The company has had issues with regulatory bodies such as the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It was subpoenaed by the US Department of Justice (DOJ) in October 2019 as part of a larger investigation into cryptocurrency price manipulation. The platform has also received heat for implementing weak anti-money laundering (AML) and customer check processes. Despite these challenges, Binance remains one of the most popular and well-respected exchanges in the cryptocurrency industry.

    Binance Security Features

    Binance boasts a host of security features to keep its users’ assets safe. Some of these security features include.

    • Two-factor authentication (enabled by default): Binance requires all users to enable two-factor authentication (TFA) in order to log in and make withdrawals. TFA adds an extra layer of security by requiring a user to input both their password and a code from their app whenever they want to log in or withdraw funds. Binance uses Google Authenticator to ensure the integrity of its authentication process.
    • Anti-phishing code: The site also has an anti-phishing feature that allows users to set a code that will be displayed whenever they try to log into the platform. This code helps users verify that they are on the legitimate website and not a phishing site.
    • IP and device restrictions: The platform also allows users to set restrictions on which IP addresses and devices can be used to log in to their account. This helps to prevent unauthorized access even if someone knows your password.
    • Whitelisting of withdrawal addresses: Users can set a list of approved withdrawal addresses. This means that even if someone hacks your account, they’ll only be able to withdraw funds to addresses that you have approved, making their efforts futile.
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    Complaints Received

    Binance has a measly 2 out of 5 stars in Trustpilot. This means the platform has let its users down in some sense. Most complaints about it revolve around its poor customer service, with many users stating that it takes a long time to respond to customer service inquiries. Other complaints include issues with account suspensions, account verification, and login problems. There's also a good number of users claiming that they lost money while using the exchange. Some users who deposited large sums of cash into the exchange claimed they were unable to withdraw their cash. The support team flagged their accounts as "suspicious" and put the funds on hold. Users were not able to access their funds even after verifying their identities several times. A large chunk of users has also fallen for scams where unscrupulous individuals pose as Binance agents. They ask users for their personal information and use it to log into users' accounts and steal their assets. It's worth noting that this firm doesn't have a hotline for customer service, or anything related. Any call from someone claiming to be from Binance is most likely a fraudster trying to scam you.
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    Binance Exchange Features

    Order Types

    Binance has the following order types:

    • Limit order
    • Stop limit order
    • market order
    • Stop market order
    • Trailing stop order
    • Post only order
    • Limit TP/SL order
    Binance Staking

    Binance users can earn from staking rewards by holding BNB, BUSD, and other select cryptocurrencies in their Binance account. The Binance staking program allows users to rake in rewards of up to 36.79% per annum on their holdings.

    To participate in the staking program, simply deposit the supported cryptocurrencies into your Binance account and you will start earning rewards. Binance then distributes the rewards to users every month.

    Exchange Token (BNB)

    Binance token BNB was created to fuel the Binance ecosystem. BNB is used to settle fees on the network, including transaction fees, listing fees, and any other fees charged by Binance. BNB can also be used to purchase goods and services on Binance’s partner platforms.

    The token has other benefits too. For example, users who hold BNB in their accounts receive a discount on all transaction fees. The discounts get progressively larger as one holds more tokens, with the highest discount being 50% for users who hold 500 BNB or more. The site burns BNB every quarter to create scarcity and raise its value. Binance destroys the token based on the trading volume on the platform to create scarcity.

    Asset Classes

    Users enjoy multiple asset classes including:

    • NFTS: The platform boasts a bustling NFT marketplace, allowing users to buy and sell NFTs at low fees. Although the marketplace mostly tilts towards gaming NFTs, it also contains NFT collectibles, art, sports NFTs, and much more. Unfortunately, US Binance users can’t access the NFT marketplace since it’s only available on the main platform.
    • Utility tokens: Utility tokens are a type of cryptocurrency that can be used to buy goods or services on a blockchain network. Binance offers a wide range of utility tokens, including popular ones such as Bitcoin, Ethereum, and Litecoin. These tokens can be used on Binance and partner platforms. BNB, BUSD, and BNT are some examples
    • Stablecoins: Stablecoins are digital assets that are pegged to a fiat currency or other asset to reduce volatility. Binance offers a wide range of stablecoins, including popular ones such as USDT, BUSD, and USDC. These tokens can be used on Binance and Binance’s partner platforms.
    • Options and futures: The platform offer options and futures contracts for a variety of assets. The options contracts have maturities of up to 28 days and can be used to bet on the price of an asset going up or down. On the other hand, you will get futures contracts with maturities of up to 90 days.
    • Crypto derivatives: Binance exchange offers a wide range of crypto derivatives, including popular ones such as Bitcoin, Ethereum, and Litecoin. These tokens can be used on Binance and Binance’s partner platforms. BNB, BUSD, and BNT are some examples of Binance utility tokens.
    • Commodities: Binance also offers a variety of commodity-backed tokens, such as gold-backed tokens and oil-backed tokens. These tokens can be used on Binance and Binance’s partner platforms.
    Other PancakeSwap Noteworthy Features

    Binance Launchpad: This is a token sale platform that helps blockchain projects raise funds for their development. The site provides a wide range of services to help projects with their token sale, including marketing, technical support, and legal advice. Many projects have benefitted from this feature including, BTT (BitTorrent), FET (Fetch.AI), and CELR (Celer Network). It’s considered to be one of the most successful token sale platforms in the cryptocurrency industry.

    Yield Farming: Binance savings is a feature that allows users to earn interest on their BUSD, BNB, and USDT holdings. The firm pays users interest every week, which is deposited into their account. The interest rates on the savings vary depending on the cryptocurrency. For example, the yield rate on BUSD is currently 5% per 30 days, while the interest rate on AXS is currently 7% per 7 days.

    Binance Cloud: Binance Cloud is a Binance-branded white-label exchange solution that allows companies to launch their own cryptocurrency exchanges. It comes with all the features of Binance’s own exchange, including the same matching engine, order types, and trading interface.

    Crypto Card: The site has also launched a company-branded crypto debit card that allows users to spend their cryptocurrencies anywhere that accepts VISA. The card is currently available in select countries, including the United States, United Kingdom, and Singapore. The Binance card has a number of features that make it attractive to cryptocurrency users, including cash back rewards, low fees, and the ability to convert cryptocurrencies into fiat currencies. The firm is planning to expand the availability of the card to more countries in the future.

    Binance Academy: The Academy is Binance’s educational arm. It provides a wide range of educational materials on topics relating to blockchain and cryptocurrency. Learning materials found in the academy are suitable for both beginners and experts.

     

     

    Binance Available Tokens

    Binance lists a wide range of cryptocurrencies, including both major coins and altcoins. The platform currently supports over 150 different cryptocurrencies. Binance supports a number of fiat currencies, including the US dollar, Euro, British pound, and Japanese yen. Some of the most supported cryptocurrencies include:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • XRP
    • BNB
    • Litecoin (LTC)
    • Bitcoin Cash (BCH)
    • Cosmos (ATOM)
    • Cardano (ADA)

    Available Trading Pairs

    Binance review trading pairsBinance exchange has the following pairs available for trading:

    • BTC/USDT
    • ETH/USDT
    • BNB/USDT
    • LTC/USDT
    • BCH/USDT
    • ADA/USDT
    • ATOM/USDT

    The platform also offers a number of other pairs that are not denominated in USDT. These pairs are generally more volatile and are not suitable for all investors.

    Binance Payments

    Deposit and Withdrawal Methods

    You will find a number of deposit and withdrawal methods such as bank transfers, credit/debit cards, and cryptocurrency. The minimum withdrawal amount is different for each cryptocurrency. The site does not charge any deposit fees. However, users part with a trading fee of 0.01% on all trades. Withdrawal fees depend on the cryptocurrency being cashed out. 

    Deposit or Withdrawal Limits

    Deposit and withdrawal limits vary depending on the method used. For example, bank transfers have a minimum deposit amount of $500. Cryptocurrency deposits have no minimum amount.

    Withdrawals, on the other hand, are subject to a minimum amount, which is different for each cryptocurrency. For instance, the lowest cash-out amount for Bitcoin is 0.001 BTC. Note that the platform has a daily withdrawal limit of 100 BTC. Binance US has a withdrawal limit of $1,000,000 a day or equivalent.

    How to use Binance Step by Step

    Step 1: Sign up

    Get the Binance mobile app, or desktop app, or visit the website to sign up for an account. You will need your email and phone number. Registration will take you less than three minutes.

    Step 2: Complete the verification

    Go to your registered email and click the verification link sent to you. This will confirm your email address and redirect you to a new page where you will be asked to either submit your KYC details or skip and explore the site. We recommend completing the process and fully setting up your profile for a seamless user experience.

    Binance Exchange
    Step 3: Log in

    Use your email address and the password you created to access your client area and start exploring the Binance website.

    Step 4: Fund your account

    Now fund your account using fiat or crypto. The platform offers various payment options including, bank transfers, credit and debit cards, as well as digital coin payment options.

    Step 5: Buy crypto

    Once your account is credited, start buying your favorite virtual coins without wasting any time. Use the search bar to easily pull up the digital coin of your choice.

    Binance User Experience

    Binance review desktop and appDesktop Platform

    The Binance desktop platform is available for Windows and macOS. The platform is user-friendly and easy to navigate. The clean and simple interface makes it easy to find the features you’re looking for. Once you’ve logged in, you’ll be able to access your Binance account, portfolio, and settings.

    You will find a number of advanced features, such as margin trading and OTC trading. You can use charting tools to track the performance of your investments.

    Mobile App

    The exchange also has a mobile app that is available for iOS and Android. The app is just as user-friendly as the desktop one. It has all the same features as the desktop platform, including margin trading, OTC trading, and charting tools. You can download the Binance mobile app from the App Store or Google Play. We recommend it for traders who want to trade on the go. The app is available in a number of languages, including English, Chinese, Japanese, and Korean.

    Binance Customer Service

    Binance review customer serviceBinance has a dedicated customer service team that is available 24 hours a day, seven days a week. The customer service team can be contacted via live chat or email. The site also has an extensive FAQ section that covers a wide range of topics. Users can either submit a support ticket, talk to a customer service rep on live chat, or reach out to Binance’s Twitter.

    While conducting this review, we found the customer support responsive and helpful. Plus, the platform boasts a large online community that users can always turn to for help. Be extra cautious about any phone calls from individuals claiming to work for Binance as they may be fraudsters. The exchange doesn’t have a hotline and rarely calls its users.

    That said, you can reach Binance customer service via the following links:

    Binance vs. Other Exchanges

    The cryptocurrency exchange space is fiercely competitive, and although Binance has an early lead, don’t be surprised if tables turn sooner or later. Platforms like Coinbase and Kraken are competitors to watch. Let’s see how they compare with Binance.

    Binance vs. Coinbase

    Coinbase is arguably Binance’s stiffest competitor. The two platforms go head-to-head in terms of their cryptocurrency support, features, fees, and a lot more.

    In terms of fees, Binance is the clear winner. Binance doesn’t charge any deposit fees, while Coinbase charges a whopping $25 for bank wire deposits. Binance also has much lower trading fees than Coinbase. Binance’s Maker-Taker fee model starts at 0.05%, while Coinbase’s flat-rate fee is 0.50%.

    When it comes to features, Binance and Coinbase both offer margin trading and OTC trading. However, Binance has a much more advanced platform with more features and tools. Binance also offers a mobile app that is available in multiple languages. Coinbase only offers an English-language mobile app.

    In terms of customer service, Binance has an edge over Coinbase. Binance has a dedicated customer service team that is available 24/7, while Coinbase only offers customer support during business hours. Overall, Binance clearly takes the cake with its low fees, advanced platform, mobile app, and excellent customer service.

    Binance vs. Kraken

    Kraken is another top cryptocurrency exchange that goes toe to toe with Binance. Let’s see how these two exchanges compare in terms of fees, features, and customer service.

    In terms of fees, Binance is again the clear winner. Binance doesn’t charge any deposit fees, while Kraken charges a 0.26% deposit fee for bank wire transfers. Binance also has much lower trading fees than Kraken. Binance’s Maker-Taker fee model starts at 0.05%, while Kraken’s flat-rate fee is 0.35%.

    When it comes to features, Binance and Kraken both offer margin trading, OTC trading, and advanced charting tools. However, Binance has a more user-friendly platform with more features and tools. Binance also offers a mobile app that is available in multiple languages. Kraken only offers an English-language mobile app.

    When it comes to customer service, Binance has an edge over Kraken. It has a dedicated customer service team that is available 24/seven, while Kraken only offers customer support during business hours. Binance also has an extensive FAQ section and an online community that users can turn to for help.

    Overall, Binance comes out on top in terms of fees, features, and customer service. Binance is

    hands down the better choice for all types of crypto traders.

    Is Binance Right for You?

    So, is Binance the right cryptocurrency exchange for you? Binance is a great choice for those looking for an affordable, comprehensive, secure, and user-friendly platform to trade their crypto assets. The exchange offers low fees, a wide range of features, and excellent customer service.

    However, it might not be the ideal platform for those looking for more advanced features or a crypto exchange with bulletproof security. Given its history of hacking and issues with regulatory bodies, it may not be a good choice if you’re jittery about security.

    Final Verdict

    Binance is one of the best cryptocurrency exchanges on the market. It’s affordable, user-friendly, and offers a wide range of features. However, it might not be the best choice for traders looking for a completely security-tight platform. What’s more, crypto traders in the US will have to settle for Binance’s sister exchange, Binance US, which is pretty limited in terms of features and supported crypto assets.

    All in all, Binance deserves the title of “Best Cryptocurrency Exchange for all Levels.” It’s a great platform for those looking for an affordable, user-friendly, and feature-rich option. If you’re still not sure, we recommend that you try Binance out for yourself and see if it’s the right fit.

    FAQs

    What Are the Benefits of Using Binance Exchange?

    Binance is a great choice for those looking for an affordable, comprehensive, secure, and user-friendly platform to trade their crypto assets. The exchange offers low fees, a wide range of features, and fairly good customer service.

    What Are the Key Features of Binance Exchange?

    Binance offers margin trading, OTC trading, futures, options, and advanced charting tools. It has a mobile app and supports over 150 different cryptocurrencies.

    How Easy is It to Use Binance?

    Binance has a user-friendly platform that lets users easily buy, sell, or trade cryptocurrencies. Binance also offers a mobile app that’s available in multiple languages and is also easy to use.

    What Are the Fees Associated With Binance Exchange?

    Binance’s Maker-Taker fee model starts at 0.05%. Binance also doesn’t charge any deposit fees. Other Binance fees include withdrawal fees and trading fees for certain cryptocurrencies.

    Eugene Abungana
    Written by Eugene Abungana verified symbol Investment Analyst, Financial Analyst, and Institutional Trader
    124 Articles

    Eugene is an investment analyst, MQL developer, financial trader and an expert in blockchain technology. He is a graduate in economics and holds additional studies in sustainable retirement investments. In addition, he has a background in literary journalism and experience in private fund management, institutional trading, and online broker setup. Eugene is a specialist at breaking down complex finance and investment topics into a simple read for everyone.

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    Reviewed and Fact Checked by Kevin O'Brien , Web3 & DeFi Writer