Binance Review

  • Rating

    5.0

  • Tradable Coins

    600+

  • Fees

    0.1 - 0.5%

  • Payment Options

    + 3

Our Binance Verdict

Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.

Pros
  • Biggest exchange in the world.

  • Industry's lowest trading fees.

  • Advance trading options like leverage trading.

  • 600+ crypto options, 150+ for the US.

  • Lucrative on-site staking options.

Cons
  • Hiccups in account verification.

  • Less regulated than some competitors.

  • The corporate structure is not transparently.

I see Binance as a highly secure, liquid exchange that would work perfectly for those starting their crypto journey. It offers low fees, multiple cryptocurrencies, deep liquidity, and fast support – everything an experienced or novice trader might need. 

In this Binance review, we’ll get a deeper look into how the exchange works and its strong points. This can make all the difference in the world when choosing the right platform to trade your money on. 

So, if you’re here for an honest opinion about this crypto exchange – welcome aboard!

Binance Highlights

CryptocurrenciesOver 600
Daily Trading Volume~$20 bln
Active Users177 million
Available CountriesOver 200
Mobile AppAvailable for iOS and Android in over 180 countries
Trading PairsOver 1600
Assets Under Management$90 bln
Headquartered InMalta
Current CEORichard Teng (Former “CZ”)

What is Binance?

Binance home page.
Binance home page.

Binance is the largest crypto exchange on the market. The company was founded by Changpeng Zhao back in 2019 and quickly conquered the majority of the market share and trading volume. 

Today, Binance attracted over 170 million unique users who trade around $20 billion worth of cryptocurrencies daily! The closest competitor, Coinbase, only has around 110 million unique users and around $4 billion in trading volume. 

With a strong focus on security, a friendly interface, and extremely low withdrawal fees, Binance is now the face of the crypto industry, with arms in practically every branch of the world.  

Who Created Binance?

Binance's CEO, CZ
The Founder of Binance – Changpeng Zhao | CNBC

Changpeng Zhao, is the creator and ex-CEO of Binance. Born in China, he emigrated to Canada, Vancouver, when he was 12 years old. 

Changpeng got a computer science degree at McGill University in Montreal, Canada. After that, he started developing software for the Tokyo Stock Exchange. He started Binance in 2017 and within 6 months, it became the largest crypto exchange.

In 2023, CZ encountered his first legal problems in the US. He was taken out of his position as CEO and was accused of engaging in multiple counts of financial crimes. He now awaits to be sentenced, after paying a hefty $4B fine. 

Top Benefits of Binance

Binance offers a wide list of benefits that most crypto exchanges don’t have. Let’s skim through some of them and see why Binance users choose to trade on this exchange

  • High Liquidity: Binance has a huge trading volume, which allows traders to place orders that some exchanges could not fulfill. The high trading volume could also mean users could trade less popular tokens. 
  • User Interface: Binance is probably the first crypto exchange that made trading crypto easy. The Binance platform, as well as the Binance app, have a low entering point. Even a newbie could start trading crypto there! 
  • Low Fees: Binance has always been the crypto exchange with the lowest fees on the market. The company offers 0% fees on all Bitcoin trades, gives discounts for BNB holders, and has preferred stablecoins that also have 0% fee pairs.
  • Security: The company puts a strong focus on security concerns. From enabling two-factor authentication to secure asset storage, Binance is a stronghold that no hacker can siege. 
  • All-in-One App: There are exchanges specializing in derivatives or spot or any other type of trading. Binance does it all! From simple conversion and spot trading to margin trading and P2P, Binance has enabled a ton of different tools that can be accessed from your Binance account. 

Top 5 Best Features of Binance

Binance has a wide variety of products that cover the needs of both newbies and experienced traders. Here are some of the most important ones: 

Staking

Staking on binance
Staking on Binance.

Binance offers a lot of options to earn money from your tokens, one of them being staking. You can stake multiple coins, including USDT, Ethereum (ETH), and BNB

I tested it out and staked some USDT, and it went as safely as possible. By staking 1000 USDT for 2 years and reinvesting the profit. With an APY of ~7% at the time, I earned ~149 USDT on that investment! 

TokenAPRDurationMinimum Locked Amount
BNB0,7%Flexible Lock0.008 BNB
USDT1%Flexible Lock0.001 USDT
USDC1.1%Flexible Lock0.0001 USDC
XVS5.8%Flexible Lock0.00001 XVS
DAI5%Flexible Lock1 DAI

There is also the Binance Earn program, where you can lock up to 30+ different coins and earn interest for that. Here’s how that looks like. 

TokensEst. APRDuration
BNB0.37%~66.34%Flexible/Fixed
USDT15.15%Flexible/Fixed
BTC0.29%~122.35%Flexible/Fixed
ETH1.22%~143.51%Flexible/Fixed
SOL0.56%~112.54%Flexible/Fixed
RONIN1%~17.9%Flexible/Fixed
SEI0.16%~5.8%Flexible/Fixed
MANTA1.69%Flexible
TIA1.8%~17.6%Flexible/Fixed

Binance Pay

binance pay
Binance Pay Service on Binance

Binance Pay is a contactless, borderless payment system that uses cryptocurrency to pay for online purchases. Using this technology, you can shop at more than 100 stores with your crypto wallet, not even using a card. This way, you don’t pay fees to withdraw your fiat, or to convert your crypto to fiat currency. 

Binance Launchpad

Binance’s Launchpool and Launchpad Section.
Binance’s Launchpool and Launchpad Section.

Binance, being the biggest exchange on the market, attracts potentially successful projects for launchpads – listing their token for the first time on Binance. Users can stake BNB, FDUSD, or TUSD and mine successful tokens at a low price, making a huge profit. 

The total market cap of all the projects launched on Binance Launchpad is around $21B, with projects like Polygon and Injective performing 10x ROIs on average. Ordinary investors can spend stablecoins and BNB to get a stake in projects which are usually an automatic success.

Web3 Wallet

Binance’s Web3 Wallet
Binance’s Web3 Wallet Extension.

The Web3 wallet created by Binance gives you full control of your assets. This means that, in case Binance is hacked, I am not vulnerable and won’t lose my crypto. 

Binance’s Web3 wallet works similarly to Trust Wallet, a wallet I use a lot. Simple crypto wallets only hold certain cryptocurrencies. Web3 wallets can hold currencies, NFTs, and many other digital assets on tens of different blockchains. 

Learn and Earn

Learn and Earn with Binance
Learn and Earn with Binance

If you’re a complete newbie, Binance created a program where you can earn real money by simply learning about crypto.  You don’t even have to deposit funds to trade crypto anymore, you just have to take some courses and earn SEI, USDT, BNB, BTC, and more. 


How to Create an Account on Binance?

If you want to start trading with Binance and use the features I described above, you should create an account first. Here’s a small guide on how I did it. 

Most Used
Tradable Coins
  • 600+
Payment Options
  • +3
Fees
  • 0.1 – 0.5%

More details

Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.


  • Biggest exchange in the world.

  • Industry's lowest trading fees.

  • Advance trading options like leverage trading.

  • 600+ crypto options, 150+ for the US.

  • Lucrative on-site staking options.

  • Hiccups in account verification.

  • Less regulated than some competitors.

  • The corporate structure is not transparently.

Get on Binance’s main page and hit the big yellow button that says “Sign Up.” Then you’ll get to a page that looks like this:

Sign Up On Binance
Sign Up On Binance

Choose from continuing with Google, Apple or signing up with another email or a mobile phone. Personally, I went through the “Continue with Google” route. Then I had to choose an account, receive a confirmation email, set a password, and enter the exchange. 

If you’re signing in with another email or a phone number, you’ll have to enter the email or the phone and go through the process described above. 

After you’re in, you have to complete Binance’s KYC. Your account will look like this after you enter the exchange. As you can see, you have to verify the account. 

Binance Account Dashboard
Binance Account Dashboard

After you hit the “Verify” button, you’ll get to this page: 

Binance Get Verified Page
Binance Get Verified Page

Here, you have to provide all the personal details and documents to prove you’re a real person. After you go through that, you’ll also have to provide proof of residence.

When Binance approves all the documents, you’re in and your account is ready to be funded! 


Withdrawals

Withdrawals on Binance are easy. Right after you enter your account, you’ll see a “Withdraw” button that you need to click on to start the process. 

Binance Main Wallet Dashboard
Binance Main Wallet Dashboard

Then you choose what coin, on what blockchain, and on what address to send the coins. If it’s a Binance User, it will be easier for you cause you can only type in their Binance ID or email. 

Binance Crypto Withdrawals
Binance Crypto Withdrawals

For fiat withdrawals, you have to click that big gray button in the top right corner. You’ll get to a page with all the options you can choose from and the fees. Just click on the best one!

Binance Fiat Withdrawals
Binance Fiat Withdrawals

Security

Binance has never had any breaches and never lost any customer funds to hacks. They keep most of the crypto in hard wallets that can’t be hacked and allow users to use different encryption and safety measures to keep their accounts safe. 

I personally enabled all their security systems, including the two-factor authentication (2FA) which is a must for everyone. The chances of your account being stolen or hacked when you’re using 2FA are zero.  

Customer Service

The customer service at Binance is top-notch. I personally used them a couple of times, but one time was unique. I had a problem with depositing USD from a local bank, contacted customer service and they moved the problem up the chain. 

It was some minor bug they had to fix, but at the end of the day, my account got the deposit. It happened in less than an hour.  

Binance’s customer service is very fast and responsive. I contacted them at 15:41 and they responded instantly with a real person on the line. That’s beyond impressive! 

Binance’s Customer Support
Binance’s Customer Support

Binance Fees 

Binance has extremely low fees from the start. You’re looking at around ~0.1% fees on trading, ~1% on withdrawals, and no fees on deposits. But these fees can get even lower! You lower your fees by holding BNB. 

I personally hold 200 BNB, which gets me a VIP 3. Binance charges 0.1% in spot trading for makers and takers. With VIP 3, I only get charged 0.04% and 0.062% respectively.

You should also know that Binance gives a 25% discount on all fees related to all operations including BNB.

We shouldn’t forget about the promotional rates from Binance. Two stablecoins that I advise you to use have promotional rates on Binance: FDUSD and TUSD. 

With these two, you’ll either get 0% rates on popular pairs such as TUSD/BTC and FDUSD/BNB or standard VIP rates. I personally use these stablecoins and save a LOT of money. 

LevelVolumeand/orBNB BalanceFeeBNB Discount
Regular<$1 milor≥0 BNB0.1% 0.075%
VIP 1≥$1 miland≥25 BNB0.09%0.0675%
VIP 2≥$5 miland≥100 BNB0.08%0.06%
VIP 3≥ $20 miland≥250 BNB0.042%0.0315%
VIP 4≥$100 miland≥500 BNB0.042%0.0315%
VIP 5≥$150 miland≥1k BNB0.036%0.027%

Binance Pros and Cons

Every platform has its advantages and disadvantages. We wanted to describe both for you to get a better view of how things work with Binance. Let’s start with the pros! 

Binance Pros

  • Has a built-in Web3 wallet with many options
  • Accepts every payment method you can think of
  • Wide selection of trading options and order types
  • Has the lowest fees on the market 
  • Puts a strong emphasis on security 

Binance is a great cryptocurrency exchange with many advantages. Among the most important are the low fees (I personally enjoy them very much), their strong emphasis on security and the wide variety of trading tools. 

However, there is no such thing as a perfect product. Binance has some disadvantages we have to talk about. 

Binance Cons

  • Not insured by the Federal Deposit Insurance Corp
  • Run into regulatory issues in some countries 
  • The browser version can be a little slow

While Binance is a great trading platform, it runs into some regulatory issues in different countries. 

Although they are small, some customers may be uncomfortable knowing that the platform that holds their money has troubles with their country’s financial regulatory body. Here are some alternatives if you’re such a customer.

Binance Top 3 Alternatives

If you don’t want to use Binance, here are the best alternatives you can go for. 

ByBit

Bybit is a great alternative if you want to trade derivatives. I personally use their crypto debit card as it has some of the lowest fees on the market.

Trending
Tradable Coins
  • 100+
Payment Options
Fees
  • 0.01 – 0.10 %

More details

Bybit is a leading futures trading platform globally, offering up to 100x leverage and attracting users who prefer to remain anonymous. With a presence in 180+ countries, it is renowned for its efficiency and unique features in cryptocurrency derivatives trading.


  • The platform offers up to 100x leverage trading.

  • Strong educational resources.

  • Diverse markets for traders, spot, perp, and futures.

  • Risk-free demo accounts to explore all key features.

  • TradingView integration.

  • The platform is difficult for beginners to navigate.

  • It does not offer a quality spot trading feature.

  • The NFT marketplace is limited in terms of options.

  • Security is of the gold industry standard.

OKX

OKX is the third largest crypto exchange by trading volume, which means a great liquidity depth. I personally don’t use it, but some of my friends do, and are very happy with it. 

Tradable Coins
  • 350+
Payment Options
  • +6
Fees
  • 0.1%

More details

OKX crypto exchange supports over 300 digital assets and over 80 fiat currencies. It is accessible in over 100 countries and territories across the world. It has one of the highest trading volumes in the crypto world and is a fantastic mobile app that offers all services on the go. The trading fees are very low. Its major drawback is its unavailability in certain countries.


  • Supports numerous tokens.

  • Great Mobile app.

  • Extensive educational resources.

  • Provision of multi-lingual services.

  • Geographical limitation.

  • KYC limitations.

Coinbase

Coinbase is the second largest crypto exchange on the market. I use it almost as frequently as Binance, especially if I have some OTC trades to complete. Great user experience and security. Coinbase is a publicly-traded exchange, so transparency is definitely not an issue. 

Tradable Coins
  • 250+
Payment Options
  • +6
Fees
  • 1%

More details

Coinbase is one of the largest crypto exchanges in the world and a widely-used platform for buying, selling, and trading over 200 cryptocurrencies. It offers trading solutions for beginner, advanced, and institutional traders alike. Take a look at what makes it an excellent option for individual traders looking to trade in cryptocurrencies and beyond.


  • A wide-selection of coin offerings.

  • Most secure online crypto platforms.

  • Top-rated mobile app.

  • Easy interface and user-friendly.

  • Expensive and complex fee structure for beginners

  • Higher fees as compared to other cryptocurrency exchanges.

  • Slow customer support.

Personal Experience with Binance: Great Trading Tool

I was always searching for a great tool to trade cryptocurrencies. Binance not only gave me that, but raised my expectations for other cryptocurrency exchanges. 

With more than 600 available cryptocurrencies and over 1600 active pairs, Binance is not just another popular cryptocurrency exchange, it is a financial behemoth.

You can withdraw money, sell crypto, make dollar deposits, link your bank account, and stake your crypto with decentralized finance while avoiding the higher fees other exchanges are charging. 

On top of that, I enjoy the security and the transparency Binance offers. Many crypto traders overlook that, but I personally do monthly and quarterly checks of Binance’s proof of reserves. This way, I can be sure that the crypto that sits in my trading account is safe. 

Binance’s Proof of Reserves
Binance’s Proof of Reserves

Our Experience Using Binance

Binance gives you opportunities most exchanges don’t. Here’s a little story of how I, a broke college student, got my first cash using Binance and Bitcoin. 

Binance pays you money you can use to trade on their platform for simply learning stuff. If you are 18 years old and can open a Binance account, you’re ready to create your own wallet and start trading crypto. 

Binance Academy (Learn&Earn)
Binance’s Shortcut for Their Academy

That’s what I did, and immediately noticed the fact that Binance pays for learning. I didn’t have any debit cards at the time to buy some crypto, and frankly, I couldn’t afford it. So I started learning about crypto and redeeming those small amounts of USDT.

After a while, I got enough to buy some actual tokens and thought – let me trade Bitcoin. With Binance’s advanced trading tools, and my little knowledge of technical analysis and risk management, I tripled that amount trading Bitcoin and some altcoins during 2021. 

Binance Spot Trading
Binance’s Shortcut for Spot Trading

Then, I converted the money to Ethereum and USDT, put it to staking, and locked the amount for two whole years. My Binance safe was ready. After two years, I got the amount back, with the interest and the capital gain. 

Binance's Earn Department
Binance’s Shortcut for Earn

I tripled the amount of money I got from learning. This story could only happen on Binance, where you have all the tools and services to get your first capital, double or triple it, and then lock it up to earn passive income. 

Should You Use Binance?

Binance offers a great product, being the best crypto exchange on the market. With lower fees than on average, multiple payment options, and a user-friendly design, this is a great trading platform with multiple additional features I find extremely useful. 

Many traders believe that, because of their deep liquidity and hundreds of different cryptocurrencies available, Binance will establish itself as the market leader for many years ahead. No reason it owns 60% of the market!

So, if you want to have one wallet for all your activities, Binance is the best choice I can possibly think of.