4 out of 5 stars
Binance is a reputable and well-known brand in the crypto industry. The platform is the largest exchange worldwide, offering many trading options and services.
Binance users have access to several trading features and investment opportunities. When trading on the platform, users can access market charts and trading options for more than 600 digital assets.
Binance also offers its users services like NFTs, derivatives, crypto staking, options trading, DeFi staking, crypto lending, liquidity farming, and more.
The platform does, however, have some limitations. Our Binance review will provide detailed insights into this crypto exchange's offerings.
We will review the history of the exchange, products, key features, fees, security, customer support, and many other aspects of the platform. Additionally, we will discuss its pros and cons.
|Products||Lending · Staking · Loans · Wallets · Exchange · Card|
|Interest Rates||Up to 8% APY on Stablecoins, 0.25% on BTC|
|Mobile App||Yes - iOS & Android|
|Available in USA||No - See Binance.US|
|Insured||Yes - $1 billion|
|Regulated||Yes - Some countries|
|Withdrawal Fees||Varies by crypto|
Binance was founded in 2017 by Changpeng Zhao. Initially, the company had roots in China. However, after the ban on cryptocurrency trading by Chinese authorities, the exchange left the country. Binance now has offices in Dubai, Malta, the Cayman Islands, Melbourne, and Paris.
The exchange has offices all over the world and offers a wide range of digital assets and services to its customers. But it's important to note that Binance.com is different from Binance.US, which is used in the United States.
The Binance.US exchange has more limited features and cryptocurrencies on offer. Additionally, Binance.US is not accessible in all states.
Binance has had trouble with regulations in different countries. The exchange's main regulatory issue is operating without proper authorization in many countries. While they’re trying to rectify this issue, it is ongoing.
However, these regulatory issues do not represent an indictment of the exchange. Currently, most countries don't have the right laws to regulate the crypto industry, which is why this problem exists.
Even though there are problems with regulations, the exchange keeps working on getting the licenses it needs to do business in many countries around the world.
Binance Products & Features
Binance earns its title as the "biggest crypto exchange" on the market due to the high volume of transactions it handles daily. Because it handles so many daily transactions, it makes the platform very liquid, creating even more value for users. It also offers more products and features than just about any other exchange.
Some of the popular products on the Binance exchange include the following services:
Spot trading is one of the best things this cryptocurrency exchange offers. Millions of crypto traders use this tool daily to trade more than 600 cryptocurrencies across multiple trading pairs.
Spot trading on the exchange consists of two parts: simple and advanced. The simple platform lets users purchase or sell crypto assets easily and instantly. The platform also provides support for recurring purchases. This service benefits users looking to dollar cost average (DCA) on the platform.
On the other hand, the advanced trading platform is better for crypto traders who already know what they are doing. This product lets you trade with leverage and has a lot of other advanced features that are too risky and hard for the average user to use.
Advanced users can set limits, place stop-limit orders, and market, to name a few. The advanced trading platform also supports intricate charting features.
The Margin Trading Service allows traders to use third-party funds to open more significant trading positions. The margin trading service is available for more than 600 crypto assets. Users can trade up to 10 times their trading position with this investment tool.
Traders who borrow funds for margin trading must pay a daily margin fee. The exchange remits this fee to the margin lender. In addition, Binance has several security measures in place to prevent insolvency. These measures protect the assets of margin lenders.
There are numerous types of derivative products on the Binance Exchange. Some of these products include European-style options trading and perpetual and quarterly futures. Leveraged tokens are another product under "derivatives."
The exchange offers two primary types of futures products. They are:
- Stablecoin-margined futures: Binance quotes and settles this derivative product using stablecoins like USDT and BUSD.
- Coin-margined futures: Binance quotes and settles this derivative product using crypto assets like BTC and ETH.
Since its launch in 2021, the Binance NFT marketplace has grown significantly.
The marketplace provides active traders access to a premium collection of non-fungible tokens. Users can find many popular NFT collections on the BNB chain in this marketplace. They include TUD NFT, Golden Ape Club, Dummy NFT, Bull BTC Club, and many others.
Users can mint, sell, bid on, and buy NFTs via this marketplace. There are also chances to take part when the marketplace has initial game offerings (IGO).
Please note that the sellers must pay Binance a 1% flat fee when they sell their NFTs. Also, sellers must pay a royalty fee to the original creator of the NFT. The royalty fee may range from 1%–10%. However, all listings on the marketplace are free.
Several other products and features are available to users on the Binance exchange. They include liquidity farming, crypto loans, DeFi staking, peer-to-peer crypto trading, and many others. The availability of these products contributes to the rapid rise of this exchange.
Binance offers a decentralized exchange (DEX). It was created to allow experienced crypto users to trade directly with each other. This DEX is different from the main Binance exchange, which acts as a third party and holds users' assets and private keys.
The decentralized exchange eliminates all forms of interference and allows users to take full charge of their crypto. Besides full control, there is more security, stability, and privacy.
Although new users will likely need some time to get the hang of things, experienced users will find the design similar to the typical exchange. The charts and data rows are laid out clearly. Navigating trading pairs, orders, and balances is also intuitive.
Binance DEX has a different setup process from the normal exchange. Users will need to connect a wallet or create a new one to get started.
It is easy and doesn't cost much to deposit, buy, trade, and withdraw BNB Chain assets on Binance. However, there's a bit of a learning curve when it comes to other assets like ETH and BTC. Users have to buy the corresponding assets (ETHB and BTCB, respectively) and then send them to their BNB addresses.
Crypto debit card
The crypto debit card is another interesting feature available on Binance. The Binance Visa card allows users to convert and spend cryptocurrencies directly. The cards are accepted in more than 60 million online and physical stores.
Residents of Europe who want the card need to add a phone number to their Binance account, order it, and turn it on. The next step is to transfer assets from their spot wallet to the card's funding wallet, and it's all set.
There are zero fees for transferring assets to the funding wallet. Users can get 0.1% to 8% cash back on every settled purchase, depending on the amount of BNB holdings in their Binance wallets.
Binance offers several opportunities for users to generate extra profits from their holdings. Users may lock up their assets in one of the platform's yield-generation programs.
Some of these programs are discussed below.
Binance Staking allows users to earn staking rewards on crypto assets.
The exchange offers an auto-staking function. With the auto-staking function, users can now re-stake their assets quickly.
Another excellent feature is the "one-click to stake" function icon for all staking activities. With this simple icon, investors can stake, receive, and reinvest in more than 100 different types of crypto assets.
The Binance savings account works like a regular bank’s savings account but for crypto. Here, users commit to flexible or locked savings accounts and receive interest.
Durations can vary from 7 to 90 days, with an APY up to 15.43%.
There is also something for miners in the Binance ecosystem. The Binance Smart Pool allows users to auto-switch hash rates to mine different currencies using the same algorithm.
Binance will also compensate users whose final income is lower than the FPPS income. It’s very easy to use.
Crypto traders who need extra funds can borrow cryptocurrencies from Binance. Such funds can be used for trading and staking and can be withdrawn. The platform lets you use a wide range of cryptocurrencies as loanable assets and collateral, such as BUSD, USDT, BTC, ETH, etc.
The loan terms range from 7 days to 180 days. They are also flexible. This means that borrowers can repay in advance without incurring early payment penalties. Note that interest is calculated hourly.
Binance supports trading, depositing, and withdrawing in over 600 cryptocurrencies and stablecoins. Some of the most popular ones include:
- Bitcoin (BTC) and
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Tether (USDT)
- Ripple (XRP)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Cosmos (ATOM)
- Dash (DASH)
- EOS (EOS)
- TRON (TRX)
- Stellar Lumens (XLM)
There are different payment methods available on Binance. They make it easier and more accessible for users to buy cryptocurrencies using fiat currencies or other cryptos. They include:
- Credit and debit cards
- Bank transfers
- Third-party and e-wallet options
- Bitcoin ATMs
Binance is available worldwide, except for a few countries with restrictions. However, it does not state which countries are restricted.
Also, Binance.com is unavailable to U.S. users. However, U.S. users can access limited services through the Binance.US exchange.
What is Binance Coin (BNB) and How Can It Be Used?
Binance Coin (BNB) is the utility token for the Binance ecosystem. It is one of the top 5 cryptocurrencies by market capitalization.
BNB is used to pay fees on the Binance exchange and Binance Smart Chain. You can receive lower fees, cashback, and other perks.
The coin can also be used to pay for other online services, book travel accommodations, and buy virtual gifts, card packs, and lottery tickets.
Furthermore, holders can participate in exclusive token sales on Binance Launchpad.
Binance has implemented several security measures to protect users on its platform. Some of these features are whitelisting addresses, limiting access to devices, two-factor authentication, and managing devices.
Customer Support and Reviews
Binance offers support to crypto traders through four primary channels. They include submitting tickets on the Binance website, using live chat, using the help center, and using Twitter.
- Binance allows its account holder to submit their complaints as tickets on its website. To submit the tickets, users must visit the Binance support page.
- The platform provides a live chat feature for its users. The live chat function is known as Binance Bot. The bot answers a list of common problems associated with the Binance platform.
- The Binance help center contains numerous articles that address common issues associated with the platform. Users simply need to use the search bar to find relevant articles that address their challenge.
- Binance account holders can reach support via Twitter. You only need to tweet your problems to the @BinanceHelpDesk Twitter handle.
Binance makes use of a complex fee structure on its platform. It uses a maker-taker fee structure, and the amount and type of crypto asset you want to trade affect the trading fees. Also, the payment method you opt for can increase the fees.
Although the platform offers numerous trading services, Binance charges low transaction fees. For example, spot trading fees are 0.10% of the total transaction.
The exchange not only has low fees, but it also gives its users discounts for trading with the Binance coin (BNB). For example, Binance users who pay for trades with BNB will get a 25% discount.
Also, users who have traded a certain number of assets and have a certain number of BNB in their Binance wallet can get a discount. Such users automatically receive VIP status.
Note that Binance does not charge deposit fees to its users, but withdrawal fees do apply. The value of withdrawal fees varies for fiat and crypto and is updated regularly. Nevertheless, fees for crypto withdrawals depend on the blockchain network of the withdrawn assets.
How do I open a Binance account?
Creating an account on this crypto exchange is very easy. Follow the steps outlined below to set up your Binance account:
- Head to the Binance website on your mobile device or laptop
- Hit the "Sign Up" on the homepage to get started.
- Next, fill in all necessary information. Usually, the registration process will take a few minutes as the exchange will verify the information it receives from new users.
- Enable two-factor authenticator (2FA)
- Select and link your payment method
- Deposit your funds and start your trading activities
Pros and Cons: Where Binance Exchange Excels and Falters
|Fast Trade Execution||Binance offers faster trade execution than many other cryptocurrency exchanges on the market.|
|Low Trading Fees||Binance is famous for its low trading fees, with the size of the fees depending on the asset being traded.|
|Large Crypto Selection||Users can trade over 600 crypto assets across thousands of trading pairs, making Binance a leader in the crypto space.|
|Numerous Crypto-Based Products and Services||Binance offers products and services such as cryptocurrency staking, which allows users to earn passive rewards on their assets.|
|Standard Security Measures||Binance employs strict security measures, including two-factor authentication, IP and wallet address whitelisting, and device management, to protect users' assets.|
|Not User-Friendly Website||The website may be difficult for beginners to navigate due to its extensive product offerings.|
|Complex Customer Support||Binance's customer support may be hard for new traders to use due to its complexity.|
|Complex Verification Process||Binance has strict verification rules, requiring users to upload documents and give personal information.|
|Limited US Version||Binance.US has fewer asset selections and trading pairs and is not available in all US states.|
|Complex Fee Structure||The multiple-layered fee structure may make charges unclear.|
How Binance Compares to Other Crypto Exchanges
Throughout this Binance review, we have highlighted areas where the exchange excels. The review has also discussed some of the platform's flaws. Now let us review how the exchange compares to other cryptocurrency exchanges.
Binance vs. OKX
OKX, which used to be called OKEx, is a well-known cryptocurrency company that, like Binance, offers a wide range of financial services. It has a crypto exchange and a suite of other advanced services for crypto traders.
|Binance and OKX offer access to a wide range of cryptocurrencies and trading tools.||Binance offers a wider range of assets and crypto services than OKX.|
|Both platforms offer educational academies with useful resources.||Binance offers more ways to contact customer support than OKX.|
|Both platforms offer several yield-generation opportunities.||While Binance and OKX are not available to U.S. users, Binance offers its limited Binance.US exchange to the U.S. market. OKX offers OKCoin for its U.S. customers.|
|Both platforms have complex or multiple-layered fee structures.|
Learn more with our in-depth Binance vs OKX comparison.
Binance vs. Nexo
Nexo is a crypto service platform offering crypto lending, exchange, and crypto wallet services. It provides access to a reasonable number of cryptocurrencies and unique earning opportunities.
|Binance and Nexo offer centralized exchanges with access to multiple cryptocurrencies.||Nexo is available to U.S. users, but Binance is not. However, users can still access the Binance.US exchange.|
|Both platforms offer crypto-backed loans.||Nexo has a limited crypto selection compared to Binance.|
|Both platforms employ standard security measures to secure users' funds.||Nexo offers crypto credit cards, while Binance offers crypto debit cards.|
|Holding both Binance Coin (BNB) and Nexo token (NEXO) qualifies users for incentives.|
Binance vs. Kraken
Kraken is another solid crypto exchange with an excellent reputation. At the moment, the platform is one of the top three cryptocurrency exchanges.
|Binance and Kraken offer traders access to several trading options and crypto assets.||Binance trading fees are lower in comparison to Kraken's fees.|
|Both exchanges have mobile apps and charge low fees.||Binance offers more crypto-based products and digital assets.|
|These exchanges will appeal more to intermediate or advanced traders.||The Kraken exchange is available in the U.S., while Binance is not. However, users can still make use of the Binance.US exchange.|
|Kraken's U.S. users can't make a deposit or withdraw funds using ACH as a payment method.|
Learn more: Kraken vs Binance Which is the Best?
Here are some frequently asked questions about the Binance exchange.
How many crypto assets are available on the Binance Exchange?
Currently, Binance supports more than 600 digital assets on its platform. Also, Binance.US supports more than 150 crypto assets for traders based in the United States.
Does Binance support cryptocurrency staking?
Yes, the Binance exchange offers several staking opportunities to investors on its platform. These staking opportunities include ETH 2.0, DeFi staking, and locked staking.
Does Binance charge high trading fees?
The value of Binance's trading fees is low compared to other crypto platforms. Generally, the fees depend on the type of crypto asset you want to trade. However, in some cases, the exchange will charge a flat fee.
Is it possible to trade NFTs on the Binance Exchange?
The exchange has an NFT marketplace where users can trade many popular NFT collections on the BNB chain. Users can mint, sell, bid on, and buy NFTs via this marketplace. There are also chances to take part when the marketplace has initial game offerings (IGO).
Is Binance available in China?
No, crypto trading is officially banned in China. As a result, Binance does not operate in that country. However, the exchange offers crypto trading opportunities in many other locations globally.
What's the Verdict in This Binance Review?
Binance has grown significantly over the past few years to become a leader in the crypto space. The exchange has a wide range of products that users can trade, including many crypto assets.
Binance can be quite cumbersome for new crypto traders. However, it is very suitable for intermediate and experienced users. This is due to its extensive product offering. If you are searching for advanced trading options, Binance will suit your needs.
Even though Binance has great products and features, there are still regulatory concerns about what they do because they don't follow the rules. However, these regulatory issues do not represent an indictment of the exchange.
A big reason for this problem is that most countries don't have the right laws in place to regulate the crypto industries. But as cryptocurrencies become more popular and more laws are made to protect them, we expect the Binance exchange to follow the rules.
Please note that Bitcompare does not offer advisory or brokerage services. We also do not offer financial advice on potential investment opportunities. Therefore, carefully consider investment opportunities before deciding to invest your funds.
Methodology for this review
The team at Bitcompare poured through as much information as possible directly from Binance. However, that wasn’t enough, we needed to use the product as well. This allowed the team to fully grasp its features and how competitive it was with other crypto exchanges.
When scoring this product, we evaluated:
- Security: Does it have best practices like two-factor authentication and cold wallet storage, and has it ever been compromised?
- Usability: Is it easy to navigate? Have we experienced any bugs? And how does its usability compare with that of the competition?
- Regulation and licensing: Is it regulated and licensed to operate in its respective markets?
- Insurance: Is it insured? How much, and under what conditions?
- Features: Does it have features for advanced and beginner users? How do those features stack up with the competition?