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Binance Review

Last Updated on February 15, 2024

James Headshot
Written by
Adam Headshot
Edited by
Binance logo
3.27
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Binance

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

As the world’s leading cryptocurrency exchange by volume, Binance is a powerhouse, providing a comprehensive trading experience with its vast selection of cryptocurrencies, cutting-edge technology, and competitive fees. Its dedication to innovation, new features, and security positions Binance as one of the top crypto exchanges, making it the go-to platform for traders and investors.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Please note: Binance has had regulatory challenges in the U.S. and EU. Binance was fined $4b on 21st Nov 2023 by a coordinated effort between the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) and the U.S. Commodity Futures Trading Commission (CFTC). Binance still remains the most used exchange in the world, but we would proceed with caution.

Pros

  • Wide range of cryptocurrencies available
  • Low trading fees compared to many competitors
  • High liquidity ensures easy trade execution
  • Advanced trading features for experienced users

Cons

  • Complicated interface for beginners
  • History of regulatory challenges in various countries
  • Customer support can be slow to respond
  • Risk of security threats as with any online exchange platform

Quick Summary

Headquarters Location International
Fiat Currencies Supported USD, GBP, CAD, EUR, NZD + 78 others (some through third party apps)
Total Supported Cryptocurrencies 359+
Trading Fees 0.10%
Deposit Methods Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Paypal, Apple Pay, Google Pay, Banxa, Alchemy Pay, Mercuryo, Simplex, Wise, Skrill, Zelle
Support Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Welcome to the comprehensive review of Binance, the titan of the cryptocurrency exchange sector. With a massive trading volume and a diverse range of services, Binance stands out as a leading player in the crypto market.

Binance homepage

We’ll delve into the various aspects of Binance, exploring its offerings, user experience, customer support, and more to provide you with a detailed insight into what this platform has on offer for crypto traders and enthusiasts alike.

Binance has undeniably cemented its position as a behemoth in the digital asset exchange landscape. Its ascendancy to the apex of the cryptocurrency market is not merely due to the expansive suite of products it offers but also due to its ability to adapt and innovate in a rapidly changing industry.

The platform embodies the synthesis of technology and finance, providing a one-stop-shop for those looking to engage in the burgeoning crypto market. Its influence extends beyond trading, affecting the ecosystem through a variety of services and initiatives that foster the growth and adoption of blockchain technology and digital assets globally.

About Binance

Binance, a trailblazer in the crypto industry, was founded in 2017 and quickly rose to prominence. It is renowned for its extensive selection of cryptocurrencies, high liquidity, and robust trading systems.

Since its inception, Binance has witnessed and adapted to various shifts in the digital currency domain, often taking the lead in heralding new developments. The company’s timeline is punctuated by strategic decisions during critical market trends, such as the integration of decentralized finance applications and the adoption of Ethereum-based tokens which have been pivotal in its expansion.

Binance features

Binance’s agility in responding to industry developments has enabled it to offer a wide variety of digital assets, including popular coins like Bitcoin and Ethereum, as well as a broad portfolio of altcoins.

Binance has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Discord, Reddit, Telegram, TikTok and YouTube.

Binance has a mobile app on Google Play.

Binance Supported Cryptocurrencies

Binance supports trading on over 359 cryptocurrencies on their platform. This exchange currently supports 26 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Chainlink (LINK)
  • TRON (TRX)
  • Shiba Inu (SHIB)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Toncoin (TON)
  • Bitcoin Cash (BCH)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Ethereum Classic (ETC)
  • Cosmos (ATOM)
  • UNUS SED LEO (LEO)
  • Filecoin (FIL)
  • Immutable (IMX)
  • Aptos (APT)
  • NEAR Protocol (NEAR)
  • Stacks (STX)
  • Bittensor (TAO)

View all cryptocurrencies Binance supports

  • 1INCH
  • AAVE
  • ACA
  • ACH
  • ACM
  • ADA
  • ADADOWN
  • ADAUP
  • ADX
  • AERGO
  • AGIX
  • AGLD
  • AKRO
  • ALCX
  • ALGO
  • ALICE
  • ALPACA
  • ALPHA
  • ALPINE
  • AMB
  • AMP
  • ANKR
  • ANT
  • APE
  • API3
  • APT
  • AR
  • ARB
  • ARDR
  • ARKM
  • ARPA
  • ASR
  • AST
  • ASTR
  • ATA
  • ATM
  • ATOM
  • AUCTION
  • AUDIO
  • AVA
  • AVAX
  • AXS
  • BADGER
  • BAKE
  • BAL
  • BAND
  • BAR
  • BAT
  • BCH
  • BEL
  • BETA
  • BETH
  • BICO
  • BIFI
  • BLZ
  • BNB
  • BNBDOWN
  • BNBUP
  • BNT
  • BNX
  • BOND
  • BRL
  • BSW
  • BTC
  • BTCDOWN
  • BTCUP
  • BTS
  • BTTC
  • BURGER
  • BUSD
  • C98
  • CAKE
  • CELO
  • CELR
  • CFX
  • CHESS
  • CHR
  • CHZ
  • CITY
  • CKB
  • CLV
  • COMBO
  • COMP
  • COS
  • COTI
  • CRV
  • CTK
  • CTSI
  • CTXC
  • CVC
  • CVP
  • CVX
  • DAR
  • DASH
  • DATA
  • DCR
  • DEGO
  • DENT
  • DEXE
  • DF
  • DGB
  • DIA
  • DOCK
  • DODO
  • DOGE
  • DOT
  • DREP
  • DUSK
  • DYDX
  • EDU
  • EGLD
  • ELF
  • ENJ
  • ENS
  • EOS
  • EPX
  • ERN
  • ETC
  • ETH
  • FARM
  • FDUSD
  • FET
  • FIDA
  • FIL
  • FIO
  • FIRO
  • FIS
  • FLM
  • FLOKI
  • FLOW
  • FLUX
  • FOR
  • FORTH
  • FRONT
  • FTM
  • FUN
  • FXS
  • GAL
  • GALA
  • GAS
  • GHST
  • GLM
  • GLMR
  • GMT
  • GMX
  • GNO
  • GNS
  • GRT
  • GTC
  • HARD
  • HBAR
  • HFT
  • HIFI
  • HIGH
  • HIVE
  • HOOK
  • HOT
  • ICP
  • ICX
  • ID
  • IDEX
  • ILV
  • IMX
  • INJ
  • IOST
  • IOTA
  • IOTX
  • IRIS
  • JASMY
  • JOE
  • JST
  • JUV
  • KAVA
  • KDA
  • KEY
  • KLAY
  • KMD
  • KNC
  • KP3R
  • KSM
  • LAZIO
  • LDO
  • LEVER
  • LINA
  • LINK
  • LIT
  • LOKA
  • LOOM
  • LPT
  • LQTY
  • LRC
  • LSK
  • LTC
  • LTO
  • LUNA
  • LUNC
  • MAGIC
  • MANA
  • MASK
  • MATIC
  • MAV
  • MBL
  • MBOX
  • MC
  • MDT
  • MDX
  • MINA
  • MKR
  • MLN
  • MOB
  • MOVR
  • MTL
  • MULTI
  • NEAR
  • NEO
  • NEXO
  • NKN
  • NMR
  • NULS
  • OAX
  • OCEAN
  • OG
  • OGN
  • OM
  • OMG
  • ONE
  • ONG
  • ONT
  • OOKI
  • OP
  • ORN
  • OSMO
  • OXT
  • PAXG
  • PENDLE
  • PEOPLE
  • PEPE
  • PERL
  • PERP
  • PHA
  • PHB
  • PLA
  • PNT
  • POLS
  • POLYX
  • POND
  • PORTO
  • POWR
  • PROM
  • PROS
  • PSG
  • PUNDIX
  • PYR
  • QI
  • QKC
  • QNT
  • QTUM
  • QUICK
  • RAD
  • RARE
  • RAY
  • RDNT
  • REEF
  • REI
  • REN
  • REQ
  • RIF
  • RLC
  • RNDR
  • ROSE
  • RPL
  • RSR
  • RUNE
  • RVN
  • SAND
  • SANTOS
  • SC
  • SCRT
  • SFP
  • SHIB
  • SKL
  • SLP
  • SNT
  • SNX
  • SOL
  • SPELL
  • SSV
  • STEEM
  • STG
  • STMX
  • STORJ
  • STPT
  • STRAX
  • STX
  • SUI
  • SUN
  • SUPER
  • SUSHI
  • SXP
  • SYN
  • SYS
  • T
  • TFUEL
  • THETA
  • TKO
  • TLM
  • TOMO
  • TRB
  • TROY
  • TRU
  • TRX
  • TRY
  • TUSD
  • TVK
  • TWT
  • UFT
  • UMA
  • UNFI
  • UNI
  • USDC
  • USDP
  • USDT
  • USTC
  • UTK
  • VET
  • VGX
  • VIB
  • VIDT
  • VITE
  • VOXEL
  • VTHO
  • WAN
  • WAVES
  • WAXP
  • WBETH
  • WBTC
  • WIN
  • WING
  • WLD
  • WNXM
  • WOO
  • WRX
  • WTC
  • XEC
  • XEM
  • XLM
  • XMR
  • XNO
  • XRP
  • XTZ
  • XVG
  • XVS
  • YFI
  • YFII
  • YGG
  • ZEC
  • ZEN
  • ZIL
  • ZRX

Trading Experience

The trading experience at Binance is tailored to both novices and experienced traders. Its interface offers a blend of basic options and advanced trading tools, ensuring that users can navigate the platform with ease and execute trades according to their expertise.

The inclusion of features like Binance Futures and Binance Liquid Swap underscores the company’s commitment to providing a dynamic trading environment.

Binance’s trading experience caters to the full spectrum of cryptocurrency enthusiasts, from novices looking for a straightforward entry point into crypto trading to seasoned traders who demand advanced trading options and real-time price movements analysis. The platform’s robust trading systems enable users to navigate market conditions effectively, providing access to a myriad of trading options including Binance Futures and Liquid Swap, which offer leveraged exposure and liquidity provision opportunities, respectively.

Binance exchange marketing

Binance Fees

The fee structure of Binance is designed to accommodate a wide range of users, from casual traders to those engaged in high-volume trading. Fees are typically based on a tiered system that considers your 30-day trading volume and holdings in Binance’s native token, Binance Coin.

Users can expect competitive rates, with various discounts available for those who meet specific criteria.

Binance’s fee structure reflects its understanding of the market’s nuances, ensuring that transaction fees remain competitive while incentivizing participants through a system that rewards trading volume and loyalty. By focusing on the broader implications of fee dynamics, Binance has managed to strike a balance between accessibility and profitability, addressing the needs of a wide range of users, from those making dollar deposits to advanced users engaging in complex trades.

The tiered fee system is indicative of the company’s commitment to offering value to its community, from beginners to experienced traders, leveraging the use of Binance Coin (BNB) to provide a seamless and cost-effective trading experience.

Type Fee
Deposit Fee (Bank Transfer) 0% - 2%
Deposit Fee (Credit/Debit Card) 0% - 2%
Trading Fee 0.10%
Withdrawal Fee (Bank Transfer) 0% - 1%

Binance supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.00005 BTC compared to the industry average of 0.000075 BTC. So Binance has a fee that is below the industry average by 33.33%.

Binance has a maker/taker fee schedule which you can see below.

Level 30d Trade Volume (BUSD) and/or BNB Balance
Maker / Taker

Maker / Taker

BNB 25% off
Regular User
< 1,000,000 BUSD
or
≥ 0 BNB
0.1000% / 0.1000%
0.0750% / 0.0750%
VIP 1
≥ 1,000,000 BUSD
and
≥ 25 BNB
0.0900% / 0.1000%
0.0675% / 0.0750%
VIP 2
≥ 5,000,000 BUSD
and
≥ 100 BNB
0.0800% / 0.1000%
0.0600% / 0.0750%
VIP 3
≥ 20,000,000 BUSD
and
≥ 250 BNB
0.0420% / 0.0600%
0.0315% / 0.0450%
VIP 4
≥ 100,000,000 BUSD
and
≥ 500 BNB
0.0420% / 0.0540%
0.0315% / 0.0405%
VIP 5
≥ 150,000,000 BUSD
and
≥ 1,000 BNB
0.0360% / 0.0480%
0.0270% / 0.0360%
VIP 6
≥ 400,000,000 BUSD
and
≥ 1,750 BNB
0.0300% / 0.0420%
0.0225% / 0.0315%
VIP 7
≥ 800,000,000 BUSD
and
≥ 3,000 BNB
0.0240% / 0.0360%
0.0180% / 0.0270%
VIP 8
≥ 2,000,000,000 BUSD
and
≥ 4,500 BNB
0.0180% / 0.0300%
0.0135% / 0.0225%
VIP 9
≥ 4,000,000,000 BUSD
and
≥ 5,500 BNB
0.0120% / 0.0240%
0.0090% / 0.0180%

Security - Is Binance Safe?

Binance’s focus on security is critical in the volatile crypto space. The exchange employs a multi-tier and multi-cluster system architecture to protect users’ funds.

Regulatory issues have prompted Binance to enhance its compliance measures and risk control solutions, adding an extra layer of safety for its users.

The commitment of Binance to safeguarding its platform cannot be overstressed. Binance’s multi-faceted security strategy encompasses not only technological safeguards but also procedural checks that ensure customers’ assets remain protected against a variety of risks.

The exchange’s security measures extend from cold storage systems for the majority of assets to advanced risk control solutions that guard against unauthorized access and potential violations. Continuously advancing their security practices, Binance’s proactive stance includes regular security audits and updates that bolster trust among its user base, maintaining its reputation as a reliable custodian in the crypto industry.

Binance Customer Support

Binance takes customer support seriously, offering various channels like an online chat function and a comprehensive help desk. The customer service team is equipped to address common issues and provide guidance, reinforcing Binance’s reputation for valuing its community of traders.

Fostering a comprehensive customer care environment, Binance leverages a variety of support channels to ensure users’ issues are promptly addressed. The exchange is aware that robust customer support is a keystone in maintaining user trust and satisfaction.

To this end, Binance has developed a structured support system that includes an online chat function and a repository of educational resources through Binance Academy, designed to empower users by providing them with the knowledge to navigate common issues and optimize their trading strategies. This level of customer care underpins the platform’s commitment to its community of traders, reinforcing the message that user concerns are taken seriously and addressed efficiently.

Binance support

Binance Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Binance

  1. Create Account - Visit the Binance website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you can deposit using the deposit methods listed below, including some options through third party apps.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Banxa
  • Alchemy Pay
  • Mercuryo
  • Simplex
  • Wise
  • Skrill
  • Zelle

Binance Alternatives

Kraken logo

Kraken

3.67
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
233+

Trading Fees
0.06% - 0.16%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

Visit Kraken
OKX logo

OKX

3.75
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
332+

Trading Fees
0.06% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX
Bybit logo

Bybit

3.50
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
341+

Trading Fees
0.04% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 160 others

Visit Bybit

Final Thoughts

Taking a closer look at Binance, it’s clear this exchange is a game-changer, perfectly aligning with the varied demands of the global crypto community. It’s the ideal spot for anyone diving into crypto, from the pros hunting for advanced trading tools to beginners eager for a straightforward entry point into cryptocurrency’s exciting realm. Binance doesn’t just offer services; it delivers a comprehensive crypto experience.

The trajectory of cryptocurrency exchanges like Binance is a testament to the transformative power of blockchain technology within the financial sector. As traditional banking institutions increasingly engage with digital finance, the role of exchanges in shaping the future of money becomes ever more pronounced.

Binance FAQs

Binance is considered one of the largest cryptocurrency exchanges globally in terms of trading volume and user base. It offers a wide variety of cryptocurrencies for trade and has built a reputation in the crypto industry for its extensive selection of trading options and features.

Binance has implemented a range of security measures, including holding customer funds in cold storage to protect from unauthorized access, and it has a dedicated customer service team to address any issues. However, like any crypto trading platform, there are risks involved, and it has faced regulatory issues in various countries.

Traders must perform their due diligence and review the terms of service, fee structure, and any Binance review they can find to make an informed decision.

Whether you should stay on Binance depends on your satisfaction with their services and how well the platform meets your trading needs. Binance is known for catering to both beginner and experienced traders, providing a comprehensive suite of products, including Binance Futures and Binance Spot, with competitive spot trading fees.

It supports a wide range of cryptocurrencies and has advanced trading options for users seeking more complex trading systems. It’s essential to consider the fee structure, the range of tradable cryptocurrencies, and any potential regulatory issues that might affect your region.

Comparing Binance with other popular exchanges like Coinbase may also help you decide whether it aligns with your trading goals and preferences.

If you’re interested in seeing how Binance stacks up against other crypto exchanges, view our articles comparing Binance vs Coinspot, Binance vs Poloniex, Binance vs Swyftx.

Binance does not have a strict minimum deposit amount, but they do have minimum trade values that could indirectly dictate how much you need to deposit to start trading efficiently. The minimum amount for a trade will vary depending on the cryptocurrency and market conditions.

For fiat currency deposits, like dollar deposits via bank transfer, the minimum amount can vary depending on the payment processor and the user’s location. It’s advised to check Binance’s deposit fees and minimum requirements for the currency you wish to deposit, whether it’s fiat or crypto assets like Bitcoin or Ethereum.

On the Binance platform, there are multiple ways users might generate returns on their crypto holdings, such as through trading cryptocurrencies on the market. Price movements provide opportunities for traders to potentially earn profits by buying low and selling high or vice versa.

Additionally, Binance offers products like Binance Savings and Binance Staking, which allow users to hold their cryptocurrency and potentially earn rewards. The platform also features a peer-to-peer trading function, which can be another avenue for active traders to engage in transactions.

It’s important to note that all trading involves risks, and earning daily is not guaranteed.

Binance offers several avenues for users looking to utilize the platform for financial gains. The primary method is through cryptocurrency trading, where traders analyze the market conditions and execute trades based on current market prices and price movements.

Experienced traders may use advanced trading tools and features such as Binance Futures for leveraged exposure to various crypto assets. Users can also participate in Binance’s suite of products like Binance Savings and Binance Staking to potentially grow their holdings.

However, it’s vital to understand the associated risks, including the risk of liquidation in margin trading, and that there’s no guarantee of making money. Traders should use advanced risk control solutions and only trade with funds they can afford to lose.

Binance charges a fee for each trade executed on the platform, known as the trading fee. The exact fee structure can vary depending on the user’s 30-day trading volume and BNB (Binance Coin) balance, as holding Binance’s native token can offer a discount on transaction fees.

For spot trading, the fees typically start from 0.1% per trade and can be reduced based on volume or use of Binance Coin. There are also different fees for other types of trading such as margin and futures.

It’s advisable to review Binance’s fee schedule on their website to understand the full fee structure for different transactions and services.

Binance operates as an international cryptocurrency exchange and offers its services to users around the world, including in Australia. The platform provides a wide range of crypto services and products, adhering to the regulatory requirements set by Australian authorities.

However, due to the dynamic nature of the cryptocurrency industry and the evolving regulatory landscape, it’s important for users to stay informed about the current legal status and compliance of any crypto exchange, including Binance, within their jurisdiction. Australian users can also consider Binance’s customer service and Binance Review for additional assurance.

Binance has not announced any plans to shut down its services in Australia. The exchange continues to offer a broad range of products to Australian traders, including spot trading, Binance Savings, and access to hundreds of cryptocurrencies.

While Binance aims to comply with local regulations in the markets it operates, it’s important for users to stay updated with any official announcements from the company regarding their services in Australia, as regulatory conditions can change. Users are encouraged to monitor Binance’s official communications and relevant regulatory news for the latest information on their operations.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: