Binance is the leading crypto exchange in the world for trading volume and liquidity. The platform is super beginner-friendly, easy to use and offers a massive range of crypto pairs, innovative products, features, competitive fees and responsive customer support.
In this Binance review, we will assess the platform's key features, its services and our experiences so you make an informed decision before you decide to create an account.
While we aim to provide you with accurate information in this review, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.
Ease of use
What Is Binance?
Binance is a Hong Kong based cryptocurrency exchange that was founded in July 2017 after a successful ICO that raised 15 million. The owner of Binance, Changpeng Zhao, often referred to as 'CZ', started the exchange from nothing and has become a self made billionaire within 1 year. Binance headquarters and server infrastructure relocated from China to Malta in late 2017.
Binance exchange has attracted millions of users in multiple countries across the world and is often applauded in exchange reviews and social media as the best cryptocurrency trading exchange. In fact, Binance is ranked the #1 exchange based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported for spot and derivatives markets according to coinmarketcap.
Binance users can buy, trade, sell and instantly swap digital assets on a beginner-friendly and easy to use platform. Binance has one of the largest selection of cryptocurrencies and trading pairs available to exchange, store electronic funds within a secure wallet and earn interest on crypto in a Binance savings account.
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Advanced features, intuitive user interface and a mobile trading app are important features on Binance. This comparison table lists alternate cryptocurrency trading exchanges like Binance that offer world-class features.
4.7 / 5
USD $10 trading bonus
4.6 / 5
0% trading fees for 90 days
4.6 / 5
None available at this time
Features & Services
Binance is a leading digital asset provider that has expanded it features and services to provide a full offering of products that can be accessed through the Binance website of mobile app. The core features offered by Binance are described below.
Suitable For Everyone
One of the best features with using Binance is the user-interface has been designed to cater for individuals with various levels of skill and experience. There are multiple trading modes for beginners, advanced, and margin traders. Those who are not familiar with charting may use the 'Classic Interface' which is easy-to-use or 'Binance Convert' to buy/sell crypto instantly on the exchange (shown below).
Variety of Payment Methods
Binance is a popular trading platform due to its availability worldwide, support for multiple fiat currencies and a wide variety of ways to transfer funds to an account. The trading platform provides various payment methods for individuals around the world to fund a trading account using methods such as bank transfers, credit/debit cards, SEPA, wire transfer and cash deposits.
Binance supports over 150 digital coins on the exchange that can be bought, traded and sold. There are a wide range of trading pairs such as against altcoins, fiat currency or stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD.
Binance Savings Account
Similar to BlockFi, Nexo and crypto.com, Binance has joined the borrowing and lending space and offers its customer a savings account. The interest rate is up to 7% APY on selected coins that are stored within a Binance wallet such as USDT, BTC and BUSD. The savings account provides an easy way to earn free crypto for buying and holding funds through Binance Earn.
Is Binance Safe?
Binance is the world's leading cryptocurrency exchange that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customers personnel information and funds. Examples of the secure technologies used to provide a safe and secure trading environment include cold wallet storage and two factor authentication.
Has Binance Been Hacked?
A question on a lot of readers mind is how safe is Binance and has Binance exchange been hacked before? In 2017, Binance was the subject of a major cryptocurrency theft and security breach. Hackers compromised the security systems using a phishing emails, viruses and other attacks. 7,000 Bitcoins (approximately USD 40 million at the time) were stolen and some user's two-factor authentication codes and API tokens. Binance reimbursed all of the users lost money to cover the security breach using it's emergency emergency insurance fund.
Binance is a global centralized cryptocurrency exchange that includes several companies around the world that use the 'Binance' brand name and technology. The Binance partners are established in several jurisdictions to service over 180 countries worldwide through the main Binance website or an official partner below.
Wire transfer, debit card, bank transfer (ACH)
Bank transfer (PayID)
Wire transfer, credit card
Mobile money, bank transfer
Each exchange under the Binance name is independently operated and fully compliant with the countries local regulations and laws. Binance partners allows a fiat-to-crypto exchange for individuals worldwide to buy and sell digital assets, trading and access finance services.
Registration & Login
To create an account with Binance.com, the process is straight forward and only takes a few minutes. User's will be required to provide an email address and password. To access higher withdrawal limits, traders must verify their identity. There are no fees to create or maintain a Binance account or wallet.
Binance uses a level based verification system which determines the maximum withdrawal limits. New users are not required to submit their ID to begin trading cryptocurrencies. However, will be limited to the basic verification level which restricts the maximum withdrawal of 2BTC in a 24 hour period.
Max. Withdraw Limit
Level 1 (Basic)
Full name, date of birth and residential address
2 Bitcoin per 24 hours
Approx. 1 hour
Level 2 (Advanced)
Full name, date of birth, residential address, photo ID document
100 Bitcoin per 24 hours
Approx. 24-72 hours
The Binance verification speed does vary depending on how busy the customer support team are. In some instances, the basic verification can be approved in a few minutes and less than 4 hours for the full Binance verification level. However, user's can still able to trade and withdraw up to 2 Bitcoin using the Basic Verification which should be sufficient in most cases.
Individuals that create an account with Binance to buy cryptocurrency using a credit or debit card must first complete the Binance identity verification process, or otherwise known as "KYC" (Know Your Customer). This ID process is to comply with local regulations in the relevant country and is a one-time task for each registered Binance account.
Depositing Crypto To Binance
There are several methods to fund a Binance account to begin trading using either a digital coin or purchasing crypto with fiat money. For beginners, the easiest way to deposit funds to Binance is by transferring Bitcoin or Ethereum using the unique address or QR Code as shown below. Depending on the cryptocurrency, it can take between a few seconds, minutes or even hours for the blockchain to confirm the transaction for the funds to arrive in a Binance wallet.
To cater for individuals around the world, Binance and it's partner offer a variety of payment methods to fund an account with fiat currency. The platform supports 10+ currencies such as the USD, GBP, EUR, AUD, RUB, TRY, NGN, UAH, KZT and INR. Binance and it's partners around the world offer different deposit methods for each region. The most common payment options include bank transfers, Peer-To-Peer (P2P), credit/debit cards, BPAY, SEPA, Faster Payments and others.
Using a credit/debit card to buy crypto directly on the platform is a popular method available in most jurisdictions. Binance supports both Mastercard and VISA in several countries worldwide to offer a safe, easy and instant way to obtain digital assets that include BTC, ETH, BUSD, XRP, BNB, FIO, ZIL and USDT. Once the transaction is completed, the purchased asset are deposited to the user's Binance wallet almost immediately.
Swapping Crypto With Binance Convert
Binance is a leading exchange for digital currencies on a safe and stable trading platform. The user-interface has been designed to cater for various levels of experience and skills. The easiest way to exchange crypto to another digital currency is using 'Binance Convert'. This avoids using a price chart and order entry window which can be daunting for beginners.
Users can select the digital asset to buy and sell with a simple window to convert easily in a single go (as shown above). Binance Convert supports the majority of the listed coins and a fast way to swap cryptocurrencies. Binance will preview the conversion rate and amount of crypto to be received before completing the transaction.
The charts is an important consideration when looking for a cryptocurrency trading exchange. This is where traders will spend most of their time looking at the charts and managing open positions. Binance offers a 'Simple' and 'Advanced' user-interface designed for intermediate and professional cryptocurrency traders. Binance has integrated with the premium charting software package TradingView to provide the charts, indicators and drawing tools.
The trading window is easy to use and clean which features the standard tools such as a price chart, order box, trading pairs list, trade history, recent market activity and active/pending positions. Binance traders can quickly navigate between trading pairs to find trade opportunities from a single place. A great feature with Binance is the ability to quickly enter the size of a trade using the percentage auto-fill options (e.g. 25%, 50% or 75%) of available trading capital.
The order window provides a variety of orders such as limit, market, stop-limit and One-Cancel-Other (OCO). OCO is not offered on many exchanges - but is an important feature as it allows a take profit and stop loss order to be placed using a single order instead of two. If the take profit level is reached, the stop loss order will be automatically removed and vice versa.
In addition, the order price can be populated by clicking on the prices under the the recent trades window. This will automatically popular the entry price which minimizes the risk of entering the incorrect price (e.g. missing a decimal point).
Binance Margin Trading
User's on Binance can activate margin trading to trade digital currencies with leverage. This means trades can use borrowed funds to trade a position greater than their capital. Funds will need to be transferred to a Binance margin wallet to use as collateral to begin trading with leverage.
The amount that can be borrowed is determined by the amount of coins in the margin wallet, using a fixed rate of 5:1 (5x). There is an indicator to show the margin risk level which is calculated on the borrowed funds (Total Debt) in relation to the funds held in a margin account (total capital). A benefit of using Binance margin is the ability to short sell.
Binance supports over 150+ crypto coins that can be purchased, traded and sold using the exchange such as Bitcoin, Ethereum, XRP, Chainlink, Litecoin, Cardano and more. Users can trade each of these assets using different digital currencies as collateral. Binance offers the following trading pairs against altcoins:
- Binance Coin (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tron (TRX)
- Ripple (XRP)
- Fiat currencies (e.g. USD, EUR, GBP)
- Stablecoins (e.g. USDT, BUSD, TUSD)
Binance also supports numerous tokens that are part of an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO). These events allow Binance traders to speculate on a newly listed crypto asset. To view a full list of crypto markets available to trade, visit the Binance site.
Binance Fees & Limits
Binance uses level based trading fee structure that is based on trading volume. The current trading fee for new accounts is a flat 0.1% for each transaction (e.g. buy/sell). However, users can receive a further reduction in fees by performing the following activities on the exchange:
- Increase 30 day trading volume (up to 20% fee discount)
- Store Binance Coins (BNB) on the platform (25% fee discount)
- Receive kickbacks through the Binance referral program (20% fee discount)
Binance does not charge a fee to deposit cryptocurrency assets to the exchange. Users can transfer coins from other trading platforms or a personal hardware wallet to Binance free of charge. In comparison to exchanges such as Coinbase which charge a deposit fee that varies depending on the payment method and country, Binance users can save on fees.
Similarly, there are no Binance withdrawal fees to transfer digital assets from a Binance wallet to an external website or wallet. The only cost is the blockchain fee, which is determined by the network load at the time of transaction, not Binance. For example, a user that wants to withdraw Bitcoin from Binance using the BTC network will incur a 0.0005 BTC fee. For a full list of each coins withdraw fee, visit the Binance Fee's Page.
Binance VISA Card
Binance has introduced a cryptocurrency debit card that allows its users to convert and spend digital currencies like a traditional debit card. The Binance VISA card can be used at more than 60 million merchants worldwide. The benefits of using a Binance debit card include:
- The card is free to use with zero Binance administrative or processing fees
- Earn up to 8% crypto cashback on purchases using the VISA card
- Easy to transfer and top up funds using a Binance wallet
- Funds on the card are protected by a high standard of security
The amount of cashback rewards that can be earned with the Binance VISA debit card depends on the amount of BNB coins staked in a Binance wallet. Beginners that order the card can earn 1% cashback rewards for free without staking any Binance Coins. However, to earn a maximum cashback bonus on purchases of 8%, users will need to stake at least 6,000 BNB tokens which is the equivalent of $USD 270,000 at current prices. This is a considerable investment to obtain an 8% cashback.
Binance has entered the financial lending and borrowing space with its crypto loans product. Traders on the cryptocurrency platform can use their digital currency assets as collateral to obtain an instant cash loan. Any user on the Binance platform is eligible to obtain a crypto-backed loan.
Binance supports over 35 digital currencies that can be borrowed using assets such as BTC, BUSD, BNB, ETH and USDT as collateral. Each loan can be repaid over a 7, 14, 30 or 90 day period. There are no penalties or fees if early repayments are made during the loan term. The interest is calculated daily and determined from the start date of the loan.
In the example above, to obtain a cash loan of $1,000 USDT, a collateral amount of 1.45 ETH would need to be deposited. An interest rate of 22.78% is calculated over a 90 day term period which equates to a repayment amount of $1,056 USDT. The Binance interest is comparable to traditional banks and popular borrowing and lending platforms. The crypto borrowed can be withdrawn or transferred to the spot/margin exchange to trade, however this is not recommended for beginners.
Customer Support & Reviews
To be one of the world's leading cryptocurrency exchanges, the platform must provide a plethora of contact options, communities, blogs and support channels to service the massive customer base. This is no exception with Binance that provides several channels to get in touch with the support team.
If you can't find a solution to your problem in the FAQ section or Support Center, Binance has a ticket system that allows you to submit a request. There are a number of categories to filter the question to make it easy. We have tried the ticket system ourselves and received a response 6 hours later. This is fairly average and could be improved.
Given the huge customer base, there is also going to be users with frustration and problem, so it is not surprising to see mixed reviews on Trust Pilot. However, we doubt that Binance would be in the position it is now if the customer support was terrible.
Frequently Asked Questions
Is Binance Trustworthy?
Binance has proven itself to be a safe and trustworthy exchange that allows users from all over the world to buy, trade and sell cryptocurrencies. It is regulated in a number of jurisdictions and complies with KYC requirements. To date, there have been no serious breaches of its security or hacks.
Is Binance Better Than Coinbase?
Coinbase is a reputable crypto exchange that was established before Binance. It's primary service offering is to allow users around the world to convert their local fiat currency into digital assets such as Bitcoin and Ethereum. Whereas Binance is tailored to active traders that speculate on the crypto market and involved in buying and selling to make a profit. Both platforms are leading crypto exchanges in their own rights.
Is Binance Available In Australia?
Binance is available to customers in Australia that want to buy, trade, store and sell cryptocurrencies and is often rated in reviews as one of the best exchanges to buy crypto in Australia. Binance provides an easy method for locals to purchase digital assets using a bank transfer. Australian's can buy Bitcoin using AUD through PayID.
To deposit AUD into Binance, follow these simple steps:
- Create an account with Binance
- Login to the account and complete ID verification
- Navigate to the Binance wallet and click on 'Deposit AUD'
- Enter in the amount of Australian Dollars to spend
- Complete the PayID bank transfer using the internet banking portal
Can US Traders Use Binance?
Binance has restricted US customers from trading on the main exchange due to regulatory policies. Users from the US are permitted to buy crypto with Binance US however cannot perform active trading. Click here to read which cryptocurrency exchanges are available in the USA.
Does Binance Support Staking?
Binance offers a wide selection of coins that can be staked on the platform to earn passive rewards. Users on the platform can deposit coins such as Algorand, Tezos, Cosmos and many others to earn staking rewards. The staking percentage does vary from coin to coin. For example, Tezos has an estimated staking field of 6-7% compared to Yearn Finance which offers 2.49% APY.
If you're looking for the best place to trade cryptocurrency, then Binance will deliver on all of your expectations. It's leading the way to provide its customers with a beginner-friendly, modern, advanced and innovative platform to profit in digital assets.
We hope that you found this Binance review useful and encourage you to create an account with Binance to experience its innovative features and market-leading crypto assets to trade. You will not be disappointed.
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It's important to use a global and trustworthy crypto exchange to buy, trade and sell Bitcoin and other cryptocurrencies. There are several exchanges that have been hacked or had client funds stolen. The following cryptocurrency trading exchanges - in addition to the above exchange - are well known and trusted to provide a safe and secure way for beginners and professional crypto traders to deposit fiat currency and purchase digital assets.
- World's largest and most liquid exchange
- Hundreds of cryptocurrency pairs to trade
- Suitable for beginners and advanced traders
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- Mobile trading app
- Limited fiat deposit methods