Binance Review

Eric Huffman

Verified by Tsvetomir Koychev

Last updated

December 18, 2025 10:50 EST

28min read

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Binance is one of the most popular names in the crypto world, and for good reason – it’s the largest crypto exchange by trading volume. This centralized exchange is a go-to place for crypto investors and traders due to its global accessibility, wide range of basic and advanced trading options, and competitive fees. Binance is also a legitimate exchange that strives to comply with international regulations, holding licenses in Europe, the Middle East, Asia-Pacific, the Americas, and Africa.

But have you ever wondered if Binance deserves all the hype around it? We did too, which is why we created an in-depth Binance review, where we’ll discuss its trading products and services, fee structure, and supported coins and trading pairs. We’ll also cover its payment methods and security features.

To gain a comprehensive insight into Binance’s products and services, we created an account and tested all its features and tools. We also contacted its customer support to find out if they’re responsive and how effective they are at resolving account and trading issues. Will Binance be a good fit for your trading style? Keep reading to find out.

9.5/10

Crypto Exchange with Highest Liquidity

• Largest crypto exchange in the world with 1,500+ trading pairs
• Trading fees starting as low as 0.1%
• Gain exclusive access to new coins with Binance Launchpad

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9.5/10

Binance Review Verdict: Pros and Cons

Binance is a centralized exchange that supports 500+ cryptocurrencies and more than 1,500 trading pairs. Its main products and services include spot, margin, and futures trading. You can also trade options, or use copy trading and Earn services to generate passive income.>

One of its standout features is Binance Alpha, a platform that supports early-stage crypto projects, which makes Binance ideal for risk‑tolerant traders. The exchange also supports a wide range of payment methods, from local bank transfers to credit/debit cards. All crypto deposits are free, while the fees for withdrawals will depend on the token and network.

The Binance platform is available as a mobile and web app. You can also use its native wallet (which is integrated into the Binance mobile app) to conduct cross-chain swaps and gain access to more than 100 dApps.

With that in mind, there are some aspects of this platform that we didn’t like. First of all, when compared to other cryptocurrency exchanges, Binance deducts a higher commission from your staking rewards – 10%. Secondly, while crypto deposits are free, if you make a fiat deposit using a credit card, Apple, or Google Pay, you’ll pay a 2% fee. Moreover, VIP loans come with a high minimum borrowing requirement of $500,000.

What Our Expert Says...

Tsvetomir Koychev

Content Lead, Exchanges & Wallets

“According to our extensive research, Binance is an excellent, all-in-one cryptocurrency exchange, suitable for both newbie and advanced crypto traders and investors. It offers all the key tools users need, boasts high volume and deep liquidity, and complies with regulations, making it one of the most trustworthy exchanges out there.“

Tsvetomir Koychev

Content Lead, Exchanges & Wallets

What Is Binance?

Binance is a centralized crypto exchange founded in 2017 by Changpeng Zhao. Binance is the largest crypto exchange in the world in terms of trading volume, which includes $217 billion traded daily on spot and futures markets combined. This platform boasts over 275 million users and is accessible in over 100 countries. As mentioned in the introduction of our Binance crypto exchange review, the platform offers a diverse range of products and services.

You can trade 500+ cryptocurrencies on spot, margin, and futures markets. You can also use its P2P service to buy and sell crypto directly from other traders (without intermediaries).

In 2019, Binance became available in the U.S. through its subsidiary, Binance.US, which complies with the country’s regulations. However, Binance.US offers limited trading features compared to its global peers.

Is Binance Legit?

The Binance platform complies with MiCA regulations, and it holds regulatory licenses in various countries. For example, in Europe, Binance is registered as a Digital Asset Service Provider (DASP) and as a Virtual Asset Service Provider (VASP). In the Middle East, Binance has been granted a Financial Services Permission (FSP) and a Category 4 license as a Crypto-Asset Service Provider (CASP).

Binance also reached a settlement agreement with FinCEN in 2023, after it was accused of violating U.S. anti-money laundering (AML) laws. This means that FinCEN will monitor its operations for the next five years. This agreement primarily applies to U.S. regulatory requirements. Binance also requires its users to go through KYC verification.

On December 9, 2025, Binance announced that it had secured three licenses under the Abu Dhabi Global Market (ADGM) framework – a top-tier regulator in the UAE. The licenses cover exchange services (for trading virtual assets), clearing house (for trade settlement and risk management), and broker-dealer services (for dealing with virtual assets on behalf of customers).

In short, Binance is a legitimate platform that’s recognized by a large number of regulatory authorities.

Is Binance Safe and Secure?

Binance utilizes multiple security tools and features to safeguard your funds, including two-factor authentication (2FA), a passkey or authenticator app, and anti-phishing codes. However, its standout feature is the SAFU (Secure Asset Fund for Users) Fund. This insurance fund is valued at $1 billion, and it covers:

• Losses that users may incur due to compromised Binance account credentials
• Vulnerabilities/shortcomings in Binance’s security system/protocol
• Other types of losses that Binance decides qualify for recovery

The Binance platform also uses robust hashing algorithms to protect your passwords and biometric data, as well as anti-phishing measures to prevent spoofing emails. Like many other cryptocurrency exchanges, Binance will store most of your funds in cold storage to protect them from online threats.

So, Binance is considered a safe exchange despite experiencing two notable security incidents. The first incident happened in 2019 when hackers stole 7,000 BTC in a single transaction (equivalent to over $40 million). This security breach only affected its hot wallet, which held about 2% of the total BTC holdings. The second security incident occurred in 2022 when hackers stole approximately 2 million BNB tokens valued at over $570 million.

To prevent new incidents, Binance now uses a real-time alert system called the Risk Sniper channel, which detects high-risk addresses and links.

However, the biggest controversy surrounding this exchange occurred in 2023, when its founder and then-CEO, Changpeng Zhao (also known as “CZ”), pleaded guilty to violating U.S. laws against money laundering, which landed him a 4-month prison sentence. Binance also had to pay $4.3 billion in fines before reaching a settlement agreement with FinCEN.

Binance’s current CEO, Richard Teng, took over from CZ in November 2023. Under his leadership, the platform has managed to secure 21 different regulatory approvals – making Binance one of the most regulated exchanges in the world.

Binance Supported Coins and Trading Pairs

Next, in our Binance exchange review, we’ll cover its markets, supported coins, and trading pairs. Binance supports spot, margin, futures, options, and copy trading. The platform lets you buy 500+ coins and tokens, from BTC, ETH, and BNB, to lesser-known coins, such as SUGAR, XAVIER, PAWSE, and POM.

In short, you can invest in Solana ecosystem coins, RWA tokens, AI-based meme coins, metaverse projects, and Layer-1/Layer-2 coins. Moreover, Binance supports over 1,500+ spot and 530+ futures trading pairs that come with up to 125x leverage.

If you’re into margin trading, you can take advantage of its Portfolio Margin Pro Program, which will allow you to combine the balances in your Margin, USDⓈ-M Futures, and COIN-M Futures wallets. This means that you can use 360+ cryptocurrencies across these wallets as a single collateral. You can also trade futures contracts margined with stablecoins, such as USDT and USDC.

To comply with MiCA regulations, Binance has delisted non-MiCA-compliant stablecoin trading pairs for users in the European Economic Area (EEA). These include USDT, FDUSD, TUSD, USDP, DAI, AEUR, XUSD, and PAXG.

Binance launched a Credits Trading Mode to enable its EEA users to directly deposit BTC, ETH, BNB, and USDC as collateral for USDⓈ-margined futures. All USDT and USDC contracts are denominated in credits (BNFCRs). You won’t be able to withdraw BNFCRs. Instead, you’ll need to swap them for BTC, ETH, or BNB. Keep in mind that this mode is currently only available for USDⓈ-M contracts.

Binance regularly lists new tokens on its platform. The most recent additions include:

• DoubleZero (2Z)
• Spark (SPK)
• RESOLV (Resolv)
• SOPH (Sophon)
• HUMA (Huma Finance)
• USD1 (World Liberty Financial)
• HAEDAL (Haedal)
• NXPC (Nexpace)
• SXT (Space and Time)
• KMNO (Kamino Finance)

To stay competitive and efficient, Binance also delists spot trading pairs that don’t meet its standards. For example, the exchange recently delisted five BTC pairs – Measurable Data Token (MDT), Enzyme (MLN), Oasis (ROSE), Viberate (VIB), and Viction (VIC).

Binance Trading Products

In this segment of our Binance trading review, we’ll discuss its main products and services, which include spot and margin trading, futures trading, options, and copy trading. We’ll also talk about its P2P trading service, trading bots, and Alpha platform.

Binance Spot and Margin Trading

Binance supports over 1,500 spot trading pairs, including major cryptocurrencies such as BTC, ETH, and BNB, popular stablecoins like USDC, USDT, and FDUSD, and fiat currencies like EUR, TRY, and BRL. You’ll also get to use several order types, such as the standard market, limit, stop-limit, and stop-market orders, as well as advanced orders, like One Cancels the Other (OCO), One Triggers the Other (OTO), and trailing stop orders.

Binance supports over 700 margin pairs that come with leverage ranging between 5x and 20x. The exchange supports three types of margin trading – cross margin (up to 5x leverage), cross margin pro (up to 20x leverage), and isolated margin (up to 10x leverage). When it comes to borrowing limits, they’re based on your VIP level, tier, and leverage.

Professional traders will benefit from Binance’s Portfolio Margin Pro Program, which will allow them to combine balances from their Margin, USDⓈ-M Futures, and COIN-M Futures wallets.

Spot and margin trading fees start at 0.1000%. However, you’ll pay lower fees as you progress through the VIP levels.

Binance Futures Trading

Binance supports 530+ futures trading pairs and multiple contract types, including USDC and USDT perpetuals, USDT delivery, COIN-M perpetuals, and COIN-M delivery contracts. The maker and taker fees start at 0.0200% and 0.0500%, respectively, while BNB holders get a 10% fee discount. You can open short and long positions using leverage that ranges from 10x to 125x.

As one of the best futures trading platforms, Binance supports a wide range of technical indicators, such as moving averages, RSI, MACD, and Bollinger Bands, which will help you identify entry and exit points. Futures contracts are also integrated with TradingView Webhooks, letting you execute your trades using customized trading strategies on TradingView.

What we particularly liked while testing this platform was its relatively new product called Futures NEXT. This platform allows you to earn rewards by predicting the upcoming listings on the Binance USDⓈ-M futures market.

You can buy up to 100 Picks (1 USDT each) that you’ll get to allocate for each potential listing. If your prediction is correct, you’ll receive a reward in the form of USDT token vouchers, USDT futures bonus vouchers, or USDT futures trading fee rebate vouchers. If your prediction is incorrect, you can convert your Picks back into USDT.

Binance Options

Binance’s options trading platform supports European-style options (exercised only on their expiration date), which are priced and settled in stablecoins (USDT). You can trade classic options (BTC, ETH, BNB, SOL, XRP, and DOGE), easy options, and Options RFQ (Request for Quote), allowing you to execute larger trades.

You can enhance your trades using a variety of features, such as the Kill-Switch. This feature removes all open orders for MMP and non-MMP order types if the network connection is lost. You can also use the Options PnL Calculator to calculate your potential profit and maximum losses.

The maker and taker fees for options stand at 0.0300%.

P2P Trading

The next chapter in our Binance review is dedicated to its P2P trading platform. Binance lets you conduct direct peer-to-peer transactions without the need for intermediaries. Its P2P service supports over 1,000 payment options, such as Pix, PicPay, Skrill, and bank transfers, and more than 100 fiat currencies.

We particularly liked its Hot Token Converter feature, which further simplifies the buying process. On that note, Binance will automatically convert your local currency to USDT and then to your selected token, which will enable you to buy the most trending tokens in just a few clicks.

Binance Copy Trading

Binance’s copy trading service supports spot and futures markets. You can copy the trading strategies of experienced traders, aka lead traders, without having to understand the market. After you select a lead trader, their trades will be automatically executed on your account. At the same time, lead traders will earn between 10% and 30% of the profits generated by their followers.

You can use two copy trading methods: fixed amount and fixed ratio. The former allows you to set a fixed cost per order, while the latter lets you open orders based on your available balance and the position size of the lead trader.

Binance recently launched the Elite Trader Program, which will enable lead traders to unlock advanced features and exclusive benefits.

In addition to copying trading strategies from professional investors, you’ll also be able to automate your trades using bots. Binance offers multiple trading bots, including spot and futures grid bots, arbitrage bots, rebalancing bots, algo order bots, futures TWAP, futures VP, and spot DCA bots.

Binance Alpha

Binance Alpha lets you invest in early-stage crypto projects with massive growth potential. You’ll also get to exchange tokens on-chain before they get listed on Binance’s spot market. Binance Alpha supports tokens on BNB Chain, Solana, Ethereum, Sui, Base, and Sonic Chain. Other prominent blockchains are expected to be added over time.

There are two types of entry into Binance Alpha: pre-TGE projects and projects with circulating tokens. You can earn Alpha points either by holding eligible assets in your account or wallet or by buying Alpha tokens. Alpha points will enable you to participate in token generation events and Alpha token airdrops.

Binance Earn

Our Binance review wouldn’t be complete if we didn’t mention its Earn service, which is very popular among traders. There are many ways to earn crypto on Binance. However, perhaps the easiest way to earn passive income is via the Binance Earn service. Binance Earn products include Simple Earn, Advanced Earn, and Loan services.

If you’re new to crypto, you should try out Simple Earn. It enables you to earn rewards by locking your tokens for a flexible or fixed time period (generally 30, 60, or 90 days). What’s more, eligible Simple Earn users get to participate in Binance’s Launchpool and Megadrop rewards.

Besides flexible and locked products, Simple Earn also supports ETH and SOL staking. Binance is one of the best Ethereum staking platforms because it implements a low minimum staking requirement. Instead of 32 ETH, you’ll have to stake a minimum of 0.0001 ETH. You’ll also earn rewards on a daily basis in the form of WBETH. After testing this product, we noticed that Binance takes a 10% commission on the rewards. The same rule applies to staking Solana.

Binance recently launched a new feature, which we particularly liked, called Soft Staking. This feature lets you earn staking rewards directly from your spot account. You can earn daily rewards by simply holding SOL, ADA, POL, BNB, SUI, SEI, NEAR, TON, ALGO, and AXS in your spot account. However, to be eligible for rewards, you’ll need to meet the minimum holding requirements, which will depend on the token.

Binance’s Advanced Earn products are designed for professional traders. These products include Dual Investment, Smart Arbitrage, and On-Chain Yields. Dual Investment enables you to buy or sell crypto at a predetermined price on a predetermined date and earn rewards regardless of the market direction. This service currently supports 21 tokens, such as BTC, ETH, TON, NEAR, and DOT.

Smart Arbitrage lets you take advantage of arbitrage strategies between perpetual futures and their spot equivalents to earn funding fees. This means that you’ll open a long position in one market (e.g., spot) and short in the other (e.g., futures) to collect the funding fee.

And finally, On-Chain Yields helps you earn various types of rewards (tokens, points) by participating in on-chain protocols directly from your Binance account.

The last Earn product that we’ll cover in our Binance review is loans. Binance offers three types of loans: flexible, fixed-rate, and VIP loans. The first option lets you borrow crypto using your Simple Earn assets as collateral, while the second option will let you borrow and lend stablecoins with fixed interest rates.

As their name suggests, VIP loans are created for VIP users. They support both fixed and flexible rates, and they aggregate assets across multiple accounts.

Binance Fees

Binance not only charges low trading fees, but is also recognized as one of the lowest-fee crypto exchanges. Why? Because it charges a flat 0.10% trading fee. What’s more, you’ll get a 25% discount on your trading fees if you hold its native token, BNB. Binance uses a 9-level VIP program, which means you’ll pay lower fees as you progress through the levels.

Binance doesn’t charge fees for crypto deposits, while fees for fiat deposits vary, depending on the payment method. P2P trading also comes with zero fees. However, you may need to pay a fee when creating a sell order, which will depend on your payment option and location.

Trading Commissions

The maker and taker fees start at 0.1000% for spot and margin trading, 0.0200% (maker) and 0.0500% (taker) for futures, and 0.0300% for options. As mentioned above, BNB holders get a 25% discount on spot and margin fees and a 10% discount on USDⓈ-M Futures fees.

Users with higher VIP levels pay lower fees. For example, the spot and margin fees for VIP 5 users stand at 0.0250% (maker) and 0.0310% (taker), while for VIP 9 users, the maker and taker fees are 0.0110% and 0.0230%, respectively.

Your VIP level depends on your 30-day trading volume and BNB balance.

Funding Rates

Funding rates are paid between traders, depending on the direction of their positions. With positive funding rates, longs pay shorts, and the opposite happens with negative funding rates.

When trading futures on Binance, you can generally expect to pay funding fees of 0.03% daily. This rate is divided into three funding intervals of 0.01% (as the funding occurs every 8 hours). However, this won’t apply to all futures contracts, as funding rates are subject to constant changes, depending on whether there are more long or short positions open in the market.

Deposits and Withdrawals

All crypto deposits come with zero fees. The only exceptions are Terra Classic and TerraClassicUSD. If you trade these coins, a 0.5% tax will be deducted from your transferred amount. All tokens come with a minimum deposit requirement. For example, depositing ETH on the BNB Smart Chain requires a minimum of 0.00001 ETH, whereas on the Ethereum network, the minimum requirement is 0.002 ETH.

If you use fiat to buy crypto, you’ll have to pay deposit fees, which depend on your payment method. For example, credit card (Visa/Mastercard), Apple Pay, and Google Pay transfers come with a 2% deposit fee.

Regarding withdrawals, the fees will depend on the token and network. For example, the withdrawal fee for Bitcoin stands at 0.00000013 BTC on the BNB Smart Chain and 0.00003 BTC on the Bitcoin network.

Binance Payment Methods

Binance supports multiple payment options, depending on your country, including local bank transfers, SWIFT, credit/debit cards (Visa and Mastercard), Apple Pay, Google Pay, PayPal, Skrill, and Neteller. You can also use third‑party payment providers, such as Simplex, Banxa, and MoonPay, to fund your account.

Binance Wallet

In this part of our Binance review, we’ll discuss its native wallet. Binance Wallet is a self-custodial Web3 wallet integrated into the Binance app. This wallet is powered by advanced multi-party computation (MPC) technology, which means that you won’t have to use a seed phrase. Instead, the wallet is secured by three key shares, stored in different places, and a recovery password. Binance Wallet supports 30+ networks, including BNB Chain, Bitcoin, and Solana.

You can use it to conduct cross-chain swaps and gain access to 100+ dApps, such as PancakeSwap V3, Uniswap V3, and Venus. The wallet comes with built-in risk controls, meaning you’ll receive alerts if a specific token or network poses a security risk.

To create an unbiased Binance Wallet review, we did some hands-on testing – and found that the wallet has a user-friendly interface. For example, you can switch between light and dark mode and rearrange widgets. We also liked its new feature, MemeRush, which integrates tokens from the Four.Meme and Pump.Fun platforms, which help you discover and trade new meme coins on Solana and BNB SmartChain.

Keep in mind, however, that Binance Wallet is part of the main Binance mobile app, so you can’t download it separately.

Binance Academy

Binance Academy is an educational platform where you’ll find free tutorials, videos, and courses on all things crypto-related, from trading to understanding DeFi protocols. The platform is designed for both beginners and advanced traders who want to improve their trading strategies.

You can take beginner, intermediate, and advanced courses, depending on your crypto knowledge. You’ll also receive a PDF certificate upon completing the courses. In addition to that, you can earn free crypto by completing various quizzes under the Learn & Earn section.

The Binance Academy also has a section for crypto developers – the Developer Academy – where you’ll find technical articles about market data and API protocols, keys, and limits.

Is Binance User-Friendly?

Binance is available as both a mobile app (Android and iOS) and a desktop app (Windows, Linux, and Mac OS). We tested both apps to find out how they differ. We’ll start our Binance app review with the desktop version. As you know, the trading process can become a nightmare if the platform’s interface is clunky, disorganized, and laggy. Well, this is where the Binance app shines.

Its desktop app has a clear interface. You’ll find all the necessary tools to conduct trades, such as price charts, trading data, and order forms. You can also enable keyboard shortcuts, link your account to TradingView, and switch between markets with a few clicks. The app loads fast, and unlike the web version, it encounters fewer CAPTCHA issues.

The mobile app imitates the desktop app in terms of design and performance. However, it’s more beginner-friendly since it offers two modes – Lite and Pro. The Lite mode emphasizes speed and simplicity, while the Pro mode supports advanced trading tools. You can switch between the modes by tapping the Binance logo located in the upper left corner.

What sets the Binance app apart from its competitors is the smart widgets. You can add up to 8 smart widgets to the dashboard and place them above the Discover icon or below the shortcut section. You can also resize and rearrange the widgets or edit their content to make the trading process faster and more efficient.

On the downside, the app has built-in session timeout thresholds, which means that it will log you out after a set period, which can be quite annoying.

Where Is Binance Available?

The Binance platform is available in over 100 countries, including South Africa, Argentina, Brazil, Australia, India, France, Greece, Hungary, Italy, and Egypt. However, due to regulatory and compliance issues, Binance is not available in:

• Netherlands
• Nigeria
• United Kingdom
• Canada
• Cuba
• Iran
• Syria
• North Korea
• Crimea and any non-government-controlled areas of Ukraine

As we’ve already mentioned, U.S. traders can trade crypto through Binance.US, the company’s subsidiary. While this platform is available in most U.S. states, some face specific restrictions. On that note, you won’t be able to create an account on Binance.US if you reside in:

• Alaska
• American Samoa
• Connecticut
• Georgia
• Guam
• Maine
• Northern Mariana Islands
• New York
• North Carolina
• North Dakota
• Ohio
• Oregon
• Texas
• U.S. Virgin Islands
• Vermont
• Washington

How to Get Started With Binance

At this point in our Binance review, you’ve probably decided if this is the right exchange for you. If it is, the following step-by-step guide will help you get started:

Step 1: Create a Binance Account

Visit the Binance website and click the Sign Up button in the upper-right corner. Next, enter your email address or phone number, or proceed to sign up with your Google, Apple, or Telegram account.

Step 2: Complete KYC Verification

After you create your password, you’ll be taken to Binance’s KYC center, where you’ll need to verify your identity. The required documents vary by country, but usually, you’ll need to send a photo of your ID and provide proof of address, along with other personal information.

Step 3: Fund Your Account

Once you pass the verification process, you’ll have full access to Binance’s features and services. Before starting to trade and invest, you need to fund your account. The platform supports a wide range of payment methods, including crypto, credit cards, digital wallets, bank transfers, and more.

Step 4: Begin Trading and Investing

You’re now ready to take advantage of Binance’s various trading and investing services, including spot buying, futures and options trading, staking, lending and borrowing, and more.

Binance Customer Support

You can get in touch with Binance’s customer support through the following channels:

• Live chat: If you want to talk to Binance’s agents, tap the Get Support button, and the system will connect you to the first available agent. We got connected with an agent within 5 minutes. However, we noticed that during peak times, the live chat tends to be disabled. We also noticed that if you submit more than one query, customer support will address only one of them.
• Ticket system: If the live chat agents are not able to resolve your issues, you should submit a support ticket. You’ll find this option under the Support tab. Ticket responses usually arrive within a day. However, you may have to wait up to a week to get your issue resolved, if it’s a complex one.
• Support Center: Binance offers a self-service troubleshooting page where you can find answers to the most common issues, such as how to reset your password and enable 2FA.

So, what is our verdict? Binance offers solid customer support. However, you should have realistic expectations. The exchange has over 275 million users, which means that there is a high chance that you’ll have to wait longer than usual for their agents to resolve your issues.

Binance Review Conclusion: Who Is It Suitable For?

Binance is the largest crypto exchange in the world, which makes it an attractive option for crypto traders. Yet, what makes this CEX stand out from the competition is its innovative services, competitive fees, and global regulatory compliance. On that note, Binance supports multiple markets, from spot and margin to futures and options. You can also use its copy trading, P2P, and Earn service.

Binance charges relatively low transaction fees, which you can further reduce by progressing through the VIP levels and holding BNB tokens. On the downside, the platform charges a 10% commission fee on staking rewards and a 2% fee on fiat deposits (credit card, Apple Pay, and Google Pay).

In short, Binance is a good option for both beginners and professional traders. However, the latter will see more benefits thanks to services like Binance Alpha, Futures NEXT, Soft Staking, Portfolio Margin Pro Program, and Elite Trader Program.

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Eric Huffman

Eric Huffman's background includes a decade plus in business management as well as personal finance industry experience in insurance and lending. A strong understanding of consumer finance combined with a consumer advocate stance brought Eric to the crypto industry, where he writes articles and guides aimed at making crypto easier to understand.

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