Binance Overview
Binance was launched by Changpeng Zhao in 2017. The platform quickly became the largest crypto exchange in the world, with over 180 million users as of 2024. This is to no surprise considering Binance’s wide variety of products and services, leaving most competitors in the shadows. In this comprehensive Binance review, we will share our analysis of all of its products, services, features, trading options, assets, fees, and more.
After reading our Binance review, you will have a deep understanding of the platform, and you will know if it is the right choice for your needs.
Binance Pros & Cons
| ✅ Binance Pros | ❌ Binance Cons |
|---|---|
| 400 supported cryptos | Regulatory issues in US |
| Low fees | Very complex platform |
| 125x leverage | Does Not list low-cap gems |
| 24/7 live chat support | |
| Deep liquidity |
Binance Products & Services
Binance is one of the largest crypto exchanges with tons of products and features. Traders can access spot, futures, copy, bot, and options trading with low fees. For capital efficiency, Binance offers up to 125x leverage.
Aside from crypto trading, users can access passive income products such as staking, liquidity providing, lending, and more, with APYs of up to 15%.
For peer-to-peer transactions, Binance has integrated a P2P trading platform with over 60 payment methods and 40+ fiat currencies.
If you don’t own cryptos yet, you can easily deposit funds using your credit/debit card or bank transfer.
Binance users with an audience can join the referral or affiliate program. By inviting new users, they can earn commissions from their invitees’ transaction fees.
Binance Trading Features
Spot Trading
Binance offers spot trading for over 400 different coins. The maximum margin is 10x for popular cryptos such as Bitcoin and Ethereum. The spot trading interface is beginner-friendly and simple to navigate.
Futures Trading
Binance offers futures contracts trading for over 322 different coins. The maximum leverage is 125x on selected assets such as Bitcoin.
With some of the most advanced features and order types, the Binance futures interface is quite complex. This is great for experienced traders, but newbies could get overwhelmed.
Options Trading
Binance offers crypto options trading for over 5 different coins. BTC, ETH, BNB, XRP, and DOGE are supported for options trading on Binance.
Binance Fees & Costs
Overall, Binance charges relatively low trading fees. This makes Binance an excellent option for crypto traders seeking fair pricing. Especially with the VIP tiers, traders on Binance can massively reduce their trading fees.
Spot Trading Fees
Binance spot trading fees start at 0.1% maker and 0.1% taker. This is the industry standard spot trading fee rate. By holding the native Binance Coin (BNB), you get a 25% fee discount, lowering your fees to 0.075% maker and taker.
Futures Trading Fees
Binance USDT-M futures trading fees start at 0.02% maker and 0.05% taker, making Binance a great option for leverage traders. The native BNB coin offers an additional 10% fee discount, lowering Binance futures trading fees to 0.018% maker and 0.045% taker.
Based on your monthly trading volume, you can reduce your fees to as low as 0% maker and 0.0153% taker.
Coin-M futures fees are the same, with the only difference being that there is no BNB fee discount.
Options Trading Fees
Binance charges 0.03% maker and 0.03% taker fees for their options trading feature. The BNB coin does not unlock fee discounts.
Binance Deposits & Withdrawals
Deposits
Binance supports multiple networks for crypto deposits, including:
- TRC20
- BEP20
- ERC20
- TIA
- SOL
- DYM
- And many more
There are no fees for crypto deposits.
For Fiat deposits, Binance supports 8 fiat currencies, including EUR, GBP, or USD, through multiple payment methods:
- Credit/Debit card
- Bank transfer
- Google and Apple Pay
- P2P Trading
Fiat deposit fees range from 1% to 3% based on your fiat currency and payment method.
Withdrawals
Binance supports multiple networks for crypto withdrawals, including:
- TRC20
- BEP20
- ERC20
- TIA
- SOL
- DYM
The withdrawal fees are dynamic and are based on the respective network capacity. Some cheap options are TRC20 and BEP20, which cost around $1 per transaction.
For fiat withdrawals, Binance supports fiat withdrawals through P2P Express or Zen.com.
Binance Customer Support
Binance offers 24/7 live customer support via live chat. The average response time is 3-5 minutes. Overall, Binance staff seems to be knowledgeable and helpful. Additionally, Binance offers email support and a comprehensive self-help center.
Binance Security & Regulation
Binance has a $1 billion security fund called SAFU, which is meant to cover customers in black swan events. Additionally, Binance stores customer funds in multi-sig cold storage wallets. While we consider Binance to be a secure crypto exchange, we advise you to store your cryptos in a personal wallet.
Binance has obtained licenses in multiple countries, including France, Italy, Lituania, Sweden, Abu Dhabi, Dubai, Australia, and many more. However, Binance also faced regulatory issues in other countries such as the US, Germany, the UK, and others.
Binance Signup & KYC
Binance requires KYC verification. Without KYC verification, you can not use Binance. In order to verify your identity, you must submit personal details:
- Personal Details
- Government-issued ID
- Selfie
- Proof of address
Binance Review Summary
Binance is one of the best crypto exchanges in the world, with tons of products, features, and services. What we love most about Binance is its wide array of functionalities. On top of that, Binance offers low fees and deep liquidity, ensuring a smooth trading experience.
The 24/7 live chat support is reliable and quickly assists when encountering an issue. Overall, we consider Binance to be a top choice for crypto traders.
FAQ
Is Binance legit?
Yes, Binance is a legitimate crypto exchange with over 150 million users.
Does Binance require KYC?
Yes, Binance requires KYC verification. Without identification, you can not use Binance.
Is Binance available in the US?
No, Binance is not available to US citizens due to regulatory issues.
What are Binance fees?
Binance spot fees are 0.1% for makers and takers. Binance futures fees are 0.02% maker and 0.05% taker. You can also hold the BNB token for additional fee discounts.
