Binance: Reviews and Overview 2025

Highlights of Binance

Crypto exchange typeCEX

Trading Assets

Cryptocurrency Futures Options

Spot feesMaker / Taker0.1% / 0.1%

Futures feesMaker / Taker0.02% / 0.05%

4.8/5

More DetailsRegisterTrading cryptocurrencies carries high risks. You may lose all invested funds

About Binance

Founded in 2017

Countries of registration:

Regulators:

AMFOAMFCISBank of SpainFIAFSAFSRACBBAUSTRACBappebtiJFSASEC ThailandCNADBCRCNV

4.8/5

More Details

RegisterTrading cryptocurrencies carries high risks. You may lose all invested funds

Crypto exchange typeCEX

Trading Assets

Cryptocurrency Futures Options

Spot feesMaker / Taker0.1% / 0.1%

Futures feesMaker / Taker0.02% / 0.05%

Countries of registration:

Regulators:

AMFOAMFCISBank of SpainFIAFSAFSRACBBAUSTRACBappebtiJFSASEC ThailandCNADBCRCNV

Binance is the world's largest cryptocurrency exchange by trading volume, offering users a diverse selection of digital assets and services. Founded in 2017, Binance rapidly ascended to a leading position thanks to low fees, high liquidity, and continuous innovation.

Pros and Cons of Binance

Binance Reviews

4.8 out of 5

Based on 5 reviews

What traders write about in reviews of Binance?

All TopicsGeneral Impression (5)Spread and Commission (2)Security and Privacy (2)Mobile Application (2)Trading Assets (1)Support Service (1)Regulation (1)Account Funding (1)Withdrawal of Funds (1)Trading Platform (1)

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4.8 из 5

На основе 5 отзывов

О чем пишут трейдеры в отзывах о Binance?

All TopicsGeneral Impression (5)Spread and Commission (2)Security and Privacy (2)Mobile Application (2)Trading Assets (1)Support Service (1)Regulation (1)Account Funding (1)Withdrawal of Funds (1)Trading Platform (1)

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T

Thomas United Kingdom

Перенаправлен с сайта BinanceПриглашенПроверен"Feature-packed exchange with minor drawbacks"Binance offers a feature-packed experience with a wide variety of cryptocurrencies and high liquidity for trading. The low fees and advanced trading tools make it appealing for both casual and experienced traders. It also provides strong security features and a global reach for users. On the downside, Binance’s customer support can be a bit slow at times, which is frustrating if you have an urgent issue. They’ve also faced some regulatory hurdles in certain countries, which occasionally affect available features (for example, certain payment methods). Despite these minor challenges, the overall experience is excellent and the platform’s benefits far outweigh the drawbacks.

Trading AssetsSpread and CommissionSecurity and PrivacySupport ServiceRegulationGeneral Impression

8 декабря 2024 г.

D

Daniel Australia

Перенаправлен с сайта BinanceПриглашенПроверен"Simple sign-up and secure transactions"Getting started with Binance was straightforward, and I appreciate the multiple security steps (like 2FA and biometric login) that make my account feel safe. I’ve been using Binance for a few months now, and I use it daily to deposit, trade, and withdraw crypto without any problems. The app offers a ton of features, but it still feels easy to navigate once you get used to it. Setting up the security measures took a bit of extra time on day one, but it was worth the peace of mind. The transaction fees are reasonable too. I’d definitely recommend Binance, especially if you’re new to crypto, because it’s simple to use and very secure.

Security and PrivacyAccount FundingWithdrawal of FundsMobile ApplicationSpread and CommissionGeneral Impression

12 сентября 2024 г.

MG

Marianne G. Philippines

Перенаправлен с сайта BinanceПриглашенПроверен"From curiosity to daily trading"I came across Binance by accident and signed up out of curiosity. Since I started in 2022, I’ve grown into an active trader and now use Binance almost every day for my crypto trades. The platform keeps me on track with my investments and even makes trading fun. I haven’t found anything to really dislike about it so far – everything runs smoothly for me. Once in a while there might be a slight lag, but nothing serious and it’s quickly resolved. Overall, it’s been a great experience and I’m glad I gave it a try.

Trading PlatformGeneral Impression

30 августа 2024 г.

TK

Thabo K. South Africa

Перенаправлен с сайта BinanceПриглашенПроверен"Most user-friendly crypto app"I’ve been using Binance for a few years, and it remains the best crypto trading app I’ve tried. The interface is very user-friendly – I check my portfolio and trade every day without hassle. It puts me in full control of my investments, and I’ve learned a lot by managing my own trades. My only wish is that they introduce the Binance card in my country (to make spending crypto easier), but that’s a minor issue. Overall, I highly recommend Binance to anyone looking to invest in crypto.

General ImpressionMobile Application

10 июня 2024 г.

AO

Ade O. Nigeria

Перенаправлен с сайта BinanceПриглашенПроверен"One of the best crypto exchanges around"Binance is by far one of the best exchanges I’ve used. It’s packed with features and investment options – from a huge variety of coins to an extensive P2P marketplace where it’s easy to trade crypto for cash. Using Binance has helped me manage my own crypto trades efficiently, and even assist friends who are new to cryptocurrency. So far, I haven’t found anything significant to complain about; it has everything I need. In my country, Binance is very popular, which makes finding trading partners on the P2P market quick and convenient.

General Impression

4 февраля 2024 г.

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Binance Exchange Overview

Binance was founded in 2017 by Changpeng Zhao (CZ) and Yi He. Initially, the team was based in Shanghai; however, facing tightening cryptocurrency regulation, the company relocated its operations to Japan and soon announced a move to Malta. Over time, Binance's management affirmed a departure from a traditional headquarters by creating a globally distributed structure and registering holdings in various jurisdictions, including the Cayman Islands. This approach allowed the exchange to quickly emerge as a market leader: by 2018, Binance was one of the largest by trading volume, and by 2022, its daily turnover reached $65 billion, which accounted for over 50% of the entire cryptocurrency market. Thanks to initial ICO funding (around $15 million) and the issuance of its own token BNB, along with constant expansion of its services, the number of exchange users exceeded 150 million by mid-2023.

Today, the Binance ecosystem includes its own blockchain (BNB Chain), a token sale platform (Launchpad), an NFT trading service, crypto lending, and the subsidiary exchange Binance.US (targeting the American market). The company acquired the largest data aggregator CoinMarketCap and the wallet Trust Wallet, and is actively investing in startups via Binance Labs. At the same time, the Binance brand remains one of the most recognized in the crypto industry, and the team comprises over 7,000 employees worldwide.

The rapid growth of the company has attracted increased attention from regulators in various countries. Since 2019, Binance has faced multiple allegations regarding compliance with securities laws and anti-money laundering measures. In 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit, and later the Department of Justice accused Binance of money laundering and sanctions violations. The company agreed to settle these charges by paying a record fine of $4.3 billion, with Changpeng Zhao personally paying $50 million and stepping down as CEO. However, he remains a major shareholder and an influential figure. The new interim CEO is Richard Teng, who will shape Binance’s future strategy in light of increased regulatory scrutiny.

Binance Review Summary

It is important to note that in preparing the review of the Binance crypto exchange we applied our own evaluation methodology. We adhere to strict criteria and analyze various aspects to provide you with an objective opinion of the platform.

If you want to learn more about Binance and explore other important aspects of the exchange's operations, we invite you to continue reading the review.

Binance can be considered a rather reliable and secure exchange for storing and trading cryptocurrencies, especially when compared to many newer platforms. It has extensive experience in cybersecurity, financial reserves to cover incidents, and it publicly reports on problem resolution. Nevertheless, users should exercise vigilance by enabling all account security measures, avoiding phishing links (the exchange never sends requests for password input outside its domain), using strong passwords, and securing 2FA backup codes. Considering regulatory risks, it may be advisable not to keep large amounts permanently on the exchange, but rather transfer them to your own wallets as needed. In terms of security, Binance has earned the trust of millions of users, though it remains under close regulatory scrutiny.

Licensing and Jurisdiction

Legal Entity	Regulator
Binance France SAS Binance France SAS	AMF AMF
Binance Italy S.R.L. Binance Italy S.R.L.	OAM OAM
Bifinity UAB Bifinity UAB	FCIS FCIS
Binance Spain, S.L. Binance Spain, S.L.	Bank of Spain Bank of Spain
Binance Poland Spółka z Ograniczoną Odpowiedzialnością Binance Poland Spółka z Ograniczoną Odpowiedzialnością	-
Binance Nordics AB Binance Nordics AB	FI FI
BN KZ Technologies Limited BN KZ Technologies Limited	AFSA AFSA
Binance (AD) Limited Binance (AD) Limited	FSRA FSRA
Binance Bahrain B.S.C. (c) Binance Bahrain B.S.C. (c)	CBB CBB
Binance FZE Binance FZE	VARA VARA
InvestbyBit Pty Ltd InvestbyBit Pty Ltd	AUSTRAC AUSTRAC
Binance India Binance India	-
PT. ASET DIGITAL BERKAT PT. ASET DIGITAL BERKAT	Bappebti Bappebti
Binance Japan Inc. Binance Japan Inc.	JFSA JFSA
Investbybit Limited Investbybit Limited	-
Gulf Binance Co., Ltd. Gulf Binance Co., Ltd.	SEC Thailand SEC Thailand
Bmex Techfin, S. de R.L. de C.V. Bmex Techfin, S. de R.L. de C.V.	-
Binance El Salvador S.A. de C.V. Binance El Salvador S.A. de C.V.	CNAD CNAD BCR BCR
Binance Services Latinoamérica S.A. de C.V. Binance Services Latinoamérica S.A. de C.V.	CNV CNV
Brickhouse Trading Ltd Brickhouse Trading Ltd	-

Binance does not have a single global regulator and is not officially licensed in most countries, preferring instead to establish local subdivisions or partnerships where required. For example, in France Binance is registered as a DASP and also holds permits in Italy, Spain, the UAE, Bahrain, Australia, Canada, Kazakhstan, and other countries. In some jurisdictions (the Netherlands, the United Kingdom), the company had to scale back or limit its operations.

In the United States, Binance operates through a separate platform, Binance.US, which is regulated at the state level and is registered with FinCEN. Thus, from a regulatory standpoint, the exchange's reliability is inconsistent: it is legalized in some countries while partially or fully restricted in others.

Regulatory Risks

Binance has repeatedly been the subject of investigations and lawsuits in various countries due to the absence of a unified oversight. In 2023, the company agreed to an unprecedented global settlement with the U.S. Department of Justice, admitting to violations of bank secrecy laws and sanctions, paying a fine of $4.3 billion, and its founder Changpeng Zhao stepped down as CEO after paying $50 million. This set the largest precedent for crypto exchange enforcement and confirmed that even market leaders are not immune to legal action.

Nevertheless, Binance continues its operations by strengthening compliance and transaction monitoring. The exchange has implemented mandatory verification (KYC), expanded its teams for combating financial crimes, and cooperates with regulators. However, users should verify the current legal status of the platform in their jurisdiction, given that access to Binance may be restricted in certain countries.

Asset Security

From a technical standpoint, Binance does a great deal to protect users' assets. The majority of funds (according to the company, ~98%) are stored in cold wallets, which are offline, reducing the risk of cyber-attacks. For account access and transactions, users are strongly advised to enable two-factor authentication (2FA) – Binance supports SMS codes, authenticator apps (Google Authenticator) and U2F hardware keys. Security settings such as an address whitelist, which permits withdrawals only to pre-approved wallets, and an anti-phishing code – a unique marker in emails from Binance to verify their authenticity – are also implemented.

An important element of asset protection is the mentioned SAFU (Secure Asset Fund for Users) – an insurance reserve established by Binance in 2018. A certain percentage of trading fees is allocated to this fund, which is intended to cover users' losses in emergency situations (for example, in the event of hacking incidents). In May 2019, when approximately 7,000 BTC were stolen from Binance hot wallets, SAFU funds were used to fully compensate clients for their losses. This incident demonstrated Binance’s commitment to protecting users' interests and reinforced its reputation as a secure platform.

However, absolute security is unattainable: even Binance has experienced incidents. In addition to the 2019 hack, there have been cases of client API key compromises (leading to unauthorized trading on their accounts), database breaches (in 2019, fraudsters claimed to have obtained users' personal data, reportedly including KYC photos, though Binance did not confirm a leak), and an incident with the Binance Smart Chain network – in 2022, an exploit on the BSC cross-chain bridge resulted in the withdrawal of approximately $570 million, but the network was promptly suspended to prevent further losses. Each time, Binance responded quickly and efficiently, but it is important to take such incidents into account.

The account opening process on Binance can be considered standard for the industry: registration is straightforward, but to use the full range of services, one must complete KYC. Binance, once known for its liberal stance towards anonymity, now fully adheres to global compliance standards, requiring identification from all clients. This ensures a safer and more legitimate operation of the platform, albeit taking a bit of time during the initial stage.

Registration

The account opening process on Binance is quite simple. To register, the user provides an email address (or mobile number) and sets a strong password. After submitting the form, Binance sends a verification code to the provided email/SMS for confirmation. Entering this code on the website activates your account. Registration can also be performed through the mobile application – the procedure is similar.

When registering through our referral link or by entering the Binance referral ID in the registration form, you will receive a discount on fees.

ExchangeCashbackValidity PeriodBonus CodeBinanceBinance20%ForeverUG702FNSClick to copyGet CashbackGet CashbackBinance FuturesBinance Futures10%1 monthprivatefinanceClick to copyGet CashbackGet Cashback

Identity Verification (KYC)

Previously, Binance allowed trading with a basic account without verification (with modest withdrawal limits), but since August 2021, the exchange required all new users to undergo KYC verification. Without verification, you can no longer deposit or trade – only access the interface and account settings. Therefore, after registration, the system will prompt you to proceed with identity verification.

The standard level is Verified (Basic Verification), for which you must provide:

1. Personal information (full name, date of birth, residential address).
2. A government-issued identification document – this may be a passport, national ID, or driver's license (the list of acceptable documents depends on your country). The document must be uploaded as a photo or scan via the website's form.
3. A facial photograph – Binance will request a selfie or the upload of a photo clearly showing your face (in some cases, you may be required to pass a webcam verification with head movements to match the document).

Once you submit these details, the verification process begins. As a rule, verification is completed quite quickly – from a few minutes to several hours, and in rare cases up to 1-2 days, depending on support load. The application's status is displayed in your profile. If everything is in order, the account receives a Verified status. Sometimes the verification team may request additional information or a re-shot if something is unclear – it is important to follow the instructions carefully.

For most users, basic verification is sufficient. The withdrawal limit for a verified account generally is equivalent to 100 BTC per day (this limit can change, but it is a very high threshold, in the millions of dollars). However, Binance also offers enhanced verification (Verified Plus) – which requires confirmation of residential address (e.g., by uploading a utility bill or bank statement with your name and address). Verified Plus increases certain limits (for example, allows larger fiat deposits/withdrawals at once) and may be necessary for institutional or VIP clients.

User Agreement and Age

During registration, the user must agree to the Binance Terms of Use, which outline the rights and obligations of both parties. Specifically, only individuals over 18 years old may use the exchange. Binance also prohibits registration by residents of countries under sanctions (e.g., North Korea, Syria, etc.) and from certain regions on grounds of local legislation (for example, residents of Crimea, Iran, etc. are not served by Binance.com). These restrictions are stated in the agreement, and accounts may be closed if violations are detected.

Two-Factor Authentication (2FA)

Immediately after registration (and especially after verification), it is strongly recommended to set up 2FA. Without 2FA, Binance may restrict certain operations. Usually, you are given a choice: linking your phone number (SMS 2FA) or using an app such as Google Authenticator (GA) / Binance Authenticator. The latter is considered more secure. Setup takes just a couple of minutes: you scan a QR code in the GA app and save the backup code. Thereafter, each time you log in to the exchange and withdraw funds, you will be prompted to enter a one-time 2FA code. This significantly enhances account security.

One of the reasons for Binance's success is the incredible breadth of services available on the platform. It is not just a cryptocurrency exchange but a full ecosystem for trading, investing, and utilizing digital assets.

Spot Trading

The primary market on which Binance began was spot trading. More than 350 cryptocurrencies and tokens are supported, forming thousands of trading pairs. These include all leading coins (BTC, ETH, BNB, XRP, ADA, SOL, etc.), most popular altcoins, DeFi tokens, and new projects (listings on Binance occur regularly). Spot trading is conducted in pairs with base currencies: USDT, USDC, BTC, ETH, EUR, TRY, and others.

Binance is renowned for listing new projects after thorough due diligence – getting listed on Binance is considered an achievement for a crypto startup. Thanks to immense liquidity on the spot market, Binance offers minimal spreads and fast order execution. All standard order types are available (market, limit, stop-limit, stop-market, trailing stop, OCO). The spot market is ideal both for newcomers purchasing their first cryptocurrency and for professionals executing high-volume trades.

Margin Trading

Expanding from the spot market, Binance allows trading on margin by borrowing funds from the platform. Margin is available on dozens of pairs (BTC/USDT, ETH/BTC, etc.), with maximum leverage depending on the coin – typically up to 3x on cross margin and up to 20x on isolated margin for certain pairs. Margin positions are linked to the spot account, and interest is charged daily on the borrowed funds. This tool is useful for enhancing trade profitability but also carries increased liquidation risks. Binance displays the margin level and warns when approaching a margin call. Margin trading is integrated directly into the main interface (simply switch between the "Cross" or "Isolated" tab).

Futures and Derivatives

In 2019, Binance launched a separate platform, Binance Futures, which rapidly became a market leader in derivatives trading. Here, perpetual contracts – which have no expiration date and are pegged to an index of the underlying asset – are traded. Futures on Bitcoin, Ethereum, and hundreds of altcoins are available, traded against USDT or BUSD (USDⓂ-M futures, margined in stablecoins) or against USD (COINⓂ-M futures with profit/loss settled in BTC). Besides perpetual contracts, Binance also offers quarterly futures (with expirations every three months).

Leverage can reach up to 125x on the most liquid contracts (BTCUSDT), though typically orders above 20x require increased collateral. Most altcoins trade with leverage up to 25-50x.

Futures fees are low and liquidity is extremely high – far surpassing spot trading. This attracts professional traders, speculators, and hedgers.

In addition to futures, Binance has introduced options. Initially, these were simplified American options with short durations, but subsequently, European options on BTC and ETH were added. The trading volumes for options are still modest, but the instrument is available to all.

P2P Trading

Binance P2P (peer-to-peer) is a platform that directly connects buyers and sellers of cryptocurrencies for fiat currency. It is integrated into Binance: you can post an advertisement to sell USDT for, say, local currency by specifying a rate and payment method, or choose from existing offers. The transaction is conducted through Binance's escrow: the buyer sends money directly to the seller (via card/account), and Binance holds the seller's cryptocurrency until payment is confirmed. Once the seller confirms receipt of funds, the crypto is released to the buyer. If disputes arise, they are resolved by support based on provided evidence.

P2P trading is very convenient for converting large fiat sums into crypto and vice versa without involving banks. On Binance P2P, available cryptocurrencies include USDT, BTC, TUSD, BNB, ETH, SOL, USDC, and several other cryptocurrencies (for example, PEPE or TRUMP)​. Payment methods range from bank transfers and cards to e-wallets, cash, gift cards, etc., depending on the region.

Binance P2P, with its zero-fee structure, has become the most popular P2P market globally, particularly in countries with restrictions on direct crypto trading.

Binance Earn

The Earn section encompasses a variety of methods for generating passive income on crypto assets:

• Flexible Savings: deposit cryptocurrency at a variable interest rate that can be withdrawn at any time. Yields are modest (for USDT ~1-5% per annum, for BTC <1%, for some altcoins 1-10%).
• Fixed Deposits: lock your coins for a set term (e.g., 30, 60, 90 days) in exchange for a higher interest rate. Often available for stablecoins, DeFi tokens, etc.
• DeFi Staking: Binance participates in DeFi protocols and distributes the earnings to users. You earn interest without needing to grasp the intricacies of yield farming.
• Staking (Proof-of-Stake): delegate your PoS coins (ADA, DOT, ETH, SOL, etc.) through Binance and receive network rewards. Some options are available in a flexible mode, others require a fixed lock-up period.
• Launchpool: earn new tokens – holders of BNB, FDUSD, and other designated coins can 'lock' them in Launchpool and receive new tokens from projects launching on Binance. This typically occurs over about one month, and the awarded tokens can then be traded immediately.
• Dual Investment: an innovative product – essentially, the sale of call/put options. For example, you invest 1 BTC for a week under Dual Investment with a target price, and receive a fixed percentage plus the potential to sell BTC at that target price. This is designed for experienced traders, but the yield can be high in a volatile market.
• Liquid Swap: akin to liquidity pools (AMM) – you add liquidity to pairs (e.g., USDT/USDC) and receive a portion of fees plus interest. The risks are minimal for stable pairs, though the returns are modest.

All of these options enable users who simply hold cryptocurrency to earn extra income. In doing so, Binance retains clients within its ecosystem, offering an alternative to independently participating in staking or DeFi.

Binance Launchpad

A platform for conducting Initial Exchange Offerings (IEO) – launches of new tokens exclusively on Binance. Participants holding a certain amount of BNB can receive an allocation of new tokens proportional to their balance. Some well-known projects (Polygon, Axie Infinity, STEPN, etc.) started via Binance Launchpad. Typically, you commit your BNB during the subscription period, then receive the new token along with any unused BNB. Launchpad offers the opportunity for early entry into promising projects that often exhibit price growth upon listing.

NFT Marketplace

In 2021, Binance launched its own NFT marketplace, where you can buy and sell non-fungible tokens – digital art, collectibles, gaming NFTs. Additionally, Binance conducts Mystery Box sales (boxes containing random NFTs) and IGO (Initial Game Offerings) for gamified projects. The transaction fee for NFTs is approximately 1%. The marketplace is integrated with the main exchange account – payments can be made in BNB or ETH. Binance's NFT platform is convenient as it unites different blockchains (Binance Chain, Ethereum) and a large user base.

Binance Loans

The Binance Loans service allows you to borrow one cryptocurrency by using another as collateral. For example, you can collateralize BTC and receive USDT or USDC as a loan, enabling you to access liquidity without selling your bitcoin. Alternatively, you can pledge BNB to secure an ETH loan, and so on. A wide range of coins is supported. Interest rates depend on the asset and loan term, typically ranging from 5% to 15% per annum. There are limitations in terms of LTV (loan-to-value ratio). If the value of the collateral falls significantly, liquidation may occur. This is similar to margin lending, but outside trading – used for obtaining liquidity or shorting another asset. Additionally, Binance periodically offers Interest-Free Loans for short durations for VIP clients or promotional purposes.

Binance Pay and Card

Binance Pay is a feature within the app that enables crypto payments between Binance users (via QR code or email). You can send cryptocurrency to any other Binance user instantly and for free. Based on Binance Pay, the Binance Crypto Card (Visa) is also offered to clients in Europe and select other regions. With the card, you can spend cryptocurrency from your Binance account at any seller that supports Visa – the conversion of crypto to fiat occurs instantly. The Binance Card offers cashback in BNB (up to 8% for VIP-level users). Currently, the card is available in the EEA, Ukraine, and several other countries. It serves as a real bridge between crypto and the real world.

Copy Trading

Copy Trading is the ability to automatically replicate the trades of successful traders. On Binance, apart from the core functionalities, there is integration with platforms that enable trade copying. The user selects an experienced trader, reviews their statistics (yield, maximum drawdown, trade count, trading style) and, upon confirmation, links their account to copy the trades. All operations are executed in sync, and the results are reflected on the investor's balance. This enables even beginners to participate in trading by leveraging the expertise of professionals. Copy trading helps diversify risk, but it is important to remember that past performance does not guarantee future profits.

Trading Bots

Trading Bots are software solutions that automatically execute trading strategies on Binance via the API. They allow you to:

• Implement algorithmic strategies (scalping, arbitrage, grid trading, DCA, etc.) without constant trader intervention.
• Process large amounts of data and react instantly to changes in market conditions.
• Customize trading parameters, set limits, stop orders, and automate position management.
• Utilize ready-made solutions from third-party developers (for example, 3Commas, HaasOnline, Cryptohopper) or write your own scripts.

When using bots, it is important to ensure the security of API keys (limit permissions, use IP whitelisting) and regularly monitor the bot's performance to avoid errors, especially during high market volatility. Trading bots can significantly enhance trading efficiency if the strategy is properly configured and tested.

OTC Trading

For very large transactions, Binance offers an OTC service. Through this service, institutional clients or high-net-worth individuals can execute buy/sell trades of cryptocurrency worth from ~$100k without impacting the market. The price and volume are negotiated directly with Binance's OTC desk. This is especially useful when you need to buy or sell a low-liquidity token in large volumes – rather than moving the market price, the trade is executed off the order book.

Brokerage and API

Binance provides brokerage capabilities – other companies can integrate Binance's liquidity via API to offer trading services (essentially acting as sub-brokers). For developers and traders, a robust API (both REST and WebSocket for streaming quotes) is available. Through the API, you can implement bots, algorithmic trading, and retrieve historical data. Binance enforces some of the highest API rate limits among major exchanges, particularly for VIP users, which is valuable for hedge funds.

Binance is renowned for its low fees, which was one of the key reasons for its popularity. The exchange is especially beneficial for high-volume traders who may achieve high VIP levels: for them, fees approach zero. Even for beginners, 0.1% is significantly lower than competitors such as Coinbase (around 0.5% for retail) or Kraken (0.16-0.26% at the basic level). In terms of expenses, Binance offers a significant advantage, which is particularly important for large trading volumes or frequent transactions.

Spot Trading Fees

The standard fee for all spot trading pairs is 0.1% of the trade amount for both maker and taker. This is a very low rate by industry standards (many competitors charge 0.2-0.3%).

Binance employs a tiered fee structure: as your 30-day trading volume and BNB balance increase, your VIP level rises, and fees decrease. Moreover, if you hold a sufficient amount of BNB and enable the 'Discount on fees in BNB' option, you receive a 25% discount on spot trading fees. Thus, the effective rate for many active traders can be as low as 0.075% or even less.

Margin Trading Fees

On Binance, margin trading is executed on the spot market using borrowed funds, so the trading fee is the same as the spot fee (0.1% or discounted). Additionally, margin traders pay interest on borrowed funds. The interest rate depends on the cryptocurrency and may vary (for example, for USDT ~0.8% per annum, for BTC ~3-5% per annum, for less liquid coins it is higher). The rate is applied hourly on the borrowed leverage. If you have VIP status, the borrowing rates are reduced.

Futures Trading Fees

For perpetual futures (USDT-M and COIN-M), the base fees are: 0.02% for makers and 0.05% for takers. These rates apply to regular users (VIP 0) and are among the lowest among major exchanges. With higher VIP levels, the fees decrease – down to 0% maker and 0.017% taker at VIP 9.

Options Trading Fees

The base fee for options trading on Binance is 0.03% for both makers and takers. In this case, discounts for paying fees with BNB and VIP bonuses do not apply.

Deposit Fees

Cryptocurrency deposits on Binance are free – the exchange does not charge a fee for deposit; you only pay the miner fee when transferring funds from your wallet. Fiat deposits may incur fees depending on the method. For example, a deposit via SEPA bank transfer in euros is often free (or has a fixed fee of ~€1), while card funding may incur a fee of about 1.8% (or no fee if promoted). For some local payment methods, fees can be significant, up to 2-5%. Binance strives to minimize these costs, often subsidizing the fees of its payment partners. Additionally, you can always deposit via P2P without a fee from the exchange (but at a rate negotiated with the counterparty).

Withdrawal Fees

Cryptocurrency withdrawals incur a fixed fee, which depends on the coin and the network used. This fee is deducted from the cryptocurrency being withdrawn and covers miner fees. For example, a BTC withdrawal costs about 0.0002 BTC (≈ $5–6) with a minimum withdrawal amount of 0.001 BTC. Binance periodically reviews these fees based on network congestion – they may increase or decrease. A plus: for many tokens, alternative networks with lower fees are available (for instance, USDT can be withdrawn via Tron for a fee of $1 or via BSC almost for free).

Fiat withdrawals (if supported in your country) carry fees depending on the method: SEPA withdrawals typically charge 0.1% (minimum a few euros, maximum usually €5-€15), card withdrawals may cost about 1%, and some services can charge up to 2-3%.

Other Fees

Binance does not charge any account maintenance or storage fees. Trading on the P2P platform is fee-free (though a nominal fee may apply for the ad creator in some regions). There are no fees for participating in Launchpad, staking, etc. – in fact, Binance pays interest to users. Fees exist for third-party services within the ecosystem – for example, the Binance NFT Marketplace charges a fee on NFT sales (~1%), and Binance Pool (mining) takes a commission on mining (~2.5%).

Deposits and Withdrawals

Binance provides exceptionally flexible and numerous methods for depositing and withdrawing funds, which is one of its strong advantages. Users from virtually any country can find a suitable option, whether through direct bank channels or peer-to-peer exchanges. In most cases, transaction speeds are high, and fees are at or below the market average (especially for crypto operations). This is due to Binance's extensive infrastructure efforts in integrating local payment systems worldwide.

Depositing with Cryptocurrencies

To deposit cryptocurrency on Binance, you need to generate a deposit address. In your user dashboard under the “Deposit” section, select the desired token and network. Binance will display your unique wallet address for that cryptocurrency (for example, a BTC address or an ETH ERC20 address). Copy this address and use it in your external wallet or another exchange to transfer funds. After sending the transaction, wait for the required number of network confirmations (for BTC it is 1 confirmation, for ETH usually 12 blocks, etc.), after which the funds will be credited to your account.

Deposit fees from Binance are non-existent – you only pay the miner fee when sending from your wallet, which goes to the network. The time for funds to be credited depends on the blockchain: from several minutes (for fast networks or Layer2) to an hour or more (for congested networks).

Fiat Funding

Binance supports fiat deposits through several methods:

• Bank Transfer: For several currencies, Binance provides bank account details. For example, users in the EU can send EUR via SEPA to Binance’s account (with a unique code in the payment reference). In Ukraine, Binance operates with the Fiat Trade payment system, enabling hryvnia transfers from cards via instant payment methods in the app.
• Bank Cards: the most convenient method – link your Visa/MasterCard and deposit funds instantly. Available for many currencies (USD, EUR, UAH, etc.). The deposit fee may be around 1.8% (subject to confirmation during the transaction). Funds are credited almost immediately and appear as the balance in the selected currency.
• P2P Platform: the proprietary service Binance P2P allows you to purchase cryptocurrency directly from other users in exchange for fiat. Essentially, you transfer money (via bank, PayPal, cash, etc.) to the seller, and the seller transfers crypto to you through an escrow service. Binance acts as the guarantor of the transaction. On P2P, there are over 700 different payment methods available worldwide. It is especially popular when direct channels are not available or when local payment options are required. P2P transactions incur no fee (the rate is determined by the transacting parties). After purchase, the cryptocurrency is credited to your P2P wallet, from where you can transfer it to your main wallet and continue using it on the exchange.

Withdrawing Cryptocurrencies

To withdraw crypto assets from Binance to an external address, go to the “Withdraw Crypto” section, select the coin, enter the recipient’s address and network, as well as the amount. The system will display the network fee and the minimum withdrawal amount. Upon confirmation, the specified amount plus the fee will be deducted from your balance, and the transaction will be sent to the blockchain. For example, if you withdraw 0.01 BTC and the network fee is 0.0002 BTC, then 0.0098 BTC will be received at the external address. The withdrawal fee goes to the miners and depends on the network.​

Binance supports withdrawals via multiple networks for universal tokens. For example, USDT can be withdrawn via ERC20, TRC20, BEP20, Polygon, Arbitrum, and others – with varying fees and speeds. The withdrawal time depends on the block generation speed: usually within 10-60 minutes. Binance processes withdrawal requests almost instantly (provided that 2FA and all verifications are complete), though delays can occur if a large withdrawal is manually reviewed or if the network is congested.

Fiat Withdrawals

With Binance, you can withdraw money to a bank account (e.g., SEPA transfer in EUR, SWIFT in USD, etc.), to a bank card (if available in your country), or via the P2P market. For example, withdrawing EUR to a European bank typically incurs a fee of about 0.1% (minimum €1, maximum usually €5-€15). Withdrawing USD via SWIFT may cost a fixed fee of $30-50 (if processed through intermediary banks). Card withdrawals (if available) incur a fee of around 1-2%. Each country has its own set of methods, and Binance displays the current limits and fees in its interface.

The speed of fiat withdrawals varies: card withdrawals typically take 5-15 minutes (sometimes up to a day), while bank transfers may take from several hours to 1-2 business days. Binance strives to process requests quickly, but much depends on the intermediary banks.

Limits

For verified users, limits are very high: by default, Binance allows withdrawals of up to the equivalent of 8 million dollars per day in cryptocurrency (100 BTC). Fiat limits may be imposed by Binance's partner (for example, a bank may have a daily limit of ~€200k). P2P has its own limits set by the ad creators. There are no internal limits on crypto deposits (even amounts in the billions – as long as the network permits). Previously, without verification, the withdrawal limit was 2 BTC per day; currently, without KYC, full access is unavailable.

One of the reasons for Binance's success is the incredible range of products available on the platform. It is not just a cryptocurrency exchange but a complete ecosystem for trading, investing, and utilizing digital assets.

Main Markets and Services on Binance

Let’s review the main markets and services offered by Binance:

Supported Cryptocurrencies

It is worth emphasizing that Binance supports virtually all major blockchains and token standards. BTC, ETH, BNB, Solana, Polkadot, Avalanche, Matic, Tron, XRP, Cardano – listing every network would take considerable space. On the exchange, you can find ERC-20, BEP-20, BEP-2, TRC-20, SPL (Solana) tokens, among many others. Moreover, Binance acts as a major infrastructure hub – operating its own nodes and participating in network governance (such as a BNB Chain validator or a Lightning Network node for BTC). Essentially, support from Binance often signifies global recognition and a massive influx of liquidity for a crypto project.

Binance offers a mobile app, web platform, and API access, along with a comprehensive knowledge base and support. This confirms that the exchange caters to various types of users – from casual investors to algorithmic traders.

Web Platform

The primary access method is the official website binance.com. The web interface is highly functional. The homepage provides a market overview and links to the main sections.

For trading, Binance offers a full-screen terminal with a TradingView chart, order book, trade ticker, advanced order types, and customizable widgets. Traders can switch between markets (spot, margin, futures) using tabs.

The web platform supports all functionalities: deposits/withdrawals, staking, P2P trading, account management, referral programs, support via chatbot, portfolio tracking, and more. It runs quickly in browsers, though opening many tabs simultaneously may stress the system (due to charting). Both dark and light themes are available. Binance periodically updates the design and adds new modules (for example, a news window or strategy widget). The web platform is accessible on both PCs and tablets via an adaptive design.

Mobile Applications

Binance offers free applications for iOS (via the App Store) and Android (via Google Play or direct APK download from the website). The mobile application allows you to perform almost all functions available on the website.

The interface is optimized with tabs such as 'Home' (overview, favorite markets), 'Markets' – a list of all trading pairs with prices, 'Trade' – the trading window, 'Futures' – a separate tab for derivatives, and 'Assets' – portfolio overview and access to deposits/withdrawals.

The app supports biometric login (fingerprint/FaceID), push notifications (including price alerts), and QR scanning for Binance Pay. It offers two interface modes: Lite (a simplified version for beginners – showing only essential functions like buy/sell and viewing balance) and Pro (a full-featured mode complete with TradingView charts and all sections). This is convenient: beginners can use Lite to avoid confusion and later switch to Pro. You can even complete KYC through the app by scanning documents with your camera.

Reviews indicate that Binance's mobile applications are quite fast and reliable, although during extreme volatility (such as sudden market movements) there may be delays in data updates. It is essential to update the app to the latest version for security. Overall, Binance's mobile platform is among the most functional on the market, allowing trading and asset management on the go.

Desktop Application

For those who prefer a dedicated program, Binance offers a Desktop App for Windows, macOS, and Linux, available for download from the official website. The desktop application essentially mirrors the web interface but runs directly on your computer, often providing better performance and responsiveness (without browser-induced delays). Its interface is very similar to the web version, featuring a trading terminal, access to P2P, futures, Binance Earn, and account settings. The advantage is convenience for active traders: you can open separate windows on multiple monitors and set up system pop-up notifications. It is also said that the desktop application encounters fewer CAPTCHA and Cloudflare issues compared to the web version. Updates are released regularly, making it the preferred option for many professionals.

API and External Platforms

Binance provides a robust API (Application Programming Interface) for direct interaction with its servers. This allows users to utilize third-party trading terminals (such as Sierra Chart or bots) or write their own scripts. Two main types are available: the REST API for requests (balances, order placements, trade history, etc.) and the WebSocket API for streaming data (quotes, order book updates). To use the API, generate an API key and secret key in your account settings, with the option to assign permissions (read, trade, withdraw – it is advisable to disable the latter for security). You can also restrict API usage to specific IP addresses. Binance imposes request limits (higher for VIP users) to prevent overload.

Utilizing the API is fundamental to algorithmic trading on Binance. There are many bots and trading systems that support the Binance API. For example, traders can link Binance to TradingView, 3Commas, Quantconnect, and more.

There is also the option to trade on Binance via third-party interfaces, such as MetaTrader 5 terminals (some brokers integrate Binance liquidity) or Telegram bots (using the API). However, the official method remains the native applications.

A trader on Binance has access to professional charts, fundamental project information, research materials, and customizable analytics. For further analysis, data can be exported and used with third-party tools. In this way, Binance's analytical capabilities complement its trading functionality, making the platform a comprehensive trading workspace.

Charts and Technical Analysis

The trading interface integrates TradingView charts, allowing for in-depth technical analysis without leaving the platform. Users can overlay multiple indicators (such as moving averages, RSI, MACD, Bollinger Bands, etc.), draw trend lines, patterns, and more. Timeframes can be adjusted from as short as 1 second (the website requires at least 1 minute; tick data is available via the API) to as long as 1 month. Additionally, market depth – a visual representation of the order book – is available to help assess nearby support and resistance levels. Traders can leverage these tools to analyze price patterns, trading volumes, and more.

Coin Detail Page

For every cryptocurrency traded on Binance, there is a dedicated window providing brief information: a link to the project's website, a blockchain explorer link, the token address (for tokens), and a short description. This reference information helps quickly understand what the asset is, especially if it is a new token. Occasionally, related news based on keywords is also displayed.

Binance Research

Binance has a team of analysts who produce research reports on various cryptocurrencies and market phenomena. These reports are published on a dedicated section at binance.com/research and are available for free. They are generally more fundamental in nature, covering the project's technology, token economics, market prospects, and competitors. For new listings, Binance often releases a research post to introduce the project to users.

Blog and News

Binance maintains a blog with news regarding listings, updates, and promotions. Occasionally, market reviews are also published – though these are generally announcements rather than in-depth analyses. However, Binance periodically releases quarterly reports on the cryptocurrency market, trends, and yearly summaries. These posts offer a macro-level analysis of the industry.

Portfolio Management

In the personal dashboard, Binance provides a summary of your portfolio, including total value in BTC/fiat, asset allocation (pie chart), and balance history. For futures accounts, a detailed PnL (profit and loss) history by day is provided, allowing you to see metrics such as win ratio and maximum drawdown. This analytical overview helps traders assess performance and portfolio volatility.

Binance aims not only to provide tools but also to educate users on how to use them. Binance Academy has become an industry standard as a free educational resource. A plethora of local initiatives (such as webinars in local languages, meet-up events, quiz contests, etc.) contribute to the image of Binance not just as an exchange, but as a platform for enhancing user expertise. This benefits both the company (as more informed clients make more transactions with fewer mistakes) and has a positive impact on the overall crypto industry.

Binance Academy

This is arguably the company’s flagship educational project. Binance Academy is a free knowledge portal, available in multiple languages. The Academy contains over 280 articles, videos, and glossaries on a wide range of topics: from basic blockchain concepts to advanced trading strategies. The materials are organized by category – Blockchain, Economics, Security, Trading, DeFi, and more. Articles are written by Binance experts or guest authors and undergo thorough fact-checking.

Help Center

Binance features an extensive Help Center containing answers to practical questions – how to register, set up 2FA, complete KYC, trade, withdraw funds, and more. Essentially, it functions as the official user guide. Many articles include screenshots and step-by-step instructions. While Binance Academy covers theory and concepts, the Help Center is focused on the practical aspects of operating the Binance platform.

Video Tutorials and Webinars

Binance operates a YouTube channel where educational videos are published. The global channel hosts playlists such as 'Binance 101' (basics of using the exchange), product walkthroughs, interviews, and weekly market overviews. In addition, Binance has localized YouTube channels with content in various languages. Hosted by Binance representatives or guest experts, these videos cover current topics, answer audience questions live, and discuss subjects ranging from new projects to account security and trading strategies. Live streams are generally free, and recordings are subsequently posted on the channel.

Courses and Training Programs

In 2022, Binance launched initiatives aimed at systematic education. For example, Binance Learn & Earn is a program where users can complete short educational courses (typically reading an article and answering a few questions) and receive small cryptocurrency rewards. Through Learn & Earn, thousands of people completed courses on topics such as BNB Chain and stablecoins and received bonuses. Binance also occasionally collaborates with universities and supports blockchain clubs – for instance, in 2023 a partnership was announced with Ukrainian universities for implementing blockchain courses.

If your issue is not urgent, Binance's ticket system will resolve it within a reasonable timeframe. In critical situations (for example, if a scammer has withdrawn funds), support may not respond instantly but will conduct an investigation. Compared to some competitors (where support is either lacking or only available via email with long wait times), Binance’s support is fairly competent. However, there are better examples: with Coinbase and Kraken, users report more prompt responses, albeit with a smaller customer base.

Advice to Users: Make full use of the knowledge base and automated solutions (such as resetting your password via the website or canceling orders on your own) before contacting support – this will save time. When reaching out, clearly articulate your problem in English and provide all necessary details upfront. This increases the chances of a swift resolution.

Support Channels

Binance provides several methods to contact support:

• Support via Web/App (Ticket System): In your account, click on "Support" and describe your issue. Initially, a chatbot usually offers relevant articles from the knowledge base based on your keywords. If this does not resolve your problem, you can create a support ticket. You will need to choose a category (such as withdrawal issues, verification questions, etc.), provide a detailed description, and attach screenshots/videos. The request is assigned a ticket number and processed by support.
• Online Chat: In some cases, a live operator chat is available. Typically, a bot initiates the conversation, but if you type "live agent" and the issue is complex, the system will connect you to a real representative. During peak times (such as widespread outages), the chat might be temporarily disabled.
• Social Media: Binance actively manages its social media channels, and they have dedicated support accounts. For example, on X the official account is @BinanceHelpDesk where you can send a direct message. On Telegram, official admins can direct you to the appropriate support channel. However, be cautious of scammers – genuine support will never contact you first on social media.

Response Time

Under normal circumstances, initial responses to tickets typically arrive within a few hours. Complete resolution may take anywhere from 1-2 days to a week, depending on the issue's complexity. During periods of high demand (such as sharp market downturns or issues with fiat deposits), response times may be longer. Users have reported varying experiences: some received responses within 30 minutes, while others waited up to 3 days for a reply. Overall, the average response time of Binance support is around 24 hours or less for an initial response.

Support Competence

For routine issues (such as recovering 2FA, not receiving a code, or increasing withdrawal limits), support typically follows scripted responses – sending instructions from the knowledge base, which are usually sufficient. In complex cases (for example, stuck transactions, incorrectly entered memo during withdrawals, or interface bugs), the inquiry is routed to a specialized department. For instance, if a deposit is delayed due to a network error, it may require blockchain verification by the financial team, which could take several days. In such cases, support acts as an intermediary – not all delays are attributable solely to them.

There are few complaints about the agents’ qualifications – most routine issues are resolved competently. However, sometimes it appears that support is overloaded and responds with templated answers, not delving into details until prompted. This is typical if a client submits a lengthy query with multiple issues – the response may address only one, leaving others unaddressed, necessitating multiple follow-ups.

Conclusion

Binance has rapidly become a leader among cryptocurrency exchanges thanks to its extensive functionality, low fees, and high liquidity. The platform offers hundreds of cryptocurrencies, spot and margin markets, advanced derivatives, innovative products like Launchpad, and diverse passive income opportunities through Binance Earn. Despite a complex interface, detailed educational resources and a simplified Lite mode help users quickly acclimate to the platform.

On the other hand, the exchange faces regulatory challenges and occasional customer support issues, requiring users to be vigilant about account security and the legal status of Binance in their respective countries. Nonetheless, thanks to high security standards (including the SAFU fund), reliability, and continuous innovation, Binance remains one of the best platforms on the market, suitable for both professionals and beginners.

FAQ

What is Binance?

Binance is the world's largest cryptocurrency exchange, offering trading in digital assets, investment products, and a variety of financial services.

Is Binance safe?

Yes, Binance is considered safe due to high security standards such as the SAFU fund, 2FA authentication, and continuous security monitoring.

How does Binance work?

Binance allows users to buy, sell, and exchange cryptocurrencies, providing access to spot, margin, and futures trading, as well as various passive income products.

How do you use Binance?

Register on the website or via the app, complete the verification process, deposit funds, and choose your preferred method of trading or investing.

How do I open an account on Binance?

Visit Binance.com, click on "Register", enter your email or phone number, create a password, complete the confirmation process and identity verification (KYC).

How do I deposit funds on Binance?

Go to the "Wallet" section, select "Deposit", choose your cryptocurrency or fiat payment method, obtain the deposit details, and transfer the funds to the provided address.

How do I trade on Binance?

Open the "Trade" section, select the desired trading pair, choose your order type (market or limit), enter the amount, and click "Buy" or "Sell".

How do I sell cryptocurrency on Binance?

Navigate to the "Trade" section, select the cryptocurrency and trading pair, place a sell order at the market or your desired price, and confirm the trade.

How do I withdraw money from Binance?

Go to the "Wallet" → "Withdraw" section, select the currency to withdraw, provide the wallet address or bank details, enter the amount, and confirm the operation.

How do I delete my Binance account?

Contact support via the "Support" section and create a ticket requesting account deletion, complete the necessary identity verification, and confirm the deletion.