Binance remains the world’s largest cryptocurrency exchange by trading volume, serving millions of users in 2025. Whether you’re executing your first trade or managing multiple assets, chances are you’ve considered Binance due to its reputation. However, popularity isn’t enough—security, fees, trading features, and ease of use are critical factors in choosing the right platform. While Binance offers deep liquidity and sophisticated tools, these advantages may suit experienced traders better than beginners. Before committing, it’s essential to evaluate how well the exchange aligns with your needs.

This review dissects Binance from multiple angles, including pros and cons, trading features, supported assets, fees, and more. Whether Binance aligns with your trading needs depends on how well its features match your expectations. Let’s break it down:

What Is Binance?

Binance is a centralized cryptocurrency exchange that gives users access to over 500 digital assets and more than 1,400 trading pairs. It launched in 2017 and, within six months, became one of the largest exchanges in the industry. Originally based in China, the company relocated after the government-imposed restrictions on crypto businesses, moving first to Japan and then to Malta.

Changpeng Zhao, widely known as CZ, founded Binance and applied his experience from working with trading systems at the Tokyo Stock Exchange to build the platform’s infrastructure. While he stepped down as CEO in November 2023, he remains its largest shareholder. Richard Teng is the current CEO of Binance.

Binance operates in around 180 countries and serves over 250 million users. Its platform supports various crypto-related services, including listing, holding, fundraising, withdrawals, and de-listing. Binance also has its own blockchain-based token, Binance Coin (BNB), which users can use for transaction fee discounts.

As of 2025, Binance is fully regulated in France as a Digital Assets Provider under the Autorité des marchés financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Subsidiaries like Binance US comply with regulations in their respective regions.

Beyond basic trading, Binance offers an in-app NFT marketplace, a crypto education hub, copy trading and passive income opportunities.

Binance Key Features

Binance is packed with features, each catering to different types of crypto users. From spot trading and staking to early-stage investments, Binance has built a system that supports a wide range of financial products.

Binance Futures

Binance is one of the top leverage trading platforms. It allows users to trade with up to 125x leverage, offering access to a variety of futures contracts. With such high leverage, small price movements can lead to significant gains or losses, making it a high-risk, high-reward trading option.

Security Measures

Security remains a major concern in crypto, and Binance has implemented multiple protective layers to ensure it. Two-factor authentication (2FA) adds an extra step to the login process, reducing the risk of unauthorized access. KYC verification is another measure that ensures identity authentication.

Trading Fees

Binance is known for its competitive fee structure. The default transaction fee stands at 0.1%, already lower than many other exchanges. Those who use Binance Coin (BNB) to pay fees receive a further discount.

Binance Launchpad & Launchpool

Early access to new crypto projects is possible through Binance Launchpad and Launchpool. These features allow users to acquire tokens from emerging blockchain projects before they reach the broader market. With frequent new listings, traders looking for early investment opportunities often turn to these platforms.

Binance Fiat Gateway

Buying and selling crypto with traditional currencies is streamlined through the Binance Fiat Gateway. Over 65 fiat currencies are supported, and users can purchase cryptocurrencies using bank cards and other payment methods. Selling crypto for fiat is also integrated, making cashing out a straightforward process.

Binance Earn

Earning passive income without actively trading is possible through Binance Earn. Users can deposit their crypto holdings and earn interest over time. This feature provides a way to generate returns on idle assets, appealing to those who prefer a less hands-on approach to growing their holdings.

Binance covers a vast spectrum of crypto-related services, making it a platform that extends beyond simple trading. That’s why it appeals to a variety of crypto traders.

Binance Privacy and Security

Binance employs multiple security measures to protect user funds and data. Artificial intelligence-powered risk control systems monitor transactions in real-time, identifying unusual activity through identity verification, facial recognition, and forensic investigations. Big data analytics further enhance these monitoring efforts, helping detect potential threats before they escalate.

Despite past breaches and regulatory challenges, Binance continues to implement industry-leading security protocols. Two-factor authentication (2FA) and SSL encryption safeguard user accounts, making unauthorized access significantly more difficult. Address whitelisting prevents withdrawals to unapproved addresses, reducing the risk of phishing attacks and unauthorized transactions.

The Proof of Reserves (PoR) system ensures that customer assets are fully backed, with a substantial portion stored in cold wallets to minimize cyberattack risks. Binance’s Web3 Wallet integrates Multi-Party Computation (MPC) technology, eliminating single points of failure and ensuring greater transaction security.

To further protect users, Binance offers wrong address protection and malicious contract detection, which alerts users if an address or smart contract poses a security risk. Additionally, advanced users can verify Merkle Tree hashes for fund transparency, though this requires some coding knowledge.

Does Binance Require KYC?

Binance enforces KYC (Know Your Customer) verification for users who want full access to its platform. Without it, restrictions are applied, including lower withdrawal limits and limited access to features. Completing KYC unlocks higher transaction capabilities and additional features. Verification requires a government-issued ID or passport. KYC is important as it ensures compliance with regulations and strengthens security by reducing fraud risks.

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How to Create Your Binance Account?

1.      Visit the official website

Open your internet browser and go to the Binance website. Click “Sign up” located on the top right of the homepage.

2.      Enter your details

On the signup page, provide your email or phone number to get started. You can also register using a Google or Apple ID if preferred. If Binance prompts you to select your country, choose the correct one. In most cases, the platform detects your location automatically.

3.      Enter the verification code

After providing the email address/phone number, check your email for a verification code from Binance. Copy the code, go back to the Binance registration page, and paste it into the “Email Verification Code” box.

4.      Create a Password

Once your verification is complete, you will be prompted to create a password. Ensure you choose a strong and secure password. After entering it, click “Submit” to complete your registration.

Congratulations! Now you have completed all the steps and are ready to start trading on Binance

Note: To access all features of Binance, you must complete KYC verification by providing personal details and a valid National Identity Card.

Binance Deposits and Withdrawals

Deposits

Adding funds to a Binance account is straightforward. After logging in, head to “Deposits ” at the top of the page. Go to crypto deposits search for the currency to be deposited, then click “Deposit.” Binance provides a crypto wallet address for digital assets or banking details for fiat deposits in over 65 currencies.

Supported deposit methods vary by currency. Options include bank cards, wire transfers, bank deposits, Apple Pay, and Google Pay. A recent partnership with MoonPay also allows users to deposit USD.

For crypto deposits, transactions must be sent to the provided internal wallet address. Transfer times and fees depend on the blockchain network handling the transaction. Each cryptocurrency has different processing speeds and network costs.

Withdrawals

Withdrawing funds—crypto or fiat—is also fairly simple. Go to “Assets” by clicking on the profile icon on top right and it will take you to your dashboard. Choose the withdraw option located on the right side of the top bar of the dashboard. For cryptocurrencies, enter the amount and provide the external wallet address where the funds should be sent. After clicking “Withdrawal,” Binance processes the request, and the transaction appears in the recipient’s wallet once confirmed on the blockchain.

Fiat withdrawals require entering bank account details. If a bank card was used to fund the Binance account, some users may be able to withdraw funds back to the same card. However, bank transfers are generally preferred. Processing times for fiat withdrawals range between one to four business days.

Binance Spot Market

Spot trading allows users to buy and sell cryptocurrencies instantly at the current market price. Transactions settle on the spot, meaning ownership of the asset transfers immediately. Binance offers over 400 trading pairs, including BTC/USDT and ETH/USDT, providing a range of options for traders.

How to Buy Crypto on Binance Spot Market

• Click “Trade” on the homepage and select “Spot” from the drop down.
  
• The default trading pair is BTC/USDT. Use the search menu in the top right to switch to another pair.
  
• Scroll down to the “Buy” section. A list of order types appears—select “Market Order” for immediate execution.
  
• Enter the number of Bitcoins or the amount in USDT you want to purchase and finalize by clicking “Buy.”

If you want to execute the trade on a specific price, then you can choose Limit order instead. Binance spot market offers the following order types:

• Market orders: Instant execution at the current market price.
• Limit orders: Execution at a predefined price by the buyer.
• Stop-limit orders: Triggered once a specified price point is reached.
• OCO (One Cancels the Other) orders: This type of order is used to manage risks as it places two linked orders.

Binance Futures Market

Binance provides a futures trading platform that supports perpetual contracts across multiple cryptocurrencies. Unlike traditional futures, these contracts do not have an expiry date, meaning positions can remain open indefinitely unless manually closed, liquidated, or exited through a stop-loss or take-profit order.

A major aspect of Binance Futures is leverage, which allows traders to amplify their positions beyond their actual holdings. Binance offers up to 125x leverage, meaning a trader with 1 BTC can open a position worth up to 125 BTC. This level of leverage significantly increases both potential profits and risks. Unlike Europe and the UK, where leverage on crypto CFDs is capped at 1:2 for retail traders, Binance’s futures contracts operate outside these restrictions.

Futures contracts on Binance come in two varieties:

• USDT-M Futures: These contracts are margined and settled in USDT, functioning similarly to traditional commodity futures, where a stable asset (like gold or fiat) backs the trade.
• COIN-M Futures: These are margined and settled in the cryptocurrency itself, meaning if a Bitcoin-margined contract is used, BTC is both the collateral and settlement asset. These contracts resemble inverse futures, where the margin and payout move in the opposite direction compared to traditional setups.

Additionally, Binance Futures introduces a copy trading feature, allowing users to replicate real-time strategies of top-performing traders. By following experienced traders, users can automate trades while maintaining control over risk exposure and capital allocation.

Binance P2P Market

Binance’s peer-to-peer (P2P) platform enables users to buy and sell cryptocurrencies directly with others, setting their own prices and payment methods. Unlike traditional exchanges, where orders are matched through an automated system, P2P transactions occur between buyers and sellers who negotiate terms before executing trades.

With support for over 800 payment methods and 100+ fiat currencies, Binance P2P offers flexibility, though availability depends on regional regulations. Users can trade major cryptocurrencies like Bitcoin and Ethereum, along with stablecoins such as USDT. Payment options range from bank transfers and mobile wallets to PayPal, depending on what the buyer and seller agree upon.

To trade, users browse existing listings in the Binance P2P section, find an offer that fits their needs, and initiate the transaction. The platform acts as a middleman, holding the seller’s crypto in escrow until payment is confirmed, ensuring security for both parties.

Binance Copy Trading

Binance Copy Trading lets users replicate trades from experienced futures traders automatically. Instead of analyzing charts and making decisions manually, copy traders select a lead trader, set an investment amount, and let the system mirror trades in real time.

Lead traders earn from their followers, taking a performance-based commission of up to 30% and receiving additional rebates on trading fees. Copy traders can review a trader’s performance history and risk metrics before choosing whom to follow. The system ensures that each copied trade executes under the same conditions as the original, allowing users to engage in futures trading strategies without direct management.

Binance Trading Bots

Binance offers automated trading bots that execute pre-set strategies without requiring constant monitoring. These bots help traders manage risk, optimize profits, and automate repetitive tasks.

Grid Trading Bots operate within a defined price range, systematically placing buy and sell orders at set intervals. This strategy aims to capitalize on market fluctuations by ensuring trades occur at optimal points. TWAP (Time-Weighted Average Price) Bots take a different approach, splitting large orders into smaller portions executed over time. This method reduces market impact and minimizes price slippage, making it ideal for high-volume trades.

Binance Launchpad and Launchpool

Binance Launchpad serves as a platform for introducing new tokens to a broad audience. It enables projects to raise funds while giving the crypto community a structured way to assess potential investments before tokens go live.

Since its inception in December 2017, Binance Launchpad has played a key role in the crowdfunding space, hosting numerous successful token sales. Participants use BNB tokens to join Initial Exchange Offerings (IEOs), making it a preferred avenue for crypto fundraising.

Many users are drawn to Binance specifically to participate in these token launches. However, all participants must complete KYC verification to comply with local regulations. The Binance Launchpad website provides details on upcoming sales, including participation terms. To ensure fairness, the platform employs a lottery system, where users subscribe for a chance to purchase new tokens before public trading begins.

Binance Launchpool allows users to stake their crypto tokens into liquidity pools and earn new tokens in return—at no extra cost. This feature caters to investors seeking passive income opportunities while they continue trading. The more tokens you stake and the higher the total pool commitment, the greater your potential returns. It’s a straightforward system: stake, earn, and let your assets work for you.

Binance Coin (BNB)

Binance Coin, or BNB, stands as Binance’s native cryptocurrency. As of April 2025, it holds the position of the fifth-largest crypto by market cap, valued at $600 per token. At its peak in December 2024, BNB reached an impressive $793 which was an astronomical jump from its initial ICO price of $0.115.

Like any other cryptocurrency BNB is traded on the market but it is primarily designed to reduce trading fees on the Binance platform, unlocking extra perks and benefits for users. BNB is also central to Binance’s future plans for a decentralized autonomous organization (DAO), where it will play a key role in governance.

To support its value, Binance buys and burns BNB tokens every quarter. This burn mechanism reduces the total supply, which in turn, increases the value of the remaining tokens.

Binance Chain

In September 2020, Binance introduced its own blockchain, initially known as Binance Smart Chain (BSC). It was later rebranded as Binance Chain (BNB Chain) in 2022. This low-fee, high-performance blockchain was created to address issues in decentralized finance, including slow transaction speeds and high gas fees. By using Binance Chain, developers can focus on building decentralized apps (dApps) without worrying about the high costs typically associated with other blockchains.

The Binance Chain has rapidly expanded, handling network activity similar to Ethereum at peak times. As of now, it hosts over 1,200 projects. The average transaction cost is around $0.10, which is quite cheap compared to some of its top competitors. Binance Chain also boasts over 537 million unique addresses, with daily transactions nearing 3.7 million.

Recently, Binance has concentrated on advancing liquidity pools and automated market makers (AMMs), which have led to innovations like PancakeSwap. This Uniswap clone provides users with new ways to yield farm and generate income.

Binance Fees

Binance uses a maker/taker fee model, where fees depend on your trading volume and Binance Coin (BNB) balance. The more you trade, the lower your fees. By default, a standard trade comes with a fee of 0.1%. So, for example, if you traded 1 ETH, you’d pay just 0.001 ETH in fees. But as your trading volume and BNB balance grow, you can unlock a higher VIP level, which leads to even further discounts on fees.

Binance’s futures fees are also competitive, with a maker fee of 0.02% and a taker fee of 0.04%. On top of these, you can save 25% on Spot and Margin trading fees when paying with BNB. Below is a breakdown of Binance’s spot and margin fees:

Crypto deposits on Binance are free of charge. For withdrawals, Binance offers fairly low fees compared to other platforms, though withdrawal fees vary depending on the cryptocurrency. This is standard across exchanges, as each coin or token has its own withdrawal cost.

If you’re using the Binance Fiat Gateway, you’ll face transaction fees, which can range from 0% to 7%, depending on the payment method and processor. Bank card transactions tend to be the most expensive, but Binance offers several zero-fee options for bank deposits.

Is Binance Regulated?

Crypto exchanges exist in a regulatory gray zone, and Binance is no exception. For years, many assumed the exchange operated under Malta’s jurisdiction, but that idea was debunked in 2020 when the Malta Financial Services Authority (MFSA) clarified that Binance was not regulated in the country. That revelation made one thing clear: Binance, as a parent company, held no overarching regulatory approval in any jurisdiction.

Some of its regional subsidiaries, however, do operate under specific regulatory frameworks. In the U.S., Binance.US is registered with the Financial Crimes Enforcement Network (FinCEN) and is licensed in most states. Binance UK, run by Binance Markets Limited, falls under the oversight of the UK Financial Conduct Authority (FCA).

Facing increasing scrutiny, Binance ramped up compliance efforts. By 2024, it secured full regulation in France as a Digital Assets Provider, approved by the Autorité des marchés financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

Regulatory shifts have also led Binance to reassess its presence in certain regions. The exchange limited P2P trading in Russia amid U.S. sanctions, restricting ruble-based transactions.

Beyond these regions, Binance holds licenses in multiple countries, including Italy, Lithuania, Spain, Poland, Sweden, Kazakhstan, Abu Dhabi, Bahrain, Dubai, Australia, Indonesia, Japan, New Zealand, Thailand, Mexico, El Salvador, and South Africa.

Binance Supported Currencies

Binance offers a vast selection of cryptocurrencies, with over 400 available for trading. This includes major assets like Bitcoin and Ethereum, along with a broad range of altcoins. The platform supports a mix of well-established digital assets and emerging projects, providing traders with various options.

Some of the notable altcoins available on Binance include:

• Binance Coin (BNB)
• Dogecoin (DOGE)
• Litecoin (LTC)
• Polygon (MATIC)
• Cosmos (ATOM)
• Cardano (ADA)
• VeChain (VET)

In addition to crypto-to-crypto trading, Binance supports fiat currencies such as AUD, EUR, and PHP, allowing users in different regions to deposit and trade with traditional money. The platform also offers various trading pairs, enabling seamless conversions between different assets.

Binance Fiat Support

Binance makes fiat transactions seamless, offering support for over 65 fiat currencies worldwide. Users can buy cryptocurrencies directly using multiple payment methods, though availability depends on the country. For those with access, a “Buy Crypto” option appears at the top of their Binance account page, streamlining the process.

Fiat purchases and deposits can be made using:

• Credit/Debit Cards – A fast and convenient way to purchase crypto instantly.
• SEPA Transfers – A bank transfer option available for users in Europe.
• Traditional Bank Transfers – Some regions allow direct deposits and withdrawals through local banks.

Binance provides flexibility, but not all payment options are accessible everywhere. Restrictions vary by jurisdiction, so users should check which methods are available in their region before proceeding with transactions.

Binance Customer Support

Binance offers a detailed FAQ section covering a wide range of topics. Answers to most common issues are available, though finding specific information might require some searching. For more direct assistance, users can submit support requests through the platform.

A live chat function is also integrated within the trading platform, allowing users to reach out for real-time assistance. While crypto exchanges are often criticized for weak customer support, Binance is considered one of the better options in this regard. Response times can be fast, but during periods of high demand, delays are common. Even with occasional slowdowns, Binance’s support team is recognized for providing better service compared to many other major exchanges.

Final Takeaway

Binance is one of the biggest and busiest crypto exchanges in the world. Low fees, deep liquidity, and an unmatched selection of cryptocurrencies make it a go-to platform for traders of all levels. Whether someone wants to trade Bitcoin, explore new altcoins, or access advanced financial products, Binance has it all.

High trading volume ensures orders get filled quickly, reducing slippage and keeping markets efficient. It’s an exchange built for movement, where traders can jump in and out of positions without unnecessary friction. Beyond the trades, Binance has expanded into a full-scale crypto ecosystem. From spot trading to futures and staking to earning passive income, the platform offers tools for every kind of trader. With a reputation that has held strong over the years, Binance remains the industry leader setting the pace for innovation and adoption.

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Frequently Asked Questions