Is It Legit and Safe for Crypto Traders?

Are you looking for a reliable Binance review to start trading cryptocurrencies? If so, look no further as you’ve landed on the right page. Binance is the largest cryptocurrency exchange globally by trading volumes, clocking an average daily volume of over $65 billion. In 2024, its trade volumes hit a staggering $100 trillion, demonstrating its massive popularity among cryptocurrency investors.

In this Binance exchange review, we’ll dig deeper into its key features, fees, security, and regulatory restrictions. We’ll also provide insights into how to create a  Binance account, make deposits and withdrawals, and trade crypto assets.  

Binance Review: An Overview of the Exchange

Crypto Exchange	Binance
Launch year	2017
Founder	Chengpeng Zhao
Key features	Spot trading, Futures & Options trading, copy trading, P2P trading, Staking.
Supported cryptocurrencies	500+
Security measures	SAFU, 2FA, Withdrawal Whitelisting, Cold Storage
Native cryptocurrency	Binance Coin (BNB)
Trading fees	0.1% for makers and takers. BNB holders get a 25% discount.

What is Binance Exchange?

Binance is a leading blockchain ecosystem and the biggest centralized crypto exchange in the world. It operates in 180+ countries and serves over 250 million customers worldwide. Founded in 2017, the platform aims to foster financial freedom and build a robust crypto infrastructure. 

Overall, Binance stands out for its low fees, deep liquidity, advanced tools, and multiple trading options. It is a customer-focused cryptocurrency exchange with stringent data privacy controls and the highest security standards. 

Pros of Binance

• 24/7 customer support in 40+ languages via email and chat.
• Low trading fees.
• Numerous trading options, order types, and charting tools.
• Supports 500+ cryptocurrencies and 30+ fiat currencies.
• Offers 1,400+ spot pairs and 590+ futures pairs.
• Facilitates fiat-to-crypto and crypto-to-crypto transactions.
• Binance US offers zero-fee Bitcoin trading for select cryptocurrency pairs. 
• Cutting-edge security.

Cons of Binance

• No phone support is available.
• The platform can be confusing for first-time users and newcomers.
• Faces regulatory troubles in many jurisdictions.
• Binance NFT is slated to remove support for Polygon soon.
• Binance US has limited features and supports only 246+ trading pairs.

Binance Review: Key Features

1. Binance Trading Options 

• Derivatives trading: Binance offers futures and options contracts. For futures traders, the exchange offers USD-margined and coin-margined perpetual and delivery contracts. Binance also offers USDT-settled options for Bitcoin, Ethereum, Solana, Dogecoin, XRP, and Binance Coin.  
• Spot trading: Binance helps traders buy and sell over 413 coins and more than 1,492 trading pairs in the spot market. Recently, the exchange upgraded its matching engine to enhance order execution speed and reduce slippage.  
• Margin trading: Leveraged or margin trading enables you to control large positions by investing smaller amounts of capital upfront. For spot pairs, Binance offers a leverage of up to 10x through isolated margins and 20x via cross margins.
• P2P trading: The peer-to-peer (P2P) platform enables you to trade directly with other Binance users. It supports 800+ payment methods and provides escrow services. 
• Copy trading: New users can mirror the portfolios of experienced traders in real-time on Binance’s copy trading platform. Once the system determines your investment amount, it automatically emulates the trades of the experts you follow. If you’re a lead trader, you can earn up to 30% profit share from your copy traders’ gains and a 10% commission on their trading charges.
• Trading bots: Crypto traders who are interested in algorithmic trading or automated tools can consider Binance’s pre-built trading bots. From spot grid and dynamic rebalance to arbitrage and Futures TWAP, the bot marketplace has automations for different market conditions.
• Order types: Binance offers multiple order types, including limit, stop limit, trailing stop, post only, market, and stop market orders. 

2. Binance NFT Marketplace

Binance’s non-fungible token (NFT) marketplace enables you to mint, buy, sell, trade, bid on, collect, and showcase crypto collectibles. Whether you’re looking for the latest drops, cross-chain listings, or trending collections, you’ll find it all here. 

Currently, over 100 collections are listed on the Binance NFT marketplace. You can also narrow down your NFT search using the platform’s filtering options. Additionally, Binance features the following NFT-Fi products:

• Ape staking: Owners of Bored Ape Yacht Club, Mutant Ape Yacht Club, or Bored Ape Kennel Club NFTs can join this program. They can win daily Apecoin rewards by staking their virtual collectibles. 
• NFT Loans: If you hold NFTs that belong to premium collections like BAYC, MAYC, Azuki, and Doodles, you’re eligible for NFT loans. By using your blue-chip NFTs as collateral, you can obtain instant loans at low interest rates. Moreover, you don’t need to incur gas fees. 

Binance NFT also provides information on upcoming initial NFT offerings (INOs) and events, including airdrops and listings. NFT project owners or digital artists can list their collections on Binance by filling out the listing application form. 

3. Binance Web3 Wallet

The Binance Web3 Wallet is a self-custody wallet, giving you full control of your digital assets. It uses Multi-Party Computation (MPC) technology, eliminating seed phrases and reducing single points of failure for enhanced security.

Your wallet is protected by three key shares: one secured by Binance, one stored on your device, and one encrypted with a recovery passcode and backed up to your cloud storage.

Additional security features include 24/7 transaction monitoring, technical audits, and risk reviews. Transactions are executed instantly with automated approvals, no manual signatures required.

The wallet also connects you to decentralized apps (dApps), DeFi protocols, and Web3 via the Binance Bridge, enabling effortless token swaps across blockchains. The web version offers customizable trading, live data, market trends, sentiment analysis, and advanced indicators. Finally, the wallet serves as a platform for running promotional campaigns to increase visibility for your projects.

4. Binance Earn

Simple Earn

With Simple Earn, you can earn passive income on 300+ crypto assets. It offers principal-protected products that enable you to deposit your crypto holdings for flexible or fixed periods.

• Flexible products: Earn rewards on crypto without a lock-in period. APR is calculated in real-time and credited to your Earn Wallet every minute. Some products offer bonus tier APRs—for example, staking 200 USDT may earn an extra 8% APR. Rewards start accruing one day after subscription and are credited to your spot wallet two days later.
• Locked products: They come with a predetermined lock-in period for your staked assets. Their APR also changes daily, and rewards start accruing a day after subscription. Binance users will receive the rewards in their spot wallets a day after the accrual starts (two days after subscription).
• ETH Staking: Binance allows you to stake as low as 0.0001 ETH in one click to earn daily rewards. You can also stake ETH to WBETH (Wrapped Beacon Ethereum) for use cases like loan collateral, DeFi yields, and spot trading. It carries low risks as Binance covers the slashing penalty.
• SOL Staking: You can stake from 0.01 SOL to earn passive income. You can also stake SOL to BNSOL for multiple use cases. Moreover, it doesn’t have a minimum lock-up period. Risks are limited to delays in processing redemptions due to Solana network congestion or unexpected events.
• Soft Staking: It enables Binance users to stake eligible tokens held in their spot accounts. You can withdraw or use these tokens while earning staking rewards. 

Advanced Earn

• Dual Investment: It is a high-yield product that harnesses the buy low/sell high strategy to help you profit from cryptocurrency trading. You can set your desired target price and future date and earn rewards regardless of market movements.
• Smart Arbitrage: It is exclusively designed for traders who want to take advantage of arbitrage opportunities between perpetual futures and spot markets. This strategy involves going long in one market and short in the other market to collect funding fees. It hedges out price volatilities by taking opposite positions. Hence, you’ll collect funding fees no matter which way the cryptocurrency market moves.
• On-chain yields: It enables you to participate in various on-chain protocols and earn rewards, points, and tokens.
• Discount Buy: It is a high-yield structured product that helps you buy cryptocurrencies at discounted prices upon settlement. While you don’t need to pay trading fees for filled purchases, you earn high rewards on unfilled purchases. At the time of subscription, you can specify the knockout price, settlement price, and target buy price. 

5. Binance Launchpad and Launchpool

Binance Launchpad and Launchpool offer traders early access to tokens of upcoming projects that aren’t listed on other exchanges yet. 

The Launchpad features transformative projects and enables blockchain startups to raise funds for their new projects. Conversely, the Launchpool allows cryptocurrency investors to deposit their coins in various liquidity pools and earn new tokens.

For project owners and developers, Binance Launchpad and Launchpool provide advisory services, including pre-launch, post-launch, and marketing support. They also help new projects get exposure by distributing their tokens to the exchange’s large global user base. 

Lastly, Binance lists the projects that are released via Launchpad or Launchpool. They’ll also have comprehensive liquidity in numerous trading pairs.

6. Binance Affiliate & Referral Program

The Binance Referral program helps you earn rewards by inviting your friends to join Binance using your unique referral link. It offers two referral modes, Lite and Pro. 

• When your invitee registers via Lite using your referral link, you’ll both receive $100 USDT trading fee discounts and other benefits. But you’re eligible for these rewards only if your referred user completes the required tasks within the specified timeframe.
• When your pals sign up through Pro using your referral code/link, you can earn high commissions. You’ll get commissions whenever your invitees trade. Binance rewards you with a portion of the referee’s trading fees that were paid for spot, margin, or derivative trades.

However, you can invite your buddies via one referral mode only. Invitees who sign up via Lite mode can’t register again via Pro mode, and vice versa.

For businesses, key opinion leaders, crypto funds, aggregate trading platforms, media outlets, and influencers, Binance offers an affiliate program. It enables users to create their unique referral links to invite their communities or followers to join the Binance exchange. The program also offers higher commissions of up to 50% to referrers on every trade executed by their referees. Even transactions performed on the Binance Pool are considered for referral rewards.

8. BNB Vault

It is the BNB yield aggregator. When you deposit BNB into the Binance wallet, you’re eligible to participate in Launchpool and Simple Earn. Additionally, the rewards you get from the BNB vault depend on your income from different projects. Income and interest are calculated separately for each project or product based on their respective rules. 

The principal advantage of BNB Vault is that it automatically distributes your BNB to Simple Earn products and Launchpool projects. With a single click, you can leverage multiple staking opportunities on the Binance exchange to grow your passive income. The Vault also imparts more liquidity and flexibility to BNB tokens, as you can withdraw them without penalties.

9. Binance App

The Binance mobile application is compatible with iOS and Android devices. On the other hand,  the desktop version of the Binance app works well with Windows, Linux, and macOS.

The Binance app offers multiple features tailored to both novice and experienced traders alike. It also comes with two interface modes, Lite and Pro, to provide a more personalized experience. 

Binance Lite’s home screen displays basic functions and prices of top cryptocurrencies. It is specially designed for beginners, enabling them to buy or sell assets seamlessly. By lowering the amount of information shown on the screen, Lite simplifies your trading experience. 

Conversely, Binance Pro has an advanced trading interface that is best-suited for professional and active traders. From derivatives trading to Binance Earn, Pro helps Binance users unlock the full suite of sophisticated tools and features. 

10. Binance Square 

If you want to keep yourself abreast of the latest happenings in the AI, Web3, and crypto worlds, Binance Square is your go-to platform. It publishes breaking news, feeds from top influencers, market trends, and buzzing articles. It also enables you to interact with your favourite creators and participate in discussions on hot topics. 

11. Binance Pool 

Binance Pool is committed to improving miners’ earnings. It uses full pay per share (FPPS), PPS, and PPS+ models to minimize fluctuations and generate steady income for miners. It displays live hash rates and ensures the safety of user assets. With Binance Pool, you can mine multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum Classic.

Recently, the Binance platform launched Super Mine to turbocharge users’ mining powers. It offers exclusive campaigns that miners can join to earn bigger rewards. It also facilitates merged mining, where you can mine on multiple blockchains simultaneously using the same hash rate. 

12. Binance Academy

Whether you’re a beginner or an experienced trader seeking to enhance your blockchain knowledge, Binance Academy is your go-to destination. It is a comprehensive learning platform, featuring explainer articles, an extensive glossary of 400+ terms, and quizzes. It also features learn and earn courses that enable you to win rewards while gaining mastery over blockchain concepts.

13. Other features

• Binance Research: It publishes project reports, market studies, price information, micro and macro insights, and institutional-grade analyses. 
• Binance Pay: It is a borderless, contactless, and secure payment system that helps you send, receive, and spend crypto. It supports 300+ cryptocurrencies for transfers and 80+ coins for merchant payments.
• Megadrop: It provides early access to Web3 projects before they are officially listed on Binance and other cryptocurrency exchanges.
• Binance Institutional Services: For enterprises, Binance offers comprehensive liquidity, customized fiat payment solutions, priority customer support, and OTC services. 

Binance Review: Fees and Charges

1. Deposit and Withdrawal Fees

Binance doesn’t collect deposit fees. For every withdrawal, the exchange levies a flat fee to move crypto out of your Binance account. Additionally, the minimum deposit and withdrawal amounts, along with withdrawal charges, vary based on the chosen cryptocurrency and blockchain.

For example, you must withdraw at least 0.002 ETH from Ethereum, and the withdrawal fee is 0.0001 ETH. Conversely, you must withdraw a minimum of 0.000012 ETH from BSC, and the withdrawal charges are 0.0000059 ETH.

2. Trading Fees

Binance follows a tiered fee structure, comprising nine VIP tiers. Your VIP level is determined by your 30-day trading volumes and BNB balance. The higher your trade volume or BNB holdings, the higher your VIP tier, and the lower your fees. 

Spot Trading Fees

For regular users with 30-day volumes of trade below $1,000,000, the maker and taker fees are 0.1%. If you own BNB tokens, you’ll get a 25% discount, meaning the maker and taker charges reduce to 0.075%. 

At the highest VIP tier (VIP9), the spot trading fee falls to 0.011% for makers and 0.023% for takers. For BNB holders, the maker and taker charges drop further to 0.00825% and 0.01725%, respectively. 

Margin Trading Fees

The fees for margin trading on Binance are the same as those for spot trading. For non-VIP users, it starts from 0.1% for makers and takers (with BNB: 0.075%). If you trade USDC on the Binance platform, standard rates apply for makers. However, the taker fee is 0.095% (0.07125% for BNB holders).

Futures Trading Fees

Binance levies variable trading charges for USDT-margined, USDC-margined, and coin-margined futures. The rates stated in the table below are applicable for non-VIP users. 

Futures contract	Maker fees	Taker fees
USDT-M	0.02%	0.05%
USDC-M	0%	0.04%
Coin-M	0.02%	0.05%

In addition, BNB holders get a 10% fee discount on USD-margined futures.  In the case of options, both maker and taker fees are 0.024%. 

3. NFT Trading Fees

NFT traders must meet two conditions to qualify for VIP1. First, their 30-day NFT trading volumes must surpass 20,000 USDT. Second, their 30-day sell volume should cross 10,000 USDT. At VIP1, Binance imposes a 0.9% platform fee for NFT sellers. The fee remains the same for VIP customers whose 30-day holding values of blue-chip NFT collections exceed 100,000 USDT.

At the highest level (VIP9), the platform fees fall to 0.2%. Plus, no platform (sell) charges are imposed on customers placed between VIP5 and VIP9 for holding blue-chip collections.  

Binance Review: Supported Countries & Restrictions

Is Binance Legal in the USA?

In June 2023, the SEC filed a lawsuit against Binance, its US branches, and founder Changpeng Zhao, citing unregistered trading activities, misleading practices, and violations of US financial laws, including anti-money laundering regulations. Binance and Zhao faced allegations of inflating trading volumes, misusing user funds, and allowing users from sanctioned countries.

In November 2023, Binance agreed to pay $4.3 billion in settlements, and Zhao paid $50 million while stepping down as CEO. By February 2025, Binance US resumed USD deposits, withdrawals, and trading, and in May 2025, civil suits were dismissed to support a more crypto-friendly environment in the US.

Can you access Binance in New York?

Currently, Binance is unavailable in 16 US states, including New York. The exchange is awaiting local regulatory sanctions in these states. Additionally, Binance paused new user onboarding in Michigan. Lastly, it doesn’t offer USD services in Kansas and Wisconsin. 

Are Binance and Binance US the Same?

Binance and Binance US are not the same. Binance serves global users and forms part of Binance Holdings Limited. While, Binance US is managed by BAM Trading Services and utilizes the Binance brand through a licensing agreement. The global Binance platform doesn’t serve US-based users, while Binance US focuses only on US traders.

Though Binance US is the top staking platform in the USA, it offers limited features and fewer cryptocurrencies than Binance. Currently, Binance offers 500+ cryptocurrencies, while Binance US supports only 160+ coins. Additionally, Binance US doesn’t offer margin trading, derivatives trading, copy trading, or automated bots.

How to Use Binance?

How to Open an Account at Binance?

• To create a new Binance account, visit the registration page or open the Binance app on your iOS/Android device. Register using your e-mail, phone number, Google ID, Apple ID, or Telegram ID. Once done, click Next.
• Set up a strong password, containing at least 8 characters, including uppercase and lowercase letters, numbers, and special characters.
• Enter the Binance referral code “BINANCENFTP” to receive special benefits such as $100 USDT welcome bonus (optional).
• Input the verification code you received via email or SMS to validate your registered email or phone number.
• To set up two-factor authentication, SMS 2FA from your registered mobile number or activate the Google Authenticator app. Preserve backup codes in a secure place. If you don’t prefer cloud storage, enable the Binance authenticator through the Binance website or app.
• After creating an account, complete the identity (KYC) verification process. Upload the necessary documents, especially a government-issued identity proof and a valid address proof. 

Usually, Binance completes KYC approvals within 5-15 minutes, provided you furnished the required details and documentation. Without KYC, recovering your account is tougher. Moreover, you’ll not get higher withdrawal limits or access to all Binance features.  

How to Deposit & Withdraw Funds at Binance?

Depositing Funds 

1. Click the “Deposit” tab on the top right corner of the Binance homepage.
2. If you have cryptocurrencies in an external wallet or platform, choose the “Deposit Crypto” option.
3. Choose the cryptocurrency you want to deposit and the network from which you’re withdrawing the asset. 
4. You’ll see a QR code and a deposit address for the chosen network. Copy the deposit address and paste it in the address field of the wallet or platform from which you’re withdrawing.
5. Enter the deposit amount and confirm the transaction.
6. If you don’t have crypto, buy crypto via the Binance P2P platform or using supported fiat currencies. For crypto purchases, Binance supports various payment methods such as bank transfers, credit/debit cards, etc.

Withdrawing Funds 

1. Click your profile icon on the top right corner of the homepage. View your asset balances on your dashboard and click the “Withdraw” button.
2. Select the coin you want to withdraw. Input the recipient’s address and network. If you’re transferring funds to a Binance user, enter their e-mail, phone number, or Pay ID.
3. Enter the withdrawal amount and confirm the transaction.

How to Trade Crypto on Binance? 

• After you verify KYC and deposit funds into your Binance wallet, you can start crypto trading. If you’re a novice, go through the learning courses and articles to familiarize yourself with cryptocurrency investing basics. 
• Click the “Trade” button on the Binance homepage and navigate to the spot market page. 
• Choose a trading pair to go long (buy) or go short (sell). 
• Specify order type (limit or market order) and trading amount before confirming your trade.

Is Binance Safe?

Security Features

• SAFU Fund:In July 2018, Binance established an emergency fund called the Secure Asset Fund for Users (SAFU) to protect users’ assets. To grow the fund, the exchange committed a percentage of the trading fees. As of April 2024, the SAFU wallet had a reserve of one billion USDC.
• Proof of Reserves (PoR): Binance ensures that customers’ assets are backed 1:1. This means that the exchange has enough funds and reserves to cover users’ assets held in its custody. 
• Cold Wallet: Binance stores customer assets, private keys, and recovery phrases offline, encrypted to prevent unauthorized access and reduce hack risks.
• Internal risk team & Compliance system: Conducts KYC/KYB checks, monitors transactions, investigates suspicious activities, and performs enhanced due diligence for high-risk users.
• Risk Sniper: Binance has set up a verified risk sniper account, where its risk team posts scam alerts and risk warnings. It keeps you informed on updated security features and best risk management strategies to protect your crypto assets. 
• Two-factor authentication (2FA): Binance enables you to protect your account using email, phone, passcode, and the Binance/Google authenticator app. It also allows you to set up passkeys (biometric security keys), such as YubiKey, for enhanced security. 
• Anti-phishing code: By setting up an anti-phishing code, you can safeguard your account from phishing attacks. It also ensures you receive notification emails from Binance only.
• KYC: Three retail levels—Basic (personal info), Intermediate (ID), Advanced (address proof). Institutional users complete KYC Level 4 with full corporate documentation.
• Whitelisted withdrawal address: This functionality protects your funds by allowing withdrawals to whitelisted addresses only. Once you enable this feature, you can withdraw small amounts of cryptocurrencies to whitelisted addresses without undergoing 2FA.

Past security incidents at Binance

On May 7, 2019, Binance faced a major security breach. Hackers stole 7,070 Bitcoin, which was equivalent to $40 million at that time. They used malware, spyware, and phishing techniques to obtain the access keys to the exchange’s hot wallets. They also managed to obtain the API keys, 2FA, and login details of major users. 

Using this data, the hackers made massive withdrawals from these accounts. Within minutes, they executed multiple large withdrawals and successfully transferred 7,070 BTC to unknown addresses. The identity of the hackers remains unknown to date. However, some coins that the hackers tried to launder through coin mixing or fragmentation have been tracked.

Post this incident, Binance paused operations for a week. It covered losses through SAFU and enhanced its safety features. Greater use of cold storage and upgrading breach detection systems were the focal points of the new measures. 

Binance Review: Conclusion

Binance offers numerous digital assets and crypto trading options. It also charges low fees and has potent security features, including the $1 billion SAFU insurance coverage. However, its regulatory compliance issues in several countries, including the US, are worrisome. Additionally, Binance US supports fewer cryptocurrencies and has less trading features. It is also unavailable in many US states and doesn’t offer USD services in select states. 

But despite these shortcomings, the Binance exchange is renowned and enjoys positive reviews in the global crypto market. As per our Binance review, it is a safe, reliable, and user-friendly platform for trading cryptocurrencies and derivatives.

FAQs

Is Binance in Trouble?

Binance is facing regulatory troubles in various countries, including the US, France, Spain, and Nigeria. It is accused of violating anti-money laundering laws, evading taxes, misappropriating funds, misleading traders, manipulating trades, and operating illegally. However, despite these legal issues, Binance continues to be the most preferred crypto exchange for trading cryptocurrencies globally.

Is Binance trustworthy?

Though Binance has run into legal troubles in multiple jurisdictions, it is overall a trustworthy crypto exchange. It is reputed for its low fees, advanced trading options, cutting-edge security, and vast range of supported cryptocurrencies. It has also secured 20 regulatory approvals worldwide.

What are the disadvantages of using Binance?

The prime disadvantage of using Binance is its ongoing legal challenges in multiple countries. Moreover, if you’re US-based, you’ll not get advanced features such as margin trading, derivatives trading, automated bots, and copy trading. Furthermore, Binance US has a limited selection of trade-ready cryptocurrencies and spot pairs.

Can I withdraw money from Binance?

Yes. You can withdraw both supported cryptocurrencies and fiat currencies from Binance. However, the withdrawal fees vary based on the chosen fiat, cryptocurrency, and withdrawal method.