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Binance Review 2024
Binance Exchange continues to be one of the top cryptocurrency exchanges in the world by offering users the most cryptocurrency trading pairs of any trusted exchange, resulting in Binance having the highest trading volume of any crypto exchange.
Founded in 2017 by Changpeng Zhao, Binance quickly became a leading cryptocurrency exchange and has its own crypto called Binance Coin. Binance offers users ways to purchase crypto assets directly using fiat currencies or a credit card. Binance can be accessed through its website, desktop, or mobile app.
Our Binance Review will help you decide if it is right for you.
Binance Overview
$50 Welcome Offer for New Users Only!
- Easy sign-up process
- Lowest transaction fees of any major exchange
- 175+ different digital assets available
- Free deposits
Meet Our Reviewing Team
Pros
Very easy sign up process
Support for credit and debit cards
Free deposits
Extremely quick transactions
Lucrative on-site staking options
Cons
Considerable withdrawal fees
Exchange has been hacked in the past
Main site not available in the USA
Less regulated than some competitors
History of Binance
Binance was founded in 2017 by long-time crypto entrepreneur Changpeng “CZ” Zhao. The exchange was initially based in China but quickly moved out of the country due to tightening crypto restrictions.
The company has been based in Japan and Malta over the years but doesn’t have a permanent home base of operations. That may change in the near future as it has signed memorandum of understandings with both Bermuda and Malta.
Binance quickly found a massive userbase thanks to its low fees, large number of cryptocurrencies and innovative products. These days Binance offers every crypto product you could think of including an exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs and more.
Binance even offers two proprietary tokens BUSD, which is a stablecoin, and BNB, which has performed very well in the past thanks its low fees.
For all the aforementioned features, Binance has become the most popular crypto exchange in the world with greatest amount of trading volume.
Binance Sign-Up Process
Signing up for a Binance Exchange account is relatively easy and you can choose from two types of accounts. For unverified account:
Click Register button on Binance homepage:
- Enter email address
- Create password
- Accept Binance’s Terms of Use
- Click “Create Account”
- Confirm registration through email
For verified account, follow same steps as above, then:
- Login to your account
- Go to User Center and click Identity Verification
- Choose Personal
- Fill in your details
- Choose an ID type for document verification such as Passport or Driver’s license
- Take photo or upload file of your document
- Take photo of yourself
- After uploading required document and photo, click confirm
- Binance will then review your submission as soon as they can
You will receive an email once your account has been verified. Be sure to check out the latest Binance promos.
Cryptocurrencies Available on Binance
Many top 10 assets are available for direct purchase using fiat or credit cards with even more available for trade. Here are some of the assets available for direct purchase:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Binance Coin (BNB)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Tezos (XTZ)
- TrueUSD (TUSD)
- Tether (USDT)
Binance Exchange offers support for over 174 coins and tokens if you trade cryptocurrencies, including:
Binance Supported Applications
Binance offers mobile and desktop applications in addition to the online website. The desktop application is available for MacOS and Windows, while the mobile app is available for iOS and Android.
Is Binance Safe?
Yes, Binance is safe.
Though Binance was hacked for $40 million in early 2019 the exchange’s response was quick and they immediately reimbursed anyone who was affected by the hack through Binance’s Secure Asset Fund for Users (SAFU). SAFU is a cold storage wallet that keeps enough capital so that it can cover user’s losses. There have been no incidents since.
Sometimes it’s actually better to have exchanges experience this sorts of incidents so that you can see how they handle it. In the aforementioned case, Binance passed with top marks.
Binance offers all the expected security features including two-factor authentication and universal factor authentication as added security.
What Are Binance's Fees?
Binance fees are the lowest trading fees of any major exchange. Buyers and sellers both pay 0.1% in fees. This fee can be decreased by having more than 50 Bitcoin (BTC) value in trading volume on your account in a 30-day period or holding over 50 Binance Coin (BNB) in your account.
Depositing an asset to your Binance account is always free, apart from the network fee. Withdrawal fees from Binance vary depending on the asset you wish to withdraw. In addition, there are minimum withdrawal amounts.
What is Trust Wallet?
Trust Wallet is a standalone non-custodial wallet that was purchased by Binance in 2018.
Trust Wallet is a reliable hot wallet (meaning its software-based and connected to the internet) that supports a large variety of cryptocurrencies including Binance’s own BNB and BUSD tokens in addition to BTC, Ethereum and many others. You can even stake certain cryptos directly from Trust Wallet.
It’s an excellent option if you want to move some of your crypto from the Binance exchange to a personal wallet.
- Highly respected multi-crypto wallet that launched as an open-source project
- Stake coins like Binance Coin, Kava and Cosmos to earn interest
- Options to buy cryptocurrency directly in wallet
- Supports NFTs and in-browser dApps
Does Binance Offer FOREX or CFD Trading?
Binance does not offer traditional Forex (foreign exchange) trading because it simply doesn’t have access to the quantity of currency parings that a Forex exchange (such as eToro offers). Binance has just over 50 currency parings while many Forex-only exchanges have access to thousands.
On the other hand there is Binance CFD (Contracts for Difference) trading but even those are somewhat controversial in the crypto industry as many prefer to own the native assets, which they can withdraw to a personal wallet. CFDs do have the advantage of being very liquid.
Finally if you’re looking for alternative trading options there’s also a Binance Futures market. The future market (also known as derivatives) lets users open long or short positions on any asset they choose.
What Are Good Binance Alternatives?
Binance is tough to beat on features. It’s the biggest cryptocurrency exchange in the world and offers cut-rate fees. That doesn’t mean Binance is for everyone, however. In addition it’s not even available in the USA.
You might want to check out one of the more regulated exchanges such as Kraken or Coinbase Pro if you’re worried about security.
Finally you might want to check out Binance.us if you’re in the USA. It’s much more limited than the international Binance but it offers a similar interface.
- Exceptionally secure exchange with proof of reserves
- Supports many different funding options
- Accepts users from across the globe including USA and Canada
- Very high trading volume
- Superior option for experienced crypto traders
- Dramatically lower trading fees
- More powerful platform for trading
- Same diverse selection of coins as regular Coinbase
- Some of the lowest fees in the industry
- Trade on the go with a user-friendly mobile app
- Buy crypto easily through a variety of methods
- Zero fee trades for certain coins like BTC and ETH
Binance Frequently Asked Questions
Yes! Binance launched a dedicated US service called Binance US in September 2019. Users can trade their USD for cryptocurrency and trade all the same coins and assets they can on Binance’s main site, with the same security and transaction speed.
Yes, on May 7, 2019 Binance was hacked. Binance lost 7000 BTC, $40 million in value at that time. Binance suspended all deposits and withdrawals for a week following the attack while they investigated, though they allowed trading to continue. Users who were affected by the hack were reimbursed through Binance’s Secure Asset Fund for Users (SAFU).
Binance Coin (BNB) is the native token of the Binance exchange. BNB was used to fund the creation of the exchange by being offered as an Initial Coin Offering (ICO), which is similar to an IPO when dealing with regular stocks. BNB can be traded for other crypto assets and tokens on Binance, offers discounted transaction fees when used to pay fees, and holding 50 or more BNB in your Binance account for 30 days reduces your transaction fees and scales to the amount you hold.
No, Binance is not Chinese owned. The founder and CEO of Binance, Changpeng Zhao, is Canadian. Binance’s headquarters are currently unknown.
Coinbase has always been a broker exchange, accepting fiat in exchange for a limited array of cryptocurrencies. Binance now offers direct purchase of crypto assets like Bitcoin using a credit card or fiat, just like Coinbase. The fees Binance charges for these transactions are the same or even less than Coinbase, but offers far more trading pairs. This combination often makes Binance a better option than Coinbase because you can purchase assets directly and immediately begin trading them for other cryptocurrencies on Binance. Read our comprehensive Binance vs Coinbase exchange here for a deeper dive into how these two exchanges compare.
We also compared Binance to several other exchanges. Find our most popular comparisons below:
No, you cannot trade fiat currency on Binance. You can use fiat currency to purchase cryptocurrency directly through Binance.
Binance offers two trade settings: Basic and Advanced. The Advanced setting on Binance is meant for expert traders and contains much more data than the Basic setting. The Advanced setting is used for more complex trades and is not recommended for beginners.
Binance offers competitions to encourage users to do things such as try out a new exchange beta, trade/buy specific coins and tokens, or simply see who can have the most trading volume. Rewards for these competitions range from crypto assets, to cash, to cars.
You’ll have to pass a short 14-question quiz to gain access to Futures trading on Binance.
Yes, you’ll find a large number of different options for trading USDT.
