Binance Review 2025

Our Verdict

Founded in July 2017, Binance quickly became the number one cryptocurrency exchange, boasting over 150 million users who trade $5 trillion in crypto annually. Its professional-grade trading platform and industry-leading security make it a strong choice for day traders, derivatives traders, and algorithmic traders.

Binance offers low trading fees, fast order execution, and features like social, bot, and copy trading. With over 400 cryptocurrencies and support for over 110 fiat currencies via P2P trading, Binance is highly accessible to users worldwide, catering to traders from over 100 countries and regions.

Binance Pros and Cons

Is Binance Right for You?

Not all traders are alike. Some prefer simple, on-the-go apps, while others need advanced features like leverage or social trading. Our reviews cover every type of trader — occasional or frequent — divided into seven main groups. Using a clear, straightforward method, we assess, rank, and record key factors to see if an exchange meets each group’s needs. Our three rankings are: perfect match, good choice, or not recommended. Here’s our verdict:

Supported Countries and Regions

Binance accepts users from over 100 countries and regions, which is relatively low compared to other top-tier exchanges.

Users from countries including the US, UK, Canada, Germany, Netherlands, Malaysia, Singapore, and Thailand are restricted from using the exchanges, which is disappointing given the fact competitors like Coinbase and Kraken accept users from these regions.

While Binance previously accepted users from the UK, they have suspended new registrations and restricted futures and derivatives trading for existing UK users to comply with FCA regulations. Users in Germany, Italy, and the Netherlands are also restricted from trading futures and derivatives.

A full list of supported countries can be found on Binance’s website.

Binance Bonuses and Special Offers

Binance offers various promotions for new and existing users.

Referral program:

• Lite referrals: the referrer and referee receive a $100 cashback voucher on trading fees if the referee registers and deposits at least $50 within 14 days of registration.
• Standard referrals: the referrer can earn up to a 40% commission on the trading fees the referee pays. This commission split can be shared with the referee as an incentive.

Affiliate program: Influencers and content creators can join the Binance affiliate program, earning up to 50% commission on trading fees collected from referred users. Affiliates also benefit from new user sign-up bonuses of up to $600.

Rewards: Binance’s rewards hub features weekly Wordle-style challenges, where users solve crypto-related word games to earn Binance points, which can be used to unlock trading fee rebates. Additionally, Binance runs monthly missions with rewards, including a share of 1 million Binance points and exclusive prizes.

Binance Background

Binance was launched in July 2017 by Changpeng Zhao (CZ), a McGill University graduate with a background in building high-frequency trading systems for Wall Street. The exchange quickly rose to prominence, due to its user-friendly platform and the success of the BNB Smart Chain and BNB token, which is currently the 4th largest cryptocurrency by market capitalization.

Binance’s popularity stems from a combination of factors: a user-friendly platform that caters to both beginners and experienced traders, a wide variety of tradable assets, some of the highest leverage options in the industry, and the lowest trading fees across spot, margin, and derivatives markets.

Binance came under scrutiny when the US Commodities Futures Trading Commission (CFTC) filed a lawsuit against both Binance and CZ personally, claiming evasion of US law and failing to comply with anti-money laundering regulations. This resulted in CZ resigning as CEO and Binance paying a $4.3 billion fine.

Following the lawsuit, Richard Teng, the former Vice President of the Singapore Exchange, was appointed as CEO. Since his appointment, Teng has been steering Binance towards greater regulatory compliance, transparency, and security.

Security & Transparency

Proof of Reserves

Binance conducts Proof of Reserve audits monthly, ensuring all customer assets are maintained with at least a 1:1 reserve ratio. As of June 2024, Binance maintains reserve ratios of ≥100% across 31 different assets, with popular assets like TUSD held at over 600%. This comprehensive program places Binance at the forefront of industry transparency.

Account Security

User accounts on Binance can be secured with two-factor authentication (2FA) using SMS, hardware keys, Google Authenticator, or Binance’s own authenticator app. Additionally, Binance supports multi-factor biometric authentication (MBA) through fingerprint scanning or FaceID. Unlike competitors such as Bybit, which only offers MBA on their mobile platform, Binance supports MBA on both desktop and mobile.

Personally, I secured my account using Google Authenticator, FaceID on my phone, and TouchID on my laptop. Setting up 2FA is quick and easy, taking no longer than five minutes. Enabling biometric authentication was even faster since Binance uses the biometric scans already stored on your device.

Independent Security Rankings

Binance has received positive reviews from several leading independent exchange websites, ranking highly for safety and security compared to its competitors. Binance is also one of the few exchanges that maintains an insurance fund to protect users in extreme situations. Their Secure Asset Fund for Users (SAFU) is currently valued at over $1 billion.

General Reliability

Binance currently operates without a fixed headquarters, with founder Chanpeng Zhao (CZ) calling HQs an “old concept.” However, new CEO Richard Teng has announced plans to establish one and is in discussions with several possible jurisdictions. While the absence of a fixed headquarters may concern some users, the new CEO’s commitment to establishing one and working with industry regulators is reassuring.

Binance has obtained licenses to operate as a virtual/digital asset service provider in countries like Japan, France, Italy, Spain, Sweden, Australia, New Zealand, and many more. This is reassuring as Binance is constantly pushing for further licensing in the jurisdictions where it operates.

Know Your Customer (KYC)

Binance has implemented mandatory KYC verification to comply with global regulations and enhance protection against hackers, market manipulators, and money launderers. The verification process has different levels based on the information provided:

• Unverified users have not submitted any identification
• Verified users have provided personal information and proof of identity
• Verified Plus users have additionally submitted proof of address

Is Binance Safe to Trade With?

In summary, our findings indicate that Binance can be regarded as having a high level of trust and stability due to the following factors:

• 1:1 reserves for all users’ assets, with monthly audits, give peace of mind that your assets are safe on the exchange
• Secure Asset Fund for Users (SAFU) insures user assets against extreme market conditions
• Active pursuit of further licensing from regulators worldwide
• Drawbacks include the lack of a fixed headquarters and third-party insurance.

Trading Experience

Trading Test

For our trading test, we thoroughly evaluated the Binance platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

The signup process for Binance is simple and straightforward. You can use an email address or third-party sign-in (Google or Apple account)

KYC verification is mandatory on Binance, and you can verify your identity using the following documents:

• A passport
• A drivers license
• A government-issued ID card
• A residence permit

Binance accepts a wider range of documents than exchanges like BingX or Kraken. Overall, the KYC process was fairly quick, and my account was verified within 2 hours.

Depositing crypto assets via crypto networks to your Binance account is quick and easy. Binance supports one of the largest selections of assets and networks for deposits.

During my testing, I transferred LTC from Bybit, which charged me a 0.001 LTC fee. Binance did not charge any transaction or wallet creation fees, but there was a minimum deposit of 0.001 LTC. Deposits over the Litecoin network are credited to your account after just 3 confirmations and can be withdrawn after 4 confirmations. In my experience, it took just under 10 minutes to confirm my LTC deposit.

Step 2: Trading

My trading experience on Binance was seamless. I quickly placed a market order to sell LTC for USDT, which was instantly executed and cost just over 0.04 USDT.

Opening new positions was just as easy. I selected the LTC/USDT trading pair and placed a market order to buy LTC with a tight stop loss configured. The buy order was instantly executed and cost me 0.059 USDT. In this instance, the market was trending down, which led to my stop loss being triggered exactly at the trigger price, which minimized my potential losses.

Step 3: Withdrawal and Review

I withdrew LTC over the Litecoin network back to Bybit during my testing. Binance charged a withdrawal fee of just 0.0001 LTC ($0.008), significantly lower than Bybit’s 0.001 LTC ($0.08) fee. Binance quickly processed the withdrawal, and the funds reached my Bybit wallet in just over 10 minutes.

As part of my testing, I also tried the fiat withdrawal process on Binance. After swapping my crypto for EUR, I initiated a SEPA transfer back to my bank account. It’s worth noting that fiat withdrawals can only be made to bank accounts that have already been used to deposit funds to your Bybit account, which means you don’t have to enter any bank details.

Direct SEPA withdrawals facilitated by Binance have a minimum withdrawal amount of 5 EUR and incur a 1 EUR fee. The funds reached my account in less than a minute, as both my bank and Binance’s bank support SEPA Instant payments. If your bank does not support SEPA Instant payments, you may have to wait up to 2 working days for your funds.

Desktop Version

The Binance desktop platform is easy to use, while still offering all the advanced features and tools required by traders of all levels, During my testing, the platform performed without a hitch on Google Chrome, Safari, and Firefox. Unique among exchanges, Binance provides a standalone desktop application for MacOS, Windows, and Linux, ensuring a seamless, distraction-free trading experience.

The desktop interface is visually similar to many competitors, with clear displays of price charts, market depth, order book data, recent trades, order forms, open positions, pending orders, and account balances. This allows for easy navigation and management of trades without leaving the charts.

TradingView integration is a welcome addition for experienced traders. It provides all the indicators and drawing tools that have become standard in the industry. Binance also lets traders link their trading accounts directly to TradingView, allowing traders to place and manage trades directly within the TradingView application.

Switching markets is simple: click the trading pair at the top left, which will bring up a dropdown menu of all available markets. You can quickly filter markets by categories such as new listings, AI, Bitcoin Ecosystem, DeFi, and more, allowing you to explore the wide variety of markets offered by Binance.

Placing Trades

Placing trades on Binance is simple, with easy-to-use order forms that offer a high level of customization. The order forms are consistent across desktop and mobile platforms and support spot, margin, and futures trading.

My Key Takeaways After Testing Binance Desktop

In my experience, Binance delivered a seamless trading experience, and my overall impressions are positive due to several factors:

• Advanced Trading Tools: Ideal for detailed technical analysis
• Standalone Desktop Application: Offers a distraction-free trading experience
• Intuitive Platform: Accessible for both new and experienced traders

Mobile App

For those who want to manage trades on the go, Binance offers a mobile app on iOS and Android. During my testing, I found the app to perform identically across both platforms, running smoothly and providing a pleasant trading experience.

Binance Lite

The Binance mobile app features a Lite mode, ideal for beginners. The Lite homepage displays your watchlist and market list, sortable by market cap, price, 24-hour change, and hot tokens. Placing trades in Lite mode is straightforward, with essential information clearly displayed. Users can buy, sell, deposit, withdraw, and convert assets without the complexity of advanced features.

Binance Pro

The Pro mode in the Binance mobile app adds a host of additional features tailored to more experienced traders, including spot-margin, futures, and P2P trading. The Pro interface displays market information for your favorite tokens, hot tokens, top gainers/losers, new platform listings, and the latest crypto news. It offers an “Easy Mode” for new futures traders and a “Classic” order form replicating the desktop experience.

Advanced technical indicators and drawing tools are available in Pro mode, sufficient for quick on-the-go analysis. One downside is the inability to use limit orders in “Easy Futures” mode, which may be a drawback for some traders.

Price Alerts

The Binance mobile app lets you configure a variety of push notifications for various cryptocurrency price criteria:

• If price reaches a specified alert price
• If price rises above or drops below a specified alert price
• If price changes over or under a specified percentage
• If the 24-hour price change is over or under a specified percentage.

These alerts help you stay informed without constantly monitoring the charts. However, I think that Binance’s price alerts are less advanced than Bybit’s, which include alerts for Open Interest, Funding Fees, and AI price signals.

Portfolio Clarity

Binance offers a comprehensive portfolio overview screen that helps users visualize and manage their portfolios effectively.

Common Features

• Total account balance with a breakdown of individual assets
• A performance chart showing the change in total account balance over time, helping visualize your progress over the last few weeks and months
• Asset allocation pie chart detailing the percentage allocation to each asset, ideal for hodlers to ensure they maintain a balanced portfolio.

Pro Mode Features

• Detailed breakdown of balances across different accounts (spot, margin, futures, funding, earn).
• Quick shortcuts to deposit, withdrawal, transfer, buy crypto, and P2P trade.

Live Mode Features

• Simplified overview of your account balance, asset allocation, and performance chart, which is easy to understand for beginners.

This separate portfolio overview ensures both new and experienced users can easily monitor and manage their portfolios.

My Key Takeaways After Testing Binance on Mobile

Binance’s mobile app is a solid companion to the desktop trading platform, with a variety of useful features such as:

• Pro and Lite Modes, cater to both new and experienced traders.
• Identical trading instruments & Conditional orders to support a variety of trading strategies.
• Advanced drawing tools and Indicators for technical analysis on the go.
• Easy and Classic Futures Modes to help ease new traders into futures trading.

The mobile app performed flawlessly throughout my testing, delivering a seamless trading experience away from my desktop. It perfectly caters to both new and experienced traders at the same time thanks to dedicated Lite and Pro modes. As a professional trader, I found the app to be a great extension of the desktop platform, enabling the freedom to manage my trades while on the move.

Fees

Binance Spot Maker/Taker Fees

In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels.

The first tier typically represents casual traders, as they don’t usually trade more than $10,000 per month, while the higher tiers often relate to more advanced traders. Using this method, we’re categorizing users not only by their trading style but also by the amount of money they spend on the exchange.

Additionally, we also compare these fees with industry standards to give a thorough perspective on each exchange’s affordability.

Deposit Fees

Fiat Deposits

Binance offers various fiat deposit options, setting itself apart from most competitors by supporting instant deposits with a credit or debit card. While there is a small fee for EUR deposits via SEPA transfer, bank card, and ZEN, users can enjoy zero fees when depositing using one of the currencies supported by P2P Express.

Crypto Deposits

Crypto deposits on Binance are free, and from my testing, I found that Binance requires fewer network confirmations for crypto deposits. This means your deposits are credited to your account faster than exchanges like Bybit or Kraken.

Withdrawal Fees

Binance keeps withdrawal fees low across all supported fiat currencies. SEPA transfers are charged a flat fee of 0.3 or 1.0 EUR, depending on the payment provider used. ZEN can be used as a free alternative for fiat withdrawals.

In my experience, Binance’s withdrawal fees are competitive, though not the lowest in the market. Competitors like Kraken offer free fiat withdrawals, making Binance’s fees reasonable but not the absolute lowest.

Leverage and Futures Trading Fees

Margin Fees

Binance’s margin trading fees are the same as its spot trading fees for opening and closing positions. Additionally, margin traders are charged hourly interest on borrowed assets, with interest rates depending on the asset. Specific interest rates are detailed on Binance’s website.

I found Binance’s margin trading fees to be among the lowest in the industry: just 0.075% with BNB discounts. Interest rates on BTC and ETH are lower than competitors, though stablecoin rates like USDT and USDC are noticeably higher. For example, opening a $100 margin position at 10x leverage costs $1 in trading fees, with variable interest fees.

Futures Fees

Futures traders on Binance benefit from some of the lowest derivatives trading fees in the industry. Like spot/margin trading, futures trading follows the Maker-Taker model, but with different percentages to accommodate the larger position sizes typically traded with derivatives.

In my experience, Binance’s futures trading fees are extremely competitive. For example, trading $100 at 10x leverage cost me $1.80 using limit orders and BNB for fee discounts. Funding fees are also on par with competitors.

Fee Discounts

Binance is one of the few exchanges that offers fee discounts for holding Binance’s native coin, BNB. Users that hold BNB receive up to 25% off on trading fees when paid using BNB. The 25% discount applies to spot and margin trading fees, with a 10% discount applied to derivative trading fees and a 5% discount on interest payments when margin trading.

To enable this discount, hold BNB in your account and opt to pay fees with BNB. VIP users can enjoy these discounts on top of their existing benefits.

Are Binance Fees Competitive?

In summary, Binance’s fees are competitively priced and well structured, making it a perfect choice for spot, margin, and derivative traders alike.

While Binance charges a small fee for fiat deposits, it compensates by allowing deposits directly from bank cards for purchasing crypto using Apple/Google Pay, bank cards, or third-party payment providers, which are comparable to competitors.

To minimize fees, I recommend using limit orders for the lower maker fees, trading larger position sizes to unlock lower fee tiers, and holding BNB to take advantage of the 25% discount on top of existing VIP discounts. Fees may vary, so it’s advisable to check Binance’s official website for the latest information.

*Fees may vary, and it’s advisable to check Binance’s official website for the latest information.

Available Cryptocurrencies

Binance’s Token Launch Platform allows users to profit from early investments in upcoming tokens by locking up funds in exchange for token airdrops. Similar to a crowdfunding platform, users can lock up FDUSD or BNB tokens and receive airdrops of the new token in return. The launchpad has supported nearly 100 projects, raising almost $200 million.

With one of the largest selections of spot and futures markets, Binance frequently adds new tokens and trading pairs, ranking them highly against the competition. According to CoinMarketCap, Binance has the highest liquidity score in the industry. This meant I experienced no issues with orders being filled, even when trading rare coins with typically lower liquidity. This makes it an excellent choice for traders seeking a diverse range of markets and assets.

Deposits & Withdrawals

Binance Deposit Options

Peer-to-Peer (P2P) Trading

Binance offers P2P trading, which makes the exchange more accessible to users outside directly supported fiat regions. Users can exchange crypto and fiat using a variety of payment methods not directly supported by Binance, such as CashApp, Zelle, and Western Union.

The P2P platform clearly shows each advertiser’s number of completed orders, order completion percentage, positive feedback, advertised prices, order limits, and supported payment methods. To enhance security, Binance uses a crypto escrow service for P2P trades and vets all verified P2P merchants.

Minimum and maximum deposit amounts

vary depending on the currency and payment chosen. The minimum deposit amount varies between 5-15 EUR equivalent, while the maximum deposit amount ranges from 10,000 to 500,000 EUR equivalent, depending on the payment method.

My experience depositing EUR via direct SEPA transfer was positive, with funds credited in less than two minutes. However, using SEPA transfer through Paymonade was frustrating: I waited over a week before being asked for additional verification documents, only to have my deposit rejected and the funds returned to my bank account. For a quick, hassle-free experience, I recommend choosing the direct SEPA transfer, deposit via bank card or ZEN.

Binance’s fiat withdrawal process is on par with competitors like Kraken, Bybit, and KuCoin. It offers instant SEPA withdrawals and free withdrawals through third-party payment providers. P2P trades on Binance are processed quickly, with more vendors than competitors like Bybit.

One-Click Buy

Binance’s One-Click Buy option allows instant crypto purchases using over 50 fiat currencies without waiting for a fiat deposit. Supported payment methods include credit/debit cards, Apple/Google Pay, and third-party providers like Paymonade and Wello. While this option offers convenience, it comes with slightly higher fees. In my testing, a $20 transaction yielded 19.08 USDT after Binance’s exchange rate and 2% fee. I found making a fiat deposit more cost-effective for larger transactions.

Binance Withdrawal Methods

The withdrawal process on Binance is straightforward. There are various transfer methods and currencies, except for credit/debit cards. SEPA withdrawal fees are the same as for deposits, while ZEN withdrawals are free.

The minimum withdrawal amount for most methods is around 5 EUR or equivalent, but it varies for P2P trading as providers set their own minimums.

My experience withdrawing fiat from Binance was seamless. After converting my assets to EUR, I could instantly withdraw my funds using SEPA transfer, with my bank account being credited in under a minute. I also tested ZEN withdrawals, with my ZEN account being credited instantly. I recommend choosing the withdrawal method with the lowest fees for the best experience.

While the speed of the fiat withdrawals was comparable to industry leaders like Kraken and Bybit, one downside is that Binance charges for fiat withdrawals, whereas Kraken offers them for free.

Binance Daily Withdrawal Limits

Daily withdrawal limits on Binance depend on whether you are withdrawing cryptocurrency or fiat currency. Crypto withdrawal limits vary based on your VIP level, while fiat withdrawal limits depend on your level of KYC verification.

I found Binance’s withdrawal limits to be among the highest in the industry for both crypto and fiat. If you need higher limits than the standard ones, you can apply by submitting additional documents regarding sources of income and wealth, which is great for active traders.

Customer Service

Binance Customer Service Test

My experience with Binance’s customer support was mixed. The FAQ section is thorough and covers various topics, but the chatbot primarily redirects you to FAQ pages, making it challenging to reach a human customer support agent.

I connected to a support agent within 5 minutes of asking the chatbot to speak to a human. I asked our standard set of questions:

• Are the funds on the exchange held in a custodial or non-custodial manner?
• How many confirmations are required for transactions between two cryptocurrencies (such as Monero to Bitcoin)?
• What has been the exchange’s uptime percentage over the past year?
• Are customer deposits secured in segregated accounts?
• Are client’s cryptocurrency portfolios protected by third-party insurance coverage?

The agent replied within 15 minutes with detailed answers to all of our questions. I was impressed by the clarity of their answers, unlike some other exchanges where responses are often just links to FAQ pages that don’t directly address the questions.

Overall, I would rank Binance’s customer support somewhere in the middle when compared to competitors. While it doesn’t match Kraken’s immediate agent connection, it is better than Bybit, which suspends live chat during high-volume periods. There is still room for improvement for Binance to meet the standards of top-tier exchanges.

FAQ