Binance Review

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Bottom line:

Binance is undoubtedly one of the best exchanges for trading cryptocurrency globally. It offers one of the most extensive selections of coins and trading pairs and has a feature-rich ecosystem with new services and tools constantly added.

Moreover, Binance is also one of the cheapest crypto exchanges with zero trading fees on Bitcoin spot pairs. Combined with its excellent security track record and advanced mobile app, Binance is hard to beat. Conversely, the abundance of features can take a while to explore and get used to, but it's well worth the effort.

How We Rated Binance

Review Criteria	Hedge With Crypto Rating
Features	5 / 5
Supported Fiat and Deposit Methods	4.8 / 5
Supported Crypto & Trading Pairs	4.6 / 5
Fees	4.9 / 5
Ease of Use	4.6 / 5
Customer support	4.5 / 5
Security Measures	5 / 5
Mobile App	5 / 5

Pros Explained

• Low trading fees. Binance offers highly competitive trading fees of 0.1%, with additional discounts readily available for staking BNB. Moreover, there are zero trading fees on Bitcoin pairs using certain stablecoins.
• Advanced trading tools. Binance offers advanced crypto trading tools that make it a recommended platform for anyone wishing to perform technical analysis or employ complex trading strategies.
• Feature-rich experience. While some exchanges offer only the essentials, Binance is an all-in-one platform that covers most crypto-related products in the industry. As such, it's one of the best crypto exchanges for users who do not want to sign up for several platforms to get their desired features.
• Excellent trading volume and liquidity. Binance is ranked #1 for traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported for spot and derivatives markets. Traders that employ crypto arbitrage methods will benefit from the deep liquidity offered by Binance and can buy crypto at the best prices possible.

Cons Explained

• Some features are restricted in certain countries. Due to regulatory issues, some features Binance offers are limited in certain countries. For example, Binance.US offers fewer assets than the global Binance platform and lacks interest-earning and staking products.
• Past security concerns. Although Binance is generally considered a safe exchange, it has faced security issues. While all users affected by the past hack were made whole, it's worth keeping in mind. There's also plenty of FUD on social media concerning its solvency.

Binance Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Kraken	222	0.16% (maker) and 0.26% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	None available at this time	Visit Kraken	Kraken Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review

Binance is a world-class exchange that offers various products and services. Hedge With Crypto has reviewed and compared many Binance alternatives with similar features below:

• Binance vs. Coinbase
• Binance vs. KuCoin
• Binance vs. ByBit
• Binance vs. Swyftx
• Binance vs. CoinSpot

Binance At A Glance

Binance is a cryptocurrency exchange founded in July 2017 after a successful ICO that raised $15 million. The exchange has attracted over 90 million users to date in multiple countries worldwide. It is often applauded in exchange reviews and social media as the best crypto trading platform which is evident by its large user base.

Binance, owned by Changpeng Zhao (CZ), is licensed in multiple jurisdictions by authoritative bodies, including the AUSTRAC, DASP, and FSP. However, certain regulators like the UK's FCA have limited Binance's services in some regions (check Binance's supported countries). Each exchange under the Binance name is independently operated and fully compliant with the country's local regulations and laws. Most Binance platforms provide a fiat-to-crypto exchange for individuals to buy or sell Bitcoins for cash.

Exchange Name	Binance
Features	Trading Bots, P2P Marketplace, Recurring Buys, Crypto Options, Demo Trading, Advanced Interface, Visa Card, Crypto Loans, Staking, NFT Marketplace, Binance Convert
Accepted Fiat Currencies	USD, EUR, GBP, AUD, CAD, +22 Others
Deposit Methods	Crypto, Wire Transfer, Credit/Debit Card, P2P
Supported Cryptocurrencies	340
Number of Trading Pairs	1,395
Trading Fee	0.1%
Customer Support	Help Center, Chatbot, Live Chat, Voice Call (VOIP)
Security Measures	SAFU Fund, 2FA, Encryption, Activity Monitoring, Cold Storage
Mobile App	Yes (Android and IOS)

Review of the Top Features on Binance

Binance is a leading digital asset provider that has expanded its features and services to provide a complete product offering that users can access through the Binance website or mobile app. We have reviewed the main features offered by Binance in the sections below.

$300 Welcome Bonus

Binance offers up to a $300 welcome bonus for new customers who sign up on the exchange using our referral ID 10360506. Here is the full referral link to access the rewards. The Binance referral code is only applicable to new customers who do not have a current Binance account.

https://accounts.binance.com/en-AU/register?ref=10360506

For more information on how to get the $300 Binance bonus, read this article on claiming the Binance referral code.

Suitable For Everyone

Binance is designed for everyone, regardless of experience. The exchange offers many markets and features, so customers can choose which products to utilize. By taking this approach, Binance has ensured that it is highly accessible for new traders while allowing users to progress through the available features as they build confidence and gain experience.

For example, the easiest way to exchange crypto for another digital currency is using ‘Binance Convert.' This enables users to buy exchange assets without using a price chart and order entry window, which can be overwhelming for beginners. Binance Convert supports most listed coins and is a fast way to swap cryptocurrencies.

Trading bots

Binance offers some of the most popular crypto trading bots users can utilize to streamline their workflow and automate the trading process. The bots offered include:

• Grid trading bot. Grid trading is a popular strategy that involves using a trading bot to buy and sell crypto within a specific price range automatically. While this method can require technical know-how, as users must input a price range and the number of grids to trade, Binance offers an automated strategy that massively simplifies the process.
• Rebalancing bot. Binance has built a bot that can automatically rebalance a user's portfolio to the assets contained within it to a specific weighting. Furthermore, Binance offers pre-built portfolios on sectors like the Metaverse or Proof-of-Stake (PoS) tokens for users who don't want to set up the bot manually.
• TWAP bot. Time-weighted average Price (TWAP) positions are designed to execute an order algorithmically over a set period to achieve an average buy/sell price. Typically, TWAP strategies are utilized by high-capital traders who do not wish to impact the price of an asset when completing a large transaction.

P2P Marketplace

Binance has its peer-to-peer trading (P2P) marketplace that enables its users to trade between themselves with a greater variety of deposit methods and currencies (and no fees). There is an escrow service for those who want to go down this path to keep funds safe until the transaction is completed.

Although fewer assets are supported for P2P trading than on the actual exchange, the greater range of payment methods and reduced costs will likely appeal to international customers wishing to trade with a particular fiat currency or payment method. Given the recent closure of competitors Paxful and LocalBitcoins, the Binance P2P platform is one of the bigger P2P exchanges to use.

Recurring Investments (DCA)

Dollar-cost-averaging (DCA) is considered one of the best crypto investment methods for retail investors. Binance has created a system enabling users to purchase crypto at predetermined intervals automatically. Customers can choose between daily, weekly, biweekly, and monthly purchases, and Binance will complete the purchase using a linked payment method. This feature will be highly suitable for beginners who don't want to actively use a crypto day trading platform.

Advanced trading interface

Binance is well-known for its cutting-edge trading platform for trading digital currencies with a full range of trading tools, indicators, and charting options. Powered by TradingView, traders will be well-equipped to analyze historical and live price action. Seasoned traders will appreciate the crisp, streamlined, highly responsive charts on desktop and mobile.

The extensive assortment of tools at their disposal is enviable, including drawing trend lines, adding indicators, and reliable charting patterns to enter a trade. In short, Binance is one of the best places for technical analysis traders. On the flip side, it can be overwhelming for beginners.

Binance derivatives trading

Binance is one of the best crypto leverage trading platforms and offers margin, cryptocurrency options, and futures contract trading with up to 125x leverage. As such, experienced traders can open sizable positions with minimal capital requirements, making the platform excellent for utilizing strategies like scalping, which takes advantage of small price movements.

A benefit of using Binance is the ability to short-sell, enabling users to earn profits even when prices are dropping. For more information, read our article on how to short on Binance.

Crypto options trading

Options trading is popular in traditional markets and is quickly becoming more common in crypto. It enables traders to speculate on price movements without buying an asset directly by purchasing fixed-term contracts that entitle the holder to buy assets for a predetermined price once the contract expires.

Binance offers three assets for crypto options trading; BTC/USDT, ETH/USDT, and BNB/USDT. These contracts have expiry dates ranging from 24 hours to just under a year, meaning traders have plenty of options despite the limited range of supported cryptocurrencies.

Futures demo trading

Binance has a testnet that can be loaded with 3,000 USDT of virtual trading funds. It's a replica of the Binance trading platform with access to all the trading tools, making it a good way to learn how to trade crypto. While it's more complicated and involved to set up, newer crypto traders can experiment with futures trading up to 125x leverage without risking their capital. Complete beginners may prefer a traditional crypto demo account with live pricing.

Binance VISA Card

Binance has introduced a cryptocurrency debit card that allows users to convert and spend digital currencies like a traditional debit card. The Binance VISA card can be used with more than 60 million merchants worldwide. The benefits of using a Binance debit card include the following:

• The card is free to use with zero Binance administrative or processing fees
• Earn up to 8% crypto cashback on purchases using the VISA card
• Easy to transfer and top up funds using a Binance wallet address
• Funds on the card are protected by a high standard of security

The amount of cashback rewards users can earn with the Binance VISA debit card depends on the amount of BNB coins locked in a Binance wallet. Beginners who order the card can earn 0.1% cash back rewards for free without staking any BNB.

However, to earn the maximum cashback bonus on purchases of 8%, users will need to stake at least 600 BNB tokens, equivalent to $191,976 at current prices., which is a considerable investment to obtain an 8% cashback.

Binance Earn

Binance offers one of the best staking platforms for crypto with fixed staking terms for 10, 14, 15, 30, 60, 90, and 120-day periods to earn rewards up to 115.6% APY. The exchange supports 346 cryptocurrencies, including BTC, ETH, USDT, and XRP, that can be staked on the platform using a fixed-term or flexible arrangement.

Binance offers several yield-generating products, including protected staking, liquidity farming, and dual investments. While each product is similar, they vary in risk and potential yield. For example, protected staking lets users earn consistent rewards, liquidity farming pays users in specific cryptos, and dual investments are riskier but offer a greater APR.

Binance also supports staking Ethereum 2.0, which lets users 3.6% to 4.5% APY returns. The one-click ETH 2.0 staking has a minimum requirement of 0.1ETH to begin. However, the ETH cannot be withdrawn until the network's Shanghai Upgrade. Fixed staking will suit those comfortable locking in their coins for a set period to accrue rewards. However, flexible staking will appeal to customers who do not wish to be locked into any contract.

Because Binance Earn supports such an extensive range of cryptocurrencies across many terms and provides several ways to earn interest on crypto, the platform is ideal for anyone looking to earn rewards across multiple assets on a central hub.

Binance crypto loans

Binance has entered the decentralized financial loaning and borrowing space with its crypto-lending platform. Traders on the platform can use their digital currency assets as collateral to obtain an instant cash loan or lend out their holdings to earn interest. Any user on the Binance platform is eligible to obtain a crypto-backed loan.

Binance supports lending and borrowing 123 digital currencies, including BTC, BUSD, BNB, ETH, and USDT. Users can repay loans over a 7, 14, 30, 90, or 180-day period. There are no penalties or fees if early repayments are made during the loan term. The interest is calculated hourly, based on the asset, and determined from the start time of the loan.

The Binance lending module is comparable to traditional banks and crypto-based borrowing and lending platforms. After borrowing, customers can withdraw the crypto or transfer it to the spot/margin exchange to trade. However, some regions, including the UK, are restricted from using the service.

NFT Marketplace

Binance has its own NFT marketplace. Existing Binance customers can use their accounts to access the Binance NFT marketplace and buy or sell NFTs. The Binance marketplace aims to bring artists, creators, and crypto enthusiasts together, enabling them to buy, mint, and sell NFTs. Investors can buy NFTs on the exchange with various coins such as BUSD and Ethereum. However, a nominal 1% processing fee is applied to transactions that aren't the cheapest compared to premium NFT platforms in the market.

Binance Account and Verification Requirements

Creating an account with Binance is easy and only requires an email and password. However, customers wishing to trade on Binance must complete Know-Your-Customer (KYC) verification by providing a photo ID, proof of address, and a selfie. Furthermore, the Binance withdrawal process will be rejected when attempting to withdraw more than the account's limit.

While level one verification enables the user to access every Binance feature and provides a $2 million daily fiat limit, customers can complete Plus verification to attain unlimited fiat support. The Binance verification speed varies based on demand but typically completes within a few minutes to around 4 hours.

Supported Fiat Currencies and Deposit Methods

Binance is a popular trading platform due to its availability worldwide, support for multiple fiat currencies, and range of methods for transferring funds to an account. Users can buy crypto with 27 fiat currencies, including USD (only available on Binance.US), GBP, EUR, and AUD via bank transfers, credit/debit cards, SEPA, wire transfers, and cash deposits.

Additionally, Binance supports cryptocurrency deposits for every tradable asset and enables users to deposit fiat and purchase digital assets directly using a credit or debit card. However, going this route can incur fees as high as 2% per purchase.

Supported Cryptocurrencies and Trading Pairs

Binance supports over 350 unique digital coins that can be bought, traded, and sold. Each asset can be traded against Bitcoin, altcoins, fiat currencies, or stablecoins, bringing the total number of spot trading pairs to 1,395. Furthermore, there are 203 futures pairs, bringing the combined total of tradable instruments to 1,598.

With such a large selection of assets, users will not have trouble finding trading opportunities. This is a strong reason why Binance is one of the best altcoin exchanges in the market.

Binance Fees & Limits

Trading fees

Binance uses a volume-based maker/taker fee structure that rewards active traders with reduced fees. The standard spot trading fees on Binance are 0.1% for each transaction (e.g., buy/sell). However, this can be reduced to 0.015% (maker) and 0.03% (taker) based on trading volume paying fees using Binance Coin (BNB) stored in a crypto wallet (or its supported non-custodial Trust Wallet).

Buying BNB tokens is an excellent way to earn additional discounts, as paying trading fees using the platform's native cryptocurrency provides an extra 25% discount on top of any volume-based reductions.

When trading Binance futures contracts, the fees start from 0.02% (maker) and 0.04% (taker). However, like spot trading, users can earn reduced fees based on trading volume and a further 10% discount for trading USDT or BUSD-denominated pairs.

Spot Volume	Spot Fee (Maker/Taker)	Futures Volume	Futures Fees (Maker/Taker)
< 1,000,000 BUSD	0.1% / 0.1%	< 15 Million BUSD	0.02% / 0.04%
≥ 1 Million BUSD	0.09% / 0.1%	≥ 15 Million BUSD	0.016% / 0.04%
≥ 5 Million BUSD	0.08% / 0.1%	≥ 50 Million BUSD	0.014% / 0.035%
≥ 20 Million BUSD	0.07% / 0.1%	≥ 100 Million BUSD	0.012% / 0.032%
≥ 100 Million BUSD	0.02% / 0.04%	≥ 600 Million BUSD	0.01% / 0.03%
≥ 150 Million BUSD	0.02% / 0.04%	≥ 1 Billion BUSD	0.008% / 0.027%
≥ 400 Million BUSD	0.02% / 0.04%	≥ 2.5 Billion BUSD	0.006% / 0.025%
≥ 800 Million BUSD	0.02% / 0.04%	≥ 5 Billion BUSD	0.004% / 0.022%
≥ 2 Billion BUSD	0.02% / 0.04%	≥ 12.5 Billion BUSD	0.002% / 0.02%

Binance Fees Compared

While researching the company's pricing structure for our Binance review, we were impressed with the value offered by the platform. With standard fees and large discounts available for high-volume traders, Binance is an excellent trading platform for everyone, regardless of their trading journey.

Exchange Name	Spot Fees (Maker/Taker)	Futures Fees (Maker/Taker)
OKX	0.08% / 0.1%	0.02% / 0.05%
Binance	0.1% / 0.1%	0.02% / 0.04%
ByBit	0.1% / 0.1%	0.01% / 0.06%
KuCoin	0.1% / 0.1%	0.02% / 0.06%

Deposit & Withdrawal Fees

Binance does not charge a fee to deposit crypto to the exchange. Users can transfer coins from other trading platforms or a personal hardware wallet to Binance for free. However, to withdraw from Binance, a flat fee is charged to cover network costs, which vary based on the asset. For example, BTC withdrawals cost 0.0002 BTC, while ETH withdrawals cost 0.0012 ETH.

However, fiat currency transactions incur charges based on the currency and method used. For example, Binance users performing GBP withdrawals/deposits are charged between £0.5 and £1, while EUR transactions cost between €0.5 and 1% based on the payment method.

Binance Ease of Use

Ease of use is a crucial consideration when selecting a crypto exchange. Thankfully, Binance provides a clear and intuitive interface that is familiar to anyone with past crypto exchange experience. Although the ‘Lite' mode is only available on the mobile app, Binance does offer simple conversion services that will likely appeal to beginners.

Binance has integrated the best crypto charting software, TradingView, to offer users advanced charting capabilities, excellent drawing tools, technical indicators, and live price data. Furthermore, the order-book-based trading window has features, including transaction history and recent market activity providing users with additional data. However, finding the transaction history on Binance can be difficult for first-time users.

Moreover, placing orders on Binance is simple, as users can easily select a portion (e.g., 25%, 50%, or 75%) of their balance to trade. Furthermore, the exchange offers several advanced order types that can be used to enter and exit positions precisely. These include stop-loss, take-profit, limit, market, stop-limit, and One-Cancel-Other (OCO) orders.

Binance has worked hard to develop features that simplify trading and vastly improve quality of life. The exchange is ideal for anyone looking for an easy-to-use yet feature-rich and powerful trading platform. Although it would be nice to see a beginner mode included, Binance is fast to get acquainted with and well worth the effort.

Binance App

To cater to customers wishing to manage their portfolios or trade cryptocurrencies while on the move, Binance has built a mobile app accessible from Android and iOS devices. Currently rated 4.7/5 on the App Store based on over 140,000 reviews, the Binance app is well-designed, feature-rich, and beginner-friendly.

After logging into the Binance app, users are presented with a central hub with links to key features, including the referral program, Binance Earn, and the news feed. However, users can customize these homepage links to their content.

Customers will be pleased to know that the app supports every feature on the desktop platform, including grid trading bots, reoccurring investments, and staking products. Furthermore, the app boasts excellent drawing tools for performing analysis and several popular technical indicators to help customers find promising opportunities.

Although the app has features, it also offers a ‘Lite' mode for beginners, reducing the available services to the essentials. As such, the Binance app is ideal for new and experienced traders alike, making it a valuable tool in any crypto enthusiast's arsenal.

Customer Support & Reviews

To ensure that its massive customer base can always get a prompt answer to a question, Binance offers a comprehensive support center, 24/7 live chat, and voice call support. However, to reach a customer advisor, the user must first speak to a helpful bot to point them in the right direction and gather additional details about the user's issue.

Given the size of Binance's operations, some users will face frustration and problems, so it is unsurprising to see mixed reviews on Trust Pilot. However, we tested the support system and found the help center to offer many answers, the chatbot to point users to the right articles, and the live chat to be quick, as a customer service agent responded within two minutes.

Security Measures

As the largest crypto exchange on the planet, Binance must offer excellent security measures to protect itself and its users. Some of these include real-time monitoring of activities, protocols that flag suspicious transactions, obscuring sensitive information, and cold wallets to store most customer funds.

Additionally, Binance utilizes account-level security measures that customers can activate for increased protection. For example, Binance offers Two-Factor Authentication (2FA), session monitoring, device management, and an anti-phishing code to ensure legitimate user communications with Binance.

A unique feature of Binance is the Secure Asset Fund for Users (SAFU). Binance allocates 10% of trading fees to this fund, which reimburses users in case of a hack. The fund is valued at over $1 billion, making it massively valuable to Binance users.