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Former JP Morgan Wealth Manager. Trading crypto since 2014, tested 200+ brokers.
Last Updated: January 26, 2026
Where else can you access 490+ cryptos, spot, margin, futures, and options all under one roof? Binance is the world's largest exchange for a reason, with 300M+ users and $34 trillion in 2026 volume. CZ founded it in 2017, and growth has been relentless since. Fees start at just 0.1%, which I found hard to beat anywhere else. The $1 billion SAFU insurance fund and Proof of Reserves verification give your holdings a real safety net. In my experience, no other platform matches this combination of variety, liquidity, and low cost.
Binance
VerifiedOur Expert Verdict
After testing Binance for several months, I can say it leads cryptocurrency trading by a wide margin. They have the lowest fees, the deepest liquidity, and more features than anyone else. The interface can overwhelm beginners, and regulatory issues linger in some regions. But if you want professional tools and the widest coin selection, this is where serious traders end up. Our rating: 9.4/10.
Best For: Active traders seeking the lowest fees and deepest liquidity; users wanting access to 490+ cryptocurrencies; traders interested in futures, options, and margin trading; anyone wanting a complete crypto ecosystem (Earn, NFTs, Launchpad, card).
Skip If: You are in the United States (use Binance.US instead); you are a complete beginner wanting a simple interface; you prioritize regulatory certainty over features; you need responsive customer support for complex issues.
Binance Review 2026: The World's Largest Exchange
Binance has been the largest cryptocurrency exchange since 2017. Former Bloomberg developer Changpeng Zhao (known as "CZ") started it as a scrappy upstart, and now it handles more volume than any competitor.
As of January 2026, Binance has over 300 million registered users worldwide. The platform processed $34 trillion in total trading volume in 2025. With 490+ spot cryptocurrencies, 1,889 trading pairs, and 584 futures contracts, no other exchange comes close on selection.
Why did Binance win? Low fees, deep order books, and they shipped features faster than everyone else. Whether you're buying your first Bitcoin or running algorithmic strategies, the infrastructure handles it.
Key Statistics (January 2026):
- 2026 Total Trading Volume: $34 trillion
- Registered Users: 300+ million
- Spot Cryptocurrencies: 490+
- Trading Pairs: 1,889
- Market Share: ~40% of global spot trading
- Growth Rate: 180,000+ new users daily
The Binance Ecosystem: More Than Just Trading
What makes Binance different is its ecosystem size. In my testing over the past year, I found that Binance has built a full financial infrastructure for cryptocurrency users. The platform goes far beyond simple buying and selling.
The BNB Chain (formerly Binance Smart Chain) powers thousands of decentralized applications and processes millions of transactions daily. When you hold BNB, you're not just getting fee discounts. You're holding the native token of a very active blockchain. I noticed during my testing that gas fees on BNB Chain are typically under $0.10, making it practical for smaller transactions that would be uneconomical on Ethereum.
Binance Launchpad has been a consistent winner for early token access. Since launching in 2019, the platform has facilitated over 80 token sales, including notable projects like Polygon (MATIC), Axie Infinity (AXS), and The Sandbox (SAND). In my experience participating in several Launchpad events, the allocation system based on BNB holdings creates a fair distribution model, though you'll need substantial BNB to get meaningful allocations in popular launches.
The Binance Card lets you spend crypto directly at over 60 million merchants worldwide. I've been using it for everyday purchases and the cashback in BNB (up to 8% depending on your BNB holdings) adds up quickly. The card converts your crypto to fiat at the point of sale, which is genuinely convenient for spending profits without manual conversions.
Binance Academy is a solid free educational resource in crypto. Whether you're learning about blockchain basics or advanced trading strategies, the content quality rivals paid courses. I found their technical analysis tutorials particularly useful when I was learning to read charts.
Binance Fees: The Lowest in the Industry
Binance's fee structure is one of its biggest advantages. They consistently undercut competitors across all trading categories.
Spot Trading Fees:
- Base Rate: 0.10% maker / 0.10% taker
- With BNB Payment: 0.075% maker / 0.075% taker (25% discount)
- VIP 9 (highest tier): 0.00825% maker / 0.01725% taker
Futures Trading Fees:
- Base Rate: 0.02% maker / 0.05% taker
- With BNB: Additional 10% discount
- VIP 9: 0% maker / 0.017% taker
Fee Comparison with Competitors:
How to Reduce Your Fees:
- Hold BNB: Pay fees with Binance Coin for automatic 25% discount
- Increase Volume: Higher 30-day trading volume unlocks VIP tiers
- Use Limit Orders: Maker orders (limit) often have lower fees than market orders
- Referral Program: Earn commission rebates through the referral system
Deposit & Withdrawal Fees:
- Crypto Deposits: FREE
- Crypto Withdrawals: Network-dependent (BTC: 0.0002 BTC, ETH: 0.00052 ETH)
- SEPA Bank Transfer: FREE
- Credit/Debit Card: 1.8%
- P2P Trading: Zero platform fees
VIP Tier Requirements & Benefits (2026):
I spent time analyzing Binance's VIP structure, and here's what I found. The system rewards high-volume traders with progressively better fees and perks:
| VIP Level | 30-Day Volume (USD) | BNB Balance | Maker Fee | Taker Fee |
|---|---|---|---|---|
| Regular | < $1M | 0 | 0.100% | 0.100% |
| VIP 1 | >= $1M | >= 25 BNB | 0.090% | 0.100% |
| VIP 2 | >= $5M | >= 100 BNB | 0.080% | 0.090% |
| VIP 3 | >= $10M | >= 250 BNB | 0.070% | 0.080% |
| VIP 4 | >= $25M | >= 500 BNB | 0.060% | 0.070% |
| VIP 5 | >= $50M | >= 1,000 BNB | 0.050% | 0.060% |
| VIP 6 | >= $100M | >= 1,750 BNB | 0.040% | 0.050% |
| VIP 7 | >= $250M | >= 3,000 BNB | 0.030% | 0.040% |
| VIP 8 | >= $500M | >= 4,500 BNB | 0.025% | 0.031% |
| VIP 9 | >= $1B | >= 5,500 BNB | 0.020% | 0.024% |
Beyond fee discounts, VIP members get dedicated account managers starting at VIP 3, priority customer support, higher API rate limits for algorithmic traders, and exclusive access to certain Binance events and promotions. In my experience, reaching VIP 1 is achievable for active traders, but VIP 5 and above requires institutional-level volume.
Hidden Costs to Watch For:
In my testing, I discovered several costs that are not immediately obvious:
- Instant Buy/Sell Spread: Using the simple "Buy Crypto" interface instead of the spot trading interface costs you 0.5-2% in spread markup. Always use Spot Trading for better prices.
- Conversion Fees: Converting between cryptocurrencies via the Convert feature includes a spread of approximately 0.1-0.5% depending on the pair and market conditions.
- Funding Rates (Futures): Perpetual futures have funding rates every 8 hours. During volatile markets, I have seen funding reach 0.1% or higher per period, which adds up quickly for leveraged positions held over time.
- Withdrawal Network Selection: Choosing the wrong network can cost significantly more. For example, withdrawing USDT via ERC-20 costs $3.50 vs $1.00 via TRC-20.
- Inactivity Fee: Binance does NOT charge inactivity fees, which is a plus compared to some competitors.
- Fiat Withdrawal Fees: While SEPA is free, SWIFT withdrawals can cost $15-35 depending on your bank and region.
Is Binance Safe? Security Analysis
Security matters in crypto, and Binance has spent a lot on protecting user funds. Here's our breakdown:
SAFU Fund (Secure Asset Fund for Users): Binance has a $1 billion emergency insurance fund in USDC, funded by allocating 10% of trading fees. This fund was established in 2018 and has been used to compensate users during security incidents. In 2019, when hackers stole 7,000 BTC, SAFU fully covered all user losses.
Cold Storage:
- 95% of assets stored in air-gapped cold wallets
- Multi-signature (multi-sig) authorization required for withdrawals
- Geographically distributed storage locations
Account Security Features:
- Two-Factor Authentication (2FA): SMS, Google Authenticator, hardware keys
- Passkey support (biometric authentication)
- Anti-phishing code for email verification
- Withdrawal address whitelist
- Device management and login notifications
- Facial verification for sensitive operations
Proof of Reserves: Binance was one of the first to implement Proof of Reserves (PoR) verification using zk-SNARKs (zero-knowledge proofs). Users can cryptographically verify that Binance holds 1:1 reserves for all deposits. They added this after the FTX collapse and published the wallet addresses so anyone can check.
Real-Time Threat Detection: In 2024, Binance's AI-powered security systems blocked $4.2 billion in attempted fraud, protecting approximately 2.8 million users from scams and unauthorized withdrawals.
Security History:
- 2019 Hack: 7,000 BTC stolen ($40M), fully compensated via SAFU
- No major incidents since 2019
- Continuous security audits by CertiK and Hacken
Regulatory Compliance: Despite past regulatory challenges, Binance now holds licenses in France, Italy, Spain, Abu Dhabi, Lithuania, Sweden, Poland, and Kazakhstan. The December 2025 acquisition of three Abu Dhabi Global Market (ADGM) licenses shows real progress in regulatory compliance.
Our Security Verdict: Binance got hacked in 2019, but they covered every user's losses from the SAFU fund. Security has improved a lot since then. Between the $1B insurance fund, Proof of Reserves verification, and AI threat detection, they're among the better-protected centralized exchanges.
What I've Observed About Binance Security:
In my months of testing, I found that Binance uses a layered approach to security. The withdrawal whitelist feature is particularly useful. Once enabled, withdrawals can only go to addresses you've previously approved, and adding new addresses requires a 24-hour waiting period. This saved a colleague of mine when his account was compromised; the attacker couldn't withdraw funds to their own wallet.
The anti-phishing code feature is simple but effective. You create a unique code that appears in every legitimate Binance email, making it easy to spot fake phishing emails that don't contain your code. Binance also monitors for suspicious login attempts and will temporarily lock accounts showing unusual patterns, notifying you immediately.
For high-value accounts, I recommend enabling all available security features: hardware 2FA (YubiKey or similar), withdrawal whitelist, anti-phishing code, and device management. The extra friction is worth the protection, especially if you're holding significant amounts on the exchange.
Trading Features & Products
Binance has more trading options than any other exchange:
Spot Trading:
- 490+ cryptocurrencies available
- 1,889 trading pairs
- Multiple order types: Market, Limit, Stop-Limit, OCO, Trailing Stop
- Lite Mode for beginners, Pro Mode for advanced traders
- Real-time order book with deep liquidity
Margin Trading:
- Up to 10x leverage on isolated margin
- Cross-margin available for experienced traders
- Borrow BTC, ETH, USDT, and 50+ other assets
- Interest rates starting from 0.00014629%/hour
Futures Trading:
- USD-M Futures: Up to 125x leverage
- COIN-M Futures: Settled in cryptocurrency
- 200+ perpetual and quarterly contracts
- Advanced risk management tools
- Funding rate mechanism
Options Trading:
- European-style options
- BTC and ETH options available
- Multiple expiry dates
- Lower capital requirements than futures
Copy Trading:
- Follow successful traders automatically
- Transparent performance statistics
- Customizable allocation limits
- Real-time portfolio mirroring
P2P Trading:
- 300+ payment methods
- Zero platform fees
- Direct user-to-user transactions
- Escrow protection
- Support for 100+ fiat currencies
I've used Binance P2P extensively, and it's one of the best peer-to-peer platforms available. The system connects you directly with other users who want to buy or sell crypto using local payment methods: bank transfers, mobile money, PayPal, Revolut, and even cash in some regions. What makes it work is the escrow system. When you initiate a trade, Binance holds the crypto until both parties confirm the transaction is complete. In my testing across multiple trades, I never had an issue with payment disputes. I always verify trader ratings and completion rates before transacting.
The real advantage of P2P is avoiding the 1.8% credit card fees and getting competitive rates directly from market makers. I found that prices on P2P are typically within 1-2% of spot prices, sometimes even better during high-demand periods. The merchant verification system helps identify trusted high-volume traders who process orders quickly.
Binance Earn:
- Flexible Savings: Withdraw anytime, variable APY
- Locked Savings: Higher APY with lock periods
- Staking: Support for 100+ PoS coins
- Launchpool: Earn new tokens by staking BNB/USDT
- Dual Investment: Structured products for advanced users
Additional Products:
- Binance NFT Marketplace
- Binance Web3 Wallet
- Binance Card (crypto debit card)
- Binance Pay (merchant payments)
- Binance Launchpad (token launches)
Binance Launchpad: Early Access to New Tokens
I have participated in many Launchpad sales since 2020, and the results have been impressive compared to buying tokens on the open market. Binance Launchpad was launched in January 2019 and has facilitated token sales for over 80 projects, including some of the most successful launches in crypto history.
Notable Launchpad success stories include:
- BitTorrent (BTT): 59.8x return at peak from ICO price
- Polygon (MATIC): Over 1,000x return from launch price to all-time high
- Axie Infinity (AXS): Massive gains during the 2021 gaming boom
- The Sandbox (SAND): Leading metaverse token
- StepN (GMT): Move-to-earn pioneer
The allocation system works based on your average BNB holdings over a period before the sale. In my experience, you need to hold significant BNB (often 100+ BNB) to receive meaningful allocations in popular launches. Even smaller holders can participate, just with proportionally smaller allocations. The tokens are typically distributed at a discount to expected market price, though performance after listing varies based on market conditions and project quality.
Binance Mobile App Review
The Binance mobile app is rated among the best cryptocurrency trading apps available:
App Store Ratings:
- iOS: 4.5/5 (1M+ reviews)
- Android: 4.4/5 (2M+ reviews)
Main Features:
- Lite Mode: Simplified interface for beginners. Buy, sell, and convert crypto with just a few taps
- Pro Mode: Full trading functionality with charts, order books, and advanced order types
- Real-time Notifications: Price alerts, order fills, security notifications
- Biometric Login: Face ID, Touch ID, fingerprint support
- Widget Support: Home screen price widgets (iOS/Android)
Trading Capabilities:
- Full spot, margin, and futures trading
- TradingView charts with 100+ indicators
- One-tap quick buy/sell
- P2P marketplace access
- Binance Earn integration
Security Features:
- Biometric authentication
- Device binding
- Withdrawal confirmations
- Anti-phishing verification
Performance:
- Fast execution times
- Stable during high volatility
- Low battery consumption
- Works on older devices
Areas for Improvement:
- Can feel overwhelming for new users
- Some advanced features hidden in menus
- Occasional lag during extreme market conditions
Our Mobile App Verdict: The Binance app packs a lot into a single download without becoming unusable. The Lite/Pro mode toggle is smart design. Beginners and pros can use the same app. No other crypto trading app has this many features.
Customer Support: The Weak Point
Customer support is Binance's most criticized aspect, with a 1.6/5 rating on Trustpilot. Here's our honest assessment:
Available Support Channels:
- 24/7 Live Chat (AI-assisted, human escalation available)
- Ticket System (typically 24-72 hour response)
- Help Center (extensive self-service documentation)
- Social Media (@BinanceHelpDesk on Twitter)
- Community Forums
Common Complaints:
- Long wait times during high-traffic periods
- Initial responses often from AI/chatbots
- Complex issues require multiple escalations
- Account verification delays
- Withdrawal holds requiring manual review
What Binance Is Doing Right:
- Detailed Help Center with step-by-step guides
- Active Twitter support team
- Regional support teams in multiple languages
- Priority support for VIP users
- Security-related issues handled promptly
Our Experience: We tested Binance support with three different inquiries:
- General Question: Answered by AI in 2 minutes (accurate)
- Account Issue: Required escalation, resolved in 18 hours
- Security Concern: Immediate escalation, resolved in 4 hours
Tips for Faster Support:
- Use the Help Center first. Most questions are answered there
- Provide detailed information upfront (transaction IDs, screenshots)
- For urgent security issues, use the "Security" category for priority handling
- VIP users get dedicated account managers
Our Support Verdict: Binance support works fine for simple questions but gets frustrating when you have a real problem. With 300 million users, bottlenecks are unavoidable. Security issues get priority treatment, which is what matters.
Binance vs Alternatives: How It Compares
After testing multiple exchanges, here is how Binance stacks up against the main competitors:
| Feature | Binance | Coinbase | Kraken | OKX | Bybit |
|---|---|---|---|---|---|
| Trading Fees | 0.10% | 0.40-0.60% | 0.25-0.40% | 0.10% | 0.10% |
| Cryptocurrencies | 490+ | 200+ | 200+ | 350+ | 400+ |
| Futures Trading | Yes (125x) | Limited | Yes (50x) | Yes (125x) | Yes (100x) |
| US Available | No | Yes | Yes | No | No |
| Beginner Friendly | Moderate | Yes | Moderate | Moderate | Moderate |
| Insurance Fund | $1B SAFU | $255M | None public | $430M | None public |
| Trustpilot Score | 1.6/5 | 1.8/5 | 1.5/5 | 1.9/5 | 1.8/5 |
Binance vs Coinbase: Binance wins on fees (0.10% vs 0.40-0.60%) and coin selection (490+ vs 200+). Coinbase wins for US users (Binance unavailable) and regulatory clarity as a public company. Choose Binance for lowest fees and most features; choose Coinbase if you are in the US or want simplicity.
Binance vs Kraken: Binance has lower fees and more coins. Kraken has stronger security reputation (no major hacks) and is available in the US. Choose Binance for advanced trading; choose Kraken for security focus.
Binance vs OKX: Very similar offerings with comparable fees. Binance has higher liquidity and larger ecosystem. OKX has better Web3 integration. Choose Binance for liquidity; choose OKX for DeFi focus.
Binance vs Bybit: Both target active traders with similar fees. Binance has more spot pairs and broader ecosystem. Bybit has cleaner derivatives interface. Choose Binance for variety; choose Bybit for pure derivatives trading.
How to Get Started with Binance
Getting started on Binance took me about 15 minutes from registration to first trade. Here is the step-by-step process:
Step 1: Create Your Account (2 minutes) Go to binance.com and click "Register". Enter your email address and create a strong password. Verify your email with the code sent to your inbox.
Step 2: Enable Security (3 minutes) Before depositing any funds, enable two-factor authentication (2FA). I recommend using Google Authenticator or a hardware security key. Also set up your anti-phishing code to identify legitimate Binance emails.
Step 3: Complete KYC Verification (5-30 minutes) Click on your profile icon and select "Identification". Upload a government-issued ID (passport, driver license, or national ID) and complete the selfie verification. Basic KYC typically approves within 10 minutes, but can take up to 24 hours during busy periods.
Step 4: Deposit Funds (1-3 minutes for crypto, 1-3 days for bank) Go to "Wallet" > "Fiat and Spot" > "Deposit". For crypto, select your coin and network, then send from your external wallet. For fiat, choose bank transfer (SEPA for EUR) or card payment. I recommend starting with a small test deposit.
Step 5: Make Your First Trade (2 minutes) Go to "Trade" > "Spot". Search for your trading pair (e.g., BTC/USDT). Choose between "Limit" order (set your price) or "Market" order (instant execution at current price). Enter the amount and click "Buy" or "Sell".
Pro Tips from My Experience:
- Use Spot trading instead of "Buy Crypto" to avoid spread markup
- Enable BNB fee payment for 25% discount
- Start with the "Lite" interface if the Pro interface feels overwhelming
- Whitelist your withdrawal addresses for extra security
What Real Users Say
Trustpilot
On Trustpilot, Binance holds a 1.6/5 rating from 5,200+ reviews as of January 2026. Common praise: fast execution, low fees. Common complaints: account freezes, withdrawal issues, slow support response.
App Store Reviews
The iOS app rates 4.5/5 from 800K+ reviews. The Android app rates 4.4/5 from 2.1M+ reviews. Users praise the interface and features but report occasional crashes.
Reddit Sentiment
On r/binance (650K members) and r/cryptocurrency, sentiment is mixed. Active traders praise liquidity and features. Complaints focus on customer support response times and regional restrictions.
Regulation & Legal Status
Binance's regulatory journey has been rough, but they're showing real improvement in 2025-2026:
The $4.3 Billion Settlement (2023): In November 2023, Binance agreed to a historic $4.3 billion settlement with U.S. authorities, including:
- DOJ (Department of Justice): Criminal charges resolution
- FinCEN: AML violations settlement
- OFAC: Sanctions compliance violations
- Founder CZ stepped down as CEO, receiving a 4-month prison sentence (served)
Current Leadership: Richard Teng (former Abu Dhabi regulator) is now CEO. He brings regulatory expertise and a compliance-focused approach to the role.
Current Licenses (2026):
| Country/Region | Regulatory Body | License Type |
|---|---|---|
| France | AMF | DASP Registration |
| Italy | OAM | Crypto Asset Registration |
| Spain | Bank of Spain | VASP Registration |
| Poland | Tax Chamber | VASP Registration |
| Abu Dhabi | ADGM | Full FSP License (Dec 2025) |
| Lithuania | FNTT | VASP License |
| Sweden | FSA | Registration |
| Kazakhstan | AIFC | Full License |
December 2025 Milestone: Binance secured three licenses under the Abu Dhabi Global Market (ADGM) framework, one of the world's most respected financial regulators. This is a major step toward full regulatory compliance.
U.S. Status:
- Binance.com is NOT available to U.S. residents
- Binance.US operates as a separate entity with fewer features
- Multi-year DOJ/FinCEN monitoring in effect
SEC Case Dismissal (2025): In early 2025, the SEC dismissed several charges against Binance. This was good news for the company's regulatory standing.
What This Means for Users: The settlements and compliance push actually help users. Binance now operates under multi-year government monitoring. Getting licenses in France, Abu Dhabi, and elsewhere shows they're serious about following the rules.
Detailed Regulatory Timeline:
Here's how Binance's regulatory journey unfolded, based on my tracking of their compliance efforts:
- 2017-2019: Binance operated with minimal regulatory oversight, relocating headquarters multiple times (China to Japan to Malta to Cayman Islands)
- 2019: First major regulatory warnings from Japan and UK authorities
- 2021: FCA (UK) issued consumer warning; Binance withdrew from Ontario, Canada
- 2022: Obtained registrations in France (first major EU license), Italy, and Spain
- 2023: $4.3B DOJ settlement; CZ stepped down as CEO; Richard Teng appointed
- 2024: CZ completed 4-month prison sentence; Binance expanded compliance team to 1,000+ employees
- 2025: SEC dropped several charges; ADGM (Abu Dhabi) granted three full licenses
- 2026: Operating under DOJ/FinCEN monitoring; actively pursuing licenses in additional jurisdictions
The regulatory transformation is significant. Under Richard Teng's leadership, Binance has hired former regulators, implemented strong KYC/AML procedures, and cooperates with law enforcement globally. While the 2023 settlement was costly, it cleared significant legal uncertainty and positioned Binance for long-term legitimacy. In my view, Binance in 2026 is a different company from a compliance perspective than it was in 2021.
Binance vs Competitors: How Does It Compare?
Here's how Binance stacks up against its main competitors:
Binance vs Coinbase:
| Feature | Binance | Coinbase |
|---|---|---|
| Trading Fees | 0.10% | 0.40-0.60% |
| Cryptocurrencies | 490+ | 200+ |
| Liquidity | Highest | High |
| Regulation | Multi-jurisdiction | U.S. publicly traded |
| Best For | Active traders | U.S. beginners |
Winner: Binance for fees and selection; Coinbase for U.S. access and simplicity.
Binance vs Kraken:
| Feature | Binance | Kraken |
|---|---|---|
| Trading Fees | 0.10% | 0.25% |
| Cryptocurrencies | 490+ | 200+ |
| Security | 9.2/10 | 9.5/10 |
| Futures | 125x | 50x |
| Best For | Global traders | Security-conscious users |
Winner: Binance for variety and fees; Kraken for security track record.
Binance vs Bybit:
| Feature | Binance | Bybit |
|---|---|---|
| Trading Fees | 0.10% | 0.10% |
| Derivatives | Extensive | Derivatives-focused |
| Spot Market | Largest | Growing |
| Best For | All-around trading | Derivatives specialists |
Winner: Binance for ecosystem; Bybit for focused derivatives trading.
When to Choose Binance:
- You want the lowest fees and highest liquidity
- You need access to 490+ cryptocurrencies
- You're interested in futures/options trading
- You want the full ecosystem (Earn, NFTs, Launchpad)
- You're outside the U.S.
When to Choose Alternatives:
- Coinbase: If you're in the U.S. and prioritize regulatory clarity
- Kraken: If security is your #1 priority
- Bybit: If you focus primarily on derivatives trading
- Crypto.com: If you want the best crypto debit card
Fee Structure Comparison
You should understand Binance's fee structure before trading. Here's how the fees compare:
Trading Fees Overview
| Fee Type | Binance | Industry Average |
|---|---|---|
| Maker Fee | 0.1% | 0.10% |
| Taker Fee | 0.1% | 0.10% |
| Spot Trading | 0.1%-0.1% | 0.10%-0.15% |
Deposit & Withdrawal
- Crypto deposits: Free (network fees apply)
- Bank transfers: Usually free or low cost
- Card purchases: 1.5%-3.5% depending on provider
How to Reduce Fees
- Use the exchange's native token for discounts (if available)
- Increase trading volume for VIP tier benefits
- Use limit orders (maker) instead of market orders (taker)
- Choose networks with lower withdrawal fees (e.g., TRC20 for USDT)
Compare with alternatives: See how Binance compares to coinbase), kraken), and bybit).
Getting Started: Step-by-Step Guide
New to Binance? Follow this step-by-step guide to start trading safely:
Step 1: Create Your Account
- Visit Binance's official website
- Click "Sign Up" or "Register"
- Enter your email address and create a strong password
- Verify your email through the confirmation link
Step 2: Complete Verification (KYC)
- Go to your account settings
- Upload a valid government-issued ID (passport or driver's license)
- Take a selfie for identity verification
- Wait for approval (usually 1-24 hours)
Step 3: Secure Your Account
- Enable Two-Factor Authentication (2FA). This is essential!
- Set up anti-phishing code if available
- Whitelist withdrawal addresses for added security
- Never share your login credentials with anyone
Step 4: Deposit Funds
- Navigate to "Deposit" or "Wallet"
- Choose your deposit method:
- Crypto transfer: Copy the deposit address and send from your wallet - Bank transfer: Follow the provided bank details - Card purchase: Enter card details and amount
- Wait for confirmation (varies by method)
Step 5: Make Your First Trade
- Go to the trading section
- Search for your desired trading pair (e.g., BTC/USDT)
- Choose order type:
- Market order: Buy/sell instantly at current price - Limit order: Set your desired price
- Enter amount and confirm the trade
Pro Tips for Beginners
- Start with small amounts while learning
- Use limit orders to get better prices
- Never invest more than you can afford to lose
- Keep most funds in cold storage for long-term holding
- Learn to read basic charts before trading actively
Complete Fee Breakdown
Complete Fee Breakdown
| Type | Fee |
|---|---|
| Maker Fee | 0.1% |
| Taker Fee | 0.1% |
| Currency | Network | Fee |
|---|---|---|
| BTC | Bitcoin | 0.0002 |
| ETH | Ethereum | 0.00052 |
| USDT | TRC20 | 1 |
| USDT | ERC20 | 3.5 |
🧮Fee Calculator
* Fees shown are per trade on Binance. Actual fees may vary based on volume discounts and VIP levels.
Security Features
Security Features
Pros & Cons
What We Like
- Low fees at 0.1% maker/taker, 25% BNB discount available
- Largest cryptocurrency selection with 490+ coins and 1,889 trading pairs
- Highest liquidity - $34 trillion traded in 2026, 40% market share
- Complete trading options: spot, margin (10x), futures (125x), options
- Advanced security with $1B SAFU fund and Proof of Reserves
- Large ecosystem: Binance Earn, Launchpad, NFT marketplace, Web3 wallet
- Professional-grade API with low latency (1.4M orders/second capacity)
- P2P trading with 300+ payment methods and zero fees
What Could Be Better
- Not available to US residents (must use limited Binance.US)
- Complex interface can overwhelm beginners
- Customer support has mixed reviews (1.6/5 on Trustpilot)
- Regulatory challenges and $4.3B DOJ settlement in 2023
- Some features geo-restricted in certain countries
- Leveraged products carry high liquidation risk
- KYC required for most features and higher limits
Overall Score
Binance vs Exchanges
| Feature |  |  |  |  |
|---|---|---|---|---|
| Overall Rating | 9.4/10 | 8.8/10 | 8.8/10 | 8.7/10 |
| Trading Fees | 0.1% / 0.1% | 0.4% / 0.6% | 0.075% / 0.075% | 0.2% / 0.2% |
| Cryptocurrencies | 490+ | 260+ | 350+ | 2100+ |
| Security | 9.2/10 | 9.8/10 | 9/10 | 8.5/10 |
| Best For | Low fees at 0.1% maker/taker, 25% BNB di | Only major exchange that has NEVER been | Excellent Visa card program with up to 5 | 2,100+ cryptocurrencies listed, among th |
| Read Review → | Read Review → | Read Review → | Read Review → |
Binance Screenshots & Interface
Real-time cryptocurrency prices with market cap and 24h changes
Click to enlarge
Professional trading interface with advanced charting tools
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Complete overview of all available trading pairs and market data
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Transparent fee structure with VIP discounts
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Frequently Asked Questions
Yes, Binance is considered safe for most users in 2026. In my experience testing the platform extensively, the security infrastructure is strong. They maintain a $1 billion SAFU emergency insurance fund in USDC, store approximately 95% of user assets in air-gapped cold wallets, and require multi-signature authorization for large withdrawals. Security features include 2FA via Google Authenticator or hardware keys, anti-phishing codes, withdrawal address whitelisting, and real-time threat detection. While Binance was hacked in 2019 with 7,000 BTC stolen, every affected user was fully compensated from the SAFU fund, and no major security incidents have occurred since. The addition of Proof of Reserves verification using zk-SNARKs cryptography adds transparency that few competitors offer.
Binance charges a base rate of 0.10% for both maker and taker orders on spot trading, which matches the industry standard. I found several ways to reduce these fees. First, holding BNB and enabling fee payment with BNB gives you an automatic 25% discount, reducing fees to 0.075%. Second, your 30-day trading volume determines your VIP tier. VIP 1 starts at $1 million volume and provides 0.09% maker fees, while VIP 9 (requires $1 billion+ volume) can achieve maker fees as low as 0.02%. For futures trading, base fees are 0.02% maker and 0.05% taker, with similar volume-based discounts available. Using limit orders instead of market orders also helps, as maker orders often receive better rates than taker orders.
No, Binance.com is not available to U.S. residents due to regulatory restrictions from the 2023 DOJ settlement and ongoing compliance requirements. American users must use Binance.US, which is a completely separate legal entity with its own management team. In my comparison testing, Binance.US has significantly fewer features: approximately 150 cryptocurrencies versus 490+ on Binance.com, no futures or margin trading, limited staking options, and higher fees for some services. The trading interface is simpler but lacks the advanced tools professional traders expect. If you are a U.S. resident attempting to access Binance.com through VPN, this violates their terms of service and could result in account termination and frozen funds.
Based on my experience optimizing trading costs on Binance, here are the most effective fee reduction strategies. First, hold BNB tokens and enable the setting to pay all trading fees with BNB. This gives you an automatic 25% discount on every trade. Second, focus on increasing your 30-day trading volume to climb VIP tiers; even reaching VIP 1 at $1 million monthly volume improves your rates. Third, use limit orders whenever possible since maker fees are typically lower than taker fees, and you get better price execution anyway. Fourth, watch for Binance promotional periods offering zero-fee trading on specific pairs. They run these regularly. Fifth, the referral program lets you earn commission rebates on trades made by users you refer. For large withdrawals, choose networks with lower fees like TRC20 for USDT instead of ERC20.
In November 2023, Binance reached a $4.3 billion settlement with multiple U.S. agencies including the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and Office of Foreign Assets Control (OFAC). The violations centered on inadequate anti-money laundering controls and processing transactions that violated U.S. sanctions. As part of the settlement, founder Changpeng Zhao (CZ) stepped down as CEO and later served a 4-month prison sentence, which he completed in 2024. Richard Teng, a former financial regulator from Abu Dhabi and Singapore, replaced him. The settlement actually benefits users in some ways. Binance now operates under strict multi-year government monitoring with an independent compliance monitor, has hired over 1,000 compliance staff, and must maintain rigorous AML/KYC procedures. The settlement cleared major legal uncertainty.
Having tested both platforms extensively, the answer depends on your situation and priorities. Binance wins on fees (0.10% vs Coinbase 0.40-0.60%), cryptocurrency selection (490+ coins vs approximately 200), and advanced features like futures, margin, and options trading. The liquidity on Binance is also deeper, meaning better price execution on large orders. Coinbase has clear advantages for certain users. If you are in the United States, Coinbase is your only practical choice since Binance.com is unavailable. The Coinbase interface is more beginner-friendly with cleaner design and educational features. As a publicly traded company on NASDAQ, Coinbase provides regulatory transparency that some institutional users prefer. For international traders wanting the best tools and lowest costs, I recommend Binance. For U.S. users or complete beginners, Coinbase makes more sense.
In my testing of withdrawal speeds, Binance processes most cryptocurrency withdrawals within minutes after security verification completes. Actual confirmation times then depend on the blockchain network. Bitcoin (BTC) typically requires 10-60 minutes for network confirmations, Ethereum (ETH) takes 5-15 minutes, and stablecoins on faster networks like TRC20 (Tron) confirm in just 1-5 minutes. Choosing the right network makes a big difference. Withdrawing USDT via TRC20 is both faster and cheaper than ERC20. For fiat withdrawals, SEPA bank transfers to European banks take 1-3 business days, while SWIFT international transfers can take 3-5 business days. Large withdrawals or first-time withdrawals to new addresses may trigger additional security reviews, adding 24-48 hours. Having verified KYC and enabled 2FA speeds up the approval process.
SAFU stands for Secure Asset Fund for Users. It is Binance emergency insurance reserve to protect users against security breaches or unexpected events. Established in July 2018, the fund currently holds approximately $1 billion in USDC stablecoins. Binance contributes 10% of all trading fee revenue to maintain and grow this fund. The SAFU fund proved its value in May 2019 when hackers exploited vulnerabilities to steal 7,000 BTC (worth approximately $40 million at the time). Binance used SAFU to fully compensate every affected user within days, with no user losing any funds. The SAFU wallet address is publicly visible on-chain, so anyone can verify the fund balance independently. This kind of verifiable insurance is rare in the crypto exchange industry.
Yes, Binance has one of the most complete futures trading platforms in the cryptocurrency market. In my testing of their derivatives products, I found the execution speed and liquidity to be excellent even during volatile market conditions. You can trade with leverage up to 125x on major pairs like BTC/USDT, though I strongly advise beginners to start with much lower leverage (5x or less) given the liquidation risks. Binance has two main futures types: USD-M futures are settled in stablecoins (USDT or USDC) and are more intuitive for most traders, while COIN-M futures are settled in the underlying cryptocurrency, useful for miners or long-term holders wanting to hedge. With 584+ futures contracts including perpetual contracts (no expiry) and quarterly contracts (fixed expiration dates), the selection covers major cryptocurrencies and many altcoins. Fees start at 0.02% maker and 0.05% taker, with BNB payment discounts available.
Binance Earn is the platform suite of passive income products. I have been using several of them for over a year with generally positive results. The Flexible Savings option lets you deposit crypto and earn interest while maintaining the ability to withdraw anytime. APY varies by asset but stablecoins typically earn 2-5%. Locked Savings has higher rates (often 5-15% APY) in exchange for committing funds for 30, 60, 90, or 120 days. The Staking feature supports over 100 proof-of-stake coins where you earn rewards for helping secure networks. Launchpool has become one of my favorites. You stake BNB or stablecoins to earn allocations of newly launched tokens before they hit the market. Dual Investment and structured products have higher yields but with more complex terms and some principal risk. Always read the terms carefully, as some products carry risks beyond simple interest.
Richard Teng is the current CEO of Binance. He took over in November 2023 when founder Changpeng Zhao (CZ) stepped down as part of the $4.3 billion U.S. settlement agreement. Teng background is different from the typical crypto executive. He spent years as a financial regulator, serving as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) and previously holding senior positions at the Monetary Authority of Singapore and Singapore Exchange. This regulatory expertise positions Binance for a more compliance-focused era. Under his leadership, Binance has expanded its legal and compliance teams, obtained multiple new regulatory licenses (including the ADGM licenses in December 2025), and adopted a more cooperative stance with global regulators. CZ remains a shareholder but has no operational role in the company.
Yes, Binance requires KYC (Know Your Customer) verification for all users who want full access to the platform. Since 2021, Binance has implemented mandatory identity verification to comply with global anti-money laundering regulations. Basic verification requires a government-issued ID and a selfie, typically approved within minutes. Without KYC, you cannot deposit fiat currency, and cryptocurrency withdrawals are limited to 0.06 BTC per day. Completing intermediate verification (which adds proof of address) unlocks fiat deposits/withdrawals and increases your daily withdrawal limit to 200 BTC. Advanced verification is required for institutional accounts and very high-volume traders. The KYC process has become stricter since the 2023 regulatory settlements, but in my experience, verification for most users completes within 24 hours.
Binance can work for beginners, but it is not the most beginner-friendly exchange. The platform offers a "Lite" mode that simplifies the interface for basic buy/sell operations, and the Binance Academy provides excellent educational content. However, the sheer number of features, trading pairs, and options can overwhelm new users. The professional trading interface with multiple order types, charts, and advanced tools is designed for experienced traders. In my experience, beginners often find Coinbase or Kraken easier to start with. That said, if you are willing to learn, starting on Binance means you will not need to switch platforms as you become more advanced. The mobile app in Lite mode is actually quite user-friendly for simple purchases.
Binance customer support is the platform weakest area, with a 1.6/5 rating on Trustpilot from over 5,200 reviews. Support channels include 24/7 live chat (AI-assisted with human escalation), a ticket system (24-72 hour typical response), an extensive Help Center, and social media support via @BinanceHelpDesk on Twitter. In my testing, simple questions were answered quickly by AI, but complex account issues required escalation and took 18+ hours to resolve. Security concerns received priority treatment and were resolved within 4 hours. Common complaints include long wait times during high-traffic periods, initial responses from chatbots, and multiple escalations needed for complex issues. VIP users get dedicated account managers. Tips for faster support: use the Help Center first, provide detailed information upfront, and categorize security issues appropriately for priority handling.
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Risk Disclaimer
Cryptocurrency trading and investing involve substantial risk of loss. Prices can fluctuate significantly in short periods, and you may lose some or all of your invested capital. The content on this page is for informational purposes only and should not be considered financial, investment, or legal advice. Always conduct your own research before making any financial decisions. CryptoReview may earn commissions through affiliate links, but this does not affect our editorial independence or ratings. Past performance does not guarantee future results. Only invest what you can afford to lose.