- Offers over 500 different cryptocurrencies and a wide selection of investment tools
- Plagued by regulatory legal disputes around the globe
See our full list of pros and cons below.
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Binance review
- Fiat currencies
- 71
- Supported assets
- 369
This is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Our verdict
Binance is one of the largest and most comprehensive cryptocurrency exchanges in the world. We explore what it offers, pros and cons, fees and more in our review.
Binance is the number one crypto exchange in the world by trading volume for good reason.
It provides its millions of users with the tools to buy and sell over 350 crypto assets at low fees and to lend, borrow and stake their digital assets, as well.
If you are new to crypto, you may find all of Binance's features overwhelming, but rest assured that Binance provides plenty of useful resources to help you get acclimated.
Pros
- Cold storage of digital assets. Binance keeps over 90% of its digital assets in cold storage – a crypto wallet that isn’t connected to the internet. This helps protect against hacks and security breaches.
- Proof of reserves. Binance’s cold wallet addresses are publicly verifiable. Users can verify that the assets in their accounts are held on the exchange using a Merkle tree.
- Trading tools and derivative products. Binance offers an array of trading and charting tools. For experienced traders, it also offers crypto derivative trading products, including futures contracts for certain assets. These are high-risk products and should not be used by beginners.
- Access to DeFi services. Binance provides access to staking and yield farming services through the exchange. This prevents the need to use a blockchain and Web3 wallet yourself. While this is convenient, you are still exposed to the risks of DeFi, which include smart contract vulnerabilities and impermanent loss.
- Over 369 cryptocurrencies supported. Binance supports 369+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
Cons
- Difficult to navigate UI. Because Binance has so many features, its UI can be overwhelming – especially the desktop version. Lite mode is supported on the mobile app, which simplifies the interface and is helpful for beginners.
- Regulatory challenges. As the world’s largest crypto exchange by trading volume, Binance faces ongoing global regulatory scrutiny. The company has been working with local regulators to meet compliance requirements and has implemented dedicated compliance and anti-money laundering teams.
- A major hack. In May 2019, hackers withdrew 7,000 Bitcoins (BTC) from the exchange’s hot wallet. The exchange covered the losses for its clients and has since implemented an insurance fund.
Details
Product details
| Product Name | Binance Cryptocurrency Exchange |
| Fiat Currencies | USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 60+ more |
| Cryptocurrencies | BTC, ETH, BNB, XRP, ADA, UNI, XMR, XLM, EOS, LTC & 359 more |
| Deposit Methods |
Bank transfer Cryptocurrency Apple Pay Google Pay SWIFT Debit/credit cards |
| Trading Fee |
Maker - varies Taker - 0% |
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
Binance announcement
On 5 June, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance entities and founder Changpeng Zhao. Charges include operating unregistered exchanges, broker-dealers and clearing agencies. Binance has issued a preliminary response to the action.
US customers can continue using the Binance.US exchange However, note that the SEC has filed a motion for restraining order to freeze Binance.US assets, according to Reuters.
On 27 March, the US Commodity Futures Trading Commission (CFTC) filed a civil enforcement action alleging that Binance has wilfully evaded US federal law and is operating an illegal digital asset derivatives exchange. Binance has issued a preliminary response to the action.
Finder Score
★★★★★About Binance — company background
Binance cryptocurrency exchange was launched in 2017. In the years since its launch, it has become the number one exchange in the world by trading volume.
In 2020, Binance built on its success and launched the Binance Smart Chain (BSC). BSC operates as a blockchain network that enables the running of smart contract applications.
Listed Binance crypto exchange assets
Binance supports over 369 cryptocurrencies. In total, Binance carries 18 of the top 20 cryptos by market cap.
Popular assets on Binance supports
Bitcoin (BTC) supports
Ethereum (ETH) supports
Tether (USDT) supports
BNB (BNB) supports
Solana (SOL) supports
USDC (USDC) does not support
Lido Staked Ether (STETH) supports
XRP (XRP) supports
Dogecoin (DOGE) does not support
Toncoin (TON) supports
Cardano (ADA) supports
Shiba Inu (SHIB) supports
Avalanche (AVAX) supports
TRON (TRX) supports
Wrapped Bitcoin (WBTC) supports
Bitcoin Cash (BCH) supports
Polkadot (DOT) supports
Chainlink (LINK) supports
NEAR Protocol (NEAR) supports
Polygon (MATIC)Binance fees
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | None |
| Withdraw funds | Fees vary |
Binance uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | Varies |
| Taker | 0% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Binance deposit methods
- Bank transfer
- Cryptocurrency
- Apple Pay
- Google Pay
- SWIFT
- Debit/credit cards
How to sign up on Binance exchange
Before you can even get started trading on Binance, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Binance's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Binance account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Binance.
Using the Binance app
The Binance app offers all of the features that the web browser version of the exchange offers. Its user interface is intuitive and easy to interact with.
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.4 stars | 1.1m reviews with 50m downloads |
| Apple Store | 4.7 stars | 133k reviews |
Is Binance safe?
Despite some issues of hacks in the past, Binance has a good reputation for trust because of its response to the incident, its insurance fund and the use of security audits and continued focus on improving site security.
Past hacks. In 2019 a group of hackers was able to steal US$40 million worth of Bitcoin (7,000 BTC) along with 2-factor user codes and API tokens from the Binance exchange. The hack was successful in targeting the Bitcoin that was being stored on the Binance hot wallet (connected to the Internet) which accounted for around 2% of the total Bitcoin held by Binance. The other 98% remained protected in a cold storage wallet offline. The hack used phishing techniques and viruses to bypass the existing security on Binance.
Fortunately, Binance was able to cover the losses out of its Secure Asset Fund for Users (SAFU) and the affected users had their funds returned. The fact that the hackers were only able to access 2% of the Bitcoin reserves on Binance because the remaining 98% is secured in cold storage should offer comfort to users.
Security audits. Binance announced on December 14, 2021 its new security audit program called “Project Shield”. Project Shield is for BEP-20 and ERC-20 based projects listed on the Binance centralized exchange. Project Shield will operate alongside its Bulletproof Exchanger Project and user-accessible security tools projects designed to tighten security on the Binance exchange.
Insurance. On July 3, 2018 Binance announced the creation of its Secure Asset Fund for Users (SAFU). This has been used to pay back users who were affected by the hacks on the exchange. SAFU is funded with portions of trading fees collected by the exchange.
Keeping your crypto secure
All centralised exchanges, including Binance, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Binance customer support
Binance’s main customer support tool is a referral to its FAQ help center.
Users can submit questions that will be answered via email if they type in a question at the bottom. This process is designed to be a catch-all and a way to easily and efficiently solve most problems that users are encountering.
Customers can submit a request, but again this is done through automated FAQ answers; otherwise you have to wait for an email response. Email is the best bet if the answer isn’t found in the FAQ.
How to reach Binance customer support
- Contact form
- Live chat
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joelmarcelo
August 13, 2018
Hi Joseph,
Thanks for leaving a question on Finder.
Step 1: Go to Binance’s website by clicking the “Go to site” button.
Make sure you bookmark this page, as there have been cases of phishing sites that mirror the actual site. You should also check out the URL and look for the “Secure” Certificate to authenticate that this is the original site.
Step 2: Click on the “Register” tab in the top right-hand corner of the page and enter the needed information. Make sure you use a strong password. Verify yourself and click on “Register” to proceed and you’ll receive a confirmation email.
Step 3: Enable 2-Factor Authentication (2FA). A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase the security of your account.
That’s it! You can now start to deposit your coins and tokens into your Binance account.
Cheers,
Joel
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Kenneth
May 14, 2018
Please guys what is the best coin to trade on binance please ETH, BTC, LTC BCC ETC, IOST MTN, XRP, GOLEM,? which one is the best coin to trade?
Joshua Finder
May 14, 2018
Hi Kenneth,
Thanks for getting in touch with finder. I hope all is well for you. :)
Binance handles a wide range of cryptocurrencies. Unfortunately, I can’t tell you which digital coin you should choose or purchase. For one, we can’t recommend specific products and two, I’m not familiar with your whole situation. However, what I can do is help you make a better decision by providing relevant information.
Before purchasing any digital coin, it would be a good idea to obtain as much information as possible. For this reason, you will benefit from reading our cryptocurrency guide for beginners.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
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farmer
May 13, 2018
step by step to trade on Binance wallet using coinbase account
Arnold
May 13, 2018
Hi Farmer,
Thanks for your inquiry
Here are 5 quick steps to start trading on Binance using Coinbase.
1. Open Coinbase and then at the top of your screen select Accounts.
2. Next, choose the cryptocurrency that you want to send from your wallets.
3. Now you have to enter the address that is found in your Binance. (If you’re on mobile tap on the little paper airplane icon which is on your top right hand side of your screen and then you will be asked to enter the amount you want to send and tap on Send.
4. Enter the address that you got right under Recipient in your Coinbase and choose the amount you want to send.
5. Hit Continue and make sure to check all the details of the transaction and then complete the send.
Hope this information helps
Cheers,
Arnold
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Mshana
May 07, 2018
Does Binace ready to accept USD or Euro for deposit and withdraw?
Would like to know since there was such kind of annoucement.
Jhezelyn Finder
May 08, 2018
Hello Mshana,
Thank you for your comment.
Binance does not support any fiat currency (USD, EUR, etc) trades or transactions. Only cryptocurrency may be deposited and traded on Binance exchange. Hope this answered your query.
Regards,
Jhezelyn
RobL
April 19, 2018
Hi there,
I have a few coins EOS on Binance (currently trading). If I was to withdraw EOS into my wallet, will it continue to trade on Binance? Also, what is the fee to withdraw?
Arnold
April 19, 2018
Hi RobL,
Thanks for your inquiry
The precise withdrawal fee you have to pay when withdrawing coins will depend on the currency you are withdrawing. Binance will adjust the withdrawal fees according to the blockchain conditions regularly. To check the exact fees you may have to pay, you can check Binance’s Website directly.
Hope this information helps
Cheers,
Arnold
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Joseph
August 13, 2018
How can I open my account in binance?