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Binance review

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Binance Cryptocurrency Exchange
3.5
★★★★★
Finder score
4.8
★★★★★
Fiat currencies
70
Supported assets
356

Our verdict

With over 500+ markets, Binance is more than just a crypto exchange but it's also highly controversial.

Despite its huge global popularity, Binance is quite a controversial platform. It offers "crypto derivatives", which the UK regulator has banned from sale to consumers in the UK. That led the regulator to issue a warning specifically about Binance. The platform isn't based in the UK, so due to the new rules coming into effect on 8 October 2023, it partnered with Rebuildingsociety.com, which is authorised to approve financial ads, but the regulator has again stepped in to block this.

With the number of features packed into Binance, it's sometimes easy to forget that the exchange is only 6 years old. Its centralised order book offers almost everything that experienced cryptocurrency investors would require and benefits from the platform's high liquidity figures.

Binance has now branched out into decentralised finance and thanks to its accompanying Binance Chain and Binance Smart Chain, facilitates the development of decentralised applications within its ecosystem.

But although the platform is one of the most powerful around, with some of the lowest trading fees, it can be overwhelming for the inexperienced cryptocurrency investor. Binance will willingly help them lose their money.

Pros

  • High liquidity. It is the most used cryptocurrency exchange in the world which means all markets are highly liquid and offer low slippage.
  • Innovative. Binance has a long list of features on the exchange.
  • Market range. Binance hosts one of the largest selections of cryptocurrencies across any exchange.
  • Accessibility. Thanks to its flexible nature, Binance is accessible from most countries worldwide.
  • Low fees. Its popularity means Binance can charge some of the lowest fees on the market, with trading fees starting from 0.1%.

Cons

  • Overwhelming. With so many features on offer, a new cryptocurrency investor could easily be overwhelmed by options.
  • Custodial. To fully utilise all features of Binance a user must deposit and leave funds on the exchange platform.
  • Feature access. Access to certain features will vary depending on geographic location.
  • Warning from UK watchdog. The FCA issued a warning about Binance.

In this guide

  • Our verdict
  • Details
    • Product details
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Details

Product details

Product Name Binance Cryptocurrency Exchange
Fiat Currencies USD, AUD, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 60+ more
Cryptocurrencies BTC, ETH, BNB, XRP, ADA, UNI, XLM, EOS, LTC & 347 more
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
Faster Payments (FPS)
Apple Pay
Google Pay
Trading Fee Maker: 0.02 - 0.10%
Taker: 0.04 - 0.10%
Deposit Fees Instant Bank Payment: 0.5GBP
Bank Card(Visa/MC): 1.80%
Etana: None
FPS: 1GBP
Cryptocurrency: None
Withdrawal Fees Instant Bank Payment: 0.5GBP
FPS: 1GBP
Bank Card (Visa): 1.80%
Etana: None
Cryptocurrency: Fees vary
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

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Your review

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Must read. From 16 October 2023, Binance stopped accepting new UK users, after the UK watchdog blocked the firm that was approving Binance’s ads. Existing UK users wil retain the current services available (providing they have completed their investor declaration and appropriateness test) but any new products and services will not be made available while Binance looks for another company to approve its ads.

Launched in 2017, Binance has grown to become the most popular exchange in the world for cryptocurrency investors. Known for its expansive cryptocurrency offerings and high liquidity, the exchange has remained at the forefront of exchange innovation offering simple cryptocurrency purchases alongside advanced features, interest earning products and access to DeFi. UK-based investors may not be able to access all the features that Binance offers.

Unsatisfied with the centralised exchange, Binance has now expanded its reach to include elements from decentralised finance (DeFi). The exchange is accompanied by dual blockchain networks: Binance Chain and Binance Smart Chain, which are powered by the native BNB cryptocurrency token. These blockchains have greatly expanded the options available for the average cryptocurrency investor to earn interest from cryptocurrency holdings. They have also facilitated Binance’s own ecosystem of decentralised applications (dApps). The development of the Binance Decentralised Exchange (DEX) and the latest Binance Liquid Swap automated market maker (AMM) clearly shows Binance’s intention to continue innovating in the sector. In the UK, however, the Financial Conduct Authority has issued a warning about Binance. The global site offers crypto derivatives, which the regulator has banned from sale to UK consumers.

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, AUD, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 60+ more
  • Supported cryptocurrencies: Approximately 356 cryptocurrencies

Which payments methods are accepted?

Accepted payment methods include:

  • Bank transfer
  • Credit card
  • Cryptocurrency
  • Debit card
  • Faster Payments (FPS)
  • Apple Pay
  • Google Pay

What’s it like to use Binance?

The amount of cryptocurrencies and features available on Binance is second to none, which is why the exchange is popular. Users have the opportunity to buy, sell, stake, yield farm, access a decentralised exchange (DEX), and invest in new projects. Every feature listed then has a significant host of options situated within. With all that’s on offer, this can make the website feel overwhelming for first-time cryptocurrency investors.

Although overwhelming online, the mobile application offers a much simpler route for those that have never used Binance before. The mobile app provides both a ‘Lite’ and ‘Pro’ user interface which greatly simplifies the dashboard.

Customer service for the exchange is mixed with users having to submit requests via an online form.


Fees and limits

The fees below are accurate as of 7th June 2021.

Binance’s trading fees are some of the lowest on the market.

Platform trading fees

Platform Fee TypeFee
Instant buy with credit/debit card3.5%
Instant buy with bank card transferUp to 1.8%
Spot trading fees (maker/taker model)From 0.1%
Borrow interest rateVaries

Spot trading fees can be reduced by holding the native BNB token. If the trading fees are paid with BNB the user receives a 25% discount. To access this discount a user needs to hold BNB tokens in their Binance wallet. The BNB tokens will automatically be used to pay trading fees unless changed within the settings.

Deposit and withdrawal fees

Deposit fees

Binance does not charge deposit fees. For cryptocurrency deposits, associated transfer fees will still be required for utilising the corresponding blockchain network. This will vary depending on the cryptocurrency. There are no fees for fiat deposits.

Withdrawal fees

Binance charges a flat fee dependent on the blockchain network which is subject to change.

Transaction Limits

Transaction TypeLimits
Fiat purchaseVaries by payment method and currency. Lower limits are approximately $5000 USD or equivalent per 24 hours.
Withdrawal of coins to external wallet if a non-verified user2 BTC or equivalent per 24 hours.
Market order limitsMaximum market order in low liquidity markets can be as low as $50,000 USD or equivalent.

Fees for buying $1000 of Bitcoin

To purchase $1000 of Bitcoin on Binance using a credit or debit card a 3.5%, or $35, transaction fee would be charged. This would result in a final payment of $1035.

To purchase Bitcoin on the Binance BTC/AUD spot market a 0.1%, or $10, transaction fee would be charged. This would result in a final payment of $1010.

How do I create an account at Binance?

Creating an account on Binance is very straightforward and can be achieved in a few simple steps.

Lending: Binance Earn

Binance Earn is a collection of products within Binance that offers users an annual percentage yield (APY) in return for depositing their crypto holdings. These products include staking, flexible savings, locked savings, activities, the LaunchPool, the Binance Liquid Swap and the BNB vault.

Flexible and Locked Savings

Within Binance Earn there are both flexible and locked saving account options. Flexible savings allows users to deposit funds into Binance Earn in exchange for an APY. As it’s flexible, these funds can be removed at any time. Locked savings accounts offer higher yield opportunities but require funds to be locked between 7 and 90 days.

As of 7 June, 2021, there are 73 flexible savings products and 3 locked saving products.

Activities

Activities, similar to savings accounts, allow users to deposit digital assets in return for a yield. However, unlike savings, these activities have a capped supply which means a user needs to be quickly accessing them. They’re only available at set times on the exchange which means an investor needs to be actively watching.

As of 7 June, 2021, there are 18 activity products available.

Locked Staking

Certain blockchains and their native cryptocurrency work on a Proof-of-Stake (PoS) consensus mechanism. The PoS ensures the blockchain is validated and remains secure. To provide validation users must deposit and lock a set amount of the native cryptocurrency into the network. This process is referred to as staking. Binance offers users the opportunity to stake cryptocurrencies through its platform and earn rewards. All rewards are stated as an APY figure.

As of 7th June 2021, there are currently 61 locked staking products available.

Find out more about staking in our guide here.

LaunchPool

The Binance LaunchPad facilitates the launch of projects within the Binance ecosystem via Initial Exchange Offerings (IEOs). Users can invest in upcoming projects by depositing applicable cryptocurrencies into the LaunchPool. In return for their investment users effectively receive a stake in the new project. This is usually in the form of the new native cryptocurrency token.

Binance Liquid Swap

Binance Liquid Swap is an automated market maker hosted on the centralised Binance exchange. It is the first of its kind. It allows for the exchange of cryptocurrencies via liquidity pools. Users can deposit cryptocurrencies into the liquidity pools on Binance Liquid Swap and earn a return from fees.

As of 7th June 2021, there are currently 58 liquidity pools available.

BNB Vault

The BNB vault combines the best offerings from the Binance Earn ecosystem and combines them in an aggregator. The Vault combines flexible savings, BNB DeFi staking and Launchpool opportunities to offer users the best APY return. To access the BNB Vault a user needs to stake the native BNB token.

Borrowing: Crypto Loans

Binance offers users the ability to borrow cryptocurrency funds through overcollateralised Crypto Loans. The loan to value (LTV) ratio is set at 65% which means a user can borrow 65% of the collateral amount deposited. For example, if a user deposits $1000 as collateral, they would be able to borrow $650 as a loan.

As of 7 June, 2021, 43 cryptocurrencies are available to loan.

Borrowing fees

Borrowing fees are provided by an hourly and daily interest rate fee. This fee changes depending on the loan received and the term of the loan.

Additional features

Buy crypto with P2P network

When purchasing cryptocurrencies, Binance users have the option to utilise a peer-to-peer network facilitated by Binance for the exchange of assets. Users can specify at what price they wish to sell an asset and publish it to the platform. Other users can then fill the orders if they agree to the price. The P2P network is handled with the application of escrow.

Buy crypto with OTC portal

The Over the Counter (OTC) portal allows investors to purchase large amounts of cryptocurrency at slightly better prices than using the centralised order book exchange.
For a more detailed explanation of OTC trading, check out our guide here.

Mobile Application

Binance users can use the Binance mobile application on both Android and iPhone. The mobile application separates out basic and more advanced features into ‘Lite’ and ‘Pro’ user interfaces.

Binance Visa Card

The Binance Visa Card allows users to transfer cryptocurrencies into their spot wallet so that they can be converted and used at over 60 million merchants. The card does not charge any processing fees and offers up to 8% cashback. Funds are covered by the Secure Assets Fund for Users (SAFU) insurance.

Binance Smart Pool

Binance Smart Pool is a platform developed to combine the effects of cryptocurrency miners that support Proof-of-Work consensus mechanisms. Mining efforts can be automatically switched between BTC, BCH and BSV. All income is settled in BTC.

Decentralised Exchange (DEX)

The Binance DEX allows users to exchange cryptocurrencies in a peer-to-peer network whilst remaining fully in control of their digital holdings. The DEX works on the decentralised Binance blockchain and is powered by the native BNB token. The exchange allows users to trade BEP2 which are tokens built on the Binance Chain.

Customer support

The Binance exchange hosts a dedicated Help Center with searchable FAQs, along with an entire website dedicated to project research for those interested in new and upcoming projects.

To speak to a Binance representative users will need to use the online form and ticketing system.

Is Binance safe to use?

  • Regulation. Crypto trading isn’t regulated in the UK, but the Financial Conduct Authority (FCA) keeps a cryptoasset register of firms with a UK base that have passed anti-money laundering and counter-terrorism checks; Binance UK is not on that register. The FCA has also issued a warning about the company.
  • Verification. Users in certain countries are now required to verify their account using photo ID before they can start trading. This is in compliance with local laws and helps prevent illegal activities such as money laundering.
  • Security features. Binance is a security conscious exchange and has only ever fallen victim to one attack in May 2019. $40 million worth of funds were extracted, but thanks to Binance’s holdings, all users were compensated. Now security is always a priority. All account access requires two-factor authentication (2FA), and often further 2FA is required for operations on the exchange. A percentage of digital assets are held offline in cold storage facilities, with the remaining funds covered by the Secure Assets Fund for Users (SAFU). Binance collects 10% of all trading fees for the safety fund, which acts as an insurance package against security breaches.

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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions

* Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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