Binance launched in 2017, and although it’s not that old, right now, it’s best crypto exchange in the world according to CoinMarketCap, offering a wide array of services to over 208 million registered users across 180+ countries.
Binance founder is "Changpeng Zhao (CZ)" and as of now, they offer Launchpad, Mining Pool, Loans, and BNB Chain. Article below reviews all features of Binance Exchange.
Binance Company Information + Regulation
Binance, founded in 2017 by “Changpeng Zhao (CZ)”, has quickly risen to become a dominant force in the cryptocurrency industry. Although Binance faced regulatory issues in various jurisdictions but tries hard to be compatible with different juristications around the world. right now, they are registered in 18 regulations! Binance Licenses:
- Europe: Registered as a Digital Asset Service Provider (DASP) in France, Italy, Lithuania, Spain, Poland and Sweden;
- Commonwealth of Independent States: Licensed by the Astana International Financial Centre (AIFC) in Kazakhstan
- Middle East: Obtained licenses from the Abu Dhabi Global Market (ADGM) and the Central Bank of Bahrain and Dubai World Trade Center
- Asia-Pacific: Secured licenses in Australia, Indonesia, Japan, Thailand and New Zeland
- Americas: Registered in Mexico and El Salvador
- Africa: Obtained License from South Africa
Binance has shown a strong commitment to working closely with regulators worldwide and complying with legal obligations, including anti-money laundering (AML) and counter-terrorism financing (CTF) rules. Predecessor CEO “CZ” talks about it and said:
“it's really important to very actively engage with regulators cause crypto regulation, rather than unclarity is a better option.”
Binance Exchange Summary of Specifications
Binance offers a diverse range of trading products and services; more than 400 coins are listed on Binance and they are tradable with 1:125 leverage! Moreover, exchange Binance Specifications:
Exchange | Binance |
Launch Date | 2017 |
Levels | 10 |
Trading Fees | Varies Based on Levels |
Supported Coins | 400+ |
Futures Trading | Yes |
Minimum Deposit | $1 |
Deposit Methods | Crypto; Bank Transfer, Credit/Debit Cards, Third-Party Payment Processors, P2p Trading |
Withdrawal Methods | Crypto; Bank Transfer, Credit/Debit Cards, Third-Party Payment Processors, P2p Trading |
Maximum Leverage | 125x |
Minimum Trade Amount | Varies Based on Currency |
Security Factors | Cold Storage, Two-Factor Authentication (2FA), Address Whitelisting, Anti-Phishing Code, Insurance Fund |
Services | Simple Earn, High Yield, Auto-Invest, Megadrop, Launchpool, Mining Pools, Loan |
Customer Support Ways | Live Chat, Email, FAQ, Forum, social media |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Limit Order, Market Order |
Native Token | BNB, BUSD |
Restricted Countries | Malaysia, China, Japan, Iran, Yemen, India, Thailand, Bangladesh, Kazakhstan, Philippines, Vietnam, Syria, Singapore, North Korea, USA, Canada, Cuba, Italy, Netherlands, UK, Crimea, Russian-Controlled Parts of Ukraine, Nigeria |
Advantages and Disadvantages
Like any trading platform, Binance comes with its own set of pros and cons. Let's examine some of the key advantages and disadvantages of using Binance:
Advantages | Disadvantages |
Low Trading Fees | Regulatory Challenges |
Wide Range of Cryptocurrencies | Complex Interface for Beginners |
Advanced Trading Features | - |
Investing Opportunities | - |
Robust Security | - |
Mobile App with Advanced and Lite Modes | - |
Extensive Educational Resources | - |
High Quality Performance in All Sections | - |
Binance User Levels
Binance uses a VIP-tiered account structure based on a user’s 30-day trading volume and BNB balance. As users move up the VIP ladder, they unlock benefits such as:
- Lower maker/taker fees
- Higher API limits
- Improved withdrawal privileges
Additional perks like referral rewards and BNB fee reductions are available even at the base level, making the system rewarding for both casual and professional traders.
VIP Levels & Requirements | ||||
Level | 30D Spot and Margin Trade Volume (BUSD Equivalent) | and/or | Daily Average BNB Balance | |
Regular User | < 1,000,000 | Or | ≥ 0 | |
VIP 1 | ≥ 1,000,000 | And | ≥ 25 | |
VIP 2 | ≥ 5,000,000 | And | ≥ 100 | |
VIP 3 | ≥ 20,000,000 | And | ≥ 250 | |
VIP 4 | ≥ 100,000,000 | And | ≥ 500 | |
VIP 5 | ≥ 150,000,000 | And | ≥ 1,000 | |
VIP 6 | ≥ 400,000,000 | And | ≥ 1,750 | |
VIP 7 | ≥ 800,000,000 | And | ≥ 3,000 | |
VIP 8 | ≥ 2,000,000,000 | And | ≥ 4,500 | |
VIP 9 | ≥ 4,000,000,000 | And | ≥ 5,500 | |
Trading Fees
Binance operates on a tiered maker/taker fee model. Regular users pay a flat fee of 0.1% for both maker and taker trades. Traders holding Binance Coin (BNB) can receive additional fee discounts by using BNB to pay trading fees.
Binance calculates fees based on user level
As trading volume and BNB balance increase, users unlock VIP levels that offer significantly lower fees, making Binance one of the most cost-effective platforms for high-volume traders.
Level | Maker Fees | Taker Fees |
Regular User | 0.1000% | 0.1000% |
VIP 1 | 0.0900% | 0.1000% |
VIP 2 | 0.0800% | 0.1000% |
VIP 3 | 0.0700% | 0.1000% |
VIP 4 | 0.0700% | 0.0900% |
VIP 5 | 0.0600% | 0.0800% |
VIP 6 | 0.0500% | 0.0700% |
VIP 7 | 0.0400% | 0.0600% |
VIP 8 | 0.0300% | 0.0500% |
VIP 9 | 0.0200% | 0.0400% |
Besides trading, there are other fees in Binance which are:
- Deposit Fees: Free for crypto deposits, fees may apply for fiat deposits
- Withdrawal Fees: Dynamic, based on the blockchain network status
- Margin Borrowing Fees: Varies by asset, typically around 0.02% per day
Which Assets and Tokens Are Available for Trading on Binance Exchange?
Binance offers 400+ cryptocurrencies from different categories that Users can trade across various market types, including spot, margin, futures, and options. Binance Supported Coins:
- Major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Polkadot (DOT)
- Stablecoins: Tether (USDT), USD Coin (USDC), Binance USD (BUSD)
- DeFi tokens: Uniswap (UNI), Aave (AAVE), Chainlink (LINK)
- Meme coins: Dogecoin (DOGE), Shiba Inu (SHIB)
- NFT-related tokens: Axie Infinity (AXS), Decentraland (MANA)
Binance stands out with one of the broadest selections of cryptocurrencies in the industry. The platform supports trading in over 400 cryptocurrencies globally, making it a top choice for altcoin traders.
Additionally, users can access nearly 1,000 trading pairs, allowing for diverse combinations between major coins, stablecoins, and fiat currencies.
Binance also regularly lists new tokens and assets, providing users with access to emerging projects and opportunities in the crypto space.
This vast offering ensures both beginners and seasoned investors can find a wide range of trading opportunities.
Binance Exchange Futures and Margin Trading Overview
Binance offers both futures and margin trading options for users looking to amplify their trading potential. Here's a quick comparison:
Margin Trading
- Allows users to borrow funds to increase trading exposure
- Offers 3-10x leverage
- Trades occur in the spot market
- Suitable for short to medium-term positions
Futures Trading
- Involves trading contracts representing the future value of an asset
- Offers up to 125x leverage on some contracts
- Trades occur in the derivatives market
- Ideal for both short-term and long-term strategies
How to Open an Account and Verify Identity in Binance Exchange?
In order to trade in Binance and use its services, you must register and it can be done in 4 steps. Binance sign up:
#1 Binance Official Website
Navigate to the exchange's official website and click on the "Sign Up" button.
#2 Binance Registration Form
Enter your contact details and verify your email address/phone number via the verification code sent to you.
After confirming your contact details, it's time to set a strong password for your account.
#3 Binance Verification
After registration, now you have to go through the Verification process to access everything in the exchange. Step-by-step guide to the Binance KYC procedure:
- Log in to the exchange's client portal;
- Navigate to the "Verification" section;
- Select your country of residence;
- Enter your personal information;
- Upload photos of your government-issued id (passport, driver's license, or national id card);
- Complete a liveness check by taking a video of yourself following the on-screen instructions.
Wait for Binance to review your verification application, which typically takes up to 48 hours.
Binance Exchange Applications and Platforms
Binance offers a range of applications and platforms to cater to different user preferences and needs. In In these applications, users are able to trade, deposit and withdraw, do Authentication and use Binance API.
Desktop App
The Binance desktop application is Available for Windows, MacOS, and Linux operating systems. It is Streamlined interface with real-time market updates and Access to all Binance trading products and services. Download Binance desktop app:
- Windows
- MacOS
- Linux
Mobile App
The Binance mobile app brings the power of the exchange to your smartphone, allowing you to trade on-the-go. It’s available for Android and iOS with full access to all Binance products. Download Binance mobile app:
Authenticator app
The Binance Authenticator app is a crucial security tool that provides an extra layer of protection for your account. It Offers a secure alternative to Google Authenticator and you can download it for Android and iOS.
How Secure Is Binance Exchange?
Binance employs industry-standard security practices, including two-factor authentication (2FA), device and IP whitelisting, and wallet address whitelisting.
It also supports advanced access controls and offers a self-custody Binance Wallet with integrated risk monitoring. Here's a list of security measures taken by Binance:
- Cold storage: The majority of user funds are kept in offline "cold wallets" to minimize the risk of hacks;
- Two-factor authentication (2FA): Users can enable 2FA for an additional layer of security;
- Address whitelisting: This feature restricts withdrawals to pre-approved addresses only;
- Anti-phishing code: A unique code that helps users identify genuine Binance emails;
- Device management: Users can monitor and control which devices have access to their account;
- $1 billion insurance fund: Binance maintains a significant fund to cover potential losses in extreme cases.
While these features provide solid user-side protection, the exchange has faced past regulatory scrutiny and legal challenges, which continue to raise concerns about institutional security and compliance in some jurisdictions.
Note that no exchange is 100% secure. Binance has faced security breaches in the past, such as a 2019 hack where $40 million worth of Bitcoin was stolen. Users should always practice good security habits.
Withdrawal and Deposit Methods in Binance Exchange
Binance supports a wide range of deposit and withdrawal methods to accommodate users from different regions. Binance deposit and withdrawal methods:
- Cryptocurrency: Users can deposit and withdraw various cryptocurrencies directly to their Binance wallet address;
- Bank transfer: Available for many fiat currencies, including USD, EUR, GBP, and others;
- Credit/debit cards: Instant Deposit & Withdrawal using Visa, Mastercard, and other supported cards;
- Third-party payment processors: Options like SEPA, Faster Payments, and others, depending on the region;
- P2P trading: Users can buy cryptocurrencies directly from other verified users using various local payment methods in order to deposit and withdraw.
Processing times can vary depending on the method used and the Blockchain network congestion. Cryptocurrency transactions typically process faster than other methods.
Binance Exchange Trust Scores
Binance consistently ranks high in trust scores among cryptocurrency exchanges. According to Coinmarketcap, a reputable crypto data aggregator, Binance has achieved a perfect Trust Score of 10 out of 10.
- CoinMarketCap: 9.9/10
- CoinGecko: 10/10
- Reviews.io: 4.1/5 based on 371 reviews.
Binance Features
Let's explore the crypto-specific services Binance offers to its users.
Staking | Yes |
Yield Farming | Yes |
Social Trading | Yes |
Liquidity Pool | Yes |
Crypto Cards | Yes |
Customer Services and Support in Binance Exchange
Binance offers a comprehensive customer support system to assist users with various issues:
- 24/7 live chat support: Available for quick resolution of common problems.
- Email support: For more complex issues requiring detailed explanations.
- Extensive FAQ section: Covers a wide range of topics from account management to trading.
- Binance Academy: Provides educational resources for users to learn about crypto and the platform.
- Social media channels: Regular updates and community support on platforms like X (Twitter) and reddit.
Which Copy Trading and Investment Services Does Binance Offer?
Binance offers a crypto copy trading software on its Futures platform, allowing less experienced traders to automatically copy the trades of more seasoned investors.
Besides that. It offers various investment options such as Auto Invest and High Yield. Binance investment services:
- Simple Earn (Staking)
- High Yield
- Auto-Invest
- Megadrop
- Launchpool
- Mining Pools
- Loan
Binance Earn
Binance offers robust staking services through its Binance Earn platform. Users can stake various proof-of-stake (PoS) cryptocurrencies with either flexible or locked terms.
Flexible staking allows for instant withdrawal with lower rewards, while locked staking offers higher yields over fixed periods. This service enables users to passively earn income while supporting network consensus and security.
Binance Earn is available for multiple assets
Binance Copy Trading
Binance supports copy trading through its Binance Futures platform. Users can automatically replicate the trades of top-performing traders in real time, selecting strategies based on performance metrics and risk levels.
Lead traders earn commissions based on profitability, while copy traders benefit from passive exposure to professional strategies, ideal for users with limited time or experience.
Binance Exchange Restricted Countries: Am I Eligible to Trade on Binance?
Binance maintains a "List of Prohibited Countries" and reserves the right to restrict or prohibit access from certain jurisdictions. This is because regulation problems or sanctions; however, Binance is not available in countries below.
- Asia: Malaysia, China, Japan, Iran, Yemen, India, Thailand, Bangladesh, Kazakhstan, Philippines, Vietnam, Syria, Singapore, North Korea
- America: USA, Canada, Cuba
- Europe: Italy, Netherlands, UK, Crimea, Russian-Controlled parts of Ukraine
- Africa: Nigeria
Binance operates and offers its services legally in Türkiye. You can read the Binance TR review on TradingFinder.
Binance vs Other Exchanges
Let's compare Binance's services with other popular crypto platforms:
Features | Binance Exchange | |||
Number of Assets | 400+ | 1,200+ | 200+ | 100+ |
Maximum Leverage | 1:125 | 1:100 | 1:1 | 1:150 |
Minimum Deposit | $1 | 0.0005 BTC | N/A | $5 |
Spot Maker Fee | 0.02% - 0.1% | -0.005% - 0.1% | From 0.2% | 0.008% - 0.2% |
Spot Taker Fee | 0.04% - 0.1% | 0.025% - 0.1% | From 0.2% | 0.05% - 0.2% |
Mandatory KYC | Yes | No | Yes | No |
Futures Trading | Yes | Yes | No | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | Yes | Yes | Yes | No |
Copy Trading | Yes | Yes | No | Yes |
Trading Finder Expert Suggestions
In order to be a complete package, Binance has launched its native currencies, BNB and BUSD in July 2017. Binance exchange has more than 7,000 employees and owns companies such as Trust Wallet.
Right now, over 244 million people are using Binance and its features such as copy trading, trading bots, mining pools and Megadrop. On the other hand, it has drawbacks such as regulatory challenges in some regions.