Binance review: our experience with the largest crypto exchange

Gianluca Lombardi, 13 min read
Last Updated: 24 August, 2022

binance review - the largest crypto exchange

In this review of the largest crypto exchange by trading volume, we will take a closer look at the Binance exchange and see why it has become so popular for investing. We will take a closer look at how the exchange works, the fees, features of the entire Binance ecosystem.

Who is the Binance exchange suitable for?

  • Beginner and intermediate cryptocurrency traders
  • Investors who want to buy and store cryptocurrencies themselves

Binance review: what we like

  • Low trading commissions
  • The user interface of the mobile application
  • Supports a wide range of cryptocurrencies

Binance review: what we don’t like

  • Has been hacked in the past
  • No license from the financial regulator, as is the case with online trading brokers

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Thanks to ecoinomy’s partnership with Binance, when you sign up to the platform you get an extra 10% discount on commissions forever by signing up using this link.


Binance logo
Exchange

ecoinomy rating:

8.2/10

Max Leverage 20:1
Deposit Fees By card 1,8%; minimum deposit 15 EUR
Trading Fees 0.1%
Regulations
Cryptocurrencies 650+ BTC logo CriptovaluteETH Criptovalute logoIOTA криптовалута логоBCH криптовалута логоRipple криптовалута логоDASH криптовалута логоADA криптовалута логоEOS криптовалута логоLTC криптовалута логоTezos криптовалута логоNEO криптовалута логоXLM криптовалута логоZEC криптовалута логоETC криптовалута логоOmise-Go криптовалута лого
Payment Methods Crypto, Visa, MasterCard
Number of Users 30.000.000+

Security

Fees

Ease of Use

Customer Service


Go to Binance

After thorough testing and evaluation, we believe that Binance is a strong choice for those seeking a platform with low fees and a wide range of cryptocurrencies. However, it’s important to keep in mind that Binance has been hacked in the past and is not regulated by financial authorities.

As one of the most well-known and trusted applications for buying, selling, and storing cryptocurrencies, Binance offers access to over 600 different digital assets beyond just Bitcoin and Ethereum, at competitive fees. Our thorough review and analysis have led us to the conclusion that the pros of using Binance outweigh the cons. The platform’s low commissions, combined with the team’s proven expertise in developing a trading platform, make Binance a leading player in the market. It’s no surprise that the exchange boasts high trading volume.

For those who are new to the world of cryptocurrencies, it’s worth noting that to ensure maximum security, it’s recommended to store your purchased digital assets in a wallet – and using a hardware wallet is the safest option. When you’re ready to sell your cryptocurrencies, you’ll need to transfer the balance back from your wallet to the exchange. All things considered, Binance stands out as a solid choice for buying, selling, and storing your cryptocurrencies.

Before we go deeper into Binance’s offerings, take a moment to consider the top crypto cards currently available, which can be an essential tool for ease of spending your crypto in shops.


General information

Binance is the world’s largest platform for investing and trading cryptocurrencies online. Because it offers a wide selection of cryptocurrency trading options and functions, it is not always particularly accessible to new users. Investors can experience a rapid learning curve with Binance depending on their experience and knowledge.

Through its desktop or mobile dashboards, Binance offers a wide range of online trading functions, including an impressive selection of market charts and hundreds of cryptocurrencies. As a post-trader, you can trade instruments such as futures and options and use different order types.

In addition to tools and functions for investing, Binance offers a comprehensive learning web platform, the NFT platform, Launchpool, Launchpad and more.

Binance is a cryptocurrency exchange that is gaining a lot of popularity. In fact, it is often considered the best cryptocurrency platform. In this review, we will take a closer look at Binance and see why it has become so popular.

Founded by Changpeng Zhao, CZ for short, in 2017, Binance is quickly becoming one of the most well-known cryptocurrency exchanges in the world. It is a comprehensive website for buying, selling or exchanging and more generally investing in a wide range of cryptocurrencies.

Although Binance is currently the largest cryptocurrency exchange in the world by trading volume, it still faces regulatory issues in some countries.

Experienced traders may appreciate the variety available on Binance, but users may sometimes find this platform a bit chaotic due to its many functions.

eToro vs Binance comparison

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We compared unique features, fees, security measures, and user experiences. Unlock detailed insights to guide your decision on our comprehensive eToro vs Binance comparison page. Discover which platform aligns best with your trading goals and preferences.

Choice of cryptocurrencies

Binance offers more than 600 cryptocurrencies that can be traded and invested in on its platform. For international users, it also supports several fiat currencies, including USD, EUR, AUD, GBP, HKD and INR.

Some of the cryptocurrencies available on Binance are Binance Coin (BNB), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE) and Polygon (MATIC), Chainlink (LINK), Tezos (XTZ) and others. In addition, Binance supports the most popular cryptocurrencies, including:

Bitcoin (BTC)
Cardano (ADA)
Ethereum (ETH)
Litecoin (LTC)
Ripple (XRP)
Ethereum Classic (ETC)
Dash (DASH)

How the exchange works

One of the aspects that distinguishes Binance from other exchanges is the fact that it allows you to invest in a wide range of cryptocurrencies. There are currently over 600 different cryptocurrencies available on Binance.

Binance also has its own token called BNB. The token is used to pay the exchange’s fees. If you keep BNB in your account, you get a 50% discount on commissions. Although better known as an exchange, Binance is also in fact a comprehensive cryptocurrency ecosystem that is particularly suited for investing.

It boasts an array of products ranging from a launch platform designed specifically for budding entrepreneurs, a trusted wallet, its own community-supported blockchain infrastructure, an academy, and even a charity.

For football fans, on the other hand, Binance regularly releases new fan tokens of famous football teams, such as Lazio and Porto. Binance owes much of its success to the fact that it is very user-friendly, thanks to its easy-to-navigate interface.

Even if you are unfamiliar with the cryptocurrency exchange, you should be able to figure out how to use the Binance web site works without any problems to invest. Binance also has amobile app available for devices using Android or iOS. The app is well designed and intuitive to use.

Choose between two types of interface: Lite and Professional

Those who visit Binance for the first time will immediately notice that the platform offers two options for trading digital currencies: Lite and Professional. Neither the Lite nor the Professional version is particularly user-friendly for beginners. However, anyone with a background in digital currencies and some knowledge of how exchanges work will understand how to use the platform and its various services. The main difference between the light version and the professional version is that the latter offers a more in-depth technical analysis of the value of digital currencies over time.

Binance review: commissions

Binance currently charges an average commission of 0.1% on each transaction made by the user. Those who hold the Binance token, the BNB Coin, can receive a discount of up to 50% on trading commissions, which are halved each year.

  • 50% commission discount in the first year after joining
  • 25% discount on commissions in the second year after registration
  • 12.5%discount on commissions in the third year after registration
  • 6.75% discount on commissions in the fourth year after registration

If you trade with larger volumes, you can benefit from further discounts on trading commissions. Here is how commissions vary according to trading volume on a monthly basis:

VIP 30-day volume (BUSD) MAKER / TAKER
0 <1,000,000 0.10% / 0.10%
1 From 1,000,000 to 4,999,999 and minimum 25 BNB 0.09% / 0.10%
2 From 5,000,000 to 19,999,999 and minimum 100 BNB 0.08% / 0.10%
3 From 20,000,000 to 119,999,999 and minimum 250 BNB 0.07% / 0.10%
4 From 120,000,000 to 199,999,999 and minimum 500 BNB 0.07% / 0.09%
5 From 200,000,000 to 499,999,999 and minimum 1,000 BNB 0.06% / 0.08%
6 From 500,000,000 to 999,999,999 and minimum 1.750 BNB 0.05% / 0.07%
7 From 1,000,000 to 2,499,999,999 and minimum 3,000 BNB 0.04% / 0.06%
8 From 2,500,000,000 to 4,999,999 and minimum 4,500 BNB 0.03% / 0.05%
9 > 5,000,000 and minimum 5,500 BNB 0.02% / 0.04%

Deposits and Withdrawals

Binance offers a custody wallet where users can deposit their funds on the platform, ensuring that they are available for online trading.

Deposit fees depend on the currency and payment method. Bank transfers are often free of charge, while debit card payments are subject to a fee. In many countries, Binance allows credit or debit card payments, bank transfers and peer-to-peer payments. Not all banks allow credit card payments and withdrawals. This framework is dynamic and we advise you to check with your bank if there are any restrictions on deposits and withdrawals with cryptocurrencies.

In this case, you can navigate to an authorised cryptocurrency trading platform, such as eToro – reviews.

You can withdraw money to a fiat currency bank account or withdraw cryptocurrencies to a wallet or another exchange. Minimum withdrawal amounts and fees vary depending on the withdrawal method and currency.

For example, withdrawing bitcoin from Binance costs 0.0005 BTC and the minimum amount you can withdraw is 0.001 BTC.

Security of funds

Security is important when entrusting your funds to a cryptocurrency exchange, especially considering the number of hacker attacks over the years.

Listed in this review are some of the main advantages of Binance, thanks to which high security terms are guaranteed:

  • Maintains most funds offline in a cold storage facility.
  • Has set up its own insurance fund, retaining 10% of all trading commissions in a secure fund designed to cover potential losses from hacker attacks. This is not liability insurance, but it offers users some protection.
  • User-level features: two-factor authentication (2FA) and a whitelist of download addresses. Whitelisting means that you can restrict withdrawals only to pre-approved addresses.

Binance controls many things in terms of security, which we like, but it would be nice to have a little more transparency. For example, Binance claims to have a $1 billion fund that it has built up by taking a percentage of trading commissions over the years. But there are no links to this or any other security details on its homepage.

Binance Coin (BNB) – the cryptocurrency exchange?

Binance Coin (BNB) is a cryptocurrency that was first issued and released to the market in the form of an ICO, by the exchange of the same name, which took place between 26 June and 3 July 2017. In this first phase of the cryptocurrency, 100,000,000 BNB tokens were offered (thus 50% of the total offer). The issue price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB.

The Binance coin was initially launched as an ERC-20 token on the Etherium platform, but was later moved to the Binance Smart Chain (BSC) blockchain. The initial total supply of BNB was set at 200,000,000 coins, but due to regular coin burn events, the supply gradually decreased. Binance Coin has several use cases, but within the Binance exchange ecosystem it is mainly used as a token offering discounts on trading fees.

Besides being used by traders to receive discounts, BNB tokens can also be used to invest in new projects supported by the Binance exchange – Launhcpool and Launchpad.

Learn more about the BNB cryptocurrency and its real-time price and chart.

Binance smart chain

The BNB token is used to pay for all transactions on the Binance Smart Chain blockchain. The largest number of these occupy the DeFi PancakeSwap and Venus platforms.

Binance Smart Chain (BSC) is a public blockchain considered a competitor to the Ethereum blockchain. With transaction fees at one point reaching up to 35 times lower than Ethereum’s network, according to DappRadar’s 2021 Q1 statistics report of 1 April. The huge success of the Binance Smart Chain played a significant role in the rapid increase in the value of the BNB token, which jumped more than 1,500% in 2021.

Binance debit card – no longer available in Europe from Dec 2023

Reviews of the Binance card

Binance is terminating its Visa debit card services in the European Economic Area starting December 20th, 2023, due to its card issuer, Contis Financial Services from Lithuania, ceasing to issue the card. This decision, part of a series of challenges for Binance including euro transaction issues and service provider concerns in the UK, prompts the need to seek alternative options.

Check out these Binance card alternatives.

How to register with Binance?

Registering an account at Binance is relatively simple and you can choose between two types of accounts. For an unverified account:

Click on the Register button on the Binance homepage:

  1. Enter e-mail address
  2. Create a password
  3. Accept the Binance Terms of Use
  4. Click on ‘Create account
  5. Confirm your registration by e-mail
    Then
  6. Log in to your account
  7. Log in to the User Centre and click on Identity verification.
  8. Select Personal
  9. Fill in your details
  10. Select a type of identity document for verification, such as passport or driving license.
  11. Take a photo or upload a file of your document
  12. Take a photo (selfie) of yourself
  13. After uploading the required document and photo, click on confirm.
  14. Binance will process your request as soon as it is possible.
  15. To register with Binance, you need to go to the official website and create an account. We have prepared a step-by-step guide with screenshots for you.

1. Create a Binance account

For this, you need to provide your e-mail address and create a password. Once you have completed these steps, you can log into your account and complete the verification process.

If you see the 10% symbol at the top, then the bonus with us is active.

open account step

enter email

2. Account verification

Once you have created your account, before you can deposit and start trading, you need to verify it. This is part of the KYC procedures that Binance adheres to as part of the EU. Once you have clicked on ‘Get Code’, you will receive a 6-digit code to the email address provided. Enter it in the box and proceed with“Send”.
confirm email

Then confirm your phone number by receiving an sms code.

Then enter your details and send a selfie to complete the account confirmation process.

personal information

3. Depositing funds

You have three main methods for depositing at Binance:

  • credit card (1.8% fee)
  • bank transfer via Advcash account
  • in cryptocurrency

Once you have selected your preferred method, you can make your deposit. Once you have finished, you can start trading on Binance!

The platform and cryptocurrency trading

Trading on Binance is relatively easy and convenient for users, as is investing. In this review it must be said that there are advantages such as an outstanding selection of cryptocurrencies to trade, combined with BTC, ETH, BNB, XRP, TRX, DOGE, DOT, BUSD and Tether trading pairs. A wide selection of crypto-flat pairs is also available on Binance’s fiat markets.

Users can choose between an easy-to-use trading interface for beginners and an advanced trading interface for spot trading, which caters to all types of users. The platform also offers options, margin, derivatives, peer-to-peer and OTC trading.

Spot trading

For spot trading, users can choose between two main interfaces. “Lite” is the beginner-friendly option that eliminates all advanced functions, such as charts and different order types. This makes it easier for beginners to trade cryptocurrencies at market rates without getting confused.

For advanced users, a professional trading interface is also available that offers all the typical features of the exchange: charts, order books, different order types, etc.

Margin trading

Margin trading is available for selected trading pairs, allowing users to trade with up to 20:1 leverage for certain currencies. Users can choose between cross-margin, which puts the entire margin account balance at risk, and isolated-margin, which limits potential losses to the trading pair itself.

Binance also offers leveraged futures trading, which we discuss in the following lines.

Binance Futures and Derivatives

Binance’s futures, launched in 2019, allow traders to open an order to speculate on the price (as opposed to buying and selling) of Bitcoin and various popular cryptocurrencies, including Bitcoin Cash, Ethereum, Litecoin, Ripple and others.

The platform allows trading with up to 20x leverage, which means that traders can multiply their profits (but also their losses) by 20 times.

Binance Futures’ balances are kept separate from users’ normal trading accounts and must be funded with Tether (USDT) as collateral. All gains and losses will also be realised in USDT.

The user interface of Binance Futures is almost identical to that of Binance spot, with the exception of some additional functions to control leverage and display open positions.

The commissions of Binance Futures are slightly different from those of the spot markets, with trading fees ranging from 0.02% to 0.04% per trade. Commissions are lower for ‘maker’ trades (adding liquidity to the order book prior to execution) or for users with large monthly trading volumes.

Binance also offers futures backed by cryptocurrencies, such as bitcoin or altcoin, in a separate section called ‘Coin Futures’.

In addition, Binance offers derivative instruments called ‘Leveraged Tokens’, which provide order-type contracts for betting on upward and downward prices. Such an order gives the buyer exposure to leveraged cryptocurrencies without the risk of liquidation.

Unfortunately, Binance has been forced to suspend derivatives trading in many European countries, starting with Germany, Italy and the Netherlands, and recently extending to the UK and Spain. This followed pressure from global regulators, particularly those in Europe, who decided that Binance was not authorised to provide investment services. This forced the exchange to stop offering services to new customers and to discontinue use by existing customers.

Battle

Binance created an interface for in-game battles in conjunction with futures trading. The Battle product simply allows one to earn points and rewards in addition to winning or losing money. Battles last five minutes or less; all one has to do is predict whether the price will go up or down. If you guess correctly, you will earn money on the futures contract plus a few points, while if you don’t guess correctly, you will lose money on the futures contract and get no points. It is not clear what the advantage of this product is, except that it makes trading more fun and less skill- and strategy-based.

Funding the platform

One of the most interesting additions to the Binance ecosystem is the financing option. It includes a number of financial instruments that we are going to list and examine in the review. One of these is the Visa card for paying at cryptocurrency merchants with cashback, which we already told you about above.

Savings

Binance Savings allows users to make returns on unused funds through ‘flexible’ or ‘locked’ account types. Flexible savings accounts pay variable interest rates, while locked savings accounts pay higher interest rates on cryptocurrency term deposits.

Staking

Binance also offers a staking service that allows users to receive returns from decentralised financial currencies (DeFi) without having the technical knowledge required to stake the coins themselves. Similar to savings accounts, the betting service is available in flexible and locked options.

Binance Smart Pool

Binance Smart Pool allows miners to contribute to a larger mining pool that distributes rewards. Hash power is automatically redirected to the most profitable cryptocurrency to mine at any given time, offering users hands-free optimisation.

Cryptocurrency loans

Binance Loans offers users loans in a variety of tokens backed by some of the most popular tokens such as BTC, ETH and ADA. This offers an easy way to get hold of stable coins such as USDT, BUSD or USDC.

Liquid Swap

Binance Liquid Swap is an automated market maker (AMM) platform similar to Uniswap and is based on a liquidity pool. There are two tokens in each pool and the relative amount of tokens determines the price between them. A liquidity swap offers more stable prices and lower fees for large transactions. Users can exchange coins in the liquidity swap with a minimum of resistance or provide their own liquidity in exchange for a share of the fees.

Is it possible to trade CFDs and FOREX?

Binance does not offer traditional currency trading because it simply does not have access to the amount of currency parameters that a stock exchange offers. If you are looking for this type of trading, the best forex platforms include eToro or Skilling. Binance has just over 50 currency parameters, whereas many exchanges that only trade forex have access to thousands.

Finally, if you are looking for alternative trading options, there is also Binance’s futures market. The futures market (also known as derivatives) allows users to open long or short positions on any asset of their choice.

What are the best alternatives to Binance?

Binance is hard to beat in terms of exchange functionality. It is the largest cryptocurrency exchange in the world in terms of trading volume and offers the lowest fees. However, this does not mean that Binance is suitable for everyone.

If you are concerned about security, you might want to consider one of the more regulated platforms such as eToro or Skilling.

If you are looking for a suitable place to trade with a multiplier, Bybit seems to be stronger in this area, offering a multiplier of up to 100:1.

Winner
eToro-Icon
Hybrid

ecoinomy average rating:

9.5/10

Assets Traded Stocks, Indices, ETFs, Currencies, Commodities, Cryptoassets
Max Leverage Up to 30:1 (varies by asset)
Trading Fees Spread 1%
Regulations EU, USA, UK, Austalia, Middle East
Cryptocurrencies 79+ BTC-Coin-IconETH-Coin-IconMIOTA-IconBCH-IconRipple-IconDASH-IconADA-Coin-IconEOS-IconLTC-IconNEO-IconXLM-IconZEC-IconEthereum-Classic-IconBNB-Icon
Payment Methods PayPal, Visa, MasterCard, Skrill, Neteller, SEPA, WebMoney
Number of Users 30 Million+

9.7/10 - Safety

9.1/10 - Fees

9.6/10 - Ease of Use

9.3/10 - Customer Service


Start here

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.


bybit logo
Exchange

ecoinomy rating:

9.0/10


Max Leverage 100:1
Headquarters Dubai
Deposit Fees Card 2%
Trading Fees 0,075%
Cryptocurrencies 370 BTC kryptowaluta logoETH logo della criptovalutaBCH logo della criptovalutaRipple криптовалута логоADA криптовалута логоLTC криптовалута логоTezos криптовалута лого
Payment Methods Crypto, Visa, MasterCard
Number of Users 3.000.000+

Security

Fees

Ease of Use

Customer Service


Start here

Customer support and user experience

Binance has a comprehensive support page with an extensive FAQ section that will answer or direct you to the solution of most problems you may encounter. If the FAQ section is not your problem. If even that is not enough, you can send a chat request with a customer service representative.

A case ID is available; you can send a message directly to Binance Help or use the Binance support thread on Reddit quoting the world of the case ID. Please note that it may take some time to get a response due to the large number of cases submitted.

Complaints about Binance’s verification methods and chat support have increased since the switch to mandatory ID verification. This appears to include unnecessarily long wait times for the live chat function. of 12 hours, in many cases without assistance or resolution of verification issues. It is unclear whether this is a temporary problem due to high traffic or a problem that will continue to affect Binance users.

In the past, the platform has had problems with incorrect two-factor authentication, but it seems that this is no longer a common problem. A unique accusation that has emerged against Binance is that it lists coins (more specifically shitcoins) in exchange for money. This allegation has been denied by the company.

Binance reviews: is it for me? Conclusions

After detailed and extensive testing of the platform, we believe that Binance is suitable for those looking for a platform with low fees and a wide selection of cryptocurrencies. The cashback card is a great feature that makes using the exchange even more attractive. However, it is important to bear in mind that the platform has been hacked in the past and has no license from financial regulators.

Binance is one of the best known and most reliable applications in the world for buying, selling or storing cryptocurrencies.

One of its main advantages is access to over 600 cryptocurrencies, besides the well-known Bitcoin and Ethereum, with more than reasonable fees.

After this detailed review and with the help of our opinions, you now have your own Binance reviews to help you make the right choice.
Important for beginners: To ensure maximum security, cryptocurrencies purchased on the exchange are stored in your wallet; the safest option is to use a hardware wallet for cryptocurrencies. This way, when you decide to sell cryptocurrencies, you have to transfer the balance back from your wallet to the exchange.

When you consider all this and look at Binance objectively, the pros far outweigh the cons. This is more than can be said of other competitors. Binance’s low commissions, coupled with the team’s proven knowledge in developing the trading platform, are enough to make it a major player in the market.

No wonder that Binance leads the way in terms of trading volume.


Binance logo
Exchange

ecoinomy rating:

8.2/10

Max Leverage 20:1
Deposit Fees By card 1,8%; minimum deposit 15 EUR
Trading Fees 0.1%
Regulations
Cryptocurrencies 650+ BTC logo CriptovaluteETH Criptovalute logoIOTA криптовалута логоBCH криптовалута логоRipple криптовалута логоDASH криптовалута логоADA криптовалута логоEOS криптовалута логоLTC криптовалута логоTezos криптовалута логоNEO криптовалута логоXLM криптовалута логоZEC криптовалута логоETC криптовалута логоOmise-Go криптовалута лого
Payment Methods Crypto, Visa, MasterCard
Number of Users 30.000.000+

Security

Fees

Ease of Use

Customer Service


Go to Binance

Gianluca Lombardi

Gianluca is the editor-in-chief of this site. A finance graduate, he is an active trader who has tested all trading platforms and knows all their secrets. Technology is his passion; he spends much of his free time in the metaverse. Gianluca loves learning new things, researching, discussing and writing about technology, especially when it comes to cryptocurrency and blockchain technology.