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Crypto Exchanges


Binance is a crypto exchange established in 2017 in Cayman Islands.



Binance is a crypto exchange established in 2017 in Cayman Islands. There are 357 coins and 1466 trading pairs available on the exchange Binance



Taker fee =
Maker fee =


supported currencies

357 Coins - 1466 Pairs

Available in the US?
Year founded
Accepted payment forms for
Bank Transfer
Credit/debit card


  • Discounts for high-volume traders
  • Wide variety coins available for trading
  • Availability of OTC trades-Low transaction cost-High security


  • Newbies need tutorials to understand


  • Regular traders have opportunity to receive rewards
  • Binance has low fee when trading one crypto to another
  • Binance lists many altcoins






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In their own words

Customer Reviews Of 




What is Binance?

Binance is the largest crypto exchange in the world by trade volume. In addition, our 2022 crypto exchange analysis report placed Binance as the top cryptocurrency exchange by market presence as well.  

The exchange boasts a daily average trade volume of over 2 billion. Binance prides itself on low fees and fast transactions. 

Binance supports spot, margin, and derivatives trading for over 600 cryptocurrencies. It also offers access to crypto loans, staking pools, and token launch funds. One can access Binance either through their web platform or mobile app. 

Users can also learn and follow tutorials on blockchain, cryptocurrency, and technology through the Binance Academy. The academy offers free information in written and video forms, making it easy for users to learn. 

Binance also has a learn and earn program. Through this, users can win rewards by learning about crypto, new projects, and more. 

  • With a daily average trading volume of 2 billion, Binance is the largest crypto exchange.
  • The exchange has over 90 million users all across the globe. For US traders, Binance has a separate platform Binance.US. 
  • In some jurisdictions, Binance has localized versions like Binance Singapore, Binance Uganda, and Binance Jersey. 
  • Binance supports over 600 cryptocurrencies for spot trading, margin trading, and derivatives.

Binance Company Overview

Binance was founded in 2017 by a Chinese-Canadian developer, Changpeng Zhao, popularly known and addressed as CZ. It launched after raising $15 million in its ICO and has now grown into the largest crypto exchange in the world.

While Binance was originally based in China, it has since moved its headquarters to the Cayman Islands, Mahé, and Seychelles due to China’s growing regulation of the crypto industry. 

Binance and Regulatory Authorities

When it comes to regulatory authorities, Binance has always had a tough time. As of now, the company has secured approval in France. The exchange has recently registered in Italy, with the intent to expand its operations in Europe. Binance is also seeking registration in Austria, Netherlands, Portugal, Spain, Sweden, and Switzerland.

In the UK, the Financial Conduct Authority had ordered Binance to stop all its regulated activities. As of August 2021, Binance Markets Ltd has complied with the regulatory body. 

In February 2020, MFSA (Malta Financial Services Authorities) issued a statement to clarify that Binance is not “authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA."

Meanwhile, in the US, Binance was banned in 2019 due to regulatory issues. Later on, Binance.US was formed for US traders. This entity is registered with FinCen and complies with all the US laws. However, the exchange remains banned in 7 states. In 2021, the IRS and the US Department of Justice investigated Binance for tax offenses and money laundering.

Security, Hacks, and Recoveries

So far, Binance has faced only one major hack in May 2019. Hackers stole 7000 Bitcoins worth $40 million from the hot wallet. The large-scale hack was well-planned and managed to get past the exchange’s security checks. Binance promptly reimbursed the affected users in full via SAFU (Secure Asset Fund for Users). 

In April 2022, Binance recovered funds that were stolen during the infamous Axie Infinity hack. The exchange recovered funds worth $5.8 million from 86 accounts. CZ tweeted about it, you can see it here:

Changpeng Zhao Tweet on Binance hacks

Binance also bailed out Ronin Network, which had suffered greatly due to the hack by making an investment of $150 million. 

On June 6th, 2022, Reuters published an investigative report headlined “How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers”. The report claimed that the exchange was used to launder at least $2.35 billion in the last five years. 

On the next day, that is, June 7, Bloomberg reported that the US SEC has launched a probe regarding the sale of BNB. The authority is investigating whether the BNB ICO was a security sale 

Despite all the regulatory trouble, Binance remains the top exchange with the highest trade volume and caters to over 90 million users worldwide. 

How Does Binance Work?

Binance is a cryptocurrency exchange that lets users buy and sell digital assets. Users can trade cryptocurrencies, stablecoins, NFTs, and more.

After signing up and funding your Binance account, users can:

  • Buy and sell cryptocurrencies, stablecoins, and other digital assets
  • Get access to advanced trading with different order types
  • Get access to margin trading, derivatives, leveraged tokens, and more
  • Buy NFTs from the marketplace
  • Earn rewards with staking, saving, liquidity farming, and more
  • Get loans backed by your digital assets
  • Pay with Binance Pay and Binance Visa Card

How to Create an Account on Binance?

To use Binance, traders have to sign up on the exchange, complete a KYC procedure, and fund their account.

Here’s a quick overview of the process:

  • Register yourself with basic information
  • For level 1 access, users don’t have to verify their account. At this level, users can make withdrawals of up to 1 BTC. 
  • To withdraw larger amounts, users will have to complete the KYC. The approval takes up to 24 hours. 
  • Once the registration and KYC procedure is complete, users can fund their accounts are start trading.

Does Binance Have A Token?

Binance - like many other popular exchanges - has its own cryptocurrency, the Binance coin with the ticker BNB. BNB is the native currency of Binance's own blockchain, the Binance chain.

BNB was originally It was first based on the Ethereum network but has since moved to the Binance chain. Its use cases are linked closely to the platform’s growth. The coin initially served as a means of raising funds for the Binance exchange. But as Binance grew into an ecosystem, the coin also saw tremendous growth.

Here’s how BNB holders can benefit:

  • Pay for transactions in BNB
  • Lower fees for trading
  • BNB can be traded for other cryptocurrencies
  • The coin can also be used for payment processing, crypto credit card payments, booking travel arrangements, and more

The token has a maximum supply of 200 million but commits to a token buyback and burn mechanism in which it plans to permanently destroy 50% of the entire supply, to bring the circulating supply to 100 million tokens. 

Since its launch, Binance has completed 19 token burns, and this comes up every quarter. The platform calculates the number of tokens to be removed each quarter using its Auto-Burn Formula. 

BNB’s token burn will run for a few years until 50% of the total supply is removed from circulation. The mechanism affects token rarity and the token price as a result.

At the time of writing, the coin is trading at $326, which is over 50% below its all-time high of $677. This could be seen as a good investment window for long-term investors.

Binance Review: Pros and Cons


  • Wide range of cryptocurrencies

Binance is the largest crypto exchange in the world by trading volume, providing one of the widest ranges of cryptocurrencies in the market. Its platform provides access to over 500 currencies and thousands of trading pairs.

  • Advanced trading

Binance is more than just a trading platform. It allows users access to advanced trading transactions and tools. Binance users can access:

  1. Margin trading
  2. Futures trading
  3. Set stop losses
  4. Trade leveraged tokens 

It also has advanced charting tools and technical indicators for experienced traders.

  • Several ways to earn

Binance allows users to do more with their idle cryptos, depending on their risk appetite. Users can stake digital assets for attractive APR or deposit funds in flexible savings accounts. There are also other earning avenues, including adding liquidity to token pairs.


  • Advanced feature sets can be alienating to newbies

Due to the sophisticated nature of Binance, new crypto traders and investors may find the platform difficult to navigate or too overwhelming to use. Users who have experience with other platforms may still find Binance exchange difficult to use.

  • Limited access for US users

The main Binance platform is not available to US users due to its regulatory issues. However, US residents may use the mini platform that Binance created specifically for them. It does not have all the features of the main platform.

Binance Supported Cryptocurrencies

Binance supported cryptocurrencies

Overall, Binance supports over 500 coins which users can trade, deposit and withdraw on the exchange. However, some of the major coins available to trade on the platform include 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Binance Coin (BNB) 
  • Binance USD (BUSD) 
  • Basic Attention Token (BAT) 
  • Cosmos (ATOM) 
  • Dash (DASH) 
  • EOS (EOS) 
  • Nano (NANO) 
  • Paxos Standard (PAX) 
  • TRON (TRX) 
  • TrueUSD (TUSD) 
  • Tether (USDT) 
  • Stellar Lumens (XLM)
  • Shiba Inu (SHIB)
  • Cardano (ADA) 
  • Polygon (MATIC)

Binance Fees

Binance offers some of the best rates one will find in the crypto market. They make use of a VIP tiered fee system that reduces fees depending on how much BNB a trader holds and how much he has traded in the last 30 days. 

Binance fees and pricing reviews

Spot trading rates can range from 0.1% to 0.02/0.04% for maker orders and taker orders. Binance futures traders can access even lower fees up to 0.00/0.001% for VIP level 9 traders. 

As expected, there are no deposit fees except the blockchain fee paid by the sender. However, withdrawal fees for fiat and crypto apply, but this can change regularly to offer traders a fair price.

Binance Deposit Methods

There are a few ways to deposit funds into the Binance exchange. They include:

Bank transfers: Binance allows users to fund their crypto wallets directly from their bank accounts. Once deposited, such fiat currency can then be used to buy stablecoins that can be swapped for other coins at any point on the platform.

Credit and debit cards: Traders can also directly buy cryptocurrencies using their credit or debit cards on Binance. They accept Visa and Mastercards.

Peer-to-peer: One can also buy cryptocurrency from other individuals through the Binance P2P exchange. This method requires the buyer to deal directly with other traders in person or on the platform; however, the buyer bears all the risk.  

Binance Review: Trading Services Offered

Binance offers spot trading, margin trading, and derivatives. And apart from trading, users can earn rewards and crypto by staking their holdings.

Spot and Margin Trading

For spot trading, Binance offers a clean and easily navigable trade view. As you can see below, the trade view is simple. The exchange even offers a quick tour of the layout. Beginners can also access a video tutorial from the trade view. 

Binance spot trading dashboard

As you can see, the main panel takes up much of the central space. On the right, you can see the market trades. Towards the left, you have the order book. The order form is placed right below the main panel.

Users can execute the following types of orders:

  • Limit
  • Market
  • Stop-Limit
  • Trailing Stop
  • OCO

From the same trade view, users can margin trading options. The “Cross 3x” and “Isolated 10x” can be accessed from the tabs above the order form.


With Binance, users can execute futures, perpetual futures, options, and leveraged tokes. Here’s a quick overview of some of the derivatives services that Binance has:

  • USD-M Futures

Users can use USDT or BUSD for perpetual or quarterly futures contracts.

  • COIN -M Futures

Users can use cryptocurrencies for perpetual or quarterly futures contracts.

  • Binance Leverage Tokens

The exchange offers long and short leverage tokens for 20 cryptocurrencies. The Binance leveraged tokens represent leverage on the underlying asset. For instance, you buy an LTCUP token with 4x leverage. So if LTC moves $1, you will make a 4x profit with your leveraged token.

You can view the full list of tokens here.

For the full list of derivatives offerings, you can visit the official Binance website. 

Strategy Trading

Binance strategy trading service

For traders who don’t want to continuously monitor market movements, Binance offers Strategy Trading. Users can automate their trades by setting rules and building their own strategies. 

Long Term Yield Strategy: This includes spot grid and futures grid. After building your trading strategy, the system automatically buys low and sells high. 

Smart Trading: This includes Volume Participation and Time-Weighted Average Price. Both are automated algorithms that can execute trades. For details, you can visit Binance’s FAQs page


Apart from trading, users can earn through a multitude of ways at Binance. Here’s a quick rundown of all the options:

  • Saving

For stable earnings, you can save BNB and other tokens and earn interest on your holdings. You can also opt for the BNB vault to yield combined returns from leveraged assets, launchpool, staking, and more. Binance also has an auto-investing feature that invests your crypto on auto-pilot. 

  • Staking

The exchange offers multiple ways to stake your crypto, based on your risk appetite. For low-risk investors, Binance has Locked Staking and ETH2.0 Staking. Investors with a higher risk appetite can check out DeFi staking. You can also check out DOT Slot Auction, which is backed by SAFU.

  • Farming

Users can also earn crypto rewards through farming. With Liquidity Farming, users can get rewards for providing liquidity. BNB holders can earn rewards by Swap Farming. Finally, Launchpool can reward you with new tokens if you invest early. 

  • Dual Investment

In Dual Investment, traders have the option to Sell High or Buy Low. If the contract is executed, you get high rewards in one of your chosen currencies. 

Other Products and Features

Binance goes beyond just buying, selling, and trading. The exchange offers much more - crypto loans, a quick payment app, and even gift cards. 

Here’s a quick overview of what Binance has to offer:

Binance Visa Card

Binance visa card offer

The card allows users to spend their cryptocurrencies wherever Visa Cards are accepted. Users don’t need to convert their crypto for making a purchase. Binance also has the lowest fees for their card. Users are not charged for the issuance of the card and nor does it come with an annual fee. Each you make a purchase, you can get up to 8% cashback in BNB. All the funds are backed by Binance’s SAFU. 

Crypto Loans

Binance crypto loans

Binance users can quickly borrow funds from the exchange using their Crypto Loans feature. All you have to do is select the desired cryptocurrency, place collateral, and get the amount in your account. You can borrow funds for up to 180 days. 

Binance Pay

Binance pay service

With Binance Pay, users can pay with cryptocurrency. You can shop or send money to your family and friends with over 200 cryptocurrencies. The feature charges zero fees and all the payments are fast. Binance Pay is supported in the crypto marketplace. 

Binance Gift Cards

Binance gift card

With Binane Gift Cards, users can generate a prepaid voucher and send it over. The receiver can redeem crypto both within and outside the Binance ecosystem backed by API. 

To learn about all the features that Binance offers, visit their official website. 

Security: Is Binance Safe? 

Being the largest cryptocurrency exchange, Binance has invested in high-level, tight security. The exchange has deployed an AI risk control solution and uses face recognition along with identity verification. All transactions on Binance are monitored with cyber forensics and big data analytics.

Binance also has a Secure Asset Fund for Users (popularly known as SAFU). The exchange started the SAFU in 2018, and 10% of the total revenue gets allotted here. 

The 2019 Binance Hack

Binance faced a large-scale hack in 2019. Hackers stole around 7000 Bitcoins worth $40 million from the exchange’s hot wallet. The attack was a result of multiple phishing attacks, viruses, and many other attacks. 

In an official statement, Binance said, “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time.”

Thanks to the Secure Asset Fund for Users (SAFU), Binance fully reimbursed all the affected users.

User Account Security at Binance

Binance requires users to set up two-factor authentication before they can withdraw funds from their accounts. This is an additional security layer for users to protect against hacks. Users are reminded to enable 2FA whenever they sign in. 

Binance uses at least two locks to fully protect users. The platform offers SMS-based 2FA, email, and app-based 2FA options.

Alternatives: Binance vs Coinbase

Binance is comparable to Coinbase, KuCoin, and FTX. 

  • For beginners, Coinbase’s primary platform would be more suitable. Even casual traders can use Coinbase or Coinbase Pro for spot trading. However, Coinbase has higher fees than Binance or FTX.
  • If you are looking for advanced trading with tokenized stocks, leverage tokens, and automated trading strategies, FTX can be the best solution for you. 
  • On the other hand, KuCoin has over 600 cryptocurrencies and offers spot trading and derivatives. The exchange also has a trading bot. Fees are more or less on par with FTX (as FTT holders can get additional discounts on FTX). As FTX was made for traders, it appeals more to the pro traders. Users looking for a beginner-friendly platform can consider KuCoin.
Binance alternatives

Binance customer satisfaction

Binance is by all measures the number 1 cryptocurrency exchange in the world.  

They have a huge lead on all of the competition in every key metric. You’ll not that their market presence and traffic is far greater than others in the space.  

Binance market presence

Unlike some of its competition, Binance has managed to translate that reach and engagement into higher trading volume. They once again have a huge lead on the competition in this area as well. 

Binance trading volume

Binance appears to be the trading platform of choice for the vast majority of crypto traders.