Binance Review 2025: Is It Still the Best Crypto Exchange?

Quick Summary

What is Binance?

Binance is the world's largest cryptocurrency exchange by trading volume, founded in 2017 by Changpeng Zhao (CZ). With over $20 billion in daily trading volume and 350+ cryptocurrencies, Binance dominates the centralized exchange market.

The platform offers comprehensive trading options including spot trading, futures (up to 125x leverage), margin trading, options, staking, savings, and P2P. Binance is known for having the lowest trading fees in the industry (0.1%) and the highest liquidity globally.

Key Features

1. Lowest Trading Fees in the Industry

Spot Trading:

• Standard fee: 0.1% (both maker and taker)
• With BNB discount: 0.075% (25% savings)
• VIP tiers: Down to 0.02% for high-volume traders

Futures Trading:

• Maker: 0.02%
• Taker: 0.04%
• VIP discounts available

Comparison: Binance fees are 5x lower than Coinbase (0.5%), 2x lower than Kraken (0.16%), and competitive with OKX (0.08%) and Bybit (0.1%).

2. Highest Liquidity & Volume

• $20+ billion daily trading volume (November 2025)
• Instant order execution even for large trades
• Minimal slippage due to deep order books
• Best prices from high competition and liquidity

This makes Binance ideal for large traders and institutions who need to execute significant positions without moving the market.

3. Massive Cryptocurrency Selection

• 350+ trading pairs covering all major and many altcoins
• Major coins: BTC, ETH, BNB, SOL, AVAX, MATIC, etc.
• DeFi tokens, meme coins, new listings
• Fiat pairs: USD, EUR, GBP, and 50+ other currencies

Comparison: 3.5x more pairs than Coinbase (100+), more diverse selection than most competitors.

4. Multiple Trading Options

Available on Binance:

• Spot Trading: Buy and hold cryptocurrencies
• Futures: Perpetual and quarterly contracts, up to 125x leverage
• Margin Trading: Borrow funds to trade (up to 10x)
• Options: Crypto options trading
• P2P: Peer-to-peer fiat-crypto trading
• Staking: Earn yield on holdings (5-20% APY)
• Savings: Flexible and locked savings products
• Launchpad: Access to new token launches

5. Advanced Trading Tools

• TradingView integration: Professional charting
• API access: Algorithmic trading support
• Trading bots: Grid trading, DCA bots
• Stop-loss / Take-profit: Risk management tools
• Portfolio tracker: Monitor all assets

6. Security Features

• 2FA (Two-Factor Authentication): Google Authenticator, SMS
• Cold storage: 90% of funds in offline wallets
• SAFU fund: $1 billion insurance fund
• Anti-phishing code: Protection from fake emails
• Withdrawal whitelist: Only approved addresses
• Device management: Track all logged-in devices

Comparison with Competitors

Verdict: Binance leads on volume, coin selection, and leverage. OKX has slightly lower fees (0.08% vs 0.1%). Bybit is competitive alternative. Coinbase offers better US regulation but 5x higher fees.

Advantages

1. Lowest fees in industry: 0.1% spot, 0.075% with BNB (5x cheaper than Coinbase)
2. Highest liquidity: $20+ billion daily volume ensures instant execution
3. Most cryptocurrencies: 350+ pairs vs 100 on Coinbase
4. Multiple trading options: Spot, futures, margin, options, P2P, staking
5. Advanced features: API, algo trading, TradingView integration
6. High leverage available: Up to 125x on futures
7. Mobile app excellence: Highly rated, full-featured iOS/Android apps
8. SAFU insurance fund: $1 billion to protect users
9. Global availability: 180+ countries supported
10. Educational resources: Binance Academy, tutorials

Disadvantages

1. Complex interface: Overwhelming for beginners (too many features)
2. Regulatory uncertainty: Past issues with regulators, ongoing compliance challenges
3. Mandatory KYC: No anonymous trading (required since 2023)
4. Geographic restrictions: Banned in US (Binance.US separate), limited UK access
5. Customer support issues: Can be slow during high demand periods
6. Past security breaches: 2019 hack of 7,000 BTC (reimbursed via SAFU)
7. Custodial risk: Exchange controls your private keys (not your keys, not your coins)
8. Withdrawal limits: Daily limits based on verification level

Trading Fees Breakdown

Spot Trading Fees

Withdrawal Fees (Common Cryptocurrencies)

Pro Tip: Use TRC20 network for USDT withdrawals to minimize fees ($1 vs $10 on ERC20)

How to Get Started on Binance

Step 1: Create Account

Visit Binance.com or use referral link to get $100 welcome bonus:

1. Click "Register" in top right
2. Enter email or phone number
3. Create strong password (8+ characters, mix of upper/lower/numbers/symbols)
4. Verify email/phone with code
5. Accept Terms of Service

Step 2: Complete KYC Verification (Mandatory)

Identity verification is required for all Binance users since 2023:

1. Navigate to Profile → Identification
2. Select your country/region
3. Choose ID type (Passport, Driver's License, or National ID)
4. Upload clear photos of ID (front and back if applicable)
5. Complete facial verification (selfie + liveness check)
6. Wait 10-15 minutes for approval (can take up to 24 hours during high traffic)

Step 3: Enable Security Features

Protect your account with these essential security settings:

1. Enable 2FA: Settings → Security → Two-Factor Authentication
   • Google Authenticator (recommended) or SMS
   • Save backup key in secure location
2. Set Anti-Phishing Code: Unique code in all official Binance emails
3. Enable Withdrawal Whitelist: Only allow withdrawals to approved addresses
4. Set Account Activity Alerts: Get notified of logins, withdrawals, etc.

Step 4: Deposit Funds

Choose your preferred deposit method:

Option A: Bank Transfer (Recommended - Free)

• Navigate to Wallet → Fiat and Spot → Deposit
• Select currency (USD, EUR, GBP, etc.)
• Choose bank transfer method
• Follow instructions (varies by country)
• Processing: 1-3 business days
• Fee: Free

Option B: Credit/Debit Card (Fast but Expensive)

• Go to Buy Crypto → Credit/Debit Card
• Enter amount to purchase
• Select cryptocurrency (USDT recommended for trading)
• Enter card details
• Processing: Instant
• Fee: 1.8-3.5%

Option C: Crypto Transfer (For Existing Holders)

• Wallet → Fiat and Spot → Deposit → Crypto
• Select cryptocurrency
• Choose network (important: match network on both exchanges!)
• Copy deposit address
• Send from external wallet
• Fee: Network fees only

Step 5: Start Trading

1. Navigate to Trade → Spot (for regular trading)
2. Search for trading pair (e.g., BTC/USDT)
3. Choose order type:
   • Market Order: Buy/sell immediately at current price
   • Limit Order: Set your own price (may not fill immediately)
   • Stop-Limit: Trigger order at specific price (risk management)
4. Enter amount to buy/sell
5. Review order details
6. Click Buy or Sell
7. Confirm transaction

🎁 Start Trading on Binance with $100 Bonus →

Binance vs Competitors: Detailed Comparison

Binance vs Coinbase

Binance vs Bybit

Binance vs DEXs (AsterDEX, Hyperliquid)

Frequently Asked Questions (FAQ)

What are Binance trading fees?

Binance charges 0.1% trading fee for spot trading (both maker and taker). With BNB holdings and using BNB to pay fees, you get 25% discount making it effectively 0.075% fee. Futures trading has even lower fees: 0.02% maker, 0.04% taker.

Comparison: Binance has the lowest fees among major exchanges—5x cheaper than Coinbase (0.5%), 2x cheaper than Kraken (0.16%), and competitive with Bybit (0.1%) and OKX (0.08%).

Is Binance safe and legal?

Safety: Binance is generally safe with multi-layered security features:

• 2FA (two-factor authentication)
• Cold storage for 90% of user funds
• $1 billion SAFU insurance fund
• Withdrawal whitelist
• Real-time security monitoring

However, Binance experienced a 2019 security breach where 7,000 BTC (~$40M) was stolen. All affected users were fully reimbursed via the SAFU fund. No user lost funds.

Legality: Legal status varies by jurisdiction:

• ✅ Available in 180+ countries
• ❌ Banned in United States (use Binance.US instead)
• ⚠️ Limited services in UK, Singapore, Ontario (Canada)
• ⚠️ Restricted in Netherlands and several other countries

Always check your local regulations before signing up.

How do I get the $100 Binance bonus?

To receive the $100 welcome bonus:

1. Sign up using a referral link (not direct signup)
2. Complete identity verification (KYC) within 7 days
3. Make your first deposit or trade within 14 days of registration
4. Bonus is typically credited as:
   • Vouchers for trading fee rebates
   • Reward tokens
   • Or direct USDT (varies by promotion)

Important: Bonus terms vary by region and promotion period. Check current offer details when signing up.

What is the minimum deposit on Binance?

Binance has no official minimum deposit requirement. You can technically start with any amount. However, practical minimums depend on your payment method:

• Credit card: Typically $10-15 minimum
• Bank transfer: Minimums vary by country (often $50-100)
• Crypto deposit: No minimum, just need to cover network fees

Recommendation: Start with at least $100-200 to cover trading fees and have meaningful positions.

How long does Binance verification take?

Binance basic verification (KYC) typically takes 10-15 minutes for most users. Process:

1. Upload government ID (passport, driver's license, or national ID)
2. Complete facial verification (selfie + liveness check)
3. Automated review (usually instant)
4. Manual review if flagged (can take up to 24 hours)

Advanced verification (for higher withdrawal limits) can take 1-3 business days and requires additional documentation like proof of address.

Can I use Binance without KYC?

No, Binance now requires mandatory KYC verification for all users as of August 2023. You cannot deposit, trade, or withdraw without completing identity verification. This change was implemented for regulatory compliance globally.

For no-KYC trading, consider decentralized exchanges (DEXs):

• AsterDEX - 1001x leverage, multi-chain
• Hyperliquid - Zero gas fees, proven track record
• Hibachi - Solana-native, 100x leverage

What countries is Binance banned in?

Binance is restricted or banned in several countries due to regulatory requirements:

Completely banned:

• United States (must use Binance.US instead, which is separate entity with fewer features)
• Singapore
• Ontario, Canada

Severely restricted:

• United Kingdom (derivatives banned, limited services)
• Netherlands (no new registrations)
• Thailand (some restrictions)

Available with full features: 180+ other countries including most of Europe, Asia, Latin America, Africa.

Always verify current availability in your jurisdiction before signing up.

Is Binance better than Coinbase?

Binance is better for most traders:

• 5x lower fees (0.1% vs 0.5%)
• 3.5x more coins (350+ vs 100+)
• 12.5x higher leverage (125x vs 10x)
• More advanced features (futures, margin, P2P, staking)
• 6.7x higher liquidity ($20B vs $3B volume)

Coinbase is better for:

• US users seeking regulatory clarity (publicly traded on NASDAQ)
• Beginners wanting simplicity (cleaner interface)
• Those who need phone customer support
• FDIC insurance on USD deposits (up to $250k)

Verdict: Choose Binance for lower costs, more features, and professional trading. Choose Coinbase if you prioritize US regulation and simplicity over cost.

What is Binance maximum leverage?

Binance offers up to 125x leverage on futures trading for major cryptocurrency pairs like BTC and ETH. However, maximum available leverage depends on:

• Your account level: New users typically start with 20-50x limits
• Trading history: Higher limits unlocked with proven trading activity
• Local regulations: Some jurisdictions limit maximum leverage
• Position size: Larger positions have lower maximum leverage

Risk Warning: 125x leverage is extremely risky. A 0.8% adverse price move causes complete liquidation. Only experienced traders should use high leverage.

Comparison: Binance's 125x matches OKX (125x) but is lower than decentralized exchanges like AsterDEX (1001x) or Hibachi (100x).

How much does Binance withdrawal cost?

Binance withdrawal fees vary by cryptocurrency and network:

• Bitcoin (BTC): 0.0004 BTC (~$27 at $67,000)
• Ethereum (ETH): 0.005 ETH (~$17 at $3,400)
• USDT (TRC20): 1 USDT ($1) - Cheapest option
• USDT (ERC20): 10 USDT ($10)
• BNB (BEP20): 0.0002 BNB (~$0.12)
• Solana (SOL): 0.01 SOL (~$1.50)

Pro Tips:

• Use TRC20 network for USDT to save money ($1 vs $10 on ERC20)
• Use BNB BEP20 network for cheapest withdrawals (~$0.12)
• Withdrawal fees change based on network congestion
• Check current fees before withdrawing (Wallet → Withdrawal)

Does Binance report to IRS?

For US users (Binance.US): Yes, Binance.US reports to the IRS and issues Form 1099 for qualifying transactions. This includes:

• Trading activity
• Staking rewards
• Interest earned
• Other taxable events

For international users (Binance.com): Binance.com does not directly report to the IRS. However:

• US citizens are legally required to report ALL crypto transactions regardless of exchange
• Many countries have tax information sharing agreements
• Your bank may report large deposits from crypto sources
• IRS has increasing cooperation with international exchanges

Important: Assume all your crypto activity may be reported to tax authorities. Maintain accurate records and consult a tax professional.

What is Binance SAFU fund?

SAFU (Secure Asset Fund for Users) is Binance's insurance fund worth $1 billion designed to protect users in extreme cases like security breaches or hacks.

How it works:

• Binance allocates 10% of all trading fees to SAFU
• Fund is stored in cold wallets (offline storage)
• Used to compensate users in security incidents
• Has already reimbursed users after 2019 hack (7,000 BTC)

SAFU provides additional safety beyond:

• Standard security measures
• Cold storage (90% of funds)
• Insurance policies

This makes Binance one of the safest centralized exchanges for fund security.

Can I buy crypto on Binance with credit card?

Yes, Binance accepts credit and debit cards (Visa, Mastercard) for purchasing cryptocurrency:

Details:

• Fee: 1.8-3.5% depending on payment processor
• Minimum: Typically $10-15
• Processing: Instant (crypto credited within minutes)
• Supported cards: Visa, Mastercard (debit and credit)

Comparison with other methods:

• Credit card: 1.8-3.5% fee, instant
• Bank transfer: Free, 1-3 business days
• P2P trading: 0-1% fee, varies

Recommendation: Use credit card only for small amounts or when you need instant access. For larger purchases, bank transfer is more cost-effective despite slower processing.

What are Binance advantages?

Main advantages of using Binance:

1. Lowest trading fees in industry: 0.1% standard, 0.075% with BNB (5x cheaper than Coinbase)
2. Highest liquidity globally: $20+ billion daily volume ensures instant order execution even for large trades
3. Most cryptocurrencies: 350+ trading pairs covering all major coins and many altcoins
4. Multiple trading options: Spot, futures (125x leverage), margin, options, P2P, staking, savings
5. Advanced features: API for algo trading, TradingView integration, trading bots, portfolio tracking
6. Excellent mobile apps: Full-featured iOS and Android apps with high ratings
7. $1 billion SAFU insurance fund: Additional protection beyond standard security
8. Global availability: Operates in 180+ countries with local payment methods

What are Binance disadvantages?

Main disadvantages of Binance:

1. Complex interface: Too many features can overwhelm beginners—not as simple as Coinbase
2. Regulatory uncertainty: Past issues with regulators, ongoing compliance challenges in various jurisdictions
3. Mandatory KYC since 2023: No anonymous trading allowed
4. Geographic restrictions: Banned in US (Binance.US separate), limited in UK, Singapore, and others
5. Customer support issues: Can be slow to respond during high demand, limited phone support
6. Past security breaches: 2019 hack of 7,000 BTC (though fully reimbursed via SAFU)
7. Custodial exchange: You don't control private keys—"not your keys, not your coins"
8. Account freeze risk: Exchange can freeze your account for compliance reasons

Related Resources

• Compare DEX vs CEX - Binance vs decentralized alternatives
• AsterDEX Review - No-KYC alternative with 1001x leverage
• Hyperliquid Review - Zero gas fees, proven DEX
• All DEX Platforms - Complete decentralized exchange directory

Conclusion

Binance remains the world's largest and most feature-rich cryptocurrency exchange with 0.1% trading fees (lowest in industry), 350+ cryptocurrencies, and $20+ billion daily volume. The platform excels for active traders who need low fees, high liquidity, and advanced features like 125x leverage futures, margin trading, and algorithmic trading APIs.

Best for: Active traders prioritizing low fees, maximum liquidity, and comprehensive trading options. Experienced users who can navigate the complex interface and don't need hand-holding customer support.

Not recommended for: US residents (use Binance.US or Coinbase), complete beginners overwhelmed by options (consider Coinbase), those seeking no-KYC trading (use DEXs like AsterDEX or Hyperliquid).

Final verdict: Binance is objectively the best centralized exchange for most international traders due to unbeatable fees, liquidity, and features. However, regulatory uncertainty and geographic restrictions are valid concerns. Consider decentralized alternatives if privacy or geographic access are priorities.

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