Overview

8.3/10
OVERALL SCORE

Table of Contents

Share this Review

Review Exchange Review Binance Exchange Review with Pros and Cons

Binance Exchange Review with Pros and Cons

Binance is arguably the most popular cryptocurrency exchange. They allow their users to trade futures and buy cryptocurrencies with fiat currencies too.

Binance Exchange Review banner with a dark background.

Breakdown

US Residents AllowedYes, on Binance.US
Exchange TypeCentralized (They have a DEX too)
Exchange TokenYes, Binance Coin
Two-Factor AuthenticationYes
Foundation Date2017
HeadquartersUnknown
Withdrawal Limit Without KYC Documents2 BTC
Fiat-to-CryptoYes
Crypto-to-FiatNo
Bank DepositsNo
Bank WithdrawalsNo
Credit/Debit Card PurchasesYes
Trading FeesNot Fixed | See Fees
Margin TradingYes

Start and Founder

Binance started on July 14th, 2017, by Changpeng Zhao, also known as CZ in the crypto community, who is still the CEO. 

The exchange was located in Malta; however, Changpeng Zhao talked about their transition into decentralization, meaning that everyone works on the exchange is currently working from home, coffee shops, etc.

Security

You can add two-factor authentication to protect your account — which we highly suggest.

The exchange has an insurance fund to cover losses in case there is a malfunction or a hack — please note that this is not used to bail out your losing trades.

The combined total loss could be bigger than the insurance fund can cover, so please do not store your cryptocurrencies on an exchange.

We strongly recommend everyone to use a hardware wallet.

Binance Coin

Binance launched an ICO back in 2017, and like most other coin offerings at that time, it was a massive success too. Since then, it went up by over 250x, making it one of the most successful ICOs of all time.

BNB’s main purpose is reducing trading fees on Binance.com; however, it’s also used as a currency in various applications.

The team behind Binance also added a burning mechanism to increase the tokens value, where Binance destroys some of their coins in each quarter, based on the exchange’s trading volume.

Main Focus

The main focus of Binance is to branch out to as many fields as possible.

They already own a decentralized exchange, a futures platform, the biggest altcoin exchange, coinmarketcap, multiple local cryptocurrency exchanges, and probably many more to follow.

Screenshot of Binance.com's trading pairs, sorted by highest volume.
With the introduction of margin trading in 2019, Binance has also updated their UI.

Frequently Asked Questions

They have a separate website for American users with limited altcoin selection and exchange functions.

No, you can withdraw up to 2 BTC worth of cryptocurrencies every single day. If you would like to have higher limits, then verification is an option too.

Binance does not have insurance against possible hacks, but they have an insurance fund that could be used to cover losses. However, the losses could be bigger than the funds could cover, so please do not store your cryptocurrencies on an exchange.

No cryptocurrency exchange is fully safe, but Binance is the biggest all-around exchange, maybe next to Coinbase, so it is safer than most of the exchanges out there.

Pros and Cons

Pros

  • Wide variety of cryptocurrencies
  • Biggest all-around cryptocurrency exchange
  • Gives you the ability to margin trade
  • Low fees
  • Gives you the ability to trade futures contracts
  • Has an OTC desk

Cons

  • US residents have to use a different site with limited cryptocurrencies
  • Not insured
  • Has been hacked before

Fees

Binance has a general 0.1% trading fee without BNB, which goes down to 0.075% if you decide to pay the fee using BNB; however, that can go down even further based on your trading activity and the amount of BNB you hold.

The fee table of Binance.com

Review Summary

Ease of Use
8.5
Reputation
7.7
Security
8.2
Fees
8.6
Payment Methods
8.5

8.3/10
OVERALL SCORE

Disclosure: The links in this review are referral links, which means that by registering to the exchange using our links, you are helping this website to keep running, which allows us to pay for hosting and work on quality, fact-based reporting. We did not contact anyone before writing this review, and we rated them to our best knowledge.

Recommended Tools