Binance Exchange Review (2022) Best Crypto Exchange?

Binance is the world’s most popular cryptocurrency exchange with the largest organic trading volume. It has a wide range of cryptocurrencies being traded along with powerful trading tools such as leveraged trading, options trading and lending platform. The rapid addition of new features to Binance has often amazed experts in the cryptocurrency industry, with many critics commenting Binance CEO Zhao “CZ” Changpeng’s rapid response to events. On top of the main exchange, the company also has several uniquely featured versions including US branch Binance US, and Binance DEX. In this review, we highlight each of the various features and controversies that you need to know.

Key Advantages of Binance

  • World’s most popular exchange with highest trade volume.
  • Offers the largest range of products and services with some not even found elsewhere.
  • Maintains insurance against theft and hacks.

Key Features and Functions

Binance (new) Advanced trading interface

Binance (

Binance ( is the main exchange, it is most popular and has the full suite of services offered by the Exchange. Key features include:

  • Most supported cryptocurrencies (over 1,000 coins).
  • Owing to its popularity, it has the highest trading volume worldwide.
  • Access to Binance Launchpad, an Initial Exchange Offering (IEO) platform for listing of new cryptocurrencies.
  • Stop-Limit Function. The order will be executed once the given stop price has been reached. So the stop-limit order will become a limit order to buy or sell at the limit price or better.
  • Binance Lending. Users can hold their cryptocurrencies on the Exchange for a specified time period and earn interest.

Binance US (

Binance US ( was Binance’s answer to US regulations barring citizens from trading on Binance. Key features include:

  • US regulation compliant
  • Has fiat to cryptocurrency trading pairs. Users can use USD to buy cryptocurrencies directly on the Exchange.
  • Bank account linking is available.

History of Binance

Binance was founded by Changpeng (CZ) Zhao in 2017. The name comes from a combination of the words “Binary” and “Finance”. Binance is originally from China. However, due the harsh crypto regulation procedures in the country, the Exchange moved to more conducive jurisdictions outside China.

“In response to China’s decision, we are moving our IP’s from Hong Kong to an offshore location… So we are registered in multiple locations and we have people in multiple locations. That way, we will never be affected by one regulatory body.”

Changpeng Zhao (CZ), CEO of Binance (2017)

Currently, Binance is based in multiple jurisdictions. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish, and French.

Indeed Binance is a huge player in the cryptocurrency space, as well as being one of the world’s largest crypto exchanges it has in April 2020 acquired Coinmarketcap, arguably the most well-known resource for cryptocurrency market cap rankings, charts, and other data.

Fiat Options:
4.5 Star Rating
Fiat Options:
Generally accepts your local currency
3.5 Star Rating
Fiat Options:
4.1 Star Rating
Fiat Options:
4.3 Star Rating
Fiat Options:
4.5 Star Rating
Fiat Options:
USD, EUR, GBP and more
4.4 Star Rating
PIT Exchange
Fiat Options:
4.5 Star Rating

Supported Countries

Binance ( is supported in most countries except the USA.

US citizens can ONLY trade on Binance US (, except for those from the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

Supported Cryptocurrencies and Payment Methods

Binance (

Binance supports trading over 1300 cryptocurrencies including its own cryptocurrency, Binance Coin (BNB). Learn more about Binance Coin (BNB).

Binance accepts payments using credit card (Visa and MasterCard), debit card and cryptocurrency. However debit and credit card payments are restricted in the following locations:

  • US: New York, Connecticut, Hawaii, Georgia, New Mexico and Washington;
  • Several Chinese banks; and
  • Some countries entirely e.g. Afghanistan, Iraq and Libya.

Users can only pay USD or EUR to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH/BCHABC) or Ripple (XRP) using debit and credit cards on Binance.

Binance is a crypto-to-crypto exchange only. So users must buy first the above cryptocurrencies using fiat, before they can trade with other cryptocurrencies on the Exchange.

Binance US (

Binance US only supports around 50 cryptocurrencies.

Users can use their debit cards to directly transfer USD from their bank accounts into their Exchange account via ACH or wire transfer.

Deposit and Withdrawal Fees

For and Binance US, fees are different depending on the cryptocurrency to be transferred. Fees are charged in the respective cryptocurrency to be transferred. For example, Bitcoin (BTC) withdrawals cost 0.0005 BTC per transaction. There are no deposit fees.

For fiat transfers, on Binance US, USD wire withdrawals cost USD15/USD35 for domestic or international withdrawals respectively. Deposits generally and ACH withdrawals are free.

Click here for the fee structures of and Binance US respectively.

Trading Fees

Trading fees for and Binance US are generally 0.1% for makers and takers with the following exceptions:

  • and Users with larger trade volume or hold a specified amount of BNB are eligible to become VIPs. Higher VIP tiers give you lower trading fees. And for all users, there is a 25% discount if fees are paid using BNB.

Binance has competitive trading fees compared to some other cryptocurrency exchanges. For example:

  • Coinbase: 0.50% of the transaction plus a further Coinbase Fee depending on the transaction amount. Side note: did you know you can avoid their expensive withdrawal fees? Find out more at CoinBase Fees- How to Avoid Them?
  • Kraken: 0.16% (maker) / 0.26% (taker) 
  • Bittrex: 0.25% (maker and taker)
  • Poloniex: 0.15% (maker) / 0.25% (taker) (Note: Poloniex has discounted their fees to 0.00% until 31 December 2019)
  • OceanEX: 0.10%, discounts are offered for payments with their OceanEx coin.
  • KuCoin: 0.10%, discounts are offered for payments with their KCS coin.
  • Huobi: 0.20%
  • OKEx: 0.10% (maker) / 0.15% (taker)
  • BitMEX: -0.025% (maker) (i.e. a rebate is given) / 0.075% (taker). This Exchange however only deals in margin trading.
  • BitFinex: 0.10% (maker) / 0.20% (taker) 
  • BitMax: 0.085% (maker and taker) for larger market cap coins, 0.10% for other coins

Binance KYC

Users do not have to complete the Binance KYC process in order to use the Exchange. However, the functions available to them will be limited to fund withdrawal, order cancellation, position close, and redemption only.

Otherwise, Binance has 2 tiers of KYC status- “Verified” and “Verified Plus”. For “Verified” status, users will need to submit their personal information, government-issued identification document, and complete the facial recognition process. This entitles users to fiat deposit and withdrawal limits of US$50k daily, unlimited crypto deposits, up to 100 BTC in crypto withdrawals, unlimited P2P transactions and the LPD/OTC/Binance card. For “Verified Plus” KYC status, users will also need to provide proof of address. This entitles users to all the same functions as the “Verified” status, save that the fiat deposit and withdrawal limits are raised to US$200k per day (instead of US$50k only).


Like any exchange, Binance is no stranger to controversies. From stolen bitcoins to its Know Your Customer (KYC) database being hacked, many ask if Binance is safe? Let’s take a look at some recent controversies.

Binance hack: 7,000 Bitcoins stolen

In early May 2019, Binance informed the public that hackers withdrew 7,000 Bitcoins (then worth about USD40 million) in a single large scale security breach. The Exchange says that hackers used a variety of techniques such as phishing and viruses to obtain its users’ login data.

The Exchange used its SAFU fund- their emergency insurance fund to cover any affected users’ losses in full.

Binance KYC Data Breach

In August 2019 a hacker alleged they had obtained a huge portion of the Exchange’s Know Your Customer (KYC) data. The hacker set up several Telegram groups allegedly featuring this private data. The hacker also demanded a total of 300 Bitcoins (then worth around USD3.5 million) from the Exchange or else they would release more data.

Binance claims the leaked data was from February 2018 when the Exchange was using a third-party service provider for processing its KYC verifications. However some commentators say that Binance should bear most of the blame for the incident.

To remedy the situation, Binance offered a reward to anyone who can provide information to identify the hacker. However it does not seem like the hacker has been found.

Meanwhile, the Exchange offered lifetime VIP membership, and preferential trading fees and services to its affected users.

Binance accused of being a conduit for money launderers?

According to an investigation by Reuters, from 2017 to 2022, buyers and sellers on a Russian darknet drugs market known as “Hydra” had been using Binance to make and receive cryptocurrency payments worth US$780 million.

Hydra was set up in 2015 and is described by the US Justice Department as the world’s largest and longest-running darknet market for illegal drugs. The website is only accessible via the Darkweb and generally accepts cryptocurrency as a form of payment.

In response to the Reuters report, Binance disputes that the figures were “inaccurate and overblown” since it wrongly included indirect cryptocurrency flows in arriving at its figures. Representatives of Binance also state that they are seeking to further improve its ability to detect illegal activity on its Exchange and working closely with law enforcement to dismantle criminal networks that utilise cryptocurrencies.

Since August 2021, Binance has stepped up on its know-your-customer (KYC) requirements including requiring both new and existing users to submit identification in order to use most of the features on the Exchange. According to figures from Crystal Blockchain– a blockchain analytics firm, since Binance tightened its KYC requirements the monthly total of funds linked to Hydra Market that have allegedly flowed through Binance has decreased significantly from over US$30 million per month to less than US$1 million per month in the first quarter of 2022.

Is Binance safe in 2022?

We’ve seen many exchanges become victims of hacks. Some, such as the Cryptopia exchange hack was so serious that the Exchange went into liquidation, and users were unable to withdraw their funds.

Binance, as the world’s largest exchange would clearly be a prime target for hackers. Indeed the 2 hacks in 2019 demonstrated this. However, Binance did handle the hacks by compensating affected users from its insurance fund and providing them with various benefits.

So is Binance still safe? We’d say that from track records, when it was hacked the Exchange will step in to remedy your loss. However, we emphaise that no exchange is 100% safe. Hence we emphaise the importance of removing your cryptocurrencies off exchanges and storing them in offline hardware wallets. It is the only way in which you keep full custody of your cryptocurrencies.

Which hardware wallet should you get? Check out our comparison of the top 3 hardware wallets on the market. Or individual detailed reviews for the Ledger Nano X, Trezor Model T and KeepKey.

You can also check out my video comparing the Ledger Nano S (the predecessor to the Nano X), Trezor Model T and KeepKey below:

Trezor Model T Guide & Review: Comparison with Ledger Nano S and KeepKey

Conclusion: Binance Pros and Cons


  • Exchange with the world’s largest trading volume.
  • Track record of taking steps to remedy affected users when hacked.
  • Competitive trading fees.
  • Large amount of supported cryptocurrencies.
  • Offers lots of unique services and features.


  • Creating a basic KYC verified account can take up to 13 days.
  • Issues when buying cryptocurrencies using credit card.

Sign up for Binance here: 

Updated on 3rd July 2022: Included new section on Binance KYC and recent controversies surrounding the Exchange.


Is Binance Jersey closed?

Binance Jersey closed on 31st December 2020 at 23:59 UTC.

What can I do if I still have funds on Binance Jersey?

Users with remaining funds on Binance Jersey can contact Binance’s Customer Service Team to retrieve their funds.

What is Binance DEX?

Binance DEX ( is also known as Binance Chain.
Key features include:
It is a decentralized exchange developed on Binance’s own Binance Chain blockchain;
Users maintain custody and control of their private keys and funds. This means that users’ funds are much less vulnerable to hacks or exchange closures; and
Only limit orders are accepted. Unlike other exchanges, Binance DEX does not match orders continuously. Rather, it matches open orders received using a periodic auction.
Learn more about Binance DEX here.

Does Binance require KYC?

Users must complete the KYC process in order to access all the features on the Exchange. Those who have not completed the KYC process are limited to fund withdrawal, order cancellation, position close and and redemption functions on the Exchange only.

What is the difference between Binance KYC “Verified” and “Verified Plus”?

For “Verified” status, users will need to submit their personal information, government-issued identification document, and pass the facial recognition. Verified Plus requires additional proof of address, but in return will be entitled to higher fiat deposit and withdrawal limits.

How do I send Bitcoin to Binance?

In your Binance account, go to “wallet”, then under “deposits” click on “crypto deposits”. Select “Bitcoin” and the network you wish to use. Note that different networks may charge different fees. You will see a string of numbers and letters which is your deposit address. Copy and paste this deposit address into the platform or wallet you want to send your Bitcoin from and follow the instructions there.

How to I send crypto to Binance

Your Binance account will have different wallet addresses for different cryptocurrencies. On your Binance account, click “wallet”, and under “deposits” click on “crypto deposits”. Select the cryptocurrency you would like to deposit and the network you wish to use to process the transaction. Copy and paste the deposit address into the platform or wallet you want to send your cryptocurrency from and follow the instructions there. Before sending, CHECK carefully the deposit address, amount and network so as to avoid any losses.


Services Offered
Cryptocurrency Support
Trading Fees


Binance is the world's most popular cryptocurrency exchange with the largest organic trading volume. It has a wide range of cryptocurrencies being traded along with powerful trading tools such as leveraged trading, options trading and lending platform.

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. 
Disclosure: Authors are invested in cryptocurrency projects and have cryptocurrency holdings - including those covered on this website. 

Angela Wang
Angela Wang
Angela loves cryptocurrency, technology that improves our lives...and food. Anything that merges these worlds together is even better.


  1. I got an email from binance saying that my IPA siting been changed and if I did not do that I should deactivate my account and contact binance I check my account and sure my XRP coins disappeared so I deactivated my account the problem that I been trying to contact binance but no reply multiple emails and multiple requests and no reply
    My account is locked and I have no access to my funds
    I got screwed stay away

  2. Hello Boxmining, do you notice that at Binance the price of BTC and ETH are always low vs other exchanges. At Binance, the coins are not traded against a fiat currency and all trades are pair trades against BTC and ETH. So if you deposit ETH or BTC, you would effectively get less value for your coins to be traded. You can try to game them by going the other way, but it would be difficult because most exchanges do not carry the exotic coins so you got to trade it back to BTC and ETH. In summary, only they can get you but you can’t get them. Brilliant strategy by them. Horrible for clients. Also, if only coins are traded and no currency ever leave, it is mathematically impossible for them to collapse absent from a hack, of course. Very smart! Do you agree? Thanks!

  3. I have some referral BTC in my account in BINANCE how to i redeem them ?
    they are not added to my BTC currency automatically .


  4. Here are Binance exchange review. Binance is a crypto to crypto exchange with a focus on low trading fees. By being a purely cryptocurrency exchange and not having to deal with fiat, they can deal with less regulatory issues. It also has an impressive listing of Initial Coin Offerings and altcoins.

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Binance Exchange Review (2022) Best Crypto Exchange?Binance is the world's most popular cryptocurrency exchange with the largest organic trading volume. It has a wide range of cryptocurrencies being traded along with powerful trading tools such as leveraged trading, options trading and lending platform.