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 Binance.com 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.
Table of Contents
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 (Binance.com)
Binance (Binance.com) 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)
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.
Supported Countries
Binance (Binance.com) is supported in most countries except the USA.
US citizens can ONLY trade on Binance US (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.com)
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)
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 Binance.com 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 Binance.com and Binance US respectively.
Trading Fees
Trading fees for Binance.com and Binance US are generally 0.1% for makers and takers with the following exceptions:
- Binance.com and Binance.us: 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
Controversies
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 were saying 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 the affected users.
Is Binance safe in 2021?
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 in 2019? 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:
Conclusion: Binance Pros and Cons
Pros
- 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.
Cons
- Creating a KYC verified account can take up to 2 weeks.
- Issues when buying cryptocurrencies using credit card.
Sign up for Binance here:
Updated on 26th August 2021: Removed outdated content and links. Updated review table and FAQs
FAQs
Binance Jersey closed on 31st December 2020 at 23:59 UTC.
Users with remaining funds on Binance Jersey can contact Binance’s Customer Service Team to retrieve their funds.
Binance DEX (Binance.org) 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.
I think Binance is one of the best exchange at this moment. Thanks for that review
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
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!
Binance is great, BITTREX on the other hand ripped me off, have 100k USD worth of bitcoin lost. They are a exit scam. If you have been ripped off please join my class action
hey admin thanx for post.
Binance is cryptocurrency exchange platform. This platform is available for all users but it is mainly focused on the Chinese market. Binance is basically a new Chinese company formed by a well trusted and a well-trained team.
i find this on http://coinraja.com/binance-exchange-review/
you should also check this.
Is that right Binance is the only serious market for IOTA now? According to official IOTA forum: https://forum.iota.org/t/binance-remains-the-only-option-for-trading-iota/6409/2
I have some referral BTC in my account in BINANCE how to i redeem them ?
they are not added to my BTC currency automatically .
Thanks
You may or may not like binance but it is better to do some background checks first before realizing that you don’t like the platform while your money is already stuck in their system. https://www.complaintline.com/binance check them out and see what you can find.
Sir i placed order to buy btt before 24 hours but still not complete my order at the time yet
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.
It has been hard losing a lot of money to Binary Options and Cryptocurrency Trading, my money has now been recovered thanks to a Recovery Boss. You can reach me to share my experience. MAGGIEALDER12 at gmail dot com
Thanks for sharing! I just knew Binance is the popular Cryptocurrency Exchange Platform but by reading this article I am surprised to see binance.je, Binance. us,etc
Thanks for sharing updated information and technological advancements available on Binance Exchange. it is very useful for us.
Hi,
Thanks for sharing the useful information about the Binance exchange. It’s very useful.
Hi, Explained very well about Binance. I knew Binance exchange makes the highest turn over compared to any other exchanges. But this article has explained much more about Binance.
Thanks for sharing.
Binance is the most trusted company. Most of my client and myself believe in Binance. In your article, you shared much more. Thanks for sharing. Really Appreciate
Hello; you have opened a very successful topic. That’s very good that the people getting awareness via your page.
I have been following your page for a long time and I find it really useful. I am very happy to read the text of valuable people like you. I wish you continued success. Yours truly.
Thanks for sharing this useful information about Binance Exchange.
We are lucky to read this useful information. Everyone knows that binance is a game player in the digital space, and one of the world’s largest crypto exchanges.
Thanks for posting detailed insights about Binance exchange
Thanks for the information.
It really helps in understanding a detailed overview of Binance. Thanks for the insights
Such informative news .thanks a lot!!
Informative, thanks for sharing.
Thanks for the useful post sharing with us.
Nice Blog. Thanks for sharing it.
🙂 🙂
Thanks for the information.
Hi there! Great blog, Thanks for sharing a good info! Keep up your work.
Thanks, Glad to Read it helped.
The article you have shared about the Binance exchange is very interesting. Thanks for the article. keep sharing like this.
The article you have shared about the Binance exchange is very interesting. Thanks for sharing the article. Keep sharing!
Interesting!
Great post.
Thanks for the post.
Hi!Thanks for sharing the information about Binance. Keep sharing.
Thanks for sharing this review about Binance
Thanks for sharing
Thanks for sharing!!!
Very informative
Thanks for posting. Keep up your work!!
Nice article with much informative content.
Hi there, Nice article !! It was very informative and interesting. Thanks for sharing it.
Interesting Article
Thanks for sharing the update!
Very Useful Information. Thanks for Sharing this !!
Thanks for your useful information.
Great one… Really It’s Very helpful to Us !!
Thanks for sharing!
Very Useful Article For Starters Who have idea to start binance like exchange platform
Good article
Nice Post. Thanks For sharing this Article.
Great post.Thanks for sharing it.
Great stuff!!
Hey! Very Informative article. It sounds really great. Thanks! for this article which helps many entrepreneurs to start a crypto exchange platform like Binance in the future.
Hello there very informative article!! Thanks for sharing!! >> https://www.startupmart.net/blablacar-clone
nice
Hi there! Thanks for the great post.
Thanks for sharing amazing article about a popular Binance Crypto Exchange this would be very encouring for the entrepreneur to launch their own exchange like Binance.
great post
Great share! Thanks for sharing it.
Amazing write-up! Really informative
Nice Post!
Amazing information.
Thanks for this review!
Great Share
Binnace is the best Crypro Exchange Platform
I truly appreciate the place of this article. I have been misled a couple of times on the web and it is depleting with cash and persistence. A portion of the ones you list in some cases get individuals that are more artless. Which is anything but something awful since that is individuals that tricksters endeavor to deceive. Keep doing awesome!
Great Article !
Amazing article, keep sharing!