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Binance Review

Binance Review

Adrian Graham
Fact Checked
Oct 10, 2022

Binance is the world's largest exchange by trading volume on spot and futures markets for over 350 different digital assets. The platform was founded in 2017 by CEO Changpeng Zhao and quickly grew to be the most liquid trading platform for all crypto markets.

The Binance exchange is also widely regarded for their native blockchain BNB Chain, which is a fork of Ethereum and provides low cost transactions for BNB native DeFi applications. The Binance company is now based in the United Arab Emirates (UAE) after the country signed a deal to be the home of BNB and the broader digital asset ecosystem.

Table of Contents

Binance Review Highlights

Platform Highlights

  • Trade over 600 cryptocurrencies on Spot, Futures and other Derivative markets.
  • Largest and most liquid crypto asset trading market in the world.
  • Lowest fees starting at 0.02% Maker and 0.04% Taker.

Binance Features

Binance is the most feature-rich exchange in the world, with dozens of products for retail and institutional investors looking to invest in cryptocurrencies or stake to earn yields. Some of the most popular features of the Binance exchange available to users worldwide include:

  • Spot and Futures Trading: Trade 350+ coins with low fees starting at 0.02% per trade.
  • Crypto Staking: Deposit crypto tokens like BTC, ETH, SOL, USDC and more to earn up to 76% APY in interest.
  • NFT Marketplace: A native NFT Marketplace and NFT Wallet for Binance users.
  • Margin Trading: Add leverage to your crypto trades with Binance Margin.
  • Binance Options: Get access to advanced derivatives with Binance's native options platform.
  • Binance Smart Chain: Seamless access to DeFi and GameFi with BNB Chain.
Binance Review
Join 120 million users on Binance exchange.

Binance Trading Fees

The fee structure on Binance varies depending on which product you are using on the platform. If you are only buying and selling crypto with Spot Markets on Binance, you will be charged a 0.1% flat fee. This is relatively expensive compared to alternatives like Bybit whose fees start from 0.01% it is extremely high.

With respect to Binance Futures Trading, the current fee schedule starts at 0.02% for Maker orders and 0.04% for Taker orders. This is in line with a majority of the popular crypto derivatives platforms, which means it is fairly competitive.

As for Deposit Fees, the fees vary depending where you are located and what deposit method you choose. When depositing FIAT by credit/debit card the fee can range from 1.8% - 4.5%. For cryptocurrency deposits they vary quite a bit and will also incur a gas (transaction fee), we recommend referring to their Fee Schedule for a full breakdown of their Deposit Fees.

Binance Earn

Binance has some of the most enticing staking yields (returns) ranging from 1% - 76% APY. Binance is able to offer high yields because it requires you to lock your assets for a certain period of time. By requiring to lock in your funds for 1 - 6 months this ensures the yields won’t vary too much or at all. 

They have various staking options available, we will list them below with a brief explanation of each feature. 

  • Locked Staking - Staking that requires you to lock your assets from 1 - 6 months
  • DeFi Staking - Flexible and locked staking options for DeFi tokens
  • Flexible Savings - No lock-in staking with small APY from 0.5% - 10%
  • Locked Savings - Locked staking with slighter higher APY than Flexible Savings
  • Farming - Double sided staking liquidity pools with yields from 0.4% - 24%

For a full breakdown of the above-mentioned staking options, you can visit Binance’s Earn page. 

Binance Earn
Earn up to 76% APR with Binance Staking.

What is BNB Chain?

BNB Chain is a blockchain platform created by Binance, one of the world’s largest cryptocurrency exchanges. The aim of BNB Chain is to provide a high-performance, decentralized platform for trading cryptocurrencies, NFTs, digital collectables and other digital assets. BNB Chain is built on top of the open source Tendermint Core technology, which enables it to offer fast and scalable transaction processing.

In addition, BNB Chain offers a range of features that are designed to make it an attractive platform for developers and businesses. These include:

  • A flexible smart contract language that enables the development of sophisticated decentralized applications
  • A Decentralized Exchange (DEX) that supports trading of a wide range of digital assets
  • A payment gateway that allows businesses to accept payments in a range of cryptocurrencies
  • A cross-chain interface that enables the use of BNB Chain with other blockchain platforms
BNB Chain Dapps

BNB Chain is designed to offer a high level of security and resilience. The platform uses a Byzantine Fault Tolerance (BFT) consensus algorithm, which is designed to ensure that the platform remains operational even in the event of network partitions or node failures. In addition, BNB Chain uses a multi-signature scheme to further protect user funds.

Learn & Earn Crypto

Binance L&E is a platform for their users to learn more about the exchange and cryptocurrency. They offer multiple courses which include quizzes, and if you complete the quiz correctly you will be rewarded. The rewards will reflect in your Spot account within 2 hours of course completion. 

For a detailed breakdown of the program, you can visit their Earn Crypto page. 

Binance Futures (Derivatives) Trading

Binance offers a derivatives trading platform with low fees and deep liquidity. They trade the most volume out of any cryptocurrency exchange in the world. The platform offers up to 25x leverage on selected cryptocurrencies. 

Binance Visa Card & Loans

The Binance Visa card is a debit card offered by the platform which offers zero sign up, issuing or annual fees. Binance users are incentivised to use this card as they can earn up to 8% BNB cashback on eligible purchases.

The card enables real time conversion of tokens to FIAT currencies when you make a transaction. Or it will alternatively select FIAT currencies that can be spent directly from your Funding Wallet.

P2P Trading Platform

Binance has recently added a P2P exchange where they allow users to trade tokens at predetermined prices between peers. You can buy and sell your cryptocurrencies with FIAT currencies, they currently support 88 currencies including USD, EUR, CNY & AUD.

The cryptocurrencies you can purchase vary depending which fiat currency you wish to use. Some currencies have 4 cryptocurrencies so trade and others have up to 10. 

Binance App: Mobile App iOS & Android

Binance supports mobile versions of their platform for both Apple and Android products. Their app has an incredible 4.7 stars with 120,000+ reviews on the Apple Store. They are ranked #37 in the Finance section of apps. Their mobile app has the same functionality and UI of their web version. You can check your portfolio, trade futures and see how the markets are doing on the go. 

Binance App
The Binance Mobile app.

Binance Customer Support

Binance is one of the few exchanges that offer a Live Support feature on their platform. In addition to live support they can also be contacted via email, phone, their online communities (Telegram, Discord, Twitter, Instagram, Reddit, LinkedIn & VK) or via their online enquiry form. 

On their online communities they have channels in their servers for multiple languages including Mandarin, Cantonese, Spanish, Italian, German, Indonesian, Malaysian, Russian, Japanese, Turkish and many more. To contact Binance directly, you can visit their contact page. 

The Bottom Line

Binance is one of the most popular cryptocurrency exchanges out there. It offers a wide range of features and is constantly adding new ones. The platform is easy to use, has a great mobile app and a wide variety of deposit methods for investors to get started quickly.

The Pros:

  • Easy to use
  • Great mobile app
  • Wide range of features
  • Low trading fees on spot and margin trading

The Cons:

  • Banned in some countries
  • BNB Chain has very few validators, making it a centralized chain

Overall, Binance is a great choice for those looking for a reliable and feature-rich exchange.

Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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