Search Inside Bitcoins

Binance Review – Fees, Features, Safety, Pros & Cons 2022

Founded by Changpeng Zhao in 2017, Binance is now one of the most famous cryptocurrency exchanges with an average daily trading volume of $22 billions.
Rating 4.7/5

Binance Pros and Cons

Pros:

  • Fast account opening process
  • Low fees
  • Hundreds of cryptocurrency pairs
  • Secure multi-currency wallet
  • Basic and advanced trade setups
  • Good liquidity
  • Extensive educational resources
  • Various deposit options

Cons:

  • Complex platform; not suitable for beginners
  • Has ran into regulatory trouble in several countries

Can one exchange be all things to all traders? In two short years, Binance has grown into the NASDAQ of the cryptocurrency market. 

But as trading on Binance becomes more liquid and faster, is it providing an unfair advantage to the big monied traders? With the many exchange scandals happening over the years, many users online have been asking “is Binance safe?” or “is Binance reliable?”. After testing the exchange in depth by reviewing fees, features, and pros and cons, we have found that the average trader is at an advantage when using this platform and we recommend users to try this exchange. There are several reasons why we think many traders could have a safe experience on this platform, all of which we will explain in this detailed review.

eToro - Our Recommended Crypto Platform

Our Rating

eToro exchange
  • ASIC, CySEC and FCA regulated - 20 Million Users Worldwide
  • Buy with Bank transfer, Credit card, Neteller, Paypal, Skrill, Sofort
  • Free Demo Account, Social Trading Community
  • Free Secure Wallet - Unlosable Private Key
  • Staking Rewards for holding ETH, ADA or TRX
  • Copytrade Winning Crypto Traders - 83.7% Average Yearly Profit
eToro exchange
81% of retail investor accounts lose money when trading CFDs with this provider.

On this Page:

Contents [show]

    What is Binance?

    Binance’s meteoric rise to become the leading cryptocurrency exchange seems incredulous but possible if you know its founder. Changpeng Zhao worked for the Tokyo Stock Exchange and Bloomberg before building one of the fastest high frequency trading systems, Fusion Systems.

    Since Binance launched in 2017 in China, its fast execution times have attracted hordes of professional traders. When China shuttered crypto exchanges, Binance moved its offices to Malta. Binance Jersey and Binance Uganda recently opened to provide fiat-to-crypto trading.

    With one of the fastest order execution times and institutional-grade research reports, professional crypto traders have found a home on Binance. Over-the-counter trading (OTC) between private parties was introduced in 2019 for trades over 20 (~ USD 1 million) BTC. An incubator lab for blockchain startup projects and a launch pad for ICOs allowed for many new coins and trading pairs.

    Binance is the largest bitcoin exchanges in the word after Coinbase with a daily average trading volume of $2 billion. However, with more platforms cropping up daily to buy cryptocurrencies, it may not necessarily be the best option for the retail investor in 2022 . Can retail traders who also use the exchange compete on an exchange known for its fast trade execution? Since many traders are new to cryptocurrency trading, we set out to discover how user friendly this exchange is for beginners. To evaluate how intuitive the Binance platform is, this review assesses how to trade cryptocurrency on Binance, as well as the exchange’s safety and security.

    How does the Binance exchange work?

    Binance is a centralized cryptocurrency exchange. With the recent launch of the Binance Decentralized Exchange (DEX), Binance aims to give the trader the choice of the best of both worlds.

    Binance.com

    binance-australia

    The crypto exchange seeks to cater to all levels of investors by providing both a Basic and Advanced trade setup. Over 400 coins are offered. If you want immediate access to new coins, Binance is where to get hot alt coins. The steady flow of coins from its ICO launches to alt coin listings on Binance ensures early access to a good supply of new coins. While on some exchanges you may have to wait patiently for liquidity to trade new coins, on Binance, you can participate in trading competitions and earn while helping to create liquidity in new coins. Trading fees are low and even cheaper if you use Binance coin (BNB). As a centralized exchange, though, Binance is vulnerable to security breaches and says it fends off dozens a day.

    Binance Decentralized Exchange (DEX)

    Binance is sidestepping these security issues with the launch of its Decentralized Exchange (DEX). Binance DEX runs on its own blockchain, Binance Chain blockchain, and uses the Binance coin (BNB). Decentralized exchanges do not hold customer funds or information – the main targets of hackers. Instead funds are held by the wallets of the individual traders. The Binance DEX launch is one of the most watched launches in crypto exchange history. Binance has the trading volume to build liquidity, which has been the main weakness of other DEXs. The DEX will remain crypto-to-crypto and thus outside the purview of regulators.

    Take Dex for a Test Drive

    The Binance Chain testnet is open. Do not use real coins on the demo account! If you have 1 BNB in your account, you can go to the Test Faucet, where you will be prompted to open a testnet wallet. Within minutes, you will receive test funds in your wallet to play on the new decentralized exchange.

    Best Cryptocurrency Exchange in March 2023

    $
    =
    Stellar
    Stellar
    StellarStellar
    XRPXRP
    LitecoinLitecoin
    EthereumEthereum
    Bitcoin CashBitcoin Cash
    BitcoinBitcoin
    Bancor Network TokenBancor Network Token
    MakerMaker
    Basic Attention TokenBasic Attention Token
    StorjStorj
    DecentralandDecentraland
    Enjin CoinEnjin Coin
    ChainlinkChainlink
    QuantQuant
    Crypto.com Chain TokenCrypto.com Chain Token
    AlgorandAlgorand
    Orchid ProtocolOrchid Protocol
    Hedera HashgraphHedera Hashgraph
    LoopringLoopring
    0x0x
    SynthetixSynthetix
    TetherTether
    CompoundCompound
    CeloCelo
    TerraTerra
    Ethereum ClassicEthereum Classic
    ZCashZCash
    TRONTRON
    TezosTezos
    NEONEO
    IOTAIOTA
    FantomFantom
    EOSEOS
    DogecoinDogecoin
    DashDash
    CosmosCosmos
    CardanoCardano
    yearn.financeyearn.finance
    Kyber NetworkKyber Network
    BalancerBalancer
    Curve DAO TokenCurve DAO Token
    Band ProtocolBand Protocol
    UMAUMA
    RENREN
    FTX TokenFTX Token
    AaveAave
    SerumSerum
    SushiSushi
    Binance CoinBinance Coin
    ChilizChiliz
    AvalancheAvalanche
    ThetaTheta
    PolkadotPolkadot
    SolanaSolana
    PolygonPolygon
    Uniswap Protocol TokenUniswap Protocol Token
    The GraphThe Graph
    Shiba InuShiba Inu
    1inch1inch
    The SandboxThe Sandbox
    Axie Infinity ShardsAxie Infinity Shards
    GalaGala
    Ankr NetworkAnkr Network
    Asia Pacific Electronic CoinAsia Pacific Electronic Coin
    API3API3
    AmpAmp
    LivepeerLivepeer
    My Neighbor AliceMy Neighbor Alice
    Origin ProtocolOrigin Protocol
    CartesiCartesi
    SKALE NetworkSKALE Network
    FileCoinFileCoin
    SparkSpark
    Fetch.AIFetch.AI
    Bitcoin GoldBitcoin Gold
    BitTorrentBitTorrent
    Matic NetworkMatic Network
    SwipeSwipe
    VeChainVeChain
    Hydro ProtocolHydro Protocol
    ElrondElrond
    SolaSola
    Oasis LabsOasis Labs
    RaydiumRaydium
    IlluviumIlluvium
    Render TokenRender Token
    Alien WorldsAlien Worlds
    Yield Guild GamesYield Guild Games
    TravalaTravala
    PancakeSwapPancakeSwap
    Ethernity ChainEthernity Chain
    HarmonyHarmony
    ImpactImpact
    GasGas
    Mercury ProtocolMercury Protocol
    NearNear
    AugurAugur
    iEx.eciEx.ec
    NumeraireNumeraire
    Multi Collateral DaiMulti Collateral Dai
    OMG NetworkOMG Network
    Wrapped BitcoinWrapped Bitcoin
    Gemini DollarGemini Dollar
    PARSIQPARSIQ
    Golem Network TokenGolem Network Token
    AragonAragon
    aelfaelf
    ABBC CoinABBC Coin
    VergeVerge
    QTUMQTUM
    OntologyOntology
    NEMNEM
    MoneroMonero
    Bitcoin SVBitcoin SV
    WavesWaves
    ArdorArdor
    AmpleforthAmpleforth
    DaiDai
    Paxos StandardPaxos Standard
    USD CoinUSD Coin
    DecredDecred
    StoxStox
    DFI.moneyDFI.money
    RavencoinRavencoin
    HoloHolo
    Status Network TokenStatus Network Token
    Crypto.comCrypto.com
    UtrustUtrust
    HiveHive
    Nervos NetworkNervos Network
    ArweaveArweave
    KusamaKusama
    SteemSteem
    ZilliqaZilliqa
    Worldwide Asset eXchangeWorldwide Asset eXchange
    SiacoinSiacoin
    IOS tokenIOS token
    ICON ProjectICON Project
    HorizenHorizen
    BytomBytom
    BitsharesBitshares
    KavaKava
    NanoNano
    Reserve RightsReserve Rights
    Gatechain TokenGatechain Token
    JUSTJUST
    HyperCashHyperCash
    Huobi TokenHuobi Token
    NEXONEXO
    Machine Xchange CoinMachine Xchange Coin
    xDai ChainxDai Chain
    Floki InuFloki Inu
    Wirex TokenWirex Token
    Akash NetworkAkash Network
    1 Providers that match your filters
    Sort By
    Rating
    Rating
    Price
    1 Providers that match your filters
    Payment methods
    Features
    Usability
    Support
    Fees
    0 or better
    Safety
    0 or better
    Coin selection
    0 or better
    Rating
    0 or better
    Rating
    for $1000 you get0.0399 BTC
    Features
    Easiest to deposit
    Most regulated
    Copytrade winning investors
    Fees
    Safety
    Coin selection
    for $1000 you get0.0399 BTC
    68% of retail CFD accounts lose money.
    Features
    Instant verificationFor beginnersWallet ServiceMobile App
    Payment methods
    Credit CardGiropayNetellerPaypalSepa TransferSkrillSofort

    How does Binance Compare with other Exchanges

    broker-logo
    68% of retail CFD accounts lose money.
    broker-logo
    74% of retail investor accounts lose money when trading CFDs with this provider.
    broker-logo
    The price and value of any investment in digital asset products can fluctuate.
    broker-logo
    The traded price of digital tokens can fluctuate greatly within a short period of time.
    broker-logo
    Market prices for digital tokens can be volatile and highly unpredictable.
    broker-logo
    As with any asset, the values of digital currencies may fluctuate significantly.
    broker-logo
    The value of digital currencies can go up or down frequently.
    broker-logo
    71% of retail CFD accounts lose money.
    broker-logo
    As prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase.
    Rating
    5.0
    4.7
    4.7
    4.6
    4.5
    4.4
    4.3
    4.1
    4.0
    Mobile App Rating
    10/10
    9/10
    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    10/10
    Mobile App
    Wallet
    Number of Coins
    7460223617596515123
    Trading Fees
    SpreadsSpreads0.1%0.1%0.1%0.1%0.50%Spreads0.2%
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/A0.0005 BTCN/AN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCACySECN/AN/AN/AFCAFCACBI, MiFIDN/A
    Min. Deposit
    $50100 EURN/AN/A$10$10$2$100N/A
    Leveraged Trading
    N/AN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x1-200x
    Bitcoin
    $25068.05$24919.13$24838.46$40391.88$40393.04$40404.41$40416.27$24906.72$40377.55
    Ethereum
    $1725.79$1720.66$1709.98$2796.11$2795.55$2797.45$2796.59$1714.68$2795.54
    XRP
    $0.38$0.38N/A$0.23N/A$0.78$0.30$0.38$0.78
    Tether
    $1.01$1.01$1.00$1.00N/AN/A$1.00N/AN/A
    Litecoin
    $85.58$85.15N/A$109.04N/A$109.10$109.04$85.24$108.99
    Bitcoin Cash
    $134.30$134.70N/A$506.41N/A$295.12$295.07$134.63$294.96
    Chainlink
    $7.14$7.08N/A$14.26N/A$14.68$14.67$7.18$14.68
    Cardano
    $0.35$0.35N/A$0.83N/A$0.83$0.83N/A$0.83
    IOTA
    $0.22$0.22$0.22N/A$0.70$1.91$1.91$0.23$0.70
    Binance Coin
    $312.55$309.77$309.69N/AN/A$385.92N/AN/AN/A
    Stellar
    $0.09$0.09N/A$0.19$0.08$0.19$0.19$0.09$0.19
    Bitcoin SV
    N/A$37.32N/A$182.50N/AN/AN/AN/A$77.12
    USD Coin
    N/AN/AN/A$1.00N/AN/AN/AN/A$1.00
    EOS
    $1.14$1.14$1.13$2.06$2.06$2.06$2.05$1.15$2.06
    Monero
    N/A$153.99$151.97N/AN/AN/AN/AN/A$188.31
    Credit Card
    Giropay
    Neteller