Binance — a Comprehensive Exchange Review for 2025: Fees, Security, Feedback

Binance is one of the largest and most popular cryptocurrency exchanges in the world. Founded in 2017, it became an industry leader by trading volume in just a few months. Today, tens of millions of users are registered on the platform, with daily transaction volumes reaching tens of billions of dollars. Such scale raises the main question: how reliable and user-friendly is Binance for the average trader? In this review, we will take a detailed look at the history of Binance, its security measures, trading conditions, fees, functionality, user experience, and real feedback. The goal is to provide an honest and in-depth assessment of the exchange so you can decide whether Binance suits your needs.

The History of Binance

Date Founded and Founders

The Binance exchange was launched in July 2017 by developer Changpeng Zhao (commonly known as CZ), who had previously worked in the field of high-frequency trading and blockchain startups. Yi He served as a co-founder, responsible for Binance’s marketing and business development. The company was originally established in China, but shortly after the country banned cryptocurrency trading in September 2017, Binance moved its servers and operations outside of China. The exchange’s headquarters is not officially located in any single country, as Binance positions itself as a decentralized global company without a single head office.

Rapid Growth

Starting via an ICO and offering low fees, Binance rose to the number-one spot among crypto exchanges by trading volume in under 180 days. By January 2018, it had already become the world’s largest cryptocurrency exchange with a market value of around $1.3 billion. In the following years, Binance maintained its leadership despite competition from Coinbase, Kraken, Huobi, and others. The exchange rapidly expanded its list of supported cryptocurrencies and services, attracting more and more traders worldwide.

Global Reach

Thanks to a global approach, Binance is available to users in most countries. Over the years, the company has announced moves and the opening of offices in friendly jurisdictions—for instance, in 2018, they announced plans to open an office in Malta. In 2022, Binance obtained its first European license in France, receiving regulatory approval to provide digital asset services. By 2023, Binance had registered branches in France, Spain, Italy, the UAE, Bahrain, and several other countries. At the same time, the exchange launched separate platforms for specific markets—for example, in 2019, Binance.US was opened for U.S. clients with a limited range of services.

Regulatory Issues

Binance’s rapid growth drew the attention of regulators. Beginning in 2020, the exchange faced a number of legal challenges: in several countries (the US, the UK, Japan, Canada, etc.), authorities stated that Binance was operating without the necessary authorization. In 2021, the exchange came under investigation by the U.S. Department of Justice and the Internal Revenue Service over alleged money laundering and tax violations. In June 2021, the UK’s FCA required Binance to cease all regulated activities in the UK.

In 2023, the pressure increased: in November, Binance and CZ personally reached a settlement with the U.S. authorities, admitting violations in the sphere of banking secrecy and sanctions, and agreeing to pay a multi-billion dollar fine. These events highlight the complex legal status of Binance—on one hand, operating in the global market often bypasses direct regulation, which allows for rapid expansion; on the other, it also leads to sudden restrictions that can affect users in certain countries.

Reliability and Security of Binance

Regulation and Licenses

From a legal standpoint, the situation with Binance is twofold. On one hand, it is a global exchange without a single regulator—this means it lacks guarantees from any particular government. Binance does not hold traditional licenses (such as a single “banking” license), which is why regulators in various countries periodically raise concerns. On the other hand, Binance is gradually moving toward compliance: obtaining local licenses (such as in France in 2022), cooperating with regulatory bodies (for example, Binance has shared user data with governments upon request in certain cases), and implementing KYC/AML procedures for clients. Nevertheless, it’s important to understand that legally, Binance is not fully transparent or regulated in a traditional sense, and its status varies across jurisdictions. This entails certain risks: for example, at some point, users in your country might face service restrictions (as happened to customers in the US, Canada, Russia, etc. at different times).

Fund Protection Mechanisms

On the technical security side, Binance employs all the industry-standard measures, and more. Each user account can (and should) be secured with two-factor authentication (2FA)—Google Authenticator, SMS, or hardware security keys are supported. For withdrawals, you can set up an address whitelist (withdrawal only to verified wallets) and an anti-phishing code for emails. Binance stores most user assets in cold (offline) wallets, minimizing the risk of hot wallet breaches. In 2018, the exchange created the SAFU (Secure Asset Fund for Users) insurance fund—a reserve of funds for emergencies. SAFU is replenished by allocating a portion of the exchange fees.

Binance’s practical reliability has been tested in real incidents. In May 2019, a major hack occurred: hackers managed to withdraw 7,000 BTC (worth around $40 million at the time) from the exchange’s hot wallets. However, Binance promptly froze withdrawals and announced that all losses would be covered from the SAFU reserve. In the end, users did not lose any funds, which bolstered the platform’s reputation for financial stability. Subsequently, Binance enhanced its security even further—implementing additional suspicious-activity analysis, extra layers of API key protection, etc. Aside from that incident, there have been no publicly reported hacker thefts on Binance. The exchange regularly conducts stress tests and even publishes the public addresses of its wallets (Proof-of-Reserves), demonstrating that it holds enough reserves to cover client deposits.

Privacy and KYC

Previously, Binance allowed trading without identity verification up to certain limits, attracting many users who valued anonymity. However, since August 2021, the policy has changed—KYC (submitting documents) is now required for almost all functions (buying/selling, deposits/withdrawals, trading). This increased regulatory compliance but removed the exchange’s “anonymous” status. User data at Binance is protected by encryption; there has been only one known possible leak—back in 2019, when user ID photos surfaced online, which the exchange attributed to a compromised third-party service provider rather than a breach of its own systems.

Reliability Summary

In terms of fund safety and technical protection, Binance has proven itself trustworthy—despite its massive volumes, the single hacking incident was fully reimbursed, and the security setup is on par with top-tier financial institutions. Reputational and regulatory risks do exist: the exchange is not regulated like a bank, and it periodically faces demands from authorities that can impact users (account freezes upon government requests, regional service restrictions, etc.). Therefore, trust should be approached with caution: for storing large sums long-term, any centralized exchange is not the ideal place (a cold wallet is better). Still, for active trading, Binance offers a sufficiently high level of security and accountability to clients (e.g., the SAFU fund for emergencies).

Pros and Cons of Binance

Like any platform, Binance has its strengths and weaknesses. Let’s examine them honestly.

Advantages of Binance:

• Low trading fees. Binance is known for some of the lowest fees in the market—just 0.1% per trade in the standard tier, which can be further reduced by 25% if you pay fees in the BNB token. Compared to competitors (where fees can reach 0.25–0.5% or higher), it’s very cost-effective. For large volumes, VIP levels can bring fees down to as low as 0.012%.
• High liquidity and large trading volumes. Binance leads the industry in daily turnover (around $30–$80 billion per day), controlling about 35–40% of the entire spot crypto market. This means you can almost always buy or sell the desired coin at market price without slippage. Deep order books and tight spreads make trading efficient, even for large sums. For example, as of December 2024, Binance’s market share in daily trading volume among centralized exchanges was 34.7%, more than the next five exchanges combined.
• Huge selection of cryptocurrencies and markets. The platform supports over 350 cryptocurrencies and thousands of trading pairs—from major coins like Bitcoin and Ether to niche altcoins. Binance is known for promptly listing new and promising projects. Users have access to multiple markets: crypto-to-crypto, crypto-to-stablecoin, and in some regions, crypto-to-fiat. This range is significantly wider than on many other exchanges.
• Wide functionality and ecosystem. Binance is not just a spot exchange. Under the brand name, there is a whole ecosystem of products: margin and leveraged trading, futures and options exchange, the Binance Launchpad for launching new tokens, Binance Earn for passive income (deposits, staking, yield farming), its own NFT marketplace, the Binance Pay payment system, a crypto card, the Binance DEX on BNB Chain, and more. Essentially, Binance offers an “all-in-one” platform for crypto enthusiasts—from basic exchange to advanced investment products.
• Ability to deposit and withdraw fiat, plus P2P platform. For convenience, Binance supports depositing/withdrawing fiat currencies (USD, EUR, etc.) via bank cards, transfers, or e-wallets. Where direct channels are difficult, Binance’s P2P platform steps in—a service where users exchange crypto and fiat directly among themselves. P2P is available in Russia: even after ruble payment methods were shut off, many continue to buy/sell USDT for RUB through P2P. This means Binance is accessible from virtually anywhere in the world.
• High limits and fast operations. Verified Binance users enjoy very generous withdrawal limits—up to the equivalent of 8 million dollars per day (initially 100 BTC/day or more for VIP). This is significantly higher than, for instance, Coinbase (where limits for new users can be much lower). Moreover, the platform is technologically fast: Binance’s matching engine processes up to 1.4 million orders per second, ensuring stable performance even in peak market loads.
• Mobile app and convenient access. Binance has one of the most advanced mobile apps for iOS and Android. Through the app, you get full functionality—trading, wallet, P2P, staking, support, etc. It includes a Binance Lite mode for beginners. The app runs smoothly, letting you monitor the market and place trades on the go. Additionally, Binance provides a desktop program and a web interface—each user can choose whichever method of access is most convenient.
• Active development and community. The exchange continues to introduce new features and services, often listening to community feedback. The company runs educational initiatives like Binance Academy, holds events, token giveaways, and trading contests. There is a large community of traders and investors around Binance, actively discussing updates on forums and social media. All this boosts the value of the Binance ecosystem for those interested in cryptocurrencies.

Disadvantages of Binance:

• Customer support and service. Historically, Binance has been criticized for the quality of its support: users reported slow responses and template answers from the help desk. While the exchange has invested in improvements (e.g., introducing a chat-bot and Russian-language support, responding more quickly to complaints), support issues still show up in reviews. In complex situations (account freezes, account recovery), the resolution can drag on for weeks. Many note the lack of a personal touch—actually interacting with a “live” manager is difficult, and replies are often formal. For a company of this size, that’s a notable drawback.
• Interface complexity for beginners. Binance is packed with features, which can be daunting for first-timers. The platform offers two main trading interfaces (Convert, Classic, Advanced), multiple order types, and a TradingView chart loaded with indicators. Grasping all the possibilities at once isn’t easy. Newcomers may get confused or make a mistake (for example, sending funds to the wrong address or using the wrong order type). Though Binance tries to make the interface friendlier (offering “Lite” modes on mobile and in-app tutorials), there is still a steep learning curve. Unlike simpler apps (like Coinbase), some experience is required.
• Regulatory risks and legal limitations. As mentioned, Binance does not fully comply with all global regulations, leading to various restrictions. For instance, U.S. users must use the more limited Binance.US with fewer coins and features. In some countries, Binance is unavailable or heavily restricted (Ontario in Canada banned it in 2022; it’s inaccessible in China; in parts of the EU there are derivative limits). The platform’s policies (KYC, anonymous account bans, restrictions for Russians, etc.) change repeatedly—often due to external pressures, and not always in favor of users.
• Dependence on its native BNB token. Binance heavily promotes using Binance Coin (BNB)—from fee discounts to Launchpad participation. On one hand, this is beneficial for BNB holders; on the other, some users dislike having to buy an extra token to get the full advantage (e.g., a 25% fee discount). Moreover, BNB is volatile, so keeping part of your balance in it involves market risk. Still, no one is forced to hold it—using BNB is optional, but the best conditions on Binance are often linked to BNB, which some perceive as “pushing” the exchange’s ecosystem token.
• Fiat withdrawals can be complicated. Despite supporting fiat deposits/withdrawals, users sometimes face difficulties: banks may block transfers, payment partners may change. For instance, in 2023, Binance paused euro SEPA payments several times due to shifting banking partners. In Russia, fiat withdrawals are only possible via P2P or workaround methods. Fees for fiat deposits/withdrawals can also be steep—for example, depositing with a Visa/MC card can cost ~3.3%, which adds up for large sums (bank transfers are usually cheaper, like SEPA, but not always available to everyone). So, direct interaction with traditional finance is not Binance’s strongest suit, and in some cases local exchanges or P2P might be more convenient.

Overall, Binance’s strengths clearly outweigh its weaknesses: it’s cost-effective, fast, and offers many opportunities. However, one cannot ignore issues with support and regulations, which might become critical at certain times.

Key Functions and Features of Binance

One of Binance’s main advantages is its extensive feature set. The exchange offers a full range of crypto-related services. Below is an overview of Binance’s key offerings.

• Spot cryptocurrency trading. This is Binance’s core functionality—classic exchanges of one cryptocurrency for another at market rates. There are over 350 crypto assets and thousands of trading pairs: major pairs with BTC, ETH, BNB, USDT, BUSD, as well as numerous cross-rates (e.g., ETH/BTC, ALTS/BNB, etc.). The spot trading interface provides advanced charting (TradingView) and various order types: Market, Limit, Stop-Limit, Stop-Market, OCO (One-Cancels-the-Other). For beginners, there is a simplified Binance Convert function—instant swapping of one coin for another at the current rate without dealing with the order book. Spot trading on Binance is highly liquid, so orders fill quickly even for substantial amounts.
• Margin trading. For those looking to boost potential earnings using borrowed funds, Binance offers Margin Trading. On a margin account, you can borrow against your collateral to trade with leverage. Binance allows up to about 3x–5x on cross margin (shared collateral) and up to 10x on isolated margin for certain pairs. The list of margin pairs covers dozens of assets. Interest rates on margin loans are variable and charged daily. Margin trading increases risk, so experience is necessary—Binance provides risk warnings and a liquidation calculator, for example. Still, the feature is in demand, giving traders more possibilities (e.g., short selling—profit from falling prices, which isn’t possible on a spot market).



• Futures and derivatives. Binance launched its derivatives platform, Binance Futures, in 2019, and it’s now one of the largest in the sector. It offers futures contracts for Bitcoin, Ethereum, and hundreds of altcoins—both USDT-margined (USDⓈ-M), which use USDT or BUSD for collateral and settlement, and COIN-margined (COIN-M), where settlement is in the underlying crypto (e.g., BTC futures settled in BTC). Leverage can reach up to 125x for some products (the default is 20x, which can be increased manually). Futures fees are even lower than on spot—0.02% maker / 0.04% taker at the base level, and they drop with higher VIP tiers. There are also perpetual futures (perpetual swaps) with no expiration date, where every 8 hours a funding fee is exchanged between longs and shorts. The Binance Futures interface is similar to the spot interface but includes leverage indicators, liquidation price, and the ability to hedge positions (hold both long and short on separate accounts). Derivatives require solid market knowledge—Binance provides tutorials and a testnet for practice. Still, by volume, Binance Futures has long since surpassed its spot trading, as many traders switch to this segment to profit from both rising and falling prices.



• P2P cryptocurrency exchange. A distinctive feature of Binance is its built-in P2P platform, where users directly buy and sell crypto for fiat. In effect, Binance acts as an escrow for these trades. A user can create an offer to buy or sell, specifying the price, limits, and payment method (bank card, e-wallet, cash, etc.). Others can find and respond to that listing. After the seller confirms, the crypto is temporarily locked on Binance, and the buyer pays fiat directly to the seller’s account (bank card or otherwise). Once payment is confirmed, the coins are released to the buyer; if there is a dispute, the transaction is canceled, and the arbitration team at Binance may get involved. The P2P platform on Binance is free of direct fees—the trade happens at the negotiated rate. With a reputation system and escrow, P2P on Binance is considered fairly safe if you follow the rules (don’t send money outside the system, verify payment status, etc.). It supports dozens of currencies and payment methods, which is extremely helpful in countries without straightforward deposit/withdrawal channels. For example, Russians heavily use Binance P2P to purchase USDT for rubles or withdraw funds, since bank transfers to the exchange are restricted.



• Staking and deposits (Binance Earn). For investors aiming for passive income from crypto, Binance has a suite of products called Binance Earn. It includes:
  • Flexible and fixed savings. Similar to a bank deposit: you place a certain cryptocurrency for a yield (paid in the same asset). Flexible savings allow you to redeem funds at any time (lower rates), while fixed savings lock your coins for a set period (7, 30, 60 days, etc.) at a higher rate.
  • Staking. Binance simplifies participation in Proof-of-Stake. Instead of running your own validator, you can stake (delegate) coins through Binance and receive rewards. There is fixed staking (e.g., Solana for 30 days) and DeFi staking (Binance places your coins in DeFi protocols). The interface is straightforward—just choose the coin, select the term, and click “stake.” The annual yield (APY) is shown, and payouts are often daily. This is convenient for passive income, though funds can be locked during the staking period.
  • Launchpool. From time to time, Binance launches new token farming events: holders of BNB, BUSD, or other coins can stake them in a pool to earn newly issued tokens from emerging projects. This is a way to benefit from a potential token listing simply by providing liquidity.
  • Liquidity Farming (liquidity pools). Binance offers AMM pools similar to DeFi protocols (like Uniswap) but inside its own platform. You add two tokens (e.g., BNB and USDT) to a pool and earn a share of the trading fees plus extra rewards. However, you face the risk of impermanent loss if the coin prices shift significantly.
  • Crypto loans. In the Binance Earn section, you can borrow crypto with your funds as collateral or lend your coins to other users (P2P lending). Interest rates and conditions vary by token. Although more niche, these products round out the ecosystem of services.

  

• Launchpad — token sale platform. Binance Launchpad is where new projects conduct initial exchange offerings (IEOs). BNB holders get the opportunity to participate in new token distributions before public listing. Typically, the process is: Binance announces a new project on Launchpad, users hold a certain amount of BNB in their accounts for several days (snapshot of balances), then gain the right to purchase the new coin proportionally to their BNB balance. The sale price is fixed, and after the sale ends, the tokens are distributed and quickly start trading on Binance. Binance Launchpad gained fame for many successful projects whose tokens grew significantly in value after the sale, benefiting participants. This fosters trust—Binance claims to thoroughly vet each project before Launchpad. It happens a few times a year, attracting significant community attention, although the chance of a large allocation is slim due to the massive number of participants.



• NFT marketplace. In 2021, Binance introduced its own NFT market. On Binance NFT, you can buy and sell non-fungible tokens—digital art, collectibles, in-game NFTs, etc. The platform supports NFTs on both BNB Chain and Ethereum. The trading fee is relatively low (1%). Binance hosts exclusive drops of popular collections, partnering with well-known artists and brands. For users, everything is integrated into a single account—NFTs reside in your Binance-linked wallet, and you can trade them for crypto (BNB, BUSD, ETH). Although Binance NFT is still smaller in volume compared to giants like OpenSea, it’s convenient for many exchange users who prefer to keep everything on one platform rather than going to third-party sites.
• Binance Pay and Binance Card. Binance Pay is a service for crypto payments. It enables instant, fee-free crypto transfers to other Binance users, as well as payments to merchants who accept Pay. Basically, it’s a crypto wallet within Binance, similar to PayPal, but for digital assets. You can scan a merchant’s QR code and pay in the chosen coin (with automatic conversion if needed). Binance, in partnership with Visa, also issues the Binance Card (currently in select regions like the EU). This card allows you to spend crypto from your Binance balance in regular shops—an instant conversion to fiat occurs at the point of sale. The cost is deducted from your crypto account, and you can get up to 8% cashback in BNB. For residents of supported countries, it’s a convenient way to use crypto in everyday life. In Russia, the card is unfortunately not available, but Binance Pay does work—people use it for transfers or purchases from certain online sellers who accept USDT/BNB.
• Educational and informational resources. Binance pays attention to user education. Binance Academy is a free knowledge base about blockchain and cryptocurrencies, featuring dozens of articles in multiple languages (including Russian). Binance Research publishes in-depth reports on new projects and market analyses. Binance News and Binance Feed (previously Binance Community/Square) are platforms for following crypto updates and industry leaders’ opinions. Overall, the Binance ecosystem offers plenty of content for learning, helping users make more informed trading decisions.

As you can see, Binance’s offerings go far beyond a simple exchange. This multifunctional approach makes the platform attractive to different user categories: traders, investors, beginners, and developers. You could start with buying your first crypto for rubles, then later venture into leveraged trading, invest in new tokens on Launchpad, and buy NFT art—all under a single Binance account.

Fees and Limits

Trading Fees

Binance offers some of the lowest crypto trading fees globally. The base spot market fee is 0.1% for both makers and takers (for trading volumes up to 50 BTC per month). This rate applies equally to buys and sells. However, most active users pay even less thanks to a system of discounts:

• 25% discount by paying in BNB. If you hold Binance Coin and enable “Use BNB to pay fees,” your trading fees are charged in BNB at a 25% discount, effectively reducing your rate to 0.075%. This is a key incentive to keep some BNB in your account.
• Referral discounts. By registering through a friend’s referral link or referring your own friends, you can earn additional fee discounts (usually 10–20%, depending on the referral program). They stack with the BNB payment discount.
• VIP levels. Binance has 10 VIP tiers (from VIP 0 to VIP 9), assigned based on a 30-day trading volume and BNB balance. As your tier rises, trading fees drop. For instance, at VIP 9 (trading volume over $5 billion/month and over 5,500 BNB), fees can be as low as 0.02% taker / 0.01% maker. Intermediate levels, for example VIP 1 (volume over $1 million or over 25 BNB) have fees around 0.09%/0.1%, VIP 3 around 0.07%/0.09%, etc. Though most casual traders never reach VIP status, even the base rate of 0.075–0.1% is already very low.

For comparison, other major exchanges charge: Coinbase around 0.4–0.6% (with a complex structure depending on trade size and method), Kraken at 0.16% maker / 0.26% taker (for small volumes), KuCoin at 0.1% (similar to Binance with possible discounts for KCS token). Thus, Binance generally beats most competitors on fees—a key selling point.

It’s worth noting that Binance occasionally runs zero-fee promos on certain markets. For instance, in July 2022, they eliminated fees on BTC pairs (BTC/USDT, BTC/BUSD, etc.)—initially temporarily, and then indefinitely for some of them. They’ve also offered zero fees on ETH-stablecoin pairs (ETH/BUSD) before Ethereum’s Merge update. These promotions make trading even cheaper, though they don’t cover all pairs.

Futures Fees

Binance Futures has its own fee schedule. The base rate for USDT-M perpetual futures is 0.02% (maker) / 0.04% (taker). For coin-margined (COIN-M) futures, it’s 0.015% maker / 0.04% taker. Higher VIP tiers can lower fees to as little as 0% maker / 0.017% taker at the top level. Paying fees on futures in BNB also provides discounts. Overall, Binance’s derivative fees are among the lowest in the industry, attracting large-scale traders.

Withdrawals and Deposits

• Cryptocurrency: deposits to Binance are free—network fees are paid by the sender (if you’re transferring from another wallet). Withdrawals involve a network fee, which depends on the specific coin and blockchain congestion. Binance updates these fees regularly. For example, withdrawing BTC might cost ~0.0002–0.0005 BTC (around $8–$20, depending on mempool), ETH around 0.0012 ETH, USDT (ERC20) ~$5, USDT (TRC20) ~$1. Generally, Binance maintains competitive withdrawal fees, automatically calculating the lowest feasible amount. Sometimes, during network overloads (like with BTC in 2023 when Ordinals caused a surge), withdrawals can be paused or fees raised, but typically it’s standardized.
• Fiat: Binance supports various methods for fiat deposits/withdrawals, each with its own fee:
  • Bank card: typically, buying crypto via Visa/MasterCard involves ~1.8–3.5% in fees (exact rates depend on region; in Russia it was ~3.3% via Qiwi, in the EU ~1.8%). Withdrawing to a card is usually around 1% or a fixed sum (in Russia, it was ~170 RUB to Visa before suspension).
  • Bank transfer (SEPA/SWIFT): SEPA (EUR) deposits used to be free, now partners may charge ~€0.5. SWIFT in USD can be ~0. Some banks charge ~$30–$50 for a SWIFT withdrawal in dollars, similar to Coinbase’s ~$25. Terms vary by region.
  • E-wallets and payment systems: Binance has partnered with Advcash, Payeer, etc. Some allowed zero-fee deposits, but the wallet service might charge for conversion. Withdrawing to an Advcash wallet was free, but moving money from there to a card might have a fee.
  • P2P: P2P deposits/withdrawals have zero direct fees; the trade is done at a user-set exchange rate, so any cost is built into the price spread.

A key detail: minimum amounts. Binance enforces minimums for each coin’s deposits/withdrawals, usually not large (e.g., BTC – 0.0001 to deposit, 0.001 to withdraw; ETH – 0.001/0.01; for smaller tokens ~$10–$20 worth). If your amount is below the threshold, you cannot withdraw it without adding more or contacting support. In most cases, you just need to meet the minimum.

Limits and Verification

Following the introduction of mandatory KYC, Binance’s standard limits are:

• For verified accounts: the daily withdrawal limit is the equivalent of 100 BTC per day (very high, around $3 million at today’s rates). After higher-level KYC (proof of address), the limit can rise to $8 million/day. Most users never come close to these limits—they’re extremely high.
• For non-KYC accounts: such accounts can generally only view the platform, possibly deposit a small amount of crypto, but cannot withdraw without verification. (Previously, before 2021, unverified accounts could withdraw up to 2 BTC/day, but not anymore.)
• Trading limits: spot trading has no formal volume cap. On P2P, new users have initial limits that grow as they complete trades and increase their reputation. On futures, position limits vary by instrument and leverage (each leverage tier has a max contract size).

Comparison of Fees and Features with Competitors

For clarity, here’s a brief comparison table of Binance with other popular exchanges:

As shown, Binance leads in most areas: minimal fees, a huge range of coins, and massive liquidity. OKX and some other Asian exchanges come close but still trail slightly (in the number of assets or liquidity). Coinbase and Kraken, being more regulated, charge noticeably higher fees and list fewer assets, though they may offer greater legal certainty for U.S. and European users. Ultimately, choosing an exchange is personal, but if low fees and comprehensive features matter most, Binance stands out. Many traders maintain accounts on multiple platforms—for instance, using Binance for primary trading and a more regulated exchange (Coinbase/Kraken) for withdrawals to a bank. But regarding fees and functionality, Binance remains the clear front-runner.

Available Cryptocurrencies and Markets

One of the key factors in Binance’s success is the vast selection of crypto assets available for trading. The exchange hosts more than 350 tokens (the exact number varies as new ones are added almost weekly). With this lineup, Binance is among the global leaders among centralized exchanges (some, like KuCoin, list even more, but many are low-liquidity). On Binance, you’ll find virtually every large and mid-cap crypto, plus plenty of up-and-coming projects.

Main categories of assets on Binance:

• Top coins: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), etc. — all major coins from the top 20 of CoinMarketCap are available to trade on Binance in pairs with USDT, BUSD, or BTC.
• Stablecoins: In addition to its own BUSD (whose issuance is currently being phased down), Binance actively uses Tether (USDT), USD Coin (USDC, previously supported), pairs with Dai, TrueUSD (TUSD), and others. On the spot market, there are many stablecoin-to-stablecoin pairs (e.g., USDT/BUSD, USDT/DAI, etc.) useful for arbitrage or switching between stablecoins.
• Altcoins: A huge selection from well-known ones (Polkadot, Litecoin, Tron, Avalanche, Chainlink, Uniswap, MANA, etc.) to relatively new additions (often from DeFi, NFT, GameFi, AI tokens, and other trending categories). Binance is quick to list innovative projects. For instance, new cryptos like Aptos (APT), Optimism (OP), and Arbitrum (ARB) were listed on Binance soon after launch, letting users start trading early.
• Launchpad/Launchpool tokens: Practically every coin launched on Binance Launchpad trades on the platform (e.g., GMT, MINA, IMX, StepN, Axie Infinity, etc.). This exclusivity sometimes means that certain tokens initially only appear on Binance for the first few weeks/months, attracting significant interest.
• Local currencies: Binance previously offered many fiat markets—trading pairs with national currencies (RUB, EUR, GBP, TRY, UAH, etc.). However, in 2023, most were closed (especially RUB, UAH, KZT, BRL) due to payment channel and regulatory issues. Some pairs like EUR (and TRY) remain on spot. But the main focus now is on crypto-to-crypto and crypto-to-stablecoin. Instead of direct fiat markets, Binance often provides conversion—for example, you can deposit euros and instantly convert them to USDT without paying a large spread.
• Leveraged Tokens and other derivatives: Alongside spot coins, Binance offers leveraged tokens (BLVT)—derivative assets that provide x2 or x3 leverage exposure without liquidation risk. They trade on spot like regular tokens (e.g., BTCUP, BTCDOWN—rising in value when Bitcoin’s price rises or falls, respectively, with about 3x leverage). These require some knowledge of rebalancing mechanics but add to trading options. In 2021, tokenized stocks (Tesla, Apple) were briefly available but then removed due to regulatory pressure.

Binance’s market liquidity. With its huge user base, nearly all major pairs on Binance enjoy excellent liquidity. Even lesser-known altcoins often see daily trading volume in the hundreds of thousands of dollars, while top pairs (BTC/USDT, ETH/USDT) reach tens of billions. High liquidity means minimal spreads (often fractions of a percent) and rapid execution of large orders. Institutional and high-volume traders favor Binance for the ability to enter or exit positions seamlessly without moving the market.

Exotic and rare tokens. Binance is known for listing many coins earlier than other centralized exchanges. Truly tiny-cap tokens might not appear here—that’s more for decentralized exchanges. Binance strikes a balance: each listing undergoes significant scrutiny, typically adding projects that already have strong reputations or innovative ideas. Occasionally, Binance delists tokens if trading volume drops or the project becomes inactive—these happen a few times a year, with advance user notices to withdraw or swap any affected assets.

New markets. Binance doesn’t stand still: it constantly rolls out new market segments aligned with emerging trends. In 2021, it debuted the NFT platform; in 2023, it launched Binance Feed for social trading features (trade discussions). In the future, it may add more advanced markets (e.g., real-world asset tokenization—Binance has hinted at interest in tokenizing oil, gold, etc.).

For the average user, Binance’s lineup means almost any coin you’re interested in is likely found here. There’s no need for multiple smaller exchanges—Binance covers nearly everything under one roof. Some brand-new or niche tokens remain outside Binance, but as they grow, they often get listed here eventually.

Registration and Verification

How do you start using Binance? The process is straightforward, but due to KYC requirements, it takes a bit longer than before. Below are the steps:

1. Create an account. Go to the official binance.com website or install the Binance mobile app (available in the App Store and Google Play). Click “Register.” You’ll be prompted to enter an email or phone number and create a password. You can also use a referral code (if you have one) to get fee discounts. After entering your details, confirm the creation of an account—you’ll receive a confirmation code via email (or SMS), which you must enter on the site. Registration is complete, and your account is created.



2. Set up security. Upon first login, Binance will suggest enabling 2FA—highly recommended. Usually people choose Google Authenticator: scan the QR code with the GA app and enter the generated code to link it, so every login and withdrawal will require a one-time code from the app. You can also use SMS authentication, but for Russian numbers, SMS might be delayed, so Google Auth is usually better. Store backup codes in case you lose your device. Also, Binance will ask you to set up an anti-phishing code—a word that appears in every email from Binance so you can distinguish real messages from fakes.
3. Identity verification (KYC). This is now mandatory for access to key features (trading, deposits/withdrawals). Go to “Verification” in your account. You’ll need to provide:
   • Personal details: full name, date of birth, residential address.
   • An ID document: passport, national ID card, or driver’s license. Upload a photo or scan of the page with your photo and data.
   • A selfie and facial verification: Binance may ask you to take a selfie with your device camera or upload it. Sometimes you must pass a live check—for example, looking at the camera and turning your head so the system knows you’re a real person.
   • Additional documents: for higher limits or in certain countries, you might need proof of address (utility bill, bank statement).
   Once submitted, verification usually completes quickly—in a few minutes or hours. Occasionally it may take up to a day if the system cannot recognize your photo or manual checks are required. You can track the status in your profile. After successful KYC, you’ll be notified by message/email. Your account is then fully active.
4. Set up payment methods. If you plan to deposit/withdraw fiat, add payment methods in “Wallet – Fiat and Spot – Deposit.” You can link a bank card or get bank transfer details. For P2P, add your own payment details (card, account) so others can use them when you sell crypto.
5. Fund your account. There are several ways:
   • Transfer crypto from another wallet/exchange to your Binance deposit address. For example, if you have BTC elsewhere, copy your BTC deposit address from Binance and send coins there.
   • Buy crypto with fiat. Binance allows credit card purchases directly. Go to “Buy Crypto,” enter the amount, card info, and for instance, buy USDT or BTC. Note the fee (often 1–3%). Alternatively, you can use P2P: find an offer, pay the seller, and receive coins in your wallet.
   • Make a fiat deposit. In some regions, you can deposit currency (like a SEPA euro transfer). In Russia this is disabled, so P2P or third-party exchangers are the main methods.
6. Start trading. Once you have some funds (crypto or stablecoins) in your account, you can begin trading. In the Binance interface, choose “Trade.” For beginners, “Convert” or “Classic” are easiest. Suppose you have 100 USDT and want to buy Bitcoin. Go to the trading interface, find the BTC/USDT pair, and in the order form, enter how much you want to buy (e.g., a Market order for $100 to buy instantly), confirm, and you’ll end up with about 0.0035 BTC (at current rates). Congratulations on your first Binance trade!
   You could also use the Convert mode: just select “give USDT, get BTC” for the full amount, and Binance automatically converts at the current price without extra details.
7. Additional settings. Once you’re familiar with the basics, explore the dashboard. In the Security section, you can enable more measures (e.g., anti-phishing code, authorized device list, or a U2F hardware key). In “API Management,” create an API key if you plan to use trading bots or external apps. In “Pay,” configure your Binance Pay nickname to receive transfers. Also, review your fee level—check if the BNB discount is enabled (if you hold BNB, it’s recommended to switch it on). These settings enhance your Binance experience both securely and efficiently.

A critical point: always use official apps and sites. Ensure you’re visiting the correct domain (binance.com). Scammers create phishing sites with similar names. The same goes for apps—download only from official stores or via binance.com. After registration, you never need to enter your referral code again—be wary of emails/messages asking for your credentials. Binance will never request your password or 2FA code outside its own website.

Following these steps should let you register and verify on Binance without trouble. Thousands of new users complete this process daily. If any issues arise, contact the support team—but more on that next.

Igor Lementov - Financial Expert and Analyst at Trading-Today.net