Binance Review in 2024: Pros, Cons, and Features

Check out this Binance review if you want to buy or sell cryptocurrencies more easily than ever before with a trusted business.

I have been using Binance for a few years, and I am one of the satisfied users of this crypto exchange.

Below, you can find out details about services, types of deposit and withdrawal methods, trading fees, security, and so much more.

Without further ado, let’s begin.

Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.

Affiliate disclosure: This website may contain affiliate links, which means we may earn a commission if you click on a product link and make a purchase/register.

Pros and Cons of Binance

All cryptocurrency exchanges have pros and cons. Binance is not any different. Here, you can see the things most customers like about Binance and the ones they don’t.

Pros of Binance

• Wide Range of Cryptocurrencies: Binance offers an extensive selection of cryptocurrencies and trading pairs.
• Liquidity: Binance is known for its high liquidity.
• Low Trading Fees: Binance offers competitive trading fees.
• Advanced Trading Features: Binance provides advanced features like spot and futures trading, margin trading, staking, and more.
• Security: Binance places a strong emphasis on security.
• Global Accessibility: Binance is available to users around the world.
• Binance Coin (BNB): Users can benefit from holding Binance Coin (BNB).
• Debit/Credit Card Purchases: Binance allows users to buy cryptocurrencies with debit and credit cards.

Cons of Binance

• Complexity: Binance’s extensive features and trading options can be overwhelming for newcomers.
• Regulatory Challenges: Binance has faced regulatory scrutiny in various jurisdictions.
• Customer Support: Customer support response times have been criticized during periods of high demand.
• Limited Fiat Options: The selection of supported fiat currencies may be limited.
• Risk of Hacks: Binance has experienced security breaches in the past.
• Withdrawal Fees: Binance may charge withdrawal fees for certain cryptocurrencies.
• User Data Privacy Concerns: Binance has faced concerns about user data privacy.

Brief Overview of Binance Exchange

Binance is a centralized cryptocurrency exchange. Here, users can trade virtual assets easily. It is one of the more popular platforms these days, with support for over 150 cryptocurrencies.

Besides trading capabilities, Binance also offers eWallets where investors can store their digital tokens.

One of the many reasons why Binance is so popular is that it is available in over 180 countries. It is available in the United States, with some limitations (New York, Vermont, Texas, Hawaii.)

On June 5, 2023, The SEC filed charges against Binance.com  and its CEO Changpeng Zhao for securities violations. Changpeng Zhao has decided to step down from his role. Note that Binance.US  is not a party to the settlements nor does it have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC. It remains fully operational.

Basic Details Of Binance

This trading platform has been available online since 2017. It was created by Changpeng Zhao and he is the CEO of the company. The company is located in the United States and has over 7,000 employees with billions in revenue.

Another thing you may want to know is the number of users. There are over 150 million registered users on Binance. Trading volume varies dramatically, but it is usually around $13 billion.

For comparison, other brokers and competitors like Coinbase have over 108 million registered users. As such, you can see that Binance is a common choice for many users.

Main Features and Services Binance Offers

Binance  is one of the easiest cryptocurrency exchanges you can find these days. The website is easy to use and well-organized. You can buy, sell, or trade crypto within minutes.

However, this might be a bit complicated for newbies due to a simple fact. Binance offers a lot of features, and some of these are not known to beginners. Some examples can even be spot trading and margin trading. If you are a beginner, check out the educational resources at Binance to get a better idea of the features and services.

Available trading pairs

Trading pairs at crypto exchanges refer to the ability to exchange one asset for a completely different one. For instance, on this platform, the most popular trading pair at the moment is BTC/USDT.

Here, you can see that there are over 270 different pairs offered. Some of the popular options include:

• BTC/USDT
• ETH/USD
• BNB/USDT

Borrowing features

The borrow feature on cryptocurrency exchanges is exactly as you may think. It may also act as your savings account. This feature allows you to borrow money from the platform and get a return. You can borrow up to $500,000. Binance’s legit system makes all of this safe and secure.

However, the limit for loans is determined by the coin you want to use and a few other factors.

In general, you can borrow a 10 times bigger amount than the assets you own on the platform. Another thing to know is that Binance allows you to borrow up to 65% of the total value of the collateral. For any trader, this is appealing.

Available coins

Binance supports a variety of digital assets. Over 150 of these are offered. This is not the highest number you will see among cryptocurrency exchanges. Some alternatives support more.

But this number is still sufficient for most crypto traders. Thanks to this, Binance International is an ideal site to trade cryptocurrencies if you are a beginner or intermediate user.

Nevertheless, many professional traders have been using Binance as well. It all depends on which crypto or stablecoins you want to trade, the fees, and the trading pairs supported.

Don’t forget that Binance has its own coin. It is called Binance Coin (BNB). In the beginning, this coin worked on the Ethereum network. However, this changed a while back, and now it uses its own network.

Supported eWallets

eWallets are more than just important for traders and users who deal with cryptocurrencies. You can use these for deposits and withdrawals. As such, I want to mention that Binance supports a long list of eWallets. Some of these include:

• Binance Wallet
• Blockchain Wallet
• CoinBase Wallet
• Trust Wallet
• MetaMask
• Crypto.com | DeFi Wallet
• imToken Wallet
• Bitcoin.com Wallet

In a nutshell, most users will never have any issue using the eWallet they like and want either for making a deposit or withdrawing their investment.

Binance mobile app

If you check Binance reviews from many users, you will find one interesting thing. Many of them use and like the provided app.

The app is available on Google Play, and App Store and Android users can also get the APK file directly from the official website. In addition, the app is available for computers running Mac, Windows, and Linux.

The app is easy to use and allows you to trade cryptocurrencies on the go. You can also deposit or withdraw funds via the app and use many additional features.

A great advantage here is that you can activate biometric security, which makes logging in to the app much more secure and easier. Without this, you will need to enter a code almost every time you try to log in.

Security and Reputation of Binance

Is Binance legit and secure? It is actually one of the most secure online crypto exchanges you will ever find. Keep in mind that none of these platforms is 100% secure, but Binance is certainly at the top.

Main security features

There are a few main technologies that ensure the security of users. The first one is two-factor authentication. This makes accessing accounts much more secure.

Binance uses 2FA SMS and 2FA Google Authenticator, which are well-known features and have been used by millions. Some users have complaints about how time-consuming it is to log in to your account, due to many layers of security.

But this platform also uses additional security technologies that make it even more secure. For instance, they use withdrawal whitelists, anti-phishing codes, and more.

When all of this is combined, access to your finances is 100% secure at any given moment. The exchange has excellent safety ratings.

Security breaches

Security breaches on crypto exchanges are possible, and they do happen. But they are rare. This happened with Binance on May 7, 2019 , when the security was breached by hackers. Another Binance hack occurred in 2022 , when hackers stole $570 million.

However, the platform has updated its security since then, and there have been no other breaches. Binance safety has been above average.

KYC and AML requirements

Both of these are available and mandatory for users to complete at Binance. KYC stands for Know Your Customer. You will have to share photos of government ID documents and additional documents to prove your identity and address. Naturally, you will guarantee the accuracy of your information.

AML, or Anti-Money Laundering process is required as well. The goal of this process is to eliminate criminal use of the platform. It protects the platform and the users.

Licenses and certifications

Licenses allow exchanges to operate in a specific country. I can even add that using licensed crypto exchanges is a wise choice. In this scenario, you can see that Binance has licenses from multiple regulators, from different countries. These include:

• Guam
• American Samoa
• USA

When it comes to certificates, Binance holds ISO 27001 and ISO 27701. These refer to Information security governance (protecting the user’s data) and Privacy information management (storing and keeping private information securely).

Interest rates and Fees On Binance

Notes:

• Maker Fee and Taker Fee are part of the Tier 2 fee structure.
• Withdrawal fees are stated for specific cryptocurrencies and may vary; users are advised to check the official page for the latest fees or contact support.

For Fiat Withdrawals:

• USD, AUD, NZD, and some others: No withdrawal fees.
• EUR: 0.12%, 1.8%, or 1 EUR withdrawal fees, depending on the withdrawal method.

Now that you know that Binance security is top-notch, you will want to know something about the rates and fees. All cryptocurrency exchanges have these, so the goal for many users is to find the one that has the lowest.

In general, Binance has some of the lowest rates for any trade, which is definitely an advantage. The annual interest rates are different for each cryptocurrency. Here is how these look for some of the more popular coins.

• BTC 1.14%
• ETH 1.65%
• USDT 2.54%
• USDC 3.11%

Naturally, Binance also has certain fees. A nice advantage is that there are no deposit fees of any kind. Even if you deposit $10, which is the lowest deposit, you will get $10 on your account.

On the other hand, you have a Tier 1 and Tier 2 fee structure. The Tier 1 structure features no fees for takers and makers. But, Tier 2 has fees, as you can see.

• Maker = 0.3000% – fee
• Taker = 0.4500% – 0.0375%
• Staking Rewards Service fee = 20%

Withdrawal fees are applicable, as stated above, but may change over time. Once again, these range dramatically and depend on the coin you want to withdraw. If you are a registered user, you can check the official page for fees or contact support.

I can share fees associated with a few of the most popular coins.

• Bitcoin: 0.000065
• Bitcoin Cash: 0.00064
• Ethereum: 0.008
• Ethereum PoW: 0.05
• Solana: 0.008
• Dogecoin: 4

When withdrawing fiat currencies, you won’t have to worry about fees, if you use USD, AUD, NZD, and some others. But if you use EUR, you are looking at 0.12%, 1.8%, or 1 EUR of withdrawal fees. The fee depends on which method you are using for withdrawal.

List of Supported Countries

Well, now you know what this platform is. Here is the answer to the second question. This is the list of supported countries.

• Egypt
• Israel
• Saudi Arabia
• United Arab Emirates
• Bulgaria
• Czech Republic
• Europe
• France
• Greece
• Hungary
• Italy
• Latvia
• Poland
• Portugal
• Romania
• Russia
• Slovakia
• Slovenia
• Spain
• Switzerland
• Turkey
• Russia
• Ukraine
• Afghanistan
• Australia
• Bangladesh
• Cambodia
• India – English
• Indonesia
• Japan
• Kazakhstan
• Mongolia
• Myanmar
• New Zealand
• Pakistan
• Philippines
• Taiwan
• Vietnam
• Argentina
• Brazil
• Chile
• Colombia
• Mexico
• Nigeria
• South Africa
• Peru

User Experience At Binance

Most of the Binance opinions I have heard are linked to the low fees and overall simplicity. The latter refers to the usability of the platform.

In general, Binance is easy and simple to use. Even if you are a beginner, you can create an account, deposit funds, and buy almost any cryptocurrency you like. All of this improves the user experience.

Registration process

The registration process itself is not complicated. You have to provide your email, name, password, and similar things. But, once you are done with this, you will need to verify the account and email and add a telephone number.

All of this takes time. Verification will usually require more time than the actual registration. But once you are done with this, all the features are available to you, and you can start using Binance.

Overall design

The overall design of Binance is modern, and simple, but still loaded with features. Try to explore the site and check out most of the options it offers. You will be amazed by the options.

In a nutshell, the overall design of Binance can be one of the advantages this exchange platform offers.

Educational resources

Educational resources on Binance are some of the best in the industry. First of all, there are many articles, videos, and so much more. The whole section is called Binance Academy, which makes sense.

If you want to learn what cryptocurrencies are, how to trade them, use them, and more, this option on the site is more than just recommended. You can even see that many of the Binance reviews users wrote mention educational resources as a huge advantage.

Deposit and Withdrawal Methods At Binance

All users will have to deposit funds on Binance if they want to buy cryptocurrencies. If you want to do the same thing, you should know which methods are available. Is Binance good when it comes to payment method options? Let’s find out.

Deposit methods

You can deposit fiat currencies and cryptocurrencies on Binance. The list of fiat methods is common and, actually, not special. But you can use most of the common methods, as mentioned below.

• Bank Transfers (ACH)
• Bank Wire Transfer
• Apple Pay
• Debit cards (Visa and Mastercard)
• Credit cards

There are no deposit fees here. But you can also opt for cryptocurrencies. This list is much longer. Let’s just say that you can use most of the cryptocurrencies available these days. There are no fees when depositing cryptocurrencies.

Withdrawal methods

When withdrawing cryptocurrencies, fees are applicable. But these fees are very low, as stated above. Those are definitely not some of Binance’s cons. On the other hand, you can use most cryptocurrencies for withdrawal transactions.

Fiat currency withdrawals might have fees as well. This depends on the currency you want to use. For instance, there are no fees when withdrawing USD. For withdrawals, you can use these two methods.

• Bank Transfer (ACH)
• Bank Wire Transfer

Withdrawal times

Withdrawals from Binance are generally fast. Most of these, when using cryptocurrencies, will last a few seconds. Of course, in rare cases, Binance may have too many requests to process.

If that happens, the request might take up to 24 hours. Fiat currency withdrawals usually take a couple of days.

• Cryptocurrencies: 5 minutes
• Fiat currencies: 1-5 days

Binance: Customer Support

Customer support at Binance is available via live chat and email. You can start a live chat with the chatbot first. If it cannot help you, you are free to ask an agent. If you use the email method ([email protected] , [email protected] ) the customer team will respond within 24-48 hours.

Overall, customer service is a bit slow, which is a disadvantage, but works well, and support agents can help you resolve any issues you may have.

Binance Review: Final Word

While Binance offers a multitude of advantages, there are inherent complexities, regulatory challenges, and occasional concerns surrounding customer support, limited fiat options, security breaches, and user data privacy. Despite these aspects, Binance remains a favored choice for many due to its extensive coin offerings, supported eWallets, user-friendly mobile app, and robust security protocols, encompassing two-factor authentication, withdrawal whitelists, and anti-phishing codes.

Binance’s fee structure is favorable, with low trading fees and various interest rates for cryptocurrencies. There are withdrawal fees and variations based on the type of cryptocurrency or fiat currency involved. However, the slower customer support response times and occasional drawbacks might deter some users.

Frequently Asked Questions

About the Author

Justin Murphy

Justin is a seasoned writer deeply versed in the intricacies of crypto investing. With specialties encompassing exchanges, staking, savings, and trading platforms, his articles are informed by years of hands-on experience and a profound grasp of market dynamics.
More than just a commentator, Justin's active involvement in various crypto communities infuses his writings with a distinctive authenticity.

See more

[email protected]