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Binance reviews

Average rating of 94% based on 169,416 reviews.

Founded 7 years ago in 2017.

Headquartered in Lithuania.

0.1% exchange (taker) fee.

Matt logo
Reviewed by Matt
7 April 2021 (Updated 20 July 2024)

Binance Crypto Platform

DeFinda Score™

An impartial, objective analysis of Binance's features to help you compare platforms. Read our full analysis.
Staking Yields
5
Loan Rates
4
Established
3
Reviews
9
Risk Management
2
Withdrawals
2
Coverage
10
Support
7

Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao, commonly known as CZ. The platform has quickly grown to become one of the largest and most popular exchanges in the world, with a daily trading volume that often exceeds billions of dollars.

Binance offers a wide range of cryptocurrencies for users to trade, including Bitcoin, Ethereum, Ripple, and many others. The platform also has its own native token, called Binance Coin (BNB), which users can use to pay for trading fees at a discounted rate.

One of the key features of Binance is its advanced trading interface, which is designed to cater to both beginners and experienced traders. The platform offers a range of trading tools and resources, including real-time market data, price charts, and technical analysis indicators, to help users make informed trading decisions.

Binance also offers a mobile app, which allows users to trade cryptocurrencies on the go. The app is available for both iOS and Android devices and offers the same range of features as the desktop version.

Another unique feature of Binance is its Launchpad, which is a platform for hosting initial coin offerings (ICOs). Launchpad allows blockchain projects to raise funds by selling their tokens directly to users through the Binance platform. This has made Binance a popular platform for investors looking to get in on the ground floor of new blockchain projects.

Binance has also become known for its commitment to security. The platform uses various security measures, including two-factor authentication and SSL encryption, to protect user accounts and funds. Additionally, Binance has set up a Secure Asset Fund for Users (SAFU) to protect users in the event of a security breach or hack.

However, like any cryptocurrency exchange, there are certain risks associated with using Binance. The value of cryptocurrencies is highly volatile, and users should be prepared for significant fluctuations in prices. Additionally, the platform charges fees for trading, which can add up over time, and users may be subject to tax implications for their trades.

In summary, Binance is a popular and advanced cryptocurrency exchange that offers a wide range of cryptocurrencies for users to trade. With its advanced trading interface, mobile app, and Launchpad, Binance has become a go-to platform for both beginners and experienced traders.

Pros

tick The biggest crypto platform in the world
tick Huge array of innovative crypto related services
tick High liquidity exchange offers competitive rates
tick Low maker and taker exchange fees

Cons

cross Headquarters location and license status unclear
cross Fiat withdrawls not available in some countries due to regulatory reasons

Binance Savings Accounts

1
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Binance Loans

10 matching crypto loans found
Loyalty Level Setup Fee LTV Rate
Vip level 0
None
None
UP TO
65%
FROM
14.6%
APY
TO
292%
APY
Vip level 1
Min of $25 USD ($25 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
13.8%
APY
TO
278%
APY
Vip level 2
Min of $100 USD ($100 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
13.8%
APY
TO
278%
APY
Vip level 3
Min of $250 USD ($250 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
13.8%
APY
TO
278%
APY
Vip level 4
Min of $500 USD ($500 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
13.1%
APY
TO
263%
APY
Vip level 5
Min of $1,000 USD ($1,000 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
13.1%
APY
TO
263%
APY
Vip level 6
Min of $1,750 USD ($1,750 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
12.4%
APY
TO
248%
APY
Vip level 7
Min of $3,000 USD ($3,000 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
12.4%
APY
TO
248%
APY
Vip level 8
Min of $4,500 USD ($4,500 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
11.6%
APY
TO
234%
APY
Vip level 9
Min of $5,500 USD ($5,500 USD) of BNB tokens on deposit
None
None
UP TO
65%
FROM
11.6%
APY
TO
234%
APY

DeFinda Score™

Staking Yields

5

Binance has some of the best instant access saving rates for Tether (9%), Bitcoin Cash (8%), Chainlink (4%) and 3 more cryptocurrencies, however Binance also has some of the worst instant access saving rates for Bitcoin (1.5%), Litecoin (0.322%), XRP (0.599%) and several other cryptocurrencies

Read more ...

Loan Rates

4

Binance has market average instant access loan rates for Filecoin (11%), Chromia (11%), Kusama (11%) and 11 more cryptocurrencies, however Binance also has less competitive loan rates secured against Bitcoin (11% vs 4.5% at Coinloan), Litecoin (11% vs 4.5% at Coinloan), XRP (11% vs 4.5% at Coinloan) and several other cryptocurrencies.

Note that loans are complex products with rates varying by collateral and LTV. For a full comparison visit our loans page.

Read more ...

Established

3

Binance was founded in 2017 which makes it 6 years old. That's still quite young as the oldest crypto platforms are 16 years old.

Binance has approximately 4,000 employees. That makes it one of the smaller crypto platforms by number of employees.

Binance has a total of approximately 3 billion USD of assets under management. The biggest crypto platforms are managing up to 21 billion USD of assets.

Read more ...

Reviews

9

Binance has an average expert rating of 92% based on 2,403 expert reviews, and an average user rating of 94% based on 151,437 user reviews. Expert reviews include Hedge With Crypto (96%), Benzinga (80%), Money Check (88%) and Jean Galea (90%).

Read more ...

Risk Management

2

.

Withdrawals

2

Coverage

10

Binance supports 335 different cryptocurrencies. Key supported cryptocurrencies include Bitcoin, Ethereum, Tether, USD Coin, XRP and Cardano.

Read more ...

Support

7

Binance offers 24 hour support by online chat, however they do not offer support by email or phone.

Binance Reviews

Based on a total of 169,416 reviews across the web for Binance we gave the platform an overall rating of 94%.

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Binance YouTube Reviews

Binance Promo Codes & Vouchers

8% Cashback On Card Purchases

When you take out a Binance card

10% Off Fees

10% off trading fees
CodeClick to Reveal Code

40% On Referral Fees

Earn up to 40% on fees of any friends that your refer to Binance

Binance Debit Cards

Binance card logo
Binance card logo
VISA logo Debit Plastic Waiting List
VISA logo Debit Plastic Waiting List
8% Cashback
  • No annual fee
8%
Cashback
Apply

Binance Fees

Fees
Exchange maker fee 0.1%
Exchange taker fee 0.1%
Fiat deposit fee Varies by currency and deposit method. Free for some methods/currencies. Up to 3.5% for others.
Fiat withdrawal fee Varies by currency and deposit method. Free for some methods/currencies. Up to 2.5% for others.
Crypto deposit fee tick Free
Crypto withdrawal fee Varies by currency. 0.0005 BTC for Bitcoin.
Limits
Crypto wallet withdrawal limit Up to 100 BTC per day for verified accounts

Binance Scams, Frauds, Hacks and Blunders

13 Jun 2022
Binance briefly froze BTC withdrawls for a few hours on 6 June 2022. This was during heavy selling off of all crypto assets and severe price corrections. The BTC withdrawls were reinstated after just a few hours and Binance claimed that the freeze was due a stuck transaction which needed to be reset.

Binance Supported Currencies

Binance supports over 500 currencies including Pounds Sterling, US Dollars, Euros and Polish Złoty.

GBP Pounds Sterling Pounds Sterling
USD US Dollars US Dollars
EUR Euros Euros
PLN Polish Złoty Polish Złoty
AUD Australian Dollars Australian Dollars
TRY Turkish Lira Turkish Lira
RUB Russian Ruble Russian Ruble
UAH Ukrainian Hryvnia Ukrainian Hryvnia
BRL Brazilian Real Brazilian Real
ZAR South African Rand South African Rand
NGN Nigerian Naira Nigerian Naira
Show more currencies

Countries That Can Use Binance

Binance's services are available in all countries EXCEPT:

Bosnia and Herzegovina
Iran
Myanmar
Serbia

Binance Languages

Binance's supports the following languages: English, French, Bulgarian, Japanese, Greek, Arabic, Argentinian-Spanish, Latvian, Turkish, Polish, Brazilian-Portuguese, Vietnamese, Portuguese-Portuguese, Swedish, Romanian, Spanish, Simplified Chinese, Czech, Hebrew, Russian, Slovenian, Traditional Chinese, Italian, Indonesian, Mexican Spanish, Ukrainian Russian, Hindi, Chilean Spanish, Peruvian Spanish, Colombian Spanish, Filipino and Urdu.

Which Crypto Wallets Support Binance?

Binance is supported by crypto wallets including the Ledger Nano X, the Trezor One and the SafePal S1.

Binance Key Data

Company
Legal name Binance UAB
Year founded 2017
Country incorporated in Lithuania
Headquarters country Lithuania
Decentralised cross No
Number of employees 4000
Number of users 29,000,000
Total assets under management $3,000,000,000USD more ...$0USD
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange tick Yes
Fiat to crypto exchange tick Yes
Pro exchange marketplace tick Yes
Peer to peer exchange tick Yes
Margin trading tick Yes
Corporate accounts tick Yes
Instantly buy crypto with fiat tick Yes
Integrated crypto wallet tick Yes
Crypto withdrawals to private wallet tick Yes
Fast account verification tick Yes
Futures exchange tick Yes
Security
Insurance level $285,000,000USD more ...$0USD
Cold storage tick Yes
Two factor authentication tick Yes
Know your customer tick Yes
Credit check cross No
Support
24/7 support tick Yes
Email support cross No
Phone support cross No
Chat support tick Yes
Fees
Maker fee 0.1% more ...0%
Taker fee 0.1% more ...0%
Fiat deposit fee Varies by currency and deposit method. Free for some methods/currencies. Up to 3.5% for others.
Fiat withdrawal fee Varies by currency and deposit method. Free for some methods/currencies. Up to 2.5% for others.
Crypto deposit fee Free
Crypto withdrawal fee Varies by currency. 0.0005 BTC for Bitcoin.
Crypto wallet withdrawal limit Up to 100 BTC per day for verified accounts
Key People
Changpeng Zhao
CEO
He Yi
Co-founder & CMO
Ling Zhang
Vice president of mergers & acquisitions
Colin Goltra
Director, south east asia
David Perez
Chief operating officer
Richard Teng
CEO, Binance Singapore
Emmanuel Babalola
Director Africa
Rauan Sagidulla
Director of business development for CIS
Christophe de la Celle
Director, institutional business, EU
Qiying Kuang
Director of partnership development

ABinance is incorporated in Lithuania, and also have their headquarters in this country.
ALooking at reviews from across the web, Binance has an average review score of 94% based on 169,416 reviews.

Useful Links

Binance Contact Details

https://www.binance.com/
pr@binance.com
market@binance.com
business@binance.com
tradedesk1@binance.com
access@binance.com
risk@binance.com
Binance UAB - Didžioji str. 18, Vilnius

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