Best For

      Beginners
      Advanced Traders
      Institutions

Binance is a centralized cryptocurrency exchange with more than 500 active trading pairs. Established in 2017, Binance is now the most popular cryptocurrency exchange by both user base and legitimate trading volume.

Binance Exchange - 2020 Comprehensive Review

Overall Score:

8.5
Trusted
Liquidity:
9 of 10
Purchase Options:
6 of 10
Ease of use:
9.5 of 10
Trust:
9 of 10
Fees:
8.5 of 10
Support:
7.5 of 10

Binance Exchange Overview

Trading Fees Maker: 0.1% / Taker: 0.1%
Exchange Type Centralized
Fiat Trading Euro, Lira, Naira, Ruble, South African Rand
Purchase Options Crypto Deposits, Credit Cards
Android App Yes
iOS App Yes
Trading Options Spot Trading, Margin Trading, Margin Funding, Futures Trading
Order Types Limit, Market, Limit-Stop
Exchange Token Binance Coin
Token Benefits Trading Fee Discounts, IEO Access.
Charting Software TradingView
KYC Check Yes
KYC Rules Required For Withdrawals Greater Than 2 BTC Value Per 24 Hours
IEO Platform Yes
Education Resources Yes
Convert Micro Balance Yes
Institutional Accounts Yes
Trading API Yes
Deposit Insurance No
Withdrawal Speed Fast
Customer Service Support Ticket System
Promotions Earn Staking Rewards on XTZ, ATOMS, ALGO. Earn Interest on BTC, USDT, BUSD, BNB Deposits.

Binance Mobile App Features

Deposits

Yes

Withdrawals

Yes

Price Alerts

Yes

Margin Trading

Yes

Margin Funding

Yes

Live Chat Support

Yes

Binance Trading Fees (Maker & Taker)

TierMonthly Volume RequirementMakerTakerMaker
Discount
Taker
Discount
VIP 0$1.00 + BNB Balance = 1.000.10%0.10%0.08%0.08%
VIP 1$1,000,001.00 + BNB Balance = 51.000.09%0.10%0.07%0.08%
VIP 2$5,000,001.00 + BNB Balance = 201.000.08%0.10%0.06%0.08%

*Trading fees subtracted from user BNB balances receive a 25% discount
*All new users begin at the VIP 0 general trading tier, and should expect 0.1% Maker & 0.1% Taker fees.

High volume & professional trading tier fees available here.

Binance Withdrawal Fees

AssetWithdrawal FeesMinimum Withdrawal
BitcoinBTC0.00040.002
EthereumETH0.0030.02
XRPXRP0.2522
TetherUSDT0.852.8

Binance does not charge deposit fees.

Complete list of Binance withdrawal fees per asset

Binance Markets & Volume

Rank

2

Total Assets

181

Total Markets

540

Volume 24h

$1,896,159,955.46

Volume 7d

$13,868,804,858.50

Volume 30d

$45,448,712,766.67

Binance Top Markets

Crypto AssetsPricePairs24h Volume
BitcoinBTC$13,494.99208$1,758,777,622.81
EthereumETH$394.6398$500,719,084.55
XRPXRP$0.2514$49,447,145.76

Binance Supported Stablecoins

Stablecoin AssetsPricePairs24h Volume
TetherUSDT$1.02148$2,467,133,654.67
Binance USDBUSD$1.0087$291,315,923.00
USD CoinUSDC$1.0019$73,432,342.83
Paxos StandardPAX$1.008$22,719,201.80
TrueUSDTUSD$1.0014$16,796,939.09
Binance KRWBKRW$0.000$0.00
StableUSDUSDS$0.000$0.00

Binance Coin (BNB) Token

Ticker

BNB

Price

$29.16

Volume

$319,500,381.26

Market Cap

$4,368,154,252.00

Circulating Supply

149,806,304

Total Supply

174,153,540

Rank

6

Blockchains

Binance Chain

Trusted Exchanges

Binance, Binance US

Hardware Wallets

Ledger, Trezor

Binance Coin (BNB) Exchanges

ExchangeRatingPricePairs24hr Volume
Binance8.5/10$30.53112$98,728,758.46
Binance US6.5/10$30.424$539,712.04

Recommended Binance Coin (BNB) Wallets

WalletRatingTypePrice
Ledger10/10Hardware$69.99
Trezor9/10Hardware$149.99
TrustWallet9/10Mobile Application$0.00

Binance Exchange Alternatives

Rating8.5/107.5/107.5/10
Trading FeesMaker : 0.1%
Taker : 0.1%
Maker : 0.1%
Taker : 0.1%
Maker : 0.16%
Taker : 0.26%
Fiat TradingYesYesYes
Purchase OptionsCrypto Deposits, Credit CardsCrypto Deposits, Credit CardsBank Transfer, Crypto Deposits
Trading OptionsSpot Trading, Margin Trading, Margin Funding, Futures TradingSpot TradingSpot Trading, Margin Trading, Futures Trading, Forex Trading
IEO PlatformYesYesNo
Mobile AppsYesYesNo
HeadquartersMaltaHong KongSan Francisco, California, United States
Learn MoreReviewReviewReview

Pros and Cons

Pros

  • Beginner Friendly - Binance has a very well designed user interface. The platform is easy for beginners to navigate but also sophisticated enough for advanced traders. A well documented FAQ and support team are available around the clock to assist users with any questions or account issues.
  • Liquidity - Binance is currently the largest cryptocurrency exchange by volume and user base. Virtually every reputable crypto asset is traded on Binance.
  • Trading Fees - Binance has set the industry standard benchmark for trading fees at both 0.1% for maker and taker. Trading fee discounts are available for high volume traders.
  • Mobile App - Binance has fully functional Android and IOS mobile applications packed with features and 24/7 live chat support.
  • IEOs - Binance has by far the most popular ‘Initial Exchange Offering’ platform in Binance Launchpad. Binance Launchpad IEO participants in 2019 have enjoyed significant returns on their contributions.
  • Margin Trading - Binance has recently implemented margin trading. Users can trade bitcoin and larger cap altcoins with up to 3x leverage.
  • Futures Trading - Users can now trade BTC/USDT futures on Binance with up to 20x leverage.
  • Referral & Affiliate System - Every registered Binance account comes with its own unique referral link. These accounts can refer other users to Binance and receive up to 40% of their trading fees as commission.

Cons

  • Regulatory Scrutiny - As the industry leader in legitimate volume, Binance has attracted the attention of governments and financial regulators across the world. Blockfer recommends that users be aware of the regulatory risks Binance is facing as they have operated in a legal grey area since their launch.
  • Limited Fiat Deposit Options - Binance is primarily a crypto-to-crypto exchange. This means there are very limited options for purchasing cryptocurrency with fiat or withdrawing cryptocurrency into fiat.

Frequently Asked Questions

How safe is Binance?

Does Binance accept US customers?

Does Binance accept PayPal?

Does Binance Have A Mobile App?

Does Binance Have Margin Trading?

Does Binance Accept Credit Cards?

Does Binance require users to KYC?

Summary

Binance is currently the most popular cryptocurrency exchange in the world. The company has succeeded far beyond expectations given its youth - having just launched in 2017.

Innovation, retail and institutional friendly trading fees, liquidity, and user experience have all contributed to the rise of Binance.

Binance has continued its expansion into new territories including exchanges in the US, Jersey, and Uganda. Binance has even launched a decentralized exchange in Binance DEX. We fully expect Binance to continue this expansion trend in addition to opening up new options for fiat deposits and withdrawals.

Binance is Blockfer’s highest rated exchange. It has proven difficult to bet against their level of innovation and its controversial CEO Changpeng “CZ” Zhao. The company has set the industry standard in almost every way possible for cryptocurrency exchanges.

Learn More Best Features

Binance Official Website

  • Competitive trading fees Maker: 0.1% / Taker: 0.1%. Trading fee discount to 0.08% by trading with BNB token.
  • Advance exchange features like margin trading, derivatives markets (options and futures), staking and margin funding.
  • The top Bitcoin liquidity exchange in the market for all popular stablecoins, alt-coins and ERC20 tokens.

Legal & Regulation - Facts & Figures

Legal Name Binance Holdings Limited
Incorporated Country Malta
Headquarters Singapore
Year Founded 2017
CEO Changpeng Zhao (aka. CZ)
Total Employees 251-500
Regulators Malta Financial Services Authority, Malta Digital Innovation Authority
Links Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn

Methodology: How We Review And Compare

Our mission is to provide the most informative, unbiased, and useful reviews and comparisons possible for products and services in the blockchain finance industry. Assessments are powered by experts with years of relevant experience.

The cryptocurrency exchanges found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our exchange reviews and comparisons include: liquidity, purchase options, user experience, trading fees, trading options, listed assets, reputation, mobile experience, and customer support.

The Blockfer Promise: We do everything in our power to keep content up to date and in the best interests of our audience. Blockfer does not shy away from poor ratings. Products or services that do not meet our reputability standards will be rated as 'Not Trusted'. Compensation from partners does not, and will never, effect our review process.

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