Binance Review (July 2024) - Pros, Cons, Features, & Pricing - Comparewise

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Binance Review (July 2024) – Pros, Cons, Features, & Pricing

You are almost definitely a trader looking to invest in Binance or a newbie looking for an honest Binance review that will address the following questions:

  • Is Binance a trustworthy exchange or a sham?
  • What is the backstory of Binance?
  • Should you make use of it?

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Last Updated: Jul 15, 2024


  • Trade 65+ cryptocurrencies
  • A low-cost crypto trading platform for Canadians
  • P2P trading, spot trading, and margin trading

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Let’s dive into the world of Binance to find out the answers to all of these questions in our special Binance Review walkthrough.

The Binance exchange is no doubt the most well-known cryptocurrency exchange in the world right now, and here is a comprehensive evaluation of the Binance exchange.

However, it is sad news that Binance International is not available to traders in the United States, but it is available to Canadian users. If you live in a nation where Binance does not operate, you should look into these Binance alternatives.

What is Binance, and who is its founder?

Binance was formerly a decentralized cryptocurrency exchange in China. It was originally founded by a software engineer named Changpeng Zhao in 2017 who, at that time, was based in China.

Binance is a sophisticated cryptocurrency exchange that lets skilled traders lend, borrow, and at the same time trade cryptocurrencies on a scale that few other exchanges can match.

Binance offers one of the most extensive cryptocurrency vault, with more than 520 assets and tokens and exponentially more trading pairings.

It provides a wide range of services to enable customers to earn extra cryptocurrency and trade in a number of ways.

Binance presently has its own blockchain, which users can access with the Binance Wallet browser plugin or through a wallet like MetaMask.

Binance Exchange Platform at Glance

HeadquatersCayman Islands
Accepted Payment MethodsSEPA, Skrill, Apple Pay, Debit Card, Credit Card,PayPal,
Trading Fee0.015%-to-0.1%
Crypto-currencies:BTC, DOT,ETH, ADA,LTC, XMR and 641+
Fiat-CurrenciesUSD, EUR, CNY, GBP, RUB, AUD and 331+
Deposit FeeIt varies
Mobile ApplicationYes, available on android and iOS

Cryptocurrencies That Are Available On Binance

Binance’s exchange is the only crypto-trading trading platform that supports more than 355 cryptocurrencies, but unfortunately, only a handful of these assets are available to United States traders.

Binance also works with a number of the most popular fiat currencies that are used for trading around the world. The supported fiat currencies include:

  • USD
  • EUR
  • AUD
  • GBP
  • HKD
  • INR

Binance provides traders with a substantial number of cryptocurrency pairs that can be used in different places based on what is accepted there. Among the cryptocurrencies available on Binance (MATIC) are:

  • Binance Coin (or “BNB”)
  • VeChain (or “VET”),
  • Harmony (or “ONE”),
  • VeThor Token (or “VTHO”),
  • Dogecoin (or “DOGE”)
  • Matic Network.

And finally, Binance also accepts almost all the popular cryptocurrencies in the crpto space, such as:

  • Dash (or “DASH”)
  • Compound (or “COMP”)
  • Cosmos (or “ATOM”)
  •  Bitcoin (or “BTC”)
  • Litecoin (or “LTC”)
  • Ethereum (or “ETH”)
  • Cardano (or “ADA”)
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Trading Experience on Binance

Binance provides a wide range of trading tools, including real-time charts that have moving averages and also the exponential moving averages. Users can trade comfortably via any of the following client platforms:

  • Binance app
  • Binance website
  • Binance desktop client.

Traders can also check their order books, price charts, portfolios, and transaction history through the Binance interface.

Binance also provides lots of order types, such as

  • Stop-orders
  • Limit-orders
  • Stop-limit-orders
  • Stop-market-orders
  • Trailing stop-orders

You can also choose from different ways to trade, such as traditional, margin, and over-the-counter (OTC).

However, several of these capabilities, such as margin trading and other order types, are not available in the United States.

For now, Binance does promote Trust Wallet, because, for now, it doesn’t have its own cryptocurrency wallet. In general, a crypto wallet is a safe location to save your funds.

Top 5 Services Rendered By Binance

Basically, Binance offers five major services in the cryptocurrency space and also to the users of the platform. These services include:

1. Binance Exchange Trading Platform

Trading on Binance is quite simple and user-friendly. In addition to Bitcoin, BNB, TRX, DOGE, DOT, and BUSD, as well as Tether trading pairs, there is an incredible cryptocurrency variety accessible for trading. Binance’s fiat markets also provide a vast assortment of crypto-to-fiat pairings.

For spot trading, customers may select between a beginner-friendly and an expert-friendly trading interface, catering to all sorts of users. Margin, derivatives, peer-to-peer, and over-the-counter trading are also available on the platform.

On-spot Trading

Users can choose between two major interfaces for spot trading. The “Convert” interface is the most user-friendly option since it disables all sophisticated elements like charts and order kinds.

This makes it simple for newcomers to switch between cryptocurrencies at a prevailing market rates.

For more experienced traders, there is also a traditional trading interface that has all of the standard exchange features, such as charts, order books, many different order types, and more.

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Trading on Margin

Margin trading is provided for some trading pairs, letting users trade with up to 10x leverage on particular currencies.

Users have the option to switch between cross margin, which puts your whole margin account balance on red alert, or isolated margin, which limits your possible losses to a single trading pair.

 2. Binance Exchange Finance

Binance’s latest service addition is its finance option:

Binance Savings

Binance Savings offers consumers the option of earning a return on idle assets via “flexible” or “locked” account types. Flexible savings accounts pay variable interest rates, whereas locked savings accounts pay higher fixed-term deposit interest rates.

Binance Staking

The Binance exchange also offers a staking service to its users, which enables users to earn tokens on proof-of-stake and decentralized finance, or simply called “DeFi,” coins without having technical skills. The staking service, like savings accounts, is offered in both flexible and locked alternatives. Binance

Binance Smart Pool

Binance Smart Pool enables miners to participate in a bigger mining group that distributes rewards. Hash power is automatically sent to the most profitable cryptocurrency to mine at any time, allowing customers to optimize without having to do anything.

Binance Exchange Visa Card

The Binance exchange “Visa Card” allows traders to sell or spend their cryptocurrency earnings in establishments that only take credit or debit cards in exchange for real money.

This eliminates the risk associated with carrying or keeping money on hand. The card is absolutely free, with no administration or processing costs, and it allows you to earn up to 8% cashback on qualified transactions.

Binance Cryptocurrency Loan

Binance Exchange Loans provides loans to customers in a number of tokens that are collateralized by prominent tokens such as BTC, ETH, and ADA. This makes it easy to get stablecoins like USDT, BUSD, or USDC while keeping your cryptocurrency exposure and avoiding the taxable event of selling cryptocurrency.

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3. Binance Exchange Liquid Swap

The Binance Exchange Liquid Swap, is an automated market-maker (AMM) platform based on a pool of liquidity. Each pool has two tokens, and the pricing between them is determined by the relative amount of tokens.

For big transactions, liquid swaps offer more consistent rates and cheaper costs. Traders can easily trade coins on Liquid Swap with low slippage or supply liquidity in exchange for a portion of the fees.

4. Binance Exchange Services

Here, users may trade fiat currency for Bitcoin or other popular cryptocurrencies listed on Binance’s exchange. There are various methods to purchase cryptocurrency on Binance:

Peer-to-peer trading

Binance provides traders with a peer-to-peer trading service that links buyers and sellers of bitcoin directly. This helps with fiat payments by giving users a wide range of ways to pay based on their preferences.

Debit/credit card

The Binance Exchange promoters recently partnered with Simplex to offer a brokerage service that allows the acceptance of credit and debit cards.

This service allows you to use a credit or debit card to purchase a range of different cryptocurrencies, as well as to deposit fiat dollars into your account.

However, this service comes at a cost, which may reach 4.5 percent for USD deposits made with a debit card.

Transfers through SEPA/wire

Through partnerships with new third-party suppliers, Binance now allows its customers to buy cryptocurrency directly with cash utilizing SEPA and bank transfers. This option is especially awesome because SEPA and wire deposits are absolutely free of charge.

However, this payment mechanism is only accessible for a few fiat currencies, including SEPA for EUR and GBP (except the Netherlands and Switzerland) and wire transfers for USD (domestic wire and ACH), TRY, and BRL.

Finally, the privacy-notched browser Brave, also known as Brave Browser, has incorporated a Binance Widget for in-browser trading.

So, Binance users who have the Brave browser installed can easily use the widget to see and manage their cryptocurrency portfolios as well as buy and sell cryptocurrency on Binance.


Futures and derivatives on Binance Exchange

Binance Futures, which debuted in 2019, allow traders to speculate on the price of Bitcoin and other major cryptocurrencies such as Bitcoin Cash, Ethereum, Litecoin, Ripple, and others, rather than buy and sell them.

The platform allows up to 20x leveraged trading, which means that traders can double their profits (or losses) by 20.

Binance Futures balances are kept separate from their traditional trading accounts and must be financed with Tether (USDT) as collateral. All earnings and losses will be calculated in USDT.

The Binance Futures user interface is nearly identical to the Binance spot trading interface, with the exception of a few additional options for adjusting leverage and displaying open positions.

Binance Futures’ costs differ somewhat from those on their spot markets, with a maximum trading charge of 0.04 percent on every deal.

 Fees are reduced for “maker” transactions (which increase liquidity in the order book prior to execution) and for customers with high monthly trading volumes.

Binance also offers future derivatives that are backed by unstable cryptocurrencies like Bitcoin or altcoins. These are found on a different page called “Coin Futures.”

Furthermore, Binance provides derivatives known as “Leveraged Tokens,” which enable UP and DOWN contracts based on the price of specific cryptocurrencies. These give the customer leveraged exposure to cryptocurrencies without the risk of being forced to sell.

Binance has had to stop trading derivatives in a number of European countries, starting with Germany, Italy, and the Netherlands and most recently adding the UK and Spain.

This comes after worldwide authorities, notably those in Europe, ruled that Binance is not permitted to provide investment services.

Because of this, the exchange has had to stop offering the services to new customers and cut back on how much current customers use them.


Features of Binance Exchange Canada

At the time of writing this review, many of the Binance exchange features were reviewed. The following features are the best among the many that Binance has to offer its traders.

Let’s take a quick look at everything Binance has to offer, from its trading platform to its crypto exchange:

1. Binance eWallets

Binance operates digitally, with real money deposited and withdrawn but saved in a digital wallet. Binance offers almost every major eWallet app. Binance’s official and decentralized wallet is Trust Wallet.

The exchange also provides its traders with a complete range of the best wallet for crypto features, allowing them to not only keep their money in cryptos or fiat currencies, but also earn interest rates on long-term deposits.

2. Binanbce Mobile Trading

Traders may utilize the Binance mobile app to stay active in the cryptocurrency market even while traveling.

The Binance mobile app is available for all mobile platforms and devices. Android users can get the Binance mobile app through Google Play, while iOS users may get it via the Apple App Store.

Binance is also available in APK format for Tizen and Windows Mobile, as well as other mobile platforms. Trading Account: Binance offers a variety of trading accounts to meet the demands of every trader.

Basic and Advanced Binance accounts are the two primary varieties. The account may be customized based on what the user wants.

Binance offers margin, P2P, and OTC trading accounts to professional and experienced traders.

3. Excellent Customer Service

Users have access to a wide collection of research papers that may assist them in solving any investment problems and navigating the trading platforms efficiently.

These articles also provide first-hand knowledge of how you will be successful in cryptocurrency trading. One can immediately contact the Binance support team and get a well-thought-out response to their concerns or questions.

The Binance trading system’s Learn section walks every newcomer through the process of purchasing cryptocurrency.

4. Analytical Diagrams

According to our Binance evaluation, the trading experience at Binance is extremely engaging.

Trading View is a decentralized exchange that gives its customers access to technical market indicators, charts, and graphs that evaluate the market in real time.

Users can use these interactive tools to find the next trade opportunity as soon as possible.

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Binance Transaction Fees

Binance excels in one area: its incredibly cheap costs. Users suffer three sorts of fees while using the Binance exchanges, which are as follows:

1. Binance Exchange Deposit Fees

When transferring crypto tokens from an external wallet to your Binance wallet, Binance does not charge any crypto deposit fees.

Deposit costs for fiat money range between 0-3.5 percent, depending on the deposit type and the fiat currency being transferred. Some currencies have a one-time cost.

2. Binance Exchange Withdrawal Fees

When you withdraw bitcoin from your Binance account to your crypto wallet, Binance charges a fixed transaction fee. The amount a user pays varies based on the crypto token you’re transferring.

Again, fiat currency withdrawal costs will vary depending on the currency and mode of withdrawal. The cost typically ranges from 0-2.5 percent, with set values for specific currencies.

3. Binance Exchange Trading Fee

Binance charges maker-taker fees in tiers. Trading fees are calculated based on your total 30-day trading volume and Binance Coin (BNB) holdings.

Users are graded from VIP 0 to VIP 9 based on these characteristics, and costs drop as your VIP status increases.

Spot trading costs for makers run from 0.1 percent to 0.02 percent, while takers’ fees are somewhat higher at 0.1 percent to 0.04 percent.

Fees are reduced even further if you use the network’s native coin, Binance Coin, to pay for gas. When gas fees are paid using the BNB token, both the makers and the takers receive a 25% reduction on their trading expenses.

Fees on Binance’s futures trading platform are significantly lower, starting at 0.02 percent for makers and 0.04 percent for takers, with a 10% reduction on trading fees paid with the BNB cryptocurrency.

Fees for using the quick buy/sell feature, on the other hand, might be significantly higher, beginning at 0.5 percent. If you buy any of the cryptocurrencies with a debit or credit card, you will additionally be charged a 4.5 percent trading fee.

You may cut that cost in half by first moving funds to your Binance account and then taking advantage of the reduced Spot Trading costs.

Binance Safety and Security

Is it safe for Canadians to use Binance? True, it is. Nonetheless, Binance enables you to set up two-factor authentication (2FA) and whitelist withdrawal addresses, ensuring that no unauthorized user may access or withdraw from your account.

Optionally, you may safeguard your account with a security key along with advanced anti-phishing code.

Binance is no doubt one of the biggest and most recognized cryptocurrency exchanges in the world, so you can be certain that your cryptocurrency is in good hands. However, Binance has been compromised in the past.

In 2019, hackers stole 7,000 bitcoin in addition to the 2FA codes and API tokens of clients. Using phishing and malware, the hackers gained access to the exchange.

However, because most of Binance’s digital assets are held in cold storage, the hackers were only able to steal 2% of Binance’s Bitcoin holdings at the time. Because Binance utilized its emergency insurance money to replace the loss, no user funds were lost.

Being among the top cryptocurrency exchanges in the world makes you a major target for hackers. Binance has been compromised, but as long as you take measures and transfer your bitcoin to an external wallet, you should be secure.

You must assume this risk if you choose to store assets on the Binance market for day trading purposes.

Opening a Binance Exchange Account Step by-Step

Follow the steps below to create a Binance account.

Step 1: Visit the webpage for Binance

Step 2: Click the “Get Started” button in the upper-right corner and fill out the needed fields. As Binance verifies your account details, the registration procedure might take several minutes.

Step 3: Enable 2FA

step 4: connect your payment method

Step 5: Make your first deposit and begin trading immediately.

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Customer Ticketing Support

There are three basic alternatives for contacting customer support at Binance: creating a ticket, making basic inquiries via chat, and using Twitter.

Users may file a ticket and receive email support by quickly filling in the user support form on the Binance exchange webpage.

Binance has a Twitter account (@BinanceHelpDesk) for customer service and invites consumers to tweet the firm with their difficulties.

Additionally, there is a chat-box beneath the right corner of the support screen on the Binance website.

Binance Customer Satisfaction Service

Across more than 2,000 Trustpilot reviews, the average rating for Binance is only 2 out of 5. Several concerns include bad client assistance and withdrawal difficulties.

Despite the challenges encountered by some users, some feedback is encouraging. Numerous Binance users report a positive and largely frictionless experience with the site.

Account Administration and Management

The Binance dashboard is accessible by using a desktop browser or downloaded desktop application. It also has mobile apps for iOS and Android, which can be downloaded from the Apple App Store and Google Play, respectively.

The dashboard of Binance enables you to monitor charts, market trends, your portfolio, as well as your current and historical trades. To manage your payment methods, just visit your account page and add your credit/debit cards and bank accounts.

Simply go to the “Spot Wallet,” select the cryptocurrency you want to buy or sell at the moment, and then deposit or withdraw using the popup instructions.

Is it possible to trade FOREX or CFDs on Binance?

Binance does not provide typical Forex (foreign exchange) trading since it lacks access to the volume of currency pairings that a Forex exchange (such as eToro) does. Binance offers over 50 currency pairings, but several Forex-only exchanges have thousands.

On the other hand, Binance CFD (Contracts for Difference) trading is fairly contentious in the crypto sector, since many prefer to possess local assets that they can withdraw to a personal wallet. CFDs do have the benefit of being extremely liquid.

Finally, there is a Binance Futures market for those searching for other trading choices. Users can open long or short contracts on any asset they choose in the future market (also known as derivatives).


What Are the Best Binance Alternatives?

In terms of features, Binance is hard to surpass as we found out in our Binance review. It is currently the world’s largest cryptocurrency exchange and has low costs. But it doesn’t imply that Binance is for everyone.

If you’re concerned about security, you might consider using one of the more regulated exchanges, such as:

The Pros of Binance Explained

Our favourite part of this Binance review is letting you know the highlights of the Binance experience.

1. More than sixty-five tradable cryptocurrencies for Canadian clients

Binance provides approximately sixty-five tradable currencies to U.S. clients. This gives cryptocurrency traders and investors several trading possibilities. With the Canadian territories, there are even more alternatives.

2. Low cost

The platform’s modest costs allow traders to retain more of their capital and revenues.

3. Comprehensive array of trade options

The Binance Exchange provides many trading alternatives, including P2P trading, spot trading, and margin trading.

Some of these alternatives, including trading on margin, are unavailable to U.S. clients.

The Cons of Binance Explained

As part of our Binance review, we also found some areas where the user experience could be improved.

1. American version is more restricted

The Binance exchange provides 100+ coins for worldwide trading. However, its portal for U.S. consumers,, is more limited. Moreover, Binance.US is only accessible in forty-four states.

2. The platform is complex and may be perplexing

The vast array of services and trading opportunities on the Binance exchange may be both thrilling and daunting. Even seasoned traders may feel overwhelmed by all the available possibilities.

3. There is no built-in digital wallet

Unlike other major exchanges, Binance does not have a built-in digital wallet. It suggests Trust Wallet, which has a solid reputation but may provide limited help in the event of Binance transfer troubles.

4. Binance has encountered regulatory issues in many countries

In light of Binance’s regulatory and legal concerns in a number of countries, crypto investors may choose to examine alternatives.

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Coinbase vs. Binance Exchange Compared

Next in our Binance review, we’ll compare Binance and another well-known crypto exchange, Coinbase. Based on how well it is regulated, how happy its customers are, and how well it is rated, Coinbase is the best cryptocurrency exchanger.

Binance and Coinbase Exchange are two cryptocurrency exchanges with vastly distinct strategies.

Coinbase is a well-regulated cryptocurrency exchange that is based in the U.S. It has an easy-to-use interface for trading and navigation, but it limits the types of transactions you can make.

Binance is hard to learn, but it works for advanced users and gives international traders a lot of options for trading currencies.

Although the Binance interface is user-friendly and has three trading experience-based levels, it is not nearly as simple to use as Coinbase.

The Binance.US version offers fewer options and has higher costs. However, you cannot top Binance’s inexpensive costs compared to Coinbase’s hefty prices.

We placed Binance and Coinbase side-by-side to compare the total prices for various transaction kinds, fiat currencies accepted, and altcoins available for trade.

We also looked into how easy it was to use online and mobile apps; security protocols; unique features; and customer service.

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Important Reminder

Cryptocurrency exchanges, unlike traditional brokerage firms, are not members or signatories to the Securities Investor Protection Corporation (SIPC).

So, investors whose cryptocurrency assets are mixed together on a custodial cryptocurrency exchange could lose their money as unsecured creditors unless the user agreements say otherwise.

Take Note

All investment in any form of cryptocurrency is exceedingly hazardous, speculative, and volatile.

Before making any financial decisions, you should get the advice of an expert.

Comparewise and its authors don’t provide investment advice, and they can’t promise that the information is correct or up-to-date.

Binance Review Conclusion

It’s time to wrap up our Binance review. For good reason, Binance is a widely popular cryptocurrency exchange. It is the largest cryptocurrency exchange in terms of trading volume, with affordable fees and a platform designed for both novice investors and seasoned traders.

With over 600+ available coins and additional features such as staking, margin trading, futures, and an NFT marketplace, it is an ideal platform for your blockchain endeavors.

Unfortunately, Binance Exchange is restricted in the United States. It was prohibited in 2019, but Binance is an alternate exchange. US that was established thereafter and is available in 43 states.

If you are searching for alternative choices and you reside in the United States, check out our post on the best cryptocurrency exchanges for US citizens. I’ve also included a brief comparison chart for your convenience. Thanks for checking out our Binance review.

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FAQs about Binance

Is Binance a safe exchange?

Binance is regarded as a secure exchange that provides Two-Factor Authentication for user account security (2FA). On May 7, 2019, Binance suffered a significant attack that resulted in the theft of about "7000" Bitcoin. Binance announced, however, that any losses will be reimbursed by its emergency insurance fund (aka SAFU).

Can I buy cryptocurrencies on Binance P2P?

On Binance, purchasing cryptocurrency is simple. Multiple deposit options are available for consumers to purchase their favorite cryptocurrency on Binance. On Binance's peer-to-peer trading platform, cryptocoins may be acquired with no transaction fees for numerous fiat currencies. On the Binance website, there is a detailed guide to buying and selling cryptocurrencies on the Binance P2P network.

Does Binance need KYC?

Binance does not require KYC for withdrawals of up to 2 BTC daily. If your daily withdrawal needs exceed 2 BTC, you are advised to complete KYC, which boosts your daily withdrawal limit to 100 BTC.

What is Binance's procedure for verifying identity?

The identity verification step is crucial for using a Binance account. After registering on the Binance (com) website, there is a "user-center" and "identity" area. After submitting the required documentation, the user must click "Verify" here. This component of the application requires many steps, including the submission of photocopies of identification and proof of address. After these papers are uploaded, the KYC procedure is launched. A couple of business days are required for identification verification. This process may be finished within a few business hours on the same day for European users.

What are the minimal requirements for obtaining a Binance loan?

The user must be a registered Binance trader. The user must register for the Binance financial aid programs. However, the loan amount is contingent on the user's trading experience.

How long does it take Binance to confirm a user's identity?

The Binance Verification procedure is quick and simple. The Binance Identity Verification process takes around 15 minutes. In most cases, the Binance verification procedure takes less than one hour. However, during high periods and in unusual cases, the process might take up to 36 hours. The exchange permits a maximum of ten tries to authenticate a user's identification within twenty-four hours for Binance awaiting verification.

Why is Binance prohibited in the United States?

For most of 2019, Binance was prohibited in the United States for regulatory reasons. But its partner site, Binance.US, follows all the rules and can be used by Americans in 43 states.

How Does Binance differ from Coinbase?

Coinbase has always operated as a broker exchange, taking money in exchange for a restricted selection of cryptocurrencies. Binance, like Coinbase, now allows direct purchases of crypto assets such as Bitcoin using a credit card or fiat currency. Binance charges the same or even lower costs for these transactions as Coinbase, but it has significantly more trading pairings. This combination frequently makes Binance a better alternative than Coinbase because you may buy assets straight from Binance and instantly begin trading them for other cryptocurrencies.

What exactly is Binance Coin?

The Binance exchange's native token is Binance Coin (BNB). BNB was utilized to fund the construction of the exchange through an Initial Coin Offering (ICO), which is akin to an Initial Public Offering (IPO) for traditional equities. BNB may be exchanged for other crypto assets and tokens on Binance. It offers discounted transaction costs when used to pay fees, and having 50 or more BNB in your Binance account for 30 days cuts transaction fees according to the amount held.

Is Binance reliable?

Binance looks to be a reliable cryptocurrency exchange with some historical difficulties. US and UK officials have accused the exchange of failing to prevent money laundering, tax evasion, and other financial crimes on its platform. In 2019, hackers stole about $40 million worth of bitcoin from the Binance exchange platform. However, all of the customers who lost money were fully refunded.

October 6, 2022
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