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Binance Review – Is Binance Legit and Trustworthy?

Felix Küster 10 Exchanges, Journal

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Binance Review – Is Binance Legit and Trustworthy?

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low fees

a huge number of offered coins

high liquidity

futures & margin trading

staking & mining

lending & savings account

excellent mobile app

support for a lot of fiat currencies

Binance is the world’s largest cryptocurrency exchange by trading volume and remains one of the most influential companies in the digital asset industry. Since launching in 2017, the platform has expanded far beyond basic crypto trading and now offers futures, staking, passive income products, Web3 services, institutional tools, and hundreds of supported cryptocurrencies.

Despite its popularity, even in 2026, Binance has also faced growing regulatory scrutiny in several countries over the years. In this Binance review, we’ll break down the platform’s features, fees, security, supported assets, pros and cons, and overall reliability to help you decide whether it’s the right crypto exchange for your needs.

Binance

✅ low fees ✅ a lot of listed coins ✅ Savings Account ✅ Staking ✅ Lending

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What is Binance?

Binance originally launched in China in 2017 before expanding globally after China’s crypto crackdown. Today, Binance operates as an international crypto ecosystem with regional entities and licenses in multiple jurisdictions rather than a single global headquarters.

This cryptocurrency exchange has been gaining momentum ever since entering the crypto stage. Binance now offers a massive ecosystem of crypto products, including spot trading, futures, staking, earn products, Web3 tools, launchpads, institutional services, and crypto payments.

The exchange was created by experienced professionals in the cryptocurrency space, and the most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.

Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project), and it began live trading in July 2017.

The platform is known for its high liquidity, fast transaction processing as well as its low trading fees.

By offering both Basic and Advanced exchange interfaces, Binance is suitable for noobies and professionals alike.

Binance currently supports more than 15 languages including Chinese, English, Korean, Spanish, German, Arabic and Japanese language.

It is compatible with:

• PC client
• WeChat
• HTML5
• Android
• iOS
• Web*

Binance Ecosystem – all features:

Binance is a real behemoth when it comes to what you can do on their platform. Here is a full list, that keeps changing as they keep adding new options:

• spot trading
• futures trading
• P2P trading
• Earn (locked and fixed savings, DeFi staking and yield farming)
• Pool (join their mining and staking pools and earn rewards for keeping your chosen blockchains safe)

Available Cryptocurrencies

Binance offers hundreds of cryptocurrencies with base currencies that include Tether, Ethereum, XRP, its native BNB token and Bitcoin. Here are some of the available coins:

• Bitcoin
• Ripple (XRP)
• Bitcoin Cash
• Bitcoin Gold
• Ethereum
• Ethereum Classic
• Ark
• Hyperliquid
• Dash
• Zcash
• EOS
• Neo
• OmiseGo
• IOTA (Binance is one of the largest crpyocurrency exchanges where IOTA can be bought)
• Litecoin
• +100s more cryptocurrencies with new ones being added almost on daily basis.

Binance Trading Fees

Making deposits to Binance in any supported currency, creating an account online, and downloading the Binance mobile app is completely free. You may incur a fee when withdrawing funds from Binance. However, fees vary depending on the currency.

The fee structure at Binance is very competitive in the current environment. When trading on Binance, Binance charges a flat 0.1% fee on each trade. For a platform that doesn’t use a fee schedule, this is definitely one of the lowest fees in the industry.

It even gets better once your trading volume exceeds certain thresholds as Binance keeps lowering their fees as your trading activity goes up.

Binance has issued its own token, BNB – click here to read more about it and its wallets. This token can be used to pay any kind of fees incurred on the exchange.

Binance uses a maker-and-taker fee structure, with fees depending on your VIP level, 30-day trading volume, BNB holdings, and the market you trade. For regular spot users, fees can be around 0.1%, while higher VIP levels receive lower rates.

Users can also reduce their trading costs by paying fees with BNB. Binance currently offers a 25% discount on eligible spot trading fees when BNB is used to pay them. Fee rates and promotions can change, so it is worth checking Binance’s current fee schedule before trading.

• BNB Withdrawals: 1 BNB
• BTC Withdrawals: 0.0005 BTC
• GAS Withdrawals: Free
• BTM Withdrawals: 1 BTM
• SNT Withdrawals: 1 SNT
• EOS Withdrawals: 0.1 EOS
• NEO Withdrawals: Free
• QTUM Withdrawals: 0.1 QTUM
• ETH Withdrawals: 0.005 ETH
• LTC Withdrawals: 0.001 LTC
• BCC/BCH Withdrawals: To be confirmed

Binance

✅ low fees ✅ a lot of listed coins ✅ Savings Account ✅ Staking ✅ Lending

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How to Buy Bitcoin with Binance?

Buying Bitcoin on Binance is much easier today than it was a few years ago. The exchange now supports multiple payment methods, fiat currencies, and local payment solutions, making it accessible to both beginners and experienced crypto investors.

Depending on your region, you can buy Bitcoin directly on Binance using a bank card, bank transfer, Binance P2P, Apple Pay, Google Pay, or third-party payment providers.

Ways to Buy Bitcoin on Binance

Credit or Debit Card

One of the fastest ways to buy Bitcoin on Binance is with a Visa or Mastercard debit/credit card.

Simply select the “Buy Crypto” option, choose Bitcoin (BTC), enter the amount you want to purchase, and complete the payment. Purchased crypto is usually credited to your Binance wallet within minutes.

This method is beginner-friendly, although card fees can sometimes be higher than bank transfers.

Bank Transfer

Binance also supports bank deposits in many countries through local banking networks and SEPA transfers for European users.

Bank transfers are typically cheaper than card purchases and are often preferred by users making larger deposits. Processing times vary depending on the country and banking provider.

Binance P2P

Binance P2P allows users to buy Bitcoin directly from other users using local payment methods.

This marketplace supports hundreds of payment options globally, including bank transfers, digital wallets, and regional mobile payment apps. Binance acts as an escrow provider during the transaction, helping protect both buyers and sellers.

P2P trading is especially popular in regions where direct banking support for crypto exchanges is limited.

Apple Pay and Google Pay

In supported regions, Binance users can also purchase Bitcoin using Apple Pay or Google Pay through integrated payment providers.

This option offers a fast and convenient checkout experience directly from mobile devices.

Supported Fiat Currencies

Binance supports dozens of fiat currencies worldwide, including USD, EUR, GBP, AUD, BRL, TRY, AED, and many others. However, available payment methods depend on your country and local regulations.

Ways to buy crypto on Binance:

P2P trading

A true crypto feature where Binance provides a peer-to-peer (P2P) connections to buyers and sellers of cryptocurrency directly. Users can exchange crypto via different avenues of fiat payments, like PayPal, Skrill, Neteller, ACH etc.

Credit/Debit card:

Binance partnered with a popular credit card payments processor Simplex to offer a service of buying crypto via credit and debit cards. This service allows you to buy 31 different cryptocurrencies with a credit card. However, it is not the cheapest way to turn fiat into crypto as it comes with a premium that can get as high as 3.5% fee for USD purchases.

SEPA/Wire transfers

Binance’s leadership have shown their business prowess by enalbing another popular way to buy crypto  as they integrated with third party services to offer SEPA & bank transfers. 

This is very popular among users that have access to thes payment options as they are by far the cheapest way to buy crypto. Actually, they are essentially feeless. This option is available for EUR, AUD & CAD currency users.

Last, Brave , the privacy-focused browser integrated a Binance Widget for in-browser trading. The widget allows users to buy and trade crypto through Binance, as well as view and manage their crypto portfolio.

Is Binance safe? Is it safe to keep crypto on Binance?

Even though it did suffer a hack in May 2019 (more on that below), Binance still enjoys a reputation of one of the safest exchanges in the industry.

It is much younger and less transparent than its competitors that are much more established businesses in a traditional sense of the word, like Coinbase, Kraken or Bitstamp, however, led by the charismatic CZ, Binance would definitely rank high among crypto fans as one of the safer places to store coins (if you have to hold them on someone else’s servers and wallets).

Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier system architecture.

The Binance architecture includes CCSS and ISO/ICO_27001:2013 security protocols. For account security, the platform offers users the option to activate Google Authenticator and 2FA to verify withdrawals and security modifications. Users must activate one of these features in order to verify an account.

Binance’s privacy policy states that the platform does collect user information and stores the data on its servers. Users concerned with privacy can click the “Privacy” tab on the main Binance site if they want to review the details of the Binance policy in full.

As for storing crypto on Binance – I would recommend only keeping what you need to day trade. Everything else should be moved to a hardware wallet like Nano X or Trezor T. This has nothing to do with Binance, it is just best practice and fits with the self-sovereign ethos of cryptocurrency as a philosophy.

How to Make a Trade on Binance in 2026?

To start trading, create a Binance account and complete any identity verification required in your region. You can then fund your account by depositing crypto, buying crypto with fiat, using P2P, or using another supported payment method.

Once your account is funded, open Binance Spot and select the trading pair you want to use, such as BTC/USDT or ETH/USDT.

Binance offers several order types. A market order buys or sells at the best available market price, while a limit order lets you choose the price at which you want the trade to execute. More experienced traders can also use order types such as stop-limit and OCO orders.

Enter the amount you want to buy or sell, review the order details and fees, and confirm the trade. Once the order is filled, the purchased assets will appear in your Spot account.

Customer Support

The customer service on Binance is also top-notch if you compare it with its peer trading exchanges. Worth noting, Binance provides customer support in 7 languages!

Binance provides 24/7 customer support through its Help Center and live chat. Support is available in multiple languages, and users can also browse Binance’s guides and FAQ pages for answers to common account, trading, deposit, and withdrawal questions.

Binance does not rely on traditional phone support as its main customer service channel, so users should be cautious of phone numbers or social media accounts claiming to represent Binance support.

You can also use their live chat support option as shown here in the restricted operating hours.

Apart from that, their FAQ section is quite detailed and if you go through it well, you may not really need to contact Binance support.

Follow CaptainiAltcoin’s account on Binance square.

Company Trust – how secure is Binance?

I’ve been increasingly interested in Binance recently after seeing that community members seem to love this exchange.

The company raised around $15 million in an ICO in July 2017. It immediately acquired 20,000 registered users as part of the raise.

Binance was founded in 2017 by Changpeng Zhao (CZ) and Yi He. CZ served as the company’s CEO until stepping down in 2023. He remains one of the best-known figures associated with Binance and the broader crypto industry.

Read our updated guide on best bitcoin bots.

In August 2017, the exchange announced that Yi He, co-founder of OKCoin and one of the most respected and influential individuals in China’s online economy, was joining the platform. She was co-founder of OKCoin, the Vice President of Yixia Technology, and the Founder of Yi Zhi Bo before working on Binance.

Yi He remains one of Binance’s key co-founders and has played a major role in the company’s growth, product strategy, and global expansion.

Binance

✅ low fees ✅ a lot of listed coins ✅ Savings Account ✅ Staking ✅ Lending

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Binance Withdrawal Fee & Limits

Binance allows users to withdraw both cryptocurrencies and fiat currencies, although the available options, fees, and limits depend on your location, account verification status, and withdrawal method.

Binance Crypto Withdrawal Limits

There is no single withdrawal limit that applies to every Binance user. Your limit can depend on your identity verification level, account status, country, and other factors.

Completing identity verification (KYC) generally gives users access to higher limits and more Binance services. Depending on your location, Binance may require a government-issued ID, proof of address, or additional information as part of the verification process.

Because these limits can change, the easiest way to find your current withdrawal limit is to check it directly in your Binance account.

Binance Withdrawal Fees

Crypto withdrawal fees vary depending on the cryptocurrency and blockchain network you choose. For example, withdrawing the same cryptocurrency through different supported networks may result in different fees.

Binance displays the applicable withdrawal fee before you confirm the transaction, so you can review the cost before sending your crypto.

Fiat withdrawal fees and limits also vary depending on the currency, country, and payment method. Bank transfers and other withdrawal options may have their own minimum and maximum limits.

Withdrawal Security

Binance requires security checks when users withdraw funds. Depending on your account settings, these can include two-factor authentication (2FA), email confirmation, and other verification steps.

Users can also enable withdrawal address whitelisting, which limits withdrawals to approved wallet addresses. This can provide an additional layer of protection if someone gains unauthorized access to your account.

Keep in mind that Binance may temporarily restrict withdrawals after certain security changes. For example, changing your account password can result in withdrawals being suspended for 24 hours.

How Can I Get the Binance App?

You can visit Binance on the web and access the trading platform directly through your browser, but you will have to register for a new account before you can make trades.

On mobile, the Binance app can be downloaded for free from the iOS or Google Play store. Binance users who live in China will find links to WeChat resources on the Binance home page.

Binance Lite vs Pro – What is Binance Lite?

This is a watered-down version of the Binance app that caters to novices. All major features are right at your fingertips. This is perfect for rookies to mid-level traders and Binance has set Lite version to be the default app once you download it. But switching the modes from Lite to Professional is very easy through the app’s settings.

What’s the difference between Lite and Professional? Which version should I use? 

Advanced charts and order books are hidden on the Lite version and the app is faster and easier to use than the Professional mode which quickly overheats your phone due to its feature-rich interface and options.

Binance DEX and BNB Chain

Binance has significantly expanded its blockchain ecosystem since first introducing Binance DEX back in 2019. What originally started as a decentralized trading platform built on Binance Chain has since evolved into the much larger BNB Chain ecosystem, which now supports decentralized finance (DeFi), NFT marketplaces, GameFi projects, staking, and thousands of decentralized applications (dApps).

Today, Binance DEX is no longer a major focus compared to the broader BNB Chain infrastructure and the growing number of decentralized exchanges operating within the ecosystem.

What is BNB Chain?

BNB Chain is Binance’s blockchain network designed to support smart contracts and decentralized applications at relatively low transaction costs. The ecosystem consists primarily of BNB Smart Chain (BSC), which powers DeFi and dApps, opBNB as a Layer-2 scaling solution for faster transactions, and the original BNB Beacon Chain used for governance and staking.

BNB remains the native utility token used for transaction fees, staking, governance, and participation across the ecosystem.

Binance and Decentralized Finance (DeFi)

Over the years, BNB Chain has become one of the largest blockchain ecosystems in crypto by user activity and total value locked (TVL). Many popular DeFi protocols, decentralized exchanges, and blockchain games operate on the network due to its relatively low fees and fast transaction speeds.

Compared to Ethereum, transactions on BNB Chain are generally cheaper and faster, which helped fuel its rapid growth during the DeFi boom.

Is Binance DEX Fully Decentralized?

One of the biggest criticisms of Binance’s blockchain ecosystem has always been the level of decentralization.

While BNB Chain supports decentralized applications and non-custodial wallets, critics argue that the network remains more centralized than blockchains like Ethereum because validator participation is more limited and closely connected to the Binance ecosystem.

Supporters, however, argue that this structure allows BNB Chain to offer faster transaction processing, lower fees, and a smoother user experience for everyday users.

Like many blockchain networks, BNB Chain continues balancing the trade-off between decentralization, scalability, and speed.

Should You Use Binance DEX or BNB Chain?

For users looking for low-cost access to DeFi, token swaps, staking, and Web3 applications, BNB Chain remains one of the most active ecosystems in the crypto industry.

That said, users should still be cautious when interacting with decentralized applications, especially newer DeFi projects and meme coin ecosystems, since scams, rug pulls, and smart contract vulnerabilities are still common across the broader crypto market.

Binance

✅ low fees ✅ a lot of listed coins ✅ Savings Account ✅ Staking ✅ Lending

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Supported Countries:

The interface is basically the same to the one you’ll see with the regular Binance exchange. It’s a simple, easy-to-get-used-to setup offering basic and advanced overviews that look similar but offer different levels of data/tools.

Buying Bitcoin with Australian Dollars

Binance Australia allows eligible users to buy and trade cryptocurrencies using AUD-supported payment methods. Available deposit and purchase options can change depending on banking partners and local regulations, so Australian users should check the payment methods currently shown in their Binance account before making a deposit.

The Binance mobile app and website can also be used to trade crypto, manage assets, track prices, and access other Binance services available in Australia.

Verification process

KYC is a mandatory feature these days – in order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. If you have already used Binance with a completed KYC verification, you will be sent to the order summary page directly after opening a new order.

Binance margin trading

When trading on margin, traders borrow funds from an exchange or other experienced traders in order to leverage their capital. In other words, margin trading allows users to enter positions that are bigger than their own capital, for example entering a position worth 2 BTC by posting 1 BTC as margin.

Margin trading is risky and not for newcomers. While your gains will be amplified if you correctly predict the direction of the market, losses can add up very quickly if the market moves against you.

To margin trade on Binance, you will have to complete a know your customer (KYC) process while traders from the United States, Japan, Canada and South Korea can’t use Binance margin trading no matter if they KYC or not.

Go to your Binance account dashboard, select the “margin” tab and click “open your margin” account. If your account is not verified yet, you will be prompted to start the KYC process.

Once you want to margin trade, you need to transfer funds from the regular digital wallet to your margin wallet.

Once your Margin account is funded, eligible assets can be used as collateral to borrow funds for trading. The amount you can borrow, available leverage, interest rate, and supported assets depend on the margin mode and current Binance rules.

Margin trading also comes with liquidation risk. If the value of your collateral falls too far relative to your borrowed funds, Binance may liquidate your position to repay the loan. For that reason, users should always check the current margin level, liquidation conditions, borrowing limits, and interest rates shown in their account before opening a leveraged position.

You can select which cryptocurrency you want to borrow by clicking the “borrow/repay” button. Set the amount you want to borrow and click “confirm borrow”. Your margin loan will be subject to an interest rate, which will be displayed when you’re setting the amount of funds you’re looking to borrow.

Be sure to monitor your margin level, as you will lose your collateral if it drops to 1.1. At 1.3, you will get a margin call, which means that you either have to deposit additional funds as collateral or repay some of your loan. This is the formula that determines your margin level:

Margin Level = Total Asset Value / Total Borrowed + Total Accrued Interest Rate

FAQs

Conclusion

Binance is one of the largest cryptocurrency exchanges. The myriad of coins and low and competitive spot trading fee found on Binance are unmatched. The exchange is also known for its fast processing speeds and is capable of processing 1.4 million transactions per second. The platform has started to gain popularity in the blockchain community, and currently sits at the number 17 spot in terms of 24 hour trading volume.

The major problem we have with Binance is that the company is new and the project hasn’t been around long enough to actually prove itself.

Binance

✅ low fees ✅ a lot of listed coins ✅ Savings Account ✅ Staking ✅ Lending

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Binance vs Competitors

We have done a lot of comparisons between cryptocurrency exchanges and Binance was often one side of the duel. See below for a full list of Binance as one of the largest cryptocurrency exchanges vs others guide:

• Coinbase vs Binance
• Binance vs Kucoin
• Binance vs Bittrex 
• BitMex vs Binance
• Binance vs Coinmama
• Binance vs Coinbase Pro
• Binance vs eToro
• Binance vs Bitpanda
• Binance vs Binance US

Still not sure whether Binance is right for you? Check out Binance reviews on Revain.