Binance Review 2022

Binance is an inexpensive, speedy exchange with enough power to satisfy the experts, but might be a little overwhelming for crypto novices.

By Tom Blackstone Crypto Expert Tom Blackstone, Cryptocurrency Expert & Gabe Turner, Chief Editor
Binance's basic interface
Editors Rating:
7.6 /10

What We Like

What We Don't Like

  • Not very user friendly: Binance’s UI can feel a little cluttered and clunky at times.
  • Questionable regulatory history: As of 2021, Binance is under investigation for tax fraud, money laundering, and insider trading in the U.S.

Bottom Line

If you’re looking to take things to the next level, Binance is certainly an exchange to check out. While it still offers a basic interface for newbies, its advanced options and powerful tools will keep advanced traders happy.
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So let’s say you’ve been dabbling in crypto for a while. You understand the U.S. cryptocurrency regulations. You’ve got a decent amount of crypto in your digital wallet. You’ve positioned yourself well across several different currencies. And now you’re looking to take things to the next level.

If that’s you, you’ll need an exchange that offers you the tools you need to grow as a crypto investor, as well as the trading options you require to make some pretty advanced plays. In other words, if you’re ready to take the training wheels off, it’s time to take a look at Binance.

Editor's Rating
Overall Rating
7.6
  • Supports over 65 cryptocurrencies
  • Instant trading options
  • Wide selection of trading and order options

Binance Overview

Originally based in China, Binance was founded in 2017 by Changpeng Zhao. Since then, it’s grown to the largest international crypto exchange in the world by volume.1 That said, for the purposes of this article, we’re only going to be looking at the U.S.-based platform, which is a little more limited in scope.

First of all, it’s only available in 45 states. You should look at our state-by-state crypto laws and regulations resource to make sure you’re compliant, but if you live in Hawaii, Idaho, New York, Texas, or Vermont, right off the bat you’re going to need to look for another exchange. For everyone else, though, Binance might be a viable option.

FYI: Remember, while the two are under the same umbrella, Binance and Binance U.S. are two different companies. We’re only focusing on Binance U.S. here.

One thing to keep in mind is that Binance was under investigation for tax fraud, money laundering, and insider trading in the U.S. in 2021.2 While that should give you pause, remember that the crypto market is largely unregulated, and governments across the globe are looking to gain transparency into them.

Binance does offer some pretty pronounced benefits for traders, namely its low fees, its powerful trading tools, and its ability to perform advanced trading. It’s certainly not the most intuitive platform I’ve seen, but it’s definitely one of the most powerful.

With that out of the way, let’s talk about one of the most important factors of any crypto exchange — its security.

Binance’s Cybersecurity

Despite its regulatory missteps, Binance runs a tight ship when it comes to the security of the exchange (from what I can tell, anyway). The company’s user-level security seems sound with two-factor authentication, advanced access controls, and security notifications.

Pro Tip: Even if an exchange is locked up tighter than Fort Knox, you can still fall victim to scams and hackers if you’re not doing everything you can to keep yourself safe. Read up on exactly how to do that in our guide to protecting your cryptocurrency.

At the platform level, data is secured using end-to-end encryption, cold storage facilities for the vast majority of user funds, and real-time monitoring of withdrawal attempts, password resets and email address changes. Unusual activity will automatically trigger suspended withdrawals for a minimum of 24 hours.

Binance's security promise to its users
Binance’s security promise to its users

For added security, all of Binance’s U.S. dollar balances are FDIC insured, meaning that if your cash balance is stolen, you can be reimbursed. What’s more, Binance U.S. has never reported a breach, although $40 million worth of bitcoin was stolen from the Binance global exchange in 2019.3

Overall, Binance’s security seems robust, and most users — as long as they’re taking the proper steps to protect themselves — should be able to sleep at night knowing that their investments are relatively safe from hackers.

Pro Tip: Binance does offer a deposit and withdraw function, but it just doesn’t call this function a “wallet.” You can “withdraw” to someone else’s wallet address if you want, or you can have someone else “deposit” funds to your exchange address. Simply put, Binance labels these functions in such a way as to make it clear that it is an exchange, and that an exchange is not a wallet. Learn more in our deep dive into crypto wallets.

Now that you have an understanding of what this exchange is all about and what it does to protect your funds, let’s talk about the currency available to trade.

Crypto Supported by Binance

First, a quick reminder: While the international Binance exchange supports over 500 different cryptocurrencies and virtual tokens, the U.S. version supports about 65. Among those, though, you’re going to see a lot of familiar faces, including:

  • Bitcoin
  • Ethereum
  • Harmony
  • Orchid
  • Helium
  • Chainlink
  • Stellar Lumens
  • PaxGold

While Binance doesn’t offer as many options as mentioned in my review of Coinbase, there’s certainly enough here to keep most traders happy.

Some of the cryptos available on Binance
Some of the cryptos available on Binance

So just to recap — Binance offers a wide array of crypto to trade using advanced methods, coupled with some pretty powerful analytical tools (we’ll dig into those in just a bit). While it isn’t the most transparent exchange out there, its security posture seems solid, and its reputation seems to be improving. If you’re still on board, let’s talk about getting your Binance account set up.

FYI: There are so many options when it comes to cryptocurrencies, it can be difficult to know which ones will boom and which ones will bust. I suggest taking a look at our analysis of exactly how cryptocurrencies gain value before you start investing blindly.

Establishing a Binance Account

It’s relatively simple to get set up with Binance. First, head over to the Binance website, and hit the “Get Started” button. You’ll enter your email address and a password to create your account, and your phone number to set up SMS two-factor authentication.

You’re also going to need to upload a government-issued ID, like a driver’s license, a state ID, a passport, or a visa to complete your account setup. While this might seem like a bit of a hassle or an invasion of privacy, Binance has this security measure in place to make it harder for bad actors to tamper with your account or compromise your identity.

Pro Tip: Binance says the verification process can take a few minutes up to a few days. I used my smartphone to upload my driver’s license, but it took a few tries to go through. While it might be a little counterintuitive, don’t take the images in landscape mode — keep the phone vertical. Once I did that, it only took a few minutes.

Once your account has been set up, your identity verified, and a funding source added, you’re ready to start trading. Let’s talk about that now.

Trading on Binance

There are two ways to trade on Binance: the basic and the advanced interface. The basic is — obviously — more basic and user-friendly. If you’re new to trading crypto, this is where you’ll want to stay, at least for a while. Here you’ll be able to buy and sell whichever cryptocurrency you select, convert cryptos from one to another, withdraw your funds, and set up recurring orders. There are also some handy resources available on the page so you can learn more about the world of cryptocurrency.

Binance's basic interface
Binance’s basic interface

Like I said above, if you’re brand new to crypto, you’re going to want to stick to the basic interface for a while to get your bearings. If you’re ready to go full-blown “Wolf of Wall Street” though, you can head over to the advanced interface.

Binance's advanced interface
Binance’s advanced interface

Now if you have no idea what you’re looking at, you’re not alone. This interface is for highly experienced traders looking to deeply analyze market conditions in real time to make advanced trades, purchase options, and set specific trigger conditions.

It’s beyond the scope of this article to get too deep into Binance’s advanced functions, but the big takeaway is that their tools are powerful enough to keep professional day traders satisfied. With that said, here are some of the more advanced features of Binance:

  • Purchasing call options
  • Purchasing put options
  • Real-time technical analysis
  • Setting trigger conditions for trades

Pro Tip: If you’re not sure what you’re doing, you probably shouldn’t mess around with the advanced features of Binance. You can run into trouble if you start purchasing options without a clear strategy. I’d suggest first reading up on purchasing cryptocurrency safely before you get too deep.

It’s also worth pointing out that Binance has a pretty robust mobile app that’s available on both iOS and Android devices. Although it doesn’t have a lot of the advanced features you’ll get on the desktop client, it’s still certainly good enough to help you make trades on the go.

Binance's mobile app on an iPhone
Binance’s mobile app on an iPhone

Now that you understand how to trade on Binance, we need to talk about one of this exchange’s biggest selling points — its fee structure.

Binance Fees

Simply put, Binance offers some of the lowest transaction fees in the industry. It uses a maker/taker fee structure — meaning that fees are different if you’re providing rather than taking away liquidity — and the transaction fees will depend on your 30-day trading volume. Generally speaking, there is a 0.1 percent spot trading fee, a 0.5 percent instant buy/sell fee, and debit card withdrawals that incur a 4.5 percent fee. Here’s a real quick breakdown:

Binance’s General Fees

Payment Type Fee
Crypto Wallet None
Debit Card 4.5 percent
Wire Transfer $15
ACH Transfer None
Crypto Conversion None
Trades From 0 percent to 0.1 percent
Buy/Sell Crypto 0.5 percent

Adding slightly to the complication, Binance offers VIP status for folks whose 30-day USD trade volume and amount of BNB — Binance’s cryptocurrency — exceed certain thresholds. The different VIP levels achieved will determine your fee structure. Also, if you pay those fees using BNB, you’ll be entitled to an additional 25 percent off.

You’re not going to need to worry about this unless you’re moving serious amounts of crypto around, but here’s how the breakdown looks if you’re curious:

Binance Fee Structures for Different VIP Levels

VIP Level 30-Day Trade Volume BNB Balance Maker/Taker Fee in Percentage Maker/Taker Fee when Paid with BNB in Percentage
VIP 0 Less than $50,000 >0 BNB 0.10/0.10 0.0750/0.0750
VIP 1 >$50,000 >50 BNB 0.09/0.09 0.0675/0.0675
VIP 2 >$100,000 >100 BNB 0.08/0.09 0.06/0.0675
VIP 3 >$500,000 >200 BNB 0.07/0.08 0.0525/0.06
VIP 4 >$1,000,000 >400 BNB 0.05/0.07 0.0375/0.0525
VIP 5 >$5,000,000 >800 BNB 0.04/0.06 0.03/0.045
VIP 6 >$10,000,000 >1,500 BNB 0.0/0.06 0.0/0.045
VIP 7 >$25,000,000 >2,500 BNB 0.0/0.05 0.0/0.0375
VIP 8 >$100,000,000 >4,000 BNB 0.0/0.04 0.0/0.03
VIP 9 >$250,000,000 >6,000 BNB 0.0/0.03 0.0/0.0225
VIP 10 >$500,000,000 >6,000 BNB 0.0/0.02 0.0/0.015

Now if you’re going cross-eyed from looking at these numbers, the takeaway is that Binance’s fees are some of the lowest you’ll find. If you’re looking to trade crypto without giving a significant chunk of it to a third party, Binance might be the right exchange for you.

If you’re wondering exactly how it measures up against the competition though, now might be a good time to look at how it stacks up with other popular exchanges.

Binance vs. Similar Exchanges

Exchange Binance Coinbase Sofi Gemini
Fees Up to 4.5 percent Up to 5.98 percent Up to 1.25 Percent Up to 3.99 percent
Account Minimum $10 $2 $10 $0
Promotions None $5 in BTC $10 in BTC $20 in BTC
Advanced Trading Options Yes No Yes No

Now that takes care of all the nuts-and-bolts information you need to know about Binance: fee structures, trading capacities, tools available, and the differences between the basic and advanced interfaces. Now let’s pivot a bit and talk about some of the factors that won’t impact your day-to-day use, but are important nonetheless.

Binance’s Customer Service

Binance doesn’t have the best reputation for customer support, and similar to Coinbase, it seems like the majority of complaints all center on difficulties speaking to a real live person when there’s a problem, and difficulties withdrawing funds.

Here’s a review from Jim C. that’s been edited for length:

“Support is completely nonexistent. I submitted a help request with one, simple question. But 5 WEEKS later, still have received no response other than the initial, auto-generated email stating, ‘Due to an influx of unexpected volume, our response may be slightly delayed.’ Slightly? If more than 5 weeks is ‘slightly’ delayed I’d hate to find out what they consider to be an extremely long delay.”

That said, there are a significant number of positive reviews. Here’s one from another investor:

“I like their whitelisting option, and their trading fees are super cheap. IMHO if you want to keep crypto on exchange and trade for capital gains, you won’t find a more user-friendly and cost-effective exchange.”

If you run into an issue, there are three ways of reaching out to Binance:

  • Submit a ticket
  • Live chat for basic questions
  • Tweet @BinanceHelpDesk

Now that we’ve unpacked Binance in detail, it’s time to bring it all home. So, what’s the final verdict here?

The Good and the Not So Good

What Binance Gets Right
  • Its fees are among the lowest in the industry
  • It offers powerful analytic tools
  • It supports a long list of cryptocurrencies
  • It allows for advanced trading methods
Where Binance Falls Short
  • It has a questionable regulatory history
  • It’s not exactly transparent
  • It’s not very user-friendly
  • It has a poor customer service reputation

Overall, I’d say Binance is a solid exchange if you can overlook its checkered past. But should you select it as your exchange of choice?

Is Binance Right for Me?

So right off the bat, if you’re a highly experienced crypto trader, you’re probably going to like Binance. It puts all the tools you need at your fingertips with their advanced interface, and their capacity for advanced trading makes them a solid choice for veterans. But where does that leave the newbies?

Pro Tip: There are tons of different exchanges out there, and some are more appropriate than others for specific types of traders. Shop around before you commit yourself.

One thing that I really like about Binance is that it has room to grow into. With other exchanges, you’re either in kindergarten or a Ph.D. program. By offering basic and advanced interfaces, Binance straddles both worlds. It’s accessible enough that beginners won’t feel totally lost, and as you gain more experience, you can graduate to more advanced styles of trading.

Would I recommend Binance to someone who’s never used a digital exchange to trade stocks or crypto? Probably not. But if you have a general understanding of this world and you’re looking to expand that knowledge, this might be a good platform for you.

If Binance seems a little overwhelming at the moment, I’d encourage you to check out our Everything You Need to Know About Crypto resource. Once you’ve reviewed that material, you’re going to have a much steadier footing and a lot more confidence.

Binance FAQs

  • Is Binance good for beginners?

    While Binance does have a basic interface, it’s not the most intuitive or user-friendly exchange out there. It’s definitely more targeted towards advanced traders.

  • Does Binance have a mobile app?

    Yes, it does have an app for both iOS and Android devices, although its desktop interface offers the highest level of functionality.

  • Where is Binance available in the U.S.?

    At the time of this writing, Binance is available in 45 states. You can’t use Binance if you’re in Hawaii, Idaho, New York, Texas, or Vermont.

  • Is Binance safe?

    Although it has run into some regulatory issues in the past, Binance has a good reputation for user-level cybersecurity. Binance U.S. has never reported a breach.

  • What crypto can I trade on Binance?

    Binance supports most major cryptocurrencies, including bitcoin and ethereum. In total, over 65 cryptos are supported on the U.S. platform.

Editors Rating:
7.6 /10
Citations
  1. CoinMarketCap. (2022). Top Cryptocurrency Spot Exchanges.
    coinmarketcap.com/rankings/exchanges/

  2. Bloomberg. (2021). Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths.
    bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in

  3. CNBC. (2019). Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges.
    cnbc.com/2019/05/08/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html