Review of Binance

Binance was launched in 2017. The founder is Changpeng Zhao (CZ), a Chinese-born individual with Canadian citizenship. Initially, the exchange was based in China, but due to regulatory pressure, it quickly moved to other jurisdictions. Now it has headquarters in multiple countries, including France, UAE, and Malta.

Within a few years, Binance became the largest cryptocurrency exchange in the world by trading volume. The platform has over 170 million users (as of early 2025) and operates in almost all countries except where it is explicitly banned (for example, the USA uses a separate version — Binance.US).

What do people say? Online, the exchange is praised for its convenience, a wide range of features, and many coins. However, there are complaints about verification, support, and unexpected account freezes. In general, like any large system, opinions vary.

Functional Capabilities

On Binance, you can do more than just buy/sell Bitcoin — it’s a whole ecosystem:

• Margin trading and derivatives with leverage up to 125x (but be cautious — you can quickly make or lose a lot)
• Futures — many instruments including USDT-futures and COIN-M futures
• Staking and DeFi — you can “park” crypto for interest or participate in DeFi programs directly from the Binance interface
• Lending and savings products — like bank deposits, but with crypto
• Developer API — convenient, with extensive documentation
• Mobile and desktop apps — stable and regularly updated

Registration and Verification

Registering is simple:

1. Go to binance.com
2. Click “Register”
3. Enter your email or phone and create a password
4. Confirm the code sent by email
5. Done — account created

But! To withdraw funds and use all features, identity verification (KYC) is required.

Verification Levels:

• Basic — only name and country; very limited functionality
• Intermediate — passport + selfie; deposit/withdrawal limits are raised
• Advanced — needed for large amounts and business accounts

Platforms and Interfaces

The site is well organized: “Market,” “Wallet,” “Trade,” “Finance,” “NFT,” etc. You can choose a “basic” or “advanced” interface.

Mobile apps are available for iOS and Android. The interface is almost the same as the website, very convenient.

API

If you are a developer, you can automate trading, connect bots, or get real-time quotes.

What do users say?

Here are real reviews:

• Trustpilot: ⭐ 4.2 out of 5
• Reddit: mainly positive, but many debates about support
• Forums: praise for features and low fees, complaints about KYC and withdrawal delays

Summary and Rating

Binance is the number one choice for those who want “all-in-one”: from buying crypto to futures and staking. It has rich features, low fees, many assets, and a user-friendly interface.

However, keep in mind the verification challenges and be cautious about storing large sums on the exchange.

Binance really focuses on security, and it’s not just words — over the past years, they have built a whole ecosystem of protective mechanisms. Here is how it works in practice:

Two-Factor Authentication (2FA)

Every Binance user is required to enable 2FA for access to key features:

• Supports Google Authenticator, Binance Authenticator, and SMS codes
• Email confirmation is also available for withdrawal actions or security changes
• Regular prompts to activate 2FA appear on login

Hardware Keys and WebAuthn

Binance supports hardware security keys (e.g., YubiKey, Feitian) via the WebAuthn protocol. This is one of the most reliable forms of protection since it requires a physical device to log in.

Anti-Phishing Codes

To prevent phishing attacks, Binance offers users the option to set an anti-phishing code — a short phrase that will appear in all official emails from the exchange. If the code is missing, the email is fake.

Funds Storage — Cold Wallets

According to Binance:

• Up to 98% of all user funds are stored in cold wallets that are offline
• Only a small percentage (2% or less) is kept in hot wallets to ensure liquidity

Multisignature for Withdrawals

Binance uses a multisig system — large transactions require approval from several responsible parties within the company. This reduces the risk from one compromised key.

Known 2019 Hack

• Date: May 2019
• Amount stolen: 7,000 BTC (about $40 million at that time)
• How? The attack included viruses, phishing, and other methods
• Binance’s response:
  • Paused withdrawals for 7 days and conducted an audit
  • All affected users were compensated from SAFU — Secure Asset Fund for Users, Binance’s special insurance fund

SAFU — User Insurance Fund

• Created in 2018
• 10% of all trading fees are transferred to SAFU
• Funds are held separately in cold wallets
• Used exclusively to cover user losses in emergencies

Binance is one of the most fee-friendly cryptocurrency exchanges. Below is a table with the main fee categories, explanations, and recommendations on what to check before starting.

Main Categories of Fees and Limits

How Trading Fees Work

• Maker (you place an order) and Taker (you fulfill an existing order) start at 0.1% each
• Paying trading fees in BNB gives a 25% discount, so the final fee is 0.075%
• Additional discounts depend on 30-day trading volume and BNB balance (VIP0–VIP9 levels)

📌 Example: if you trade over $50,000 per month and hold 50 BNB, your fee will be less than 0.075%.

Deposit and Withdrawal Fees

Cryptocurrencies:

• Deposits are free
• Withdrawals depend on the specific network:
  • USDT (TRC20) from 1 USDT
  • USDT (ERC20) from ~5–15 USDT
  • BTC from 0.0002 BTC

Fiat:

• Card deposits: fees around 1.8–2% (depending on region)
• SEPA transfers: from 1 EUR
• P2P: no fees from Binance, only P2P exchange rate (check seller reviews carefully)

Operation Limits

Without verification (KYC not passed):

• Limited access to features
• Withdrawal up to 0.06 BTC/day

After KYC (identity confirmed):

• Withdrawal up to 100 BTC/day
• Full access to all features, including P2P, spot, derivatives, and staking

Additional verification (business account) — extended limits by individual request

Fiat and Language Support

Binance supports fiat deposits/withdrawals in more than 20 currencies including RUB, EUR, USD, UAH, TRY, NGN, BRL, and more.
The interface supports over 30 languages, including Russian, English, Ukrainian, Spanish, Portuguese, Chinese, etc.

How Often Do Fees Change?

• Cryptocurrency withdrawal fees depend on blockchain conditions (network congestion, gas fees) and may change daily
• Fiat fees depend on third-party payment gateways and banks — these may vary as well