In our hands-on Binance review, we’ve set out to answer a simple question: Does the world’s largest cryptocurrency exchange still live up to the hype in 2025?
With over 292M users and hundreds of supported assets, not to mention having some of the lowest trading fees in the industry, Binance has long been the go-to platform for both beginners and professional traders. But as new competitors emerge with sleek interfaces and zero-fee trading, is it still the best choice?
In this in-depth review, we’ll discuss Binance’s core features, including its trading tools, security measures, and fees. We’ll also compare it with top alternatives to help you decide whether Binance is the best fit for your needs.
Binance Exchange Pros And Cons
Before exploring Binance’s features in detail, let’s take a look at its biggest strengths and weaknesses that we’ve identified in our testing.
What We Liked
- Competitive fees (0.10% maker/taker)
- 500+ cryptocurrencies and 1,500+ trading pairs
- Supports 30+ fiat currencies for deposits
- Multiple earning options (staking, savings, and prize events)
- High liquidity with $217B in daily spot and futures volume
- Binance Academy offers free crypto and trading education
- Strong security with 2FA, cold storage, and encryption
What We Didn’t Like
- The interface might be intimidating for beginners
- Slow customer service and no phone support
- Binance.US is only available in 40 states with a limited crypto selection
Binance is best suited for intermediate to advanced traders who want access to a wide range of assets and multiple earning options. Its Lite version is also a solid choice for beginners seeking low fees and strong security.
What Is Binance Exchange?
Binance is the world’s largest cryptocurrency exchange, founded in 2017 by Changpeng Zhao (often referred to as “CZ” in the crypto world) and Yi He.
The platform’s core product is Binance Exchange, which offers spot trading for 500+ cryptocurrencies and 1,500+ trading pairs, along with futures and derivatives markets with high liquidity. 
But there’s more to Binance than trading. It also offers Binance Wallet, a self-custody solution that allows users to store and send crypto securely.
The wallet uses multi-party computation (MPC) technology to protect private keys and supports cross-chain token swaps and decentralized finance (DeFi) integrations.
Binance Pay also lets users deposit in over 30 fiat currencies and pay with crypto at merchants worldwide.
Security Review – Is Binance Safe?
Although it has faced a security breach, Binance has built a reputation for strong security and data privacy protocols. Let’s explore Binance’s security measures and compliance protocols.
Security of User Assets Fund (SAFU)
Binance established the Security of User Assets Fund (SAFU) in 2018 as an emergency insurance fund to protect user assets in case of security breaches.
A portion of trading fees is allocated to this fund, which provides financial coverage for unexpected losses caused by system vulnerabilities or security breaches, giving users confidence that the platform is reliable.
Cold Storage for User Funds
Binance stores most of users’ funds in offline wallets, which reduces the risk of theft through online attacks.
Only a small portion is kept in hot wallets to help maintain liquidity for day-to-day operations. This balances accessibility and security.
Two-Factor Authentication (2FA)
Binance users must use two-factor authentication (2FA), which adds an extra layer of protection for account access.
By requiring both a password and a secondary authentication method (either via SMS or the Google Authenticator app), 2FA helps prevent unauthorized logins even if someone finds out your credentials.
Advanced Data Encryption
Binance encrypts user data both at rest and in transit. This ensures sensitive information, such as personal details and transaction history, remains confidential.
Know Your Customer (KYC)
Binance implements mandatory KYC verification for withdrawals and most trading activities. This process verifies user identity, which helps to prevent fraud and money laundering.
Completing KYC typically involves uploading a government-issued ID (such as a passport or driver’s license) and a selfie for facial verification. You may also need to provide proof of address, depending on your location. Binance verification can take up to a few hours.
Key Features of the Binance Platform
As discussed earlier in our Binance Exchange review, the platform has evolved into much more than a traditional exchange. It’s now a comprehensive crypto ecosystem offering advanced trading tools and earning options.
Below are the key features of the Binance platform.
Spot and Margin Trading
Binance offers one of the most extensive spot markets globally. You can trade major assets like $BTC, $ETH, and $SOL, as well as smaller altcoins in trending areas such as DeFi and GameFi.
In our testing, we found that orders execute instantly even during periods of high volatility, which speaks to Binance’s deep liquidity.
For anyone looking for higher exposure, margin trading is available with adjustable leverage options, offering up to 20x leverage through cross margin and 10x for isolated margin. But, while margin trading can amplify profits, it also increases potential losses, so it’s best suited for experienced users who understand the risks.
Futures and Derivatives Trading
The Binance Futures platform supports both $USDT-margined and coin-margined contracts, with leverage of up to 125x. This makes it a great choice for traders looking to hedge positions or speculate on price movements without holding the underlying asset.
During our testing, we appreciated the clear risk management tools such as stop-loss and take-profit orders, which automatically close your position to prevent losses during market swings.
The Futures Dashboard provides real-time data and margin ratios, which give traders a decent overview of open positions.
Binance Earn
Binance Earn allows users to generate passive income through staking and structured investment products.
You can choose between flexible and locked options. Flexible accounts allow instant withdrawal, while locked products offer higher yields for committing assets for a specific period of time.
We were impressed by how easy it was to subscribe to Earn products directly from our wallet.
Binance Launchpool lets users stake existing crypto assets to receive new token rewards at no extra cost. You choose from eligible staking pools (often $BNB, $FDUSD, or other designated tokens) and stake for a project’s launch period.
The only limitation is that the APYs fluctuate based on market demand, so returns aren’t guaranteed.
Binance P2P and Fiat Gateway
Binance supports over 30 fiat currencies for deposits, along with peer-to-peer (P2P) trading options.
The P2P platform lets you buy or sell crypto with other users in fiat currency without paying transaction fees. But it’s worth noting that the user you’re transacting with might build their margin into their price, as P2P sellers typically offer prices slightly above market rate to make a profit.
We tested P2P transactions and found that most completed within minutes. The process was straightforward, though first-time users might find the number of payment options, which include bank transfers and digital wallets, slightly confusing.
Binance’s fiat gateway also supports card payments and bank transfers, which makes it easy for you to move between fiat and crypto.
Binance Wallet and Web3 Integration
The Binanace Wallet is a self-custody solution powered by MPC technology, which means users don’t need to manage traditional seed phrases.
We found the wallet intuitive to use. You can send and receive assets across multiple blockchains without leaving the interface. It also connects seamlessly to DeFi protocols and NFT marketplaces, which makes it a versatile all-in-one Web3 tool.
Binance Academy
Binance Academy is a free educational platform built into the exchange, offering tutorials and courses for users at every level. By building your knowledge, you can earn free crypto. Topics include trading strategies, DeFi, risk management, and technical analysis.
Lessons are short and constantly updated to match the latest trends. For beginners, it’s a great resource to learn before trading real assets.
The only thing we’d say is missing is personalized learning paths or certifications, but as a free educational hub, it’s hard to beat.
Binance Pay
Binance Pay lets users send, receive, and spend crypto globally. It supports over 100 cryptocurrencies and works both on the Binance app and with merchants worldwide.
In our testing, Binance Pay was quick and convenient for P2P transactions. The built-in QR payment system enables users to scan merchant-provided QR codes for instant payments. Merchants worldwide cooperate with Binance by displaying unique QR codes linked to specific products or services. Merchant partnerships include xMoney and Zapper.
Binance Exchange Pricing & Fees – Is it Value For Money?
Binance uses a maker/taker fee model as well as a tiered VIP program (from VIP 0 to VIP 9). The fees are transparent and competitive, especially if you pay in Binance Coin ($BNB). Here’s a breakdown of what to expect:
- Spot trading fees: The platform’s base fees for spot trading start at 0.10% (maker) and 0.10% (taker). But, if you pay these fees using $BNB, you’ll receive a 25% discount, which brings both maker and taker fees down to 0.075%. If you’re a VIP member, you could get maker/taker fees as low as 0.008250% at VIP 9.
- Future trading fees: Binance Futures has slightly lower rates than spot. Maker is 0.02% and taker is 0.04%. Using $BNB to pay fees earns you a 10% discount.
- Deposit and withdrawal fees: Deposits are free for both fiat (via partnerships) and crypto. Withdrawals vary by asset and blockchain network. For example, for $BTC, the withdrawal fee is ~$0.0005.
- P2P trading fees: Buyers trade for free, while sellers pay a small listing fee depending on the country and payment method.
To save on Binance fees, pay with $BNB to unlock your spot and futures discount and increase your trading volume to climb VIP tiers.
For example, the VIP 2 tier requires a 30-day spot volume of ≥$5,000,000 and a balance of 100 $BNB, but you’ll get 0.0800% maker and 0.1000% taker.
Binance’s combination of low trading fees and $BNB discounts makes it more affordable than competitors like Kraken (0.25% maker/0.40% taker).
Binance Exchange – Is it Easy to Use?
In our experience, getting started on Binance is simple. You can register with your email or phone number and start trading in just a few minutes once you verify your identity via KYC. But, in some cases, users have mentioned delays in identity verification that can stall access.
But with so many menus and tabs, newbies may find the interface overwhelming.
The mobile app is responsive and includes all the features you’d get on the desktop version. The same trading tools and charting capabilities are intact, which enables serious trading on mobile. But some users note that the smaller screen can feel cramped when so many indicators.
Binance offers help materials, including guides and FAQs, to help new users navigate the more complex parts of the platform.
Binance offers two app modes, Lite and Professional (Pro). These let users choose between a simple version of the interface or a full-featured experience.
Lite mode is designed for beginners and casual users. It simplifies the interface by reducing on-screen data, such as order books and advanced charts, placing buy, sell, and convert functions front and center. It focuses only on the most commonly used features.
Professional mode gives you access to Binance’s full toolkit, including advanced charting, order books, a choice of order types, futures, margin, and P2P. It’s meant for experienced users who want full control and deeper market insight.
Binance vs the Competition – Is It Better?
To help you find out whether Binance is the right exchange for you, we’ve stacked it up against some of its top competitors.
| Platform | Top Choice For | Fees | Standout Features |
| Binance | Coin variety and liquidity | 0.10% maker/taker (0.075% with $BNB) | – Extensive coin support – Low trading fees – High liquidity |
| Margex | No-KYC trading | 0.019% maker/0.06% taker | – Dedicated copy trading application
– No KYC required – Perpetual futures |
| Bybit | Derivatives trading | 0.04% maker/0.10% taker | – Order-matching machine – Own NFT marketplace– Unified account structure |
| MEXC | Low fees and meme coins | 0% maker/0.02% taker | – 0% spot fees
– 500x leverage – No KYC required |
| OKX | DeFi and Web3 access | 0.20% maker/0.30% taker | – OKX Pay
– 300+ cryptocurrencies – Dual-mode trading system |
Binance stands out for its extensive coin support, which offers traders a great selection of cryptos and trading pairs. The platform’s high liquidity ensures smooth trade execution, which is particularly valuable for high-volume traders or those using leverage.
But Binance might not be right for everyone. Users who value privacy may be put off by the mandatory KYC verification process.
Binance Real User Reviews and Experience
Beyond our hands-on testing of Binance, we’ve also found some reviews on the aggregator site G2 that match our experience using the platform.
Users agree that the fee structure is competitive and appreciate the added perk of receiving discounts when paying with $BNB.
People also agree that the platform is easy to use, especially when it comes to making deposits and withdrawals.
Finally, users praise the huge selection of cryptocurrencies and payment methods.
However, some users report that the platform’s customer support is relatively slow.
When reading Binance reviews, it’s easy to see why this platform is the preferred choice for millions of users globally in 2025.
How To Start on Binance in 6 Easy Steps
At this point in our Binance review, you’re likely wondering how to get started on the platform. This is relatively easy to do if you follow the steps below.
1. Visit the Binance Website and Sign Up
Navigate to the Binance website and click the ‘Sign Up’ button in the top right-hand corner of the screen.
2. Create Your Account
Enter your email address or your phone number. You’ll also need to accept the Terms of Service and Privacy notice by checking a box. Next, click the ‘Continue’ button. You can also sign in using Google, Apple, or Telegram.
3. Verify Your Email or Number
Check the email address or phone number you entered to sign up for a verification code. Enter the code into the box and click the ‘Continue’ button.
4. Create a Password
You now need to create a password to protect your account. It needs to be a minimum of eight characters and include at least one number and one uppercase letter. Once you’ve chosen a password, click the ‘Continue’ button.
5. Verify Your Identity
You’ll now need to enter your country of residence, nationality, and submit proof of identity. You can then use your phone’s camera to scan a QR code to connect for a liveliness check. 
Next, you’ll need to enter your residential address and click ‘Continue’. You’ll receive an email notification once the review is complete.
6. Make a Deposit
You can now visit the homepage and click the ‘Deposit’ button in the top right-hand corner to get started.
Wrapping Up Our Binance Review: Is It Still the Best in 2025?
In our testing, we’ve found that Binance stands out as a comprehensive and versatile crypto exchange in 2025. It offers extensive coin support, high liquidity, and a variety of passive earning options.
Security features like 2FA, cold storage, and SAFU provide extra peace of mind, while discounts through $BNB and its VIP system make trading more affordable.
Its mobile and desktop platforms are solid, and they give users flexibility to trade on the go or conduct detailed analysis from a desktop setup.
As always, cryptocurrency trading carries risk. Make sure you do your own research (DYOR) and understand the risks involved. This is not financial advice, and only you can decide which platform aligns with your trading goals and risk tolerance.
FAQs
1. How safe is Binance?
Binance is a safe platform, with multiple layers of security in place to protect user funds. Binance stores user assets in offline wallets and uses two-factor authentication (2FA) and advanced data encryption for sensitive information. The Security of User Assets Fund (SAFU) was established in 2018 to cover emergencies.
2. Is Binance Wallet better than Coinbase?
Binance Wallet offers extensive functionality, supporting over 500 cryptocurrencies and NFTs. Users benefit from integration with the main Binance platform, which enables spot trading, staking, and P2P transactions.
While Coinbase also provides wallet services, Binance Wallet’s high liquidity and bigger coin support make it more versatile for active traders.
Beginners may need time to navigate Binance Wallet’s features, but overall, it provides more options than Coinbase.
3. Is Binance available in the US?
Binance is available to US users through Binance.US, but it’s limited compared to the global platform. Only 40 states are supported, and the US version only offers around 120 cryptocurrencies with roughly 60 trading pairs, which is fewer than the main Binance platform.
US users still benefit from basic trading features and security protocols, as well as spot and futures access, but certain coins and advanced features aren’t available.
4. What are the cons of Binance exchange?
Binance can be overwhelming for beginners because of its wide range of features and what might feel like a complex interface at first, despite a Lite version for new users.
Customer support is another limitation, with slow response times and no phone support.
Also, the US platform is restricted in coverage and asset availability, which offers fewer coins and trading pairs.
