Binance exchange review

Expert ScoreRead review


Card purchases, Trading fees, Withdrawal fees

Security system:
Cold storage, ISO certifications, Network audits

Deposit methods:
Bank Transfer, Binance Pay, MasterCard, VISA

Categories: ,
7.9Expert Score
Editor's comment
Binance is the world’s largest crypto exchange according to trading volume and it boasts a wide selection of tradable assets, as well as notoriously low fees. Despite Binance’s versatility and large product suite, the company has been mired in regulatory issues, specifically with the Commodity Futures Trading Commission (CFTC). The advantages are a staking program where you can earn rewards on your crypto balance, as well as a DEX that’s based on a peer-to-peer (P2P) protocol that offers high private key security.
Coin coverage
Payment methods
  • Low trading fees
  • Modern interface
  • Wide selection of cryptos available at over 350
  • Ability to stake 27 different cryptos
  • Variety of payment methods available
  • Regulatory issues and lawsuits
  • Security concerns related to hacks


Binance offers a large selection of over 350 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Ripple. 

Bitcoin (BTC)Available
Bitcoin Cash (BCH)Available
Ethereum (ETH)Available
Ripple (XRP)Available
Solana (SOL)Available
Dogecoin (DOGE)Available
Polkadot (DOT)Available
Polygon (MATIC)Available
Cardano (ADA)Available
Litecoin (LTC)Available
Tether (USDT)Available

In contrast, offers over 1,400 cryptos on its platform, while Coinbase offers more than 200. However, compared to its competitors, Binance has low trading fees and a versatile range of payment methods available.

Payment methods

You can deposit and withdraw in CAD. Binance doesn’t explicitly outline limits for all payment methods but does state on its site that deposit and withdrawal limits are subject to KYC tiering. 

Payment methodLimits
VISA daily limit (buying in FIAT)$5,000 requires KYC verification and face verification via desktop webcam or the Binance app.$50,000 requires KYC verification, proof of address and face verification via desktop webcam or the Binance app.
MasterCard daily limit (buying in FIAT)$5,000 requires KYC verification and face verification via desktop webcam or the Binance app.$50,000 requires KYC verification, proof of address and face verification via desktop webcam or the Binance app.

In contrast, requires KYC checks to buy, sell and trade cryptos but verification is categorised into three stages. The company asks for your full name, country of residence, date of birth and ID number in order to pass KYC1. Once KYC1 is approved, you need to complete facial verification via desktop webcam or by scanning a QR code on the mobile app. You then need to submit a picture of the front and back side of your passport and once this is complete, KYC3 will ask you for proof of address, which can be a utility or council tax bill, lease agreement, bank account statement or voter registration letter. 

Similarly, Coinbase requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement. However, for Canadians with dual U.S citizenship, the company notes that it doesn’t accept U.S passports or U.S permanent residence cards as forms of ID. 

CashtoCode eVoucher 

You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Binance. 

Trading fees

Binance is well-known for having the lowest trading fees on the market and while there are no deposit fees, the platform does charge differing rates of withdrawal fees for all 350+ listed cryptos, with each rate being determined by the blockchain network of the crypto itself. 

The trading fee structure is tiered and based on a maker/taker model, with higher volume trades being subject to lower fees and a 25% fee discount offered for using BNB coins in trade. Also, it’s cheaper to withdraw funds using BNB at a cost of 0.000005, while Bitcoin, for example, comes with a 0.0002 withdrawal fee and Ethereum, 0.0012. 

TierTrading maker fee Trading taker feeTrading maker fee with 25% discountTrading taker fee with 25% discount
Regular user0.1000%0.1000%0.0750%0.0750%
VIP 10.0900%0.1000%0.0675%0.0750%
VIP 20.0800% 0.1000%0.0600% 0.0750%
VIP 30.0700% 0.1000%0.0525% 0.0750%
VIP 40.0700%  0.0900%0.0525%  0.0675%
VIP 50.0600% 0.0800%0.0450%  0.0600%
VIP 60.0500% 0.0700%0.0375% 0.0525%
VIP 70.0400% 0.0600%0.0300%  0.0450%
VIP 80.0300%  0.0500%0.0225%  0.0375%
VIP 90.0200% 0.0400%0.0150%  0.0300%


Binance offers a program that allows users to stake any of the 27 eligible cryptos and the rewards you earn depends on the amount staked, with annual percentage yields (APYs) of up to 16%. For instance, you can earn up to 7.4% on your Solana.

Binance Coin2.5%
Near Protocol7%
The Graph6.5%
Oasis Network4.8%
Tron 4.8%
Kusama 13%
Band Protocol11.2%

Is Binance exchange safe?

As an Over-the-Counter (OTC) exchange, Binance has been in operation since 2017 and amassed over 120 million users. 

A low percentage of users (17%) rate Binance with five stars on Trustpilot, which is a low indicator of safety. In addition, the platform experienced large-scale controversy in October last year when $570 million worth of Binance’s own token, BNB, was stolen through a cross-chain bridge hack. 

Trustpilot2 star

The most common issues raised are related to accounts, deposits and withdrawals, however people praise them for low trading fees, a great selection of available cryptos, as well as the ability to earn fee discounts through BNB.


Binance has a range of measures in place such as account access controls that limit withdrawals to only certain IP addresses or wallets and 24-to-48 account freezes as part of security measures. The platform algorithmically tracks all accounts using real-time monitoring in order to prevent money laundering and financial crime, while 10% ($1 billion) of all trading funds are stored in a SAFU in order to reimburse users in the event of a hack.

Safe coins storageAn undisclosed amount of deposits are held in cold storage.
Two-factor authenticationTwo-factor authentication via SMS verification is required at Binance.
Information securityEnd-to-end encryption to keep user data safe, as well as API access controls on accounts that limit withdrawals to only certain IP addresses or wallets.
Platform securityThe platform algorithmically tracks all user accounts using real-time monitoring tools that can implement 24-to-48 account freezes as part of security measures. 
Network securityAn internal security team is in place but network security procedures are undisclosed.

In comparison, is known as one of the most secure crypto exchanges in the world as it has comprehensive security measures in place including a self-developed digital asset trading system, third-party anti-malware services, an encrypted transport data layer, web application firewall (WAF) systems, internal audits, institutional-grade multi-signature wallets and DNS servers.

Coinbase uses a wide range of industry-standard security practices such as holding customers' assets 1:1 in custody, end-to-end encryption for all user data and annual third-party audits. Coinbase was one of the first companies in the world to be granted a coveted Bitlicense from the New York State Department of Financial Services (NYDFS). In addition, the company also implements Anti-Money Laundering controls and adheres to Office of Foreign Assets Control (OFAC) standards.

How to start trading at Binance exchange?


You need to create an account in order to register with Binance and this can be done by:

  1. Visiting the homepage and inputting your email address or using the Google sign-in option.
  2. You then need to verify your email address.
  3. After verifying your email address, you can create a password.
  4. You then need to enter your phone number to receive an SMS verification text message.
  5. After verifying your phone number, you have to complete KYC verification.
  6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.


After filling in your account details, you need to go through KYC verification and this process is required for anyone who wants to buy, sell or exchange cryptos on Binance. Passing KYC checks also unlocks functionalities such as the platform’s native DEX and the crypto staking program. 

You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you may even need to complete face verification via desktop webcam or the Binance app.

Customer support

Despite being the largest crypto exchange in the world according to trading volume, customer service options are limited at Binance with only an online Help Center that displays FAQs and a live chat function.

Live chat24/7 live chat available in 18 languages.
Phone supportNo customer phone line available.
EmailNo customer service email available.

Binance uses a ticketing system where you need to fill in an online form detailing what type of account you have, whether you’re using the desktop platform or mobile app, language preference, your home address, as well as a subject, description and attachment option. For users who are dealing with emergency account issues, there’s no way to speak with customer service on the phone. However, this is compensated for by the 24/7 live chat function that’s available in 18 languages. 


Binance is recommended to users who are looking to buy, sell or exchange a wide selection of cryptos with low trading fees. However, their company has dealt with lawsuits from all over the world, including a legal case with the CFTC that alleges Binance was involved in insider trading. The exchange has also faced serious regulatory issues with the Financial Conduct Authority (FCA), Japan Financial Services Agency (JFSA) and Thailand’s Securities and Exchange Commission (SEC). 

But if you don’t mind this, Binance can still be a great option if you’re looking for a wide selection of cryptos and payment methods, staking rewards and fee discounts which is a major differentiating factor and unique selling point (USP) for the platform. Binance could improve its service by providing customer phone support and implementing more comprehensive security measures.  

Alternatives of Binance
No regulatory issues or lawsuitsNo regulatory issues or lawsuitsNo regulatory issues or lawsuits
Secured regulatory approval in the U.SSecured regulatory approval in DubaiSecured regulatory approval in the UK and France
Comprehensive security measures in placeComprehensive security measures in placeComprehensive security measures in place secured state licences in the U.S after receiving regulatory approval to operate as a blockchain and digital asset infrastructure provider in December last year. This allowed the company to offer its exchange platform and digital asset trading services to retail and institutional clients across the country. The platform also has a range of comprehensive security measures in place.

OKX received regulatory approval last year from the Dubai World Trade Centre Authority (DWTCA) and also signed an agreement with the United Arab Emirates Securities and Commodities Authority (SCA) to support the trading of crypto assets within the DWTCA district. The platform also has a range of comprehensive security measures in place such as API private key features and an OKX Risk Shield security fund containing more than $700 million. 

Similarly, has secured regulatory approval in the UK and France and its platform has a comprehensive range of security measures in place stemming from the company’s ISO 22301:2019, ISO/IEC 27701:2019 and ISO/IEC 27001:2013 certifications, which are the highest level for both NIST Cybersecurity and Privacy Frameworks, as well as SOC 2 standards. Furthermore, the company holds any assets you deposit onto the platform within institutional-grade reserve accounts.


Can I trust Binance?

Yes, because Binance has been in operation since 2017 and amassed over 120 million users, but there are concerns surrounding a large-scale hack that occurred last year, as well as multiple issues with some of the largest regulators in the world. 

How is my BNB balance calculated?

Binance calculates the daily average BNB balance of your account based on BNB held in margin, launchpool, futures wallet, BNB Vault, funding wallet and DeFi staking accounts, as well as any BNB held in crypto loans collateral.

What credit/debit cards does Binance accept?

They accept MasterCard and VISA but it’s not apparent whether they are currently working to enlarge the choice of cards available for users.

Does Binance provide price data on its website?

Yes, Binance offers daily and monthly candlestick price charts and aggregated trading data for all spot and future pairs. 

How much can I make staking crypto with Binance?

The platform offers commissions of 2%-16% depending on the crypto being staked and there are 27 available within the staking program. 

Specification: Binance exchange review

Deposit method
Fees Card purchasesTrading feesWithdrawal fees
Cryptocurrencies 350+

Cold storage, ISO certifications, Network audits

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