Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. Binance is the largest cryptocurrency exchange by trading volume. According to Forbes, it is the most trusted crypto exchange in 2025, and CNBC ranks it among the world’s top fintech companies this year, particularly in the digital assets space. However, Binance is more than just an exchange, and in this review, we will explore its other notable features.
The platform primarily offers centralized exchange services, which is what makes it more popular. However, it has also made significant progress in decentralized services, including the launch of its DEX, which supports on-chain trading with Binance Wallet.
This exchange is not just a platform for investors and traders. It is also a platform for crypto-based developers, and we will show you why in this Binance review.
Binance was established in 2017. The company operates a decentralized structure and has yet to have a centralized company headquarters. However, for registration and legal purposes, the company has offices in the Cayman Islands and Malta. Our recent findings indicate that it is in the process of establishing a global headquarters to address the mounting regulatory pressure and compliance concerns. For the US market, Binance operates via its subsidiary, Binance.US. Even so, the platform does not operate in all states due to regulatory and legal limitations. These states include Alaska, Georgia, Texas, New York, North Dakota, Connecticut, Oregon, Ohio, Washington, the U.S. Virgin Islands, Vermont, Guam, and North Carolina. During our Binance review, we learned that over 291 million people use the platform for different crypto-based needs. These needs range from trading to the launch of new tokens and passive earnings. Together, the users have traded large volumes to make Binance the largest cryptocurrency exchange by trading volume alone. CoinMarketCap reported that the platform had over $200 billion in daily trading volume, a figure no other exchange has been able to challenge. Our experts can confirm that Binance indeed holds licenses in multiple jurisdictions. These licenses allow it to operate freely and make the platform accessible to residents of such countries. The regions and countries where Binance hold licenses and the type of license are shown in the table below: Note that Binance operates under a different name in certain regions. For example, in Australia, the company offers trading services under InvestbyBit Pty Ltd. Binance services may also be limited in certain regions, even though it is available. The primary reason for such disparity boils down to the license type and regulatory framework governing crypto trading activities in the country.
Binance has had its fair share of attacks since starting operations in 2017. The first major attack came in 2019. The company announced that hackers obtained a large number of user API keys, 2FA codes, and other notable information. These resulted in the loss of over 7,000 BTC from the platform, which cost Binance over $40 million at the time. The next major attack came in 2022, this time more devastating than the first. A hacker was able to exploit a vulnerability in the system’s cross-chain bridge and withdrew over 2 million BNB coins. This loss amounted to over $570 million. However, recent reports indicate that Binance has so far been able to recover $73 million. Those are notable events worth considering, but what we were more interested in during our Binance review was the current security measures taken. We must say that the platform has taken satisfactory steps to ensure the safety of user funds going forward, including secure participation in upcoming ICOs. These features include the following: As of September 2025, Binance reported that its SAFU fund wallet had a reserve of over 1 billion USDC. The company has also helped over 7.4 million users and recovered assets worth over $229 million. That is an impressive feat for a security feature launched in 2018. The SAFU fund (Security of User Assets Fund) was established to protect user funds in rare emergencies. Binance has funded this initiative by allocating a portion of its crypto trading fees (about 10%). With it, Binance can reimburse users if there is a breach and loss of funds. This security feature allows you to further prevent unauthorized access by requiring two forms of identification. These are typically your regular password and a verification code. The latter is sent when you want to log into your account, and the code cannot be used for another login. 2-FA isn’t compulsory if you have a Binance account. However, we would recommend you enable it for your account, especially if you are into day trading or long-term investment. Like many other trading platforms, Binance uses advanced encryption modules on its platform. This encryption protects user data and funds, including your login details and banking information. The encryption technology we found during our Binance review includes symmetric and asymmetric encryption. We also found RSA key pairs for API security. Binance also uses threshold signature schemes (TSS), firewalls, and whitelisting to improve the security layers. Nevertheless, you have to be vigilant, especially with phishing links. With Binance, you can trade over 600 cryptocurrencies. The supported trading pairs are even higher, at over 1,500 from our last checks. These include prominent options like BTC/USDT, BNB/USDT, and ETH/USDT. If you are in the US, you can get up to 3,000 pairs when using the convert feature, although the number of tokens is less. By the time this review gets to you, Binance might have even more cryptocurrencies and trading pairs. While we will do our best to update our Binance review, note that the platform regularly adds new tokens and delists others that fail to meet its thorough standards. You can follow up on the new tokens via our upcoming Binance listings page. There, we review new tokens that are likely to make it to the platform and what you’ll get investing in them.
Binance has several notable trading features that have helped acquire new users and retain existing ones. These features range from spot trading to margin trading, P2P trading, the converter, futures trading, and even trading bots. We also have the DEX, which was still in the beta phase when our experts tested it during our Binance review. With that in mind, here are the notable trading features you’ll get on Binance: You can access over 1,500 trading pairs when using the spot trading section on Binance. These pairs include USDC, USDT, FDUSD, BNB, BTC, and altcoins as the base cryptocurrency. Like cryptocurrencies, Binance regularly adds and delists trading pairs. If you want leverage, you can effortlessly switch to margin trading. This option allows you to use up to 20x leverage, but there is a catch. You’ll have to opt for Cross-Margin Pro to get up to 20x. The regular cross-margin option and the isolated option support up to 5x and 10x leverage, respectively. While trading, you can use the original Binance charts, which are robust, if you ask us. Notwithstanding, the platform also features TradingView charts and those that show depth. You can cycle through all three during your trading sessions. As for fees, you’ll start at 0.1%. The fees will become lower as you advance through the VIP levels on the platform. With the P2P trading option, you can conduct transactions with others directly. This eliminates the need for intermediaries, which can be handy when dealing with fiat-to-crypto transactions or vice versa. When it comes to the supported payment options, Binance is one of the best P2P exchange platforms we’ve reviewed. It supports over 1,000 payment methods, from bank transfers to e-wallets like Skrill and PicPay, depending on your location. The platform also supports over 100 fiat currencies, which gives it a wider global coverage than most exchanges. The P2P option supports the buying and selling of cryptocurrencies with filters. These filters allow you to adjust the payment methods, sort through prices or completed order numbers, or select the type of ads you want to see. If you want even faster transactions with the P2P trading option, you can use the P2P Express tab. This feature matches you quickly and allows you to trade at your preferred prices. During our Binance review, we learned that the platform supports the following futures contracts: With the futures trading option, you can open positions with up to 125x leverage, which is on par with many other crypto futures trading platforms. You also have several notable technical indicators like moving averages, the Bollinger Bands, the volume-weighted average price, and the average value line. These are available with the integrated TradingView charts as well, giving you broad flexibility for your trading strategies. This feature supports 6 underlying assets and over 700 contracts. However, what impressed us even more is that the options are priced and settled in stablecoins. That makes cost and profit calculations straightforward if you are an investor. You will also be able to enter and exit your positions stably even in periods of high volatility. We can’t say the same for coin-margined options. As for your choice when trading options on Binance, you have the classic options, which include BTC, ETH, BNB, SOL, XRP, and DOGE. You can also go for the easy options or use the Options RFQ for larger trades. The “kill-switch” feature is available when trading options. This feature will automatically cancel your open orders when you are disconnected from the network. If you want more from options trading, you can try Binary Investments. This section covers binary options trading, an approach that allows you to bet whether a cryptocurrency’s price will be higher or lower on a target date.
Binance rolled out this feature in 2024. It allows you to engage, predict, and earn rewards with upcoming listings on USD-M futures. The approach is to acquire “PICKS” for 1 USDT at the NEXT Pool. Then, you can use these picks to predict new cryptocurrency listings on Binance. The platform allows you to allocate up to 100 picks for every potential listing. For every successful prediction, you will be eligible to receive your rewards in two parts. The first part is the principal amount equal to the amount you spent acquiring the picks for the successful prediction. You will also get an additional amount based on the total number of picks users allocated to that prediction and the rewards multiplier. While Futures NEXT doesn’t involve direct trading, it is a handy feature to increase your potential earnings. The copy trading feature works in two ways. On one hand, you can copy the trades of the world’s top crypto traders. This option allows you to find trades based on the days and your preferred PnL. Then, all you have to do is select a lead trader, and Binance will automatically execute their trades in your account. It is a handy approach we recommend if you are a new trader. If you are an experienced trader, then you can increase your potential earnings by allowing others to copy your trades. Binance has an Elite Trader Program, where it will share up to 30% of the profits generated from your followers with you. Note that you’ll need a minimum of 300 copy traders in your portfolio and a minimum of $750,000 worth of assets in your management before you join the Elite Trader Program. We’ve combined both for this section because both go hand-in-hand. The Binance DEX is built on the BNB Chain ecosystem. With it, you can trade crypto assets directly via a secure, non-custodial, peer-to-peer model. A few advantages of using the Binance DEX include the following: The Binance Wallet, on the other hand, is a keyless and seedless custodial Web3 wallet designed for DeFi. It combines Binance-level security with high-speed performance to deliver a faster and more flexible DEX experience. With the wallet, you can transfer funds between the wallet and the exchange, swap tokens (cross-chain swaps are also supported), and grow your portfolio by putting your idle crypto to work. You also get a multi-party computation (MPC) technology that creates three separately stored key shares. This approach provides unparalleled security without a seed phrase. The first Binance Alpha debuted in 2024. It is currently accessible via the Binance Wallet, and with it, you can explore and purchase featured tokens directly from your Binance Wallet. The feature is primarily focused on early-stage crypto projects with high-growth potential. You can also see it as the pre-listing token selection pool. Binance uses its industry expertise to carefully select tokens for Binance Alpha. It also highlights those with strong community interest, increasing traction, and aligning them with key trends shaping the crypto industry. Unlike Binance Alpha, Binance Alpha 2.0 is integrated directly into the Binance Exchange. That approach allows you to trade the same alpha tokens, but this time, with your spot and funding accounts. You won’t need your Binance Wallet to trade these tokens anymore. Trading isn’t the only thing Binance does. The platform also offers earning opportunities, a few of which we’ve discussed earlier. Now, we’ll look at Binance Earn, a suite of products designed to help you grow your crypto holdings via passive rewards. The products under Binance Earn are as follows: The third product under Binance Earn is the loan, which can be flexible, fixed-rate, or VIP. With this option, you can borrow or pledge a wide range of cryptocurrencies, including USDT, BTC, and ETH. However, note that there are limits to how much you can borrow or pledge for every cryptocurrency.
Binance is one of the notable cryptocurrency exchanges where you can deploy bots to automate your trades. With these bots, you can also discover and replicate top strategies to maximize your returns. The platform features a bot marketplace where you can create bots using proven trading strategies from experts. You can do that for spot grid, futures grid, and arbitrage, but if you need more, then Binance supports even more. These include rebalancing bots, spot DCA, Algo order, futures TWAP, and futures VP. With Binance, you will find more than a dozen payment options to get started. The only primary thing we discovered during our Binance review is that the payment methods differ from one jurisdiction to another. The few payment options we found are as follows: Binance Pay is another option you can use to send and receive crypto payments on the platform. This option was introduced in 2021 and proved to be reliable during our Binance review. If you make deposits via crypto, then you will pay zero fees. For fiat deposits, you’ll have to pay fees, which depend on your payment option. Withdrawals attract a flat fee, which you’ll have to pay to cover the transaction costs of moving cryptocurrency out of your Binance account. Then, you also have the rates, which are determined by the blockchain network and can fluctuate. As for trading commissions, we have the following: During our Binance review, there were a few things we did to reduce the fees and maximize your holdings. These approaches are as follows: We’ve identified a few things you can do to minimize your trading costs and increase your potential gains on Binance. These are as follows:
Binance is available for all devices. If you decide to go mobile, you can get the platform’s mobile app for a more seamless operation. The desktop site looked overwhelming at first glance, but that was to be expected, given Binance’s pedigree in the industry. Things became easier as we continued with our Binance review. Navigation was snappy during our tests. We recommend the desktop site if you are a day trader. The site offers a better view and dashboard layout that includes all the crucial sections within your eye view. You can get a workaround with the mobile app, but you’ll have to switch pages more often. Speaking of the mobile app, you can go with the Lite or Pro mode. The lite mode is more beginner-friendly and will keep advanced trading tools away. It is also faster and simpler to navigate. If you want robust features, then you’ll have to consider the pro mode, which is also the default option when you install the app for the first time. You can toggle between the lite and pro modes by simply tapping the menu button at the top left corner. The mobile website offers a similar experience. However, we noticed a few slow-loading pages during our Binance review. That wasn’t something we experienced with the mobile app. The Binance mobile app also features smart widgets that help customize your homepage. During our review, we were able to add up to 8 widgets. Even better, you can resize these widgets and customize their content to make your trading sessions more efficient. Binance offers robust customer service, which includes a 24/7 chat option. We used this option during our mobile app tests, and we were satisfied with the response time. On average, we got a 1-minute response, which isn’t the fastest we’ve seen. Notwithstanding, expect a faster response time once you get the chat going. The first response is typically the longest to come. You’ll also find a self-service section, which offers a quicker approach to addressing specified options. We were impressed with what Binance did here, but we couldn’t help but hope for more services to be added. The FAQ section on Binance is one of the broadest FAQ sections we’ve seen on crypto exchanges. Binance not only includes top questions and their answers but also includes tutorials and other helpful articles. You can also get the Binance Wallet guide here. There is an announcement section that helps you stay up-to-date with the latest developments on the platform. These include new cryptocurrency listings, the latest happenings with the Binance company, new fiat listings, delistings, maintenance updates, and API updates. If you are into crypto airdrops, then you can also check out the crypto airdrop section for updates. One thing we’d love to add here is that you should ensure you remain on the Binance platform for your jurisdiction. This will help the local support staff attend to your complaints more efficiently, as per our experience during our Binance review. If you need more support, you can use the email option. The Binance customer service team is reachable via [email protected]. ✅ You can trade options on Binance ✅ Trading bots are available to automate trading strategies ✅ Holding the BNB token brings discounts on transaction fees ✅ With crypto futures, you can use up to 125x leverage ✅ Margin trading is supported on the platform ✅ Binance features early-stage crypto projects for investments ✅ There is a new DEX platform that allows you to trade on-chain ✅ Crypto deposits have zero fees ✅ There is API support for integrations ✅ Licensed in multiple jurisdictions ✅ The SAFU fund is available for emergencies ✅ Binance supports over 1,500 trading pairs and over 600 cryptocurrencies ✅ The high liquidity makes it easier to buy and sell cryptocurrencies ✅ Binance providers earn opportunities via Binance Earn ✅ Staking is available on the platform ✅ The Binance Wallet is self-custodial ✅ Binance uses the MPC approach to eliminate the need for seed phrases ✅ The app has a lite mode for beginners ❌ The platform has experienced several security breaches ❌ Binance has faced legal scrutiny in several jurisdictions ❌ Some features may be missing on the platform depending on your jurisdiction ❌ Fiat deposits come with deposit charges If you are ready to set up your Binance account, then follow the steps below: Visit the official Binance website for your jurisdiction. You can also use the Binance app to set up your account. Click the “Sign Up” button to open the registration page, where you’ll have to provide your phone number or email. Then, enter the verification code. Note, you can also sign up as an entity.
This next step is crucial, and with it, you’ll prove that you are a resident in a jurisdiction where Binance is licensed to operate. Begin by entering your country and providing other necessary documents to verify your identity and address. Note that these documents vary by jurisdiction, but the typical ones are your government-issued ID and a utility bill not more than 3 months old. As mentioned earlier, you can deposit via fiat or crypto. Use your preferred option to fund your account and get set for your first trade. With the deposit complete, you can start trading on the platform. Simply pick your preferred trade (spot, options, futures, etc.) and set the trading parameters. Binance offers much more than just trading, including a crypto affiliate program that offers commissions when you invite others to trade on the platform. NFT support is also available, and if you are a developer, you can apply to the launchpad to launch your tokens. We’ve identified several core strengths of the platforms: robust trading features (including bots), low fees, high liquidity, and regulatory compliance in multiple jurisdictions as the core selling points of this platform. The additional benefits that come with holding the BNB token are also impressive and worth considering if you are planning to use Binance as your next centralized exchange. The launch of DEX is timely, and with its availability, you can now switch from the CEX to on-chain trading. Combined with the Binance Wallet, the platform offers a complete crypto ecosystem. Based on our Binance review, we are confident in recommending the platform to both beginners and seasoned traders and investors. Nevertheless, ensure you take adequate measures to bear the risks that typically come with crypto trading.
Binance Review – Key Takeaways
An Overview of Binance and Its Background
Licensing and Security
Country
License Type
Registration No.
France
Digital Asset Service Provider
E2022-037
Italy
Digital Asset Service Provider
PSV5
Lithuania
Virtual Asset Service Provider
305595206
Spain
Virtual Asset Service Provider
D661
Poland
Virtual Asset Service Provider
RDWW – 465
Abu Dhabi
Financial Services Permission
Dubai World Trade Center
Virtual Asset Service Provider
Australia
Digital Currency Exchange (DCE) provider
100576141-001
South Africa
Financial services provider
FSP 51619
Restricted Countries
Security: Keeping User Funds and Activity Secure
The Binance SAFU Fund
2-Factor Authentication
Encryption
Binance Review – Available Coins and Trading Pairs
The Notable Trading Features on Binance
✰ Spot Trading
✰ P2P Trading
✰ Futures Trading
✰ Options Trading
✰ Futures NEXT
✰ Copy Trading
✰ Binance DEX and the Binance Wallet
✰ Binance Alpha
Earning With Binance
Product
Description
Simple Earn
With this option, you can earn passive rewards by holding your assets for flexible or locked periods. The flexible approach allows you to earn rewards every minute, but it doesn’t offer as many returns as the locked approach. The locked approach requires a specified period: 30, 60, or 90 days. You can also participate in the launch pool and Megadrop rewards.
Advanced Earn
This option includes Dual Investment, Smart Arbitrage, and On-Chain Yields. The Dual Investment feature allows you to buy low or sell high cryptocurrency at your desired price and earn rewards regardless of the market direction. Smart arbitrage, on the other hand, provides tools for you to engage in arbitrage strategies between perpetual futures contracts and their spot equivalents.
Trading With Bots
Payments, Withdrawals, and Fees
How to Reduce Binance Fees
Pro Tips to Minimize Costs
User Experience
Customer Support on Binance
Pros and Cons of Using Binance
Pros
Cons
✅ The platform supports spot and futures trading
❌ You need to climb the VIP levels to enjoy more discounts
How to Set Up Your Binance Account
Step 1: Set Up the Account
Step 2: Complete Your KYC Verification
Step 3: Make Your First Deposit
Binance Review — Final Thoughts
FAQs
Can Binance be trusted?
Is Binance legal in the US?
What are the disadvantages of Binance?
Is Binance better than Coinbase?
Does Binance charge fees?
