Binance review 2021

Written by
Gyula L.
Fact checked by
Tamás D.
Apr 2024

Binance review - overall score 4.5

Before reading the review, please take a moment to read our disclaimer.

Binance is one of the largest cryptocurrency exchanges currently operating, based on trading volume. The exchange was originally based in Hong Kong, and Binance's terms are still governed by Hong Kong law. It is not listed on any stock exchange, and its corporate structure is not transparent; for example, it is difficult to find clear information on the location of Binance's headquarters.

Binance is currently not available in the United States. From the US, you can use Binance's partner site, Binance.US, which uses matching engine and wallet technologies licensed from Binance, but its product selection and the number of trading pairs offered is limited compared with Binance.

The company itself has 2,800 employees and a 15 million client base. Its quarterly trade volume is equivalent to $180 billion, putting it in the same league as Coinbase; in fact, on some trading days Binance has shown larger turnover than Coinbase.

Employees, client base and quarterly trade volume at Binance and its competitors
  Binance Kraken Coinbase
# of employees 2,800 175 2,100
Client base (million) 15 6 56
Traded volume on exchange (quarterly, USD billion) 180 1.83 335
Latest available data as of June 2021

Why is this important? It is not easy to determine how safe a cryptocurrency exchange is. In most cases, cryptocurrency exchanges do not qualify for deposit insurance programs, so you have to be especially thorough when selecting your provider. In general, it is a good sign if

  • the exchange has a sizable client base,
  • it has a robust traded volume per quarter,
  • it is an established company (e.g. it's been around for several years and has many employees),
  • or the company that operates the exchange is listed on a stock exchange.

Binance is one of the largest, if not the largest exchange by trading volume. It has a larger client base but a shorter track record than peers reviewed by BrokerChooser.

Binance overall Pros and cons



• Low non-instant and instant buy fees

• Hiccups in account verification

• Extremely large coin selection

• Not available in the US

• Numerous extra services

• Non-transparent corporate structure

Binance main features and highlights

🗺️ Country of origin

Hong Kong

💰 Trading fees class


💰 Inactivity fee charged


💰 Withdrawal fee amount

$1-30 or 1% to card

💰 Minimum deposit


🕖 Time to open an account

Less than 15 mins

💳 Depositing with bank card


👛 Depositing with electronic wallet

Not available

💱 Number of coins supported


🛍️ Products offered

Stablecoins, altcoins, futures on coin, options

Binance fees - 4.7

Binance has the lowest trading fees among exchanges reviewed by BrokerChooser. Non-trading fees are also low, except for withdrawal fees.



• Lowest trading fees

• Withdrawal fees

• Low non-trading fees


How we ranked fees

We ranked Binance fee levels as low, average or high based on how they compare to those of all reviewed crypto service exchanges.

First, let's go over some basic terms related to crypto service fees. Just as with brokers, what you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These are mostly commissions, but some exchanges may also charge spreads (the difference between the bid and ask price).

  • Non-trading fees include charges not directly related to trading, like deposit and withdrawal fees, inactivity fees, conversion fees and bank transfer fees, among others.

In this review, we used two different calculation methods to represent the exchange’s fee structure in a comprehensive number. This means that we replicated the two most popular 'buy' scenarios for cryptocurrencies, as suggested by our clients. In this review, we calculate the

  • fees of an instant purchase

  • fees of a non-instant purchase

Instant purchase means a model scenario where we bought a coin straight, for example with a credit card or other instant deposit. A non-instant purchase means a model scenario where we first deposit in a fiat currency (USD, EUR, etc.) then convert the deposit into a coin.

For both scenarios, we calculated with a $2,000 trade value, assuming 50,000 BTC/USDT as the market price, which means trading 0.04 BTC per transaction.

Binance trading fees

Binance trading fees are low. Similarly to most exchanges, the fee you pay depends on your traded volume. Binance offers discounted trading costs depending on your traded volume and your Binance coin (BNB) holding and whether you take or make liquidity.

The standard trading fee for trading crypto assets on Binance is 0.1%. If you have any positive BNB balance on your Binance account, the trading fee is reduced to 0.075%.

Binance fees for instant purchases

Binance has the lowest instant fees among competitors. Binance only charges a 2% fee for credit/debit instant buy orders, which is the lowest among reviewed peers.

Binance fees for an instant $2,000 trade
  Binance Kraken Coinbase

Description of fees

2.00% fee charged for credit/debit card payments 3.75% + €0.25 fee charged for credit/debit card payments 3.99% fee charged for credit/debit card payments

Fees for an instant purchase

$40 $105 $90

Binance fees for non-instant transactions

Binance has low trading fees for non-instant purchases, the lowest among reviewed competitors, Kraken and Coinbase. You can lower your trading fees further by trading more or having a large BNB balance in your account.

Binance trading fees for a non-instant $2,000 trade
  Binance Kraken Coinbase

Description of fees

0.012-0.100% of trade value, depending on cumulative trade volume, whether you provide/take liquidity, and your BNB balance 0-0.26% of trade value, depending on cumulative trade volume in the last 30 days and whether you provide/take liquidity Coinbase Pro: 0-0.5% of trade value, depending on trade value and whether you provide/take liquidity
Fees for a non-instant transaction $2 $5 $10

Binance non-trading fees

Binance does not charge an inactivity fee or any account management fees. There are no deposit fees unless you deposit by credit/debit card. On the negative side, there's no free withdrawal option available in fiat currencies.

Binance deposit fees and options

Binance charges a 1.8% fee if you deposit by credit/debit card, which, by the way, is a unique feature among reviewed competitors. At other exchanges, you can use your credit/debit card only to initiate instant buy orders; depositing fiat money via card is usually not possible.

For other deposit methods, Binance charges no deposit fee. SWIFT, Wire, SEPA transfers, and both BTC and ETH deposits are available. ACH deposits or the use of electronic wallets are not supported.

Binance deposit fees and options
  Binance Kraken Coinbase


NA NA $0


$0 $0 $6


$0 $0 $10


€0 €0 €0

Credit/debit card

1.8% NA NA

Electronic wallet

NA NA Paypal 2.5%

BTC deposit

$0 $0 $0

ETH deposit

$0 $0 $0

Binance review - Deposit & withdrawal

Binance withdrawal fees and options

There is no free withdrawal option available at Binance.

You should be aware that withdrawal might take up to five business days, depending on the chosen method.

Binance withdrawal fees and options
  Binance Kraken Coinbase


NA NA $0


$30 $35 $6


NA $0 $25


€0.80 €0.09 €0.15

Credit/debit card

1% NA 2%

Electronic wallet

NA NA Paypal 2.5%

BTC withdrawal

0.000011 0.000150 BTC Not disclosed in advance, only right before the transaction

ETH withdrawal

0.00022 ETH 0.00170 ETH Not disclosed in advance, only right before the transaction

Account opening & deposit, withdrawal - 4.1

Binance's services are available in most countries, the US being a notable exception. Unique features include deposits by credit/debit card, and you can also open an enterprise account.



• Debit/credit card deposit

• Not available for US clients

• Enterprise account

• Issues with account verification

Binance is available in many countries worldwide, but not in the United States. From the US, you can use Binance's partner site, Binance.US, which uses matching engine and wallet technologies licensed from Binance, but its product selection and the number of trading pairs offered is limited compared with Binance.

The availability of Binance's services varies from country to country. For example, instant buy orders are not available in all supported jurisdictions.

Minimum deposit amount

There is no minimum deposit at Binance.

Account types

Binance provides many account types. You can use many services with the base account, but if you want to trade more complex derivatives, you have to open a futures or an options account.

Besides these, you can also open a business account.

Binance account types
Account type Description
Base account A Binance base account used for personal trading
Futures account An account used for futures trading
Options account An account used for options trading
Enterprise account A Binance base account for corporations

How to open an account

Opening an account at Binance is fairly easy and fully digital. Verification usually takes just a few minutes. However we had some issues with verification, as the system had trouble recognizing photos or processing ID cards.

Binance review - Account opening

What are the steps for account opening?

  1. Go to
  2. Click 'Register'
  3. Enter your e-mail address and choose a password
  4. Solve a simple puzzle
  5. A code will be sent to your e-mail address to verify it
  6. You're done!

Verification is not required for simply setting up an account. However, if you want to deposit or withdraw cryptocurrency, you have to provide basic personal info. If you want to deposit and withdraw fiat currency, you also have to upload a government-issued ID and make a selfie for facial verification.

Binance review - Account verification


Deposit and withdrawal

Deposit fees and options

You can deposit fiat currencies and digital currency to your account. Binance offers many payment options to send your money to the exchange. The simplest is to use your credit card or debit card; however, this is also the most costly option.

Deposit fees depend on the currency and the method of deposit. As we have recently observed, the available deposit options are continuously changing. Binance charges no fees for SWIFT transfers, which is currently the only way to deposit USD.

Bank transfer in EUR became available again recently. It is free of charge. To be able to use this service you have to provide more personal data, (e.g. proof of residence, info about why would you use Binance's services, and your financial situation). These services (fiat transfer and wallet in EUR) are provided by third parties (Bifinity UAB and Paysafe Payment Solutions Limited), you have to accept their terms and conditions as well. Our experience was quite nice, the transfered amount was credited in 20 minutes.

Bank transfers are not available for GBP deposits, but you can deposit in these currencies using your bank card at a fee of 1.8%.

Withdrawal fees and options

You can initiate withdrawals from your Binance account in both fiat currencies and digital currencies. Binance offers several options for both. The cost of withdrawal depends on the currency you want to transfer and the method you use.

For cash withdrawals, the cost of withdrawal and the minimum amount depends on:

  • the chosen fiat currency
  • the chosen method (bank transfer, card, etc.)

For example, a EUR withdrawal can cost:

  • 1% (VISA bank card)
  • €2 (SEPA transfer)

You can check available withdrawal methods and costs if you click 'Wallet' -> 'Fiat and Spot' -> 'Withdraw' when logged into your account.

You can make withdrawals from Binance in more than 400 different cryptocurrencies. The fee depends on the chosen cryptocurrency and the used network as well. You can find a detailed list at

Available fiat currencies

Binance accepts 31 fiat currencies; see the table below for a full list. The listed currencies are not available for all clients, though, and it is not transparent whether you are allowed to use them or not. You can find out only by logging into your account.

Binance fiat currencies

Research & platform - 4.1

For both desktop and mobile, Binance has multiple trading platforms, including a simple one for easy conversion, and more advanced ones with great charting tools and multiple order types.



• Many different platforms available, tailored to different needs

• Wide platform selection could be confusing

• Extra features like multiple order types, order book, charting tools



Binance has many trading platforms where you can buy and sell digital currencies. There is a simple one for beginners, designed to convert fiat currencies to crypto or one crypto to another on the spot market quickly and easily. There are advanced platforms as well (Classic and Advanced) serving the needs of more experienced crypto traders. There is a dedicated page for options trading, Binance Options.

Binance's trading platforms are available from your desktop via your browser or as a standalone application. The latter is available for Windows, macOS, and Linux.

For mobile, there is a native app for both iOS and Android, which makes it easy to buy and sell crypto assets directly from your mobile device. You can select a basic (Binance Lite) or an advanced (Binance Pro) layout in the mobile app.

Web Platform

Look and feel 

Binance's basic web trading platform is quite easy to use - if you manage to find it, that is. Binance offers many different platforms for trading; if you want to navigate to the basic platform, click 'Trade' and then 'Convert'.

Binance review - Web trading platform - Base platform

It's a quite simple and intuitive page. You can select the currency you want to sell and the currency you want to buy. You can convert fiat to crypto and vice versa, or a cryptocurrency to another cryptocurrency. Basically, it is a simple market order.

If you want more options, Binance provides advanced trading platforms as well. On the Classic or Advanced platforms, you can trade using a terminal-style interface with many charting tools and advanced order types.

Binance review - Web trading platform - Classic platform

Login and security

For logging in, there's a mandatory two-factor authentication system. The platform sends you an SMS or email or both with a code every time you log in from a new device. You can use a security key or Google Authenticator to make your account even safer. You also have to solve a simple puzzle every time you log in, unless you're using Face ID. All in all, Binance has put quite some effort into making your account and your login experience safe.

Placing trades

On the basic platform, you can place only a market order to convert one currency to another. If you're looking for advanced order types, the Classic and Advanced platforms both offer the following:

  • Market
  • Limit
  • Stop Limit
  • One-Cancels-the-Other (OCO)

Binance review - Web trading platform - Classic order types

Charting tools

Binance has a huge number of charting tools available. We counted more than 80, including some well-known ones like RSI, MACD, Volume and Linear Regression, among others.

Mobile Investment Platform

Binance is available on both iOS and Android. In this review, we tested Binance on iOS.

Look and feel

Binance's mobile platform has two different layouts: Binance Lite and Pro. Switching between the two layouts is extremely easy. You should simply tap the top left corner of the screen (the account menu) where you will find a switch that enables or disables the Lite layout.

Binance Lite

Binance Lite is an easy-to-use platform providing the most popular functions only; however, it still has many things to offer. There are simple price charts, a news feed, you can check your wallet (i.e. your balance at Binance), and you can make simple conversions just as on the web platform.

Binance review - Mobile trading platform

Binance Pro

Binance Pro gives you a much more sophisticated layout. It offers the same order types as the web platform but has better charting tools and more products (e.g. futures or margin trading). Basically, it is a mobile-optimized version of Binance's advanced trading platforms.

Binance review - Mobile trading platform

Login and security

Just as on the web platforms, a first-time login requires two-step authentication. For subsequent logins, you can use convenient features like fingerprint authentication. However, we encountered issues with Face ID during our test, as we had to re-enable it many times, making the use of the app quite uncomfortable.

Placing trades

At Binance Lite, you can only do basic conversion, which means placing a market order. At Binance Pro, you can use the same order types as on the web platform.

Binance review - Mobile trading platform - Order panel

Charting tools

Binance Lite provides a simple line chart of the price of the selected coin. However, at Binance Pro, you can use a more sophisticated charting tool with a limited number of technical indicators as well.

Desktop Investment Platform

Binance offers native platforms for Windows, macOS and Linux. We tested the platform on macOS. It has the same functionalities as the web platform, but it is a bit more customizable. Some less popular services, however, are implemented in an embedded browser window only.

Customer service - 3.3

Binance offers 24/7 support, though live chat is the only option. Live agents give useful replies, but only after you pass a hit-and-miss chatbot. Binance also has a forum presence.



• 24/7 availability

• No meaningful answers from the chatbot

• Forum presence

• No e-mail channel

You can only contact Binance via live chat, though it is available 24/7.

There are two ways to reach the chat. The easiest is using the yellow chat icon found in the bottom right corner of most pages. Alternatively, at the end of all pages under 'Support' you will find a 'Submit a request' link clicking it will guide you to the chat function. First, you can select from many pre-defined questions and a chatbot will try to answer your question. If you are not satisfied with the answer, you can continue with a live agent.

We had mixed experience with the usefulness of the answers provided by the chatbot, but after a few minutes of waiting time, a live agent was always able to answer our questions.

Binance review - Customer support

Binance also has a forum presence. Although there's no forum on the website itself, Binance experts do weigh in and offer assistance on forums on third-party sites such as Reddit. This is a useful service, but there is room for improvement in this respect; having its own support forum on the Binance website would make the support process more convenient.

Product selection - 5.0

Binance has by far the largest selection of cryptocurrencies among reviewed exchanges, and also offers derivative, margin and options trading.



• Abundant selection of cryptocurrencies

• None

• Derivatives, margin and option trading


There are hundreds of different coins available at Binance. You can check the available trading pairs by logging into your account.

Number of coins available at Binance vs competitors
  Binance Kraken Coinbase
# 400+ 56 54

Derivatives, options and futures on coins

Binance has a separate trading platform to trade futures on coins. Head to to check out this feature. You can trade perpetual or quarterly contracts; settlement can take place in coins or in USD stable coins.

Binance review - Futures trading platform

Binance offers an options trading platform as well, where you can trade European-style vanilla options on crypto-currencies.

Margin trading / leveraged trading available

At Binance, you can also trade on margin. Margin rates and borrowing limits depend on your BNB balance and trade volume.


Binance is one of the largest crypto exchanges by trade volume, but its short track record and opaque corporate structure may be discouraging signs for those focusing on safety.



• Large trading volume and client base

• Lack of transparency in corporate structure 


• No FDIC / SIPC insurance


• Based outside of developed economies 

Is Binance regulated?

Before we dive deeper into this question, please take a moment to read our disclaimer.

Cryptocurrency exchanges do not qualify for deposit insurance programs, as they are not savings or financial institutions. Therefore no, this service is not regulated in the same sense as broker services are.

Having said that, crypto exchanges are coming under increasing regulatory scrutiny. In a recent consumer warning, the UK's Financial Conduct Authority (FCA) stated that no entity in the Binance Group holds any form of UK authorization, registration, or license to conduct any regulated activity in the UK. This means that you cannot rely on regulators when you deal with crypto exchanges. They cannot help you assess how safe these exchanges are, and they will not help you if any issue arises. Still, there are a few signposts that may help you judge the safety of crypto exchanges. Among others, it's worth checking whether the service:

  • is listed on an exchange
  • has a long track record
  • has significant volumes traded on its platforms
  • has a big client base and workforce
  • vows to guarantee FDIC/SIPC insurance on deposits

Binance is not exchange-listed, and it has a short track record. It has been operating since 2017, making it the youngest service provider among close competitors reviewed by BrokerChooser. See detailed company fundamentals in our table below.

Binance and its competitors' fundamentals
  Binance Kraken Coinbase
Revenue (USD million) - 16.4 1,277
Year of revenue data - NA 2020
Client base (million) 15 6 56
Foundation date 2017 2011 2012
Traded volume (quarterly, USD billion) 180 1.83 335
Guarantees of an investment protection scheme (for staking or any other service) NA NA FDIC for cash


Binance was founded in 2017, making it one of the younger crypto exchanges out there. However, when it comes to usage data, the number of clients and trading volume, it is already among the biggest. Binance was originally based in Hong Kong; it now operates in various jurisdictions but the governing law of its terms is still Hong Kong law. Its orporate structure is opaque; it is not possible to tell what the legal entity is at which you open your account.

Is Binance secure and safe?

Regarding safety, you should be aware that in most cases, crypto exchanges face less stringent regulations than brokers. Investor protection schemes like SIPC in the US or FSCS in the UK are not available for investors of cryptocurrency exchanges.

Education - 4.0

Binance provides many educational materials, mostly via its Binance Academy. There are educational articles, videos, a glossary, and quizzes to test your knowledge.



• Plenty of educational materials available

• No demo account

• Quality texts in a structured form


At Binance, you have access to the following educational tools:

  • Quality educational texts, videos and quizzes at
  • Webinars on Binance's YouTube channel
  • An FAQ page in the support center at

Binance provides a large selection of different educational materials. They mainly discuss crypto-related issues, but general topics related to trading and investment are also covered. The materials are of high quality.

You can also test your knowledge by solving quiz questions. It is a fun way to learn, although currently there is only a limited number of these tests available.

Binance review - Education - Binance Academy

Binance review - Education - FAQ

Extra features

Binance offers a large and continuously growing selection of extra services, such as derivatives trading, margin/leveraged trading, staking, and even a crypto debit card.



• Futures and options trading platform

• Hard to get an overview of all the available extra features

• Staking


• Crypto card


Derivatives trading

Binance has a separate trading platform for futures and another one for options trading. It is common among crypto exchanges to have such a separate place to trade cryptocurrency futures. Binance provides additional products to trade using leverage, such as leveraged tokens, which allow you to trade with leverage without the risk of being wiped out by a margin call. This selection is great but may be hard to understand for beginners. Be careful with leveraged products and make sure that you understand all the associated risks.


At Binance, you can stake coins and stablecoins as well, allowing you to earn staking rewards on your holdings. However, staked assets are not covered by insurance against losses and are not eligible for Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) protections.

Crypto card

By using Binance's crypto debit card, you can spend your crypto when you buy something with your debit card. Your crypto will be instantly converted to the fiat currency of the purchase.

Bottom line

Binance is one of the largest crypto exchanges by trading volume, and it has a very wide product range compared with other crypto exchanges reviewed by BrokerChooser. It also has a solid and growing selection of extra services. Binance was originally based in Hong Kong, but its current corporate structure is quite opaque, not helped by the fact that the company is not listed on any exchange.

The company/exchange itself has more than 2,800 employees, a client base of some 15 million users and a quarterly trade volume equivalent to $180 billion. Compared with other reviewed exchanges, these numbers are at the high end.

Binance has advanced trading platforms, as well as the lowest fees and the widest product selection among reviewed exchanges. It offers many other products beyond spot trading, such as derivatives trading, staking or a crypto debit card.

However, Binance's legal structure is opaque. It operates outside of developed markets, under Hong Kong law. It is hard to find out exactly what entity you enter a contractual relationship with when you trade at Binance. This makes assessing the risks of dealing with Binance difficult and can be problematic if you have an issue to solve with Binance. Binance is not available in the United States, while the British regulator FCA has recently issued a customer warning on one of Binance's subsidiaries.

Feel free to try Binance, but be very careful, as crypto exchanges are not overseen by financial regulators.

If you come across anything that you think would be nice to include in this review, let us know at [email protected].

Please take a moment to read our disclaimer below:

Disclaimer: Neither BrokerChooser nor any of its partners accept any responsibility, duty of care or other liability however arising to You or any other third party in relation to this material provided however that nothing in this disclaimer excludes or restricts any liability or duty which BrokerChooser may have under applicable law or regulation which is not capable of being so excluded.

This material and any information contained herein is provided to You for information purposes only. BrokerChooser is not making any recommendation or soliciting any action based on the information contained herein or making any offer, solicitation or recommendation to invest in a particular investment or undertake any course of action.

This information is furnished to You with the express understanding that it does not constitute investment or any other advice and You will determine, by seeking your own independent advice, the economic risks and merits as well as the legal, tax and accounting consequences of taking any course of action, adopting any investment strategy and/or investing in any asset. Furthermore, BrokerChooser does not provide tax, accounting or legal advice either, hence if You require advice in relation to such matters, You should consult your respective tax, accounting or legal advisers.

Recent performance of several crypto currencies might make it tempting to start trading digital currencies. However, You should be aware that these assets are extremely risky, they tend to be much more volatile than more traditional investments such as stocks, bonds or fiat currencies etc., hence it is of utmost importance that You seek your own independent advice with respect to the economic risks and merits as well as the legal, tax and accounting consequences of taking any course of action, adopting any investment strategy and/or investing in any crypto currency, crypto asset and/or crypto commodity.

You should also be aware that in most cases, crypto exchanges face less stringent regulations than brokers and other regulated financial intermediaries; and that investor protection schemes such as schemes of the Securities Investor Protection Corporation in the United States or the Financial Services Compensation Scheme in the United Kingdom are not available for investors using crypto exchanges.

Please note that this material and all the information contained herein are derived using various proprietary and non-proprietary sources deemed by BrokerChooser to be reliable. It is not necessarily comprehensive and its accuracy cannot be assured. In addition, the information and analysis contained in this material are based on professional judgement and may vary from conclusions or analysis provided by other qualified professionals asked to perform similar analysis. Moreover, this material and the information contained herein are subject to modification, change or supplement without prior notice to You.

Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

author image
Gyula Lencsés, CFA
Author of this article
Gyula is a former analyst expert and Head of Content at BrokerChooser. With over a decade in finance, he led content creation at BrokerChooser and personally evaluated some of our 100+ listed brokers. He opened real-money accounts, executed transactions, and engaged with customer services, offering firsthand assessments. Prior to BrokerChooser, he managed mutual funds in wealth management, trading stocks, ETFs, bonds, commodities, forex, and derivatives. His goal: simplify the hunt for top brokers in a dynamic investment landscape.
I'd like to trade with...