Binance is the largest cryptocurrency exchange globally, offering trading of over 500 cryptocurrencies. Our in-depth Binance review covers key aspects of using this platform, including pros and cons, fees, security, verification, customer service, tokens offered, regulation, and more.
Binance Faces Legal Troubles
Binance pleaded guilty in the United States regarding allegations of money laundering and tax offenses. The Department of Justice and Internal Revenue Service have identified Binance as a focus of a criminal investigation. Binance has also been banned entirely in multiple countries.
Binance Review of Pros and Cons
|Low trading fees
|Complex interfaces overwhelm beginners
|Regulatory/legal issues across multiple countries
|Advanced trading options
|Poor customer service
|Decent mobile app
|Delays verifying new users
While Binance stands out for low fees and unrivaled coin selection, it fails considerably regarding compliance, user experience, and security.
- World’s largest crypto exchange at $76 billion daily volume
- Supports 500+ coins and altcoins overall
- Over 173 million users worldwide
- iOS and Android apps with 4+ star rating
- Ranked top 2 exchange based on trust, ease of use
Binance offers some of the lowest fees among top crypto exchanges, starting as low as 0.1% per trade or less.
Additional discounts available include:
- 25% discount for paying fees in BNB
- VIP discounts for the high 30-day trading volume.
Withdrawals carry additional fees based on the cryptocurrency, typically around 1-2% per withdrawal.
Binance implements basic security features such as 2FA, address whitelisting, and device management. However, Binance has suffered multiple breaches resulting in over $200 million lost in stolen user funds.
Overall, Binance security practices would be considered average to below average compared to competitors. Support for common standards like FIDO authentication is lacking.
Binance Verification Process
The Binance user verification process involves submitting personal identity details including photos and scans of government ID documents.
According to most user reports, the verification process takes anywhere from a few days to as long as several weeks to complete. Long verification delays are a common complaint.
Binance Customer Service
Binance offers customer support via submitted support tickets, posting on Twitter, or through a chat box feature. However, most users cite terrible experiences and excessively long response times trying to get issues addressed through these channels.
Negative Trustpilot reviews of Binance customer service outnumber positive reviews 5 to 1. The most common issues involve frozen accounts and problems withdrawing funds.
Binance User Experience
Binance’s website provides the full suite of trading tools but exposes beginners to complex charts, order books, and financial data that often proves overwhelming.
Mobile App Experience
Binance’s iOS and Android apps enable access to account functions and trading on the go. The apps have high ratings but users cite occasional bugs and performance issues.
Available Tokens on Binance
Binance supports over 500 different crypto coins and tokens – the largest selection among major exchanges. Binance’s own BNB token is also prominently integrated, offering discounted trading fees and other perks.
Regulatory Compliance and Legal Status
Binance has pleaded guilty to criminal charges related to money laundering and willful violation of U.S. banking laws. As part of its guilty plea deal, Binance will pay over $4 billion in fines.
Binance has attracted major scrutiny from financial regulators across the globe, including in the United States, several European countries, and states across Asia.
The Department of Justice, IRS, SEC, and FinCEN actively investigated Binance’s operations and brought formal charges resulting in a guilty plea.
This regulatory noncompliance poses major risks for Binance users as it threatens severe disruption, including frozen accounts and loss of funds. The platform has already been banned outright in some jurisdictions as well.
Liquidity and Volume
Binance frequently facilitates over $50 billion in daily trading volume across all cryptocurrencies. This beats every other centralized exchange and ensures ample liquidity across pairs. Large market orders can easily be filled quickly thanks to deep order books across popular trading pairs.
Staking and Lending Options
Binance lets users earn a yield on idle crypto balances through Binance Earn services. Supported coins can be deposited to earn interest or staking rewards over time. However, regulatory issues have forced Binance to limit Earn availability for U.S.-based customers.
Final Verdict: Consider Alternatives
Beginners are best served by more user-friendly exchange alternatives that embrace regulatory compliance. Advanced traders may better tolerate Binance’s complexity but assume heightened risks of account disruption stemming from legal issues.
Top Binance Alternatives
|Easiest for beginners, fully insured assets
|Much higher fees than Binance
|Best mobile experience, 100+ coins
|Spread fees can be high
|Good security, low fees
|Lightning fast price fluctuations
To review these platforms, check out these articles:
Is Binance fully legal?
No, Binance faces numerous legal issues and outright bans in some countries. Regulatory compliance is lacking.
How long does Binance verification take?
Binance verification takes anywhere from a few days to several weeks in extreme cases. Delayed verifications generate frequent complaints.
What is the easiest alternative to Binance?
Coinbase is the easiest-to-use crypto exchange alternative for beginners thanks to an intuitive interface, full regulatory compliance, and robust educational content.