Binance is the world’s largest crypto exchange by volume, and for non-US traders who want the deepest liquidity, the widest coin selection, and the lowest fees, it is hard to beat. The catch is a serious regulatory history. This review covers the fees, security, coins, and that backdrop honestly, and lands on a 4.3 out of 5.
Overview
Binance is the largest cryptocurrency exchange in the world by trading volume. Founded in 2017 by Changpeng Zhao (“CZ”) and later led by CEO Richard Teng, it has grown into a global trading platform that handles hundreds of billions of dollars in daily volume across spot, futures, and options markets. Its scale gives it advantages, deep liquidity, tight spreads, and an enormous range of listed assets, but also drawbacks, as regulators in multiple countries have taken issue with how the company has operated.
This review gives an honest assessment of both sides.
Fees
Binance’s fee structure is competitive, especially for active traders.
- Spot trading: Standard maker/taker fees start at 0.10% per side for new users. Paying fees in BNB (Binance’s native token) reduces these by a further percentage (currently 25%).
- Volume discounts: Fees drop in tiers as 30-day trading volume increases. High-volume traders can achieve maker fees below 0.02%.
- Withdrawal fees: Vary by asset and network. Bitcoin withdrawals are among the most competitive in the industry; some altcoin withdrawals carry higher fees.
- Fiat deposits: Bank transfer deposits are typically free or low-cost depending on region. Card purchases carry higher fees (around 1.8–2%).
| Fee type | Rate |
|---|---|
| Spot maker/taker (standard) | 0.10% / 0.10% |
| With BNB discount | ~0.075% / 0.075% |
| Futures maker/taker | 0.02% / 0.05% |
| Fiat card purchase | ~1.8–2% |
Coin selection and products
Binance lists several hundred trading pairs, one of the broadest selections of any centralised exchange. Beyond spot trading, the platform offers:
- Futures and perpetual contracts (with leverage)
- Options
- Earn products (staking, savings, launchpool)
- NFT marketplace
- Binance Pay
- Launchpad (new token offerings)
- P2P trading
For traders who want access to smaller altcoins without moving to DEXs, Binance’s listing breadth is a genuine advantage.
Security
Binance invests heavily in security infrastructure and publishes a Proof of Reserves report allowing users to verify their assets are fully backed. The company maintains a large SAFU (Secure Asset Fund for Users) fund, initially 10% of trading fee revenue, to compensate users in the event of a security breach.
In 2019, Binance suffered a significant hack in which approximately 7,000 BTC was stolen. The company fully reimbursed affected users from the SAFU fund, a response that was widely considered to be handled well. No comparable incident has been disclosed since.
Standard security recommendations for users: enable 2FA (preferably a hardware key or authenticator app), use a withdrawal address whitelist, and enable anti-phishing codes on emails.
Regulatory history
This is the area that requires the most candid treatment. Binance has faced significant regulatory challenges across multiple jurisdictions:
- United States (2023): Binance and founder CZ were charged by the US DOJ, CFTC, and FinCEN with multiple violations including anti-money-laundering failures. Binance agreed to pay a fine of approximately $4.3 billion, one of the largest in financial regulatory history. CZ pleaded guilty to violating the Bank Secrecy Act, stepped down as CEO, and received a sentence of four months imprisonment. Binance.US (the American subsidiary) has operated under restrictions and reduced services.
- UK: Binance was banned from conducting regulated activities in the UK in 2021 by the FCA. The company has worked toward compliance, though the UK situation has remained complex.
- Other jurisdictions: Regulatory warnings or restrictions have been issued in Germany, the Netherlands, Japan, Canada, and other countries at various times.
Binance’s regulatory posture has improved since the 2023 settlement, the company appointed new compliance leadership and committed to significant structural changes. CEO Richard Teng has emphasised a compliance-first direction. However, the history is real, and users should be aware of their exchange’s legal standing in their country.
Who Binance is best for
- Active and experienced traders who want the lowest fees and deepest liquidity.
- Users outside the US and UK where full Binance functionality is available and compliant.
- BNB Chain users who benefit from native ecosystem integration.
Who should look elsewhere
- US-based users, Binance.US offers a reduced product set; Coinbase or Kraken may be more practical.
- Beginners, the interface is complex and the product range overwhelming. Coinbase’s simpler interface may be a better first exchange.
Verdict
Binance remains the most capable exchange in the world for serious crypto traders who want access to the widest range of assets, the best liquidity, and competitive fees. The regulatory history is significant and should not be dismissed, but the company’s post-settlement behaviour suggests genuine attempts at compliance. For non-US users comfortable with the regulatory backdrop, Binance is hard to beat on pure trading mechanics. Rating: 4.3 / 5.
Frequently asked questions
Is Binance safe to use in 2026? For users in jurisdictions where Binance operates with regulatory standing, it is generally considered one of the more secure large exchanges. The SAFU fund, Proof of Reserves, and security infrastructure are genuine positives. The regulatory history remains a factor to weigh, particularly for US users.
Can US residents use Binance? US residents should use Binance.US, the domestic entity, rather than the global Binance platform. Binance.US has a reduced coin selection and product range. Always confirm current availability in your state, as it has varied over time.
Does Binance report to tax authorities? Yes. Under its post-settlement compliance commitments, Binance reports to relevant tax authorities in applicable jurisdictions. Users should maintain their own transaction records for tax reporting.
This article is for informational purposes only and is not financial advice. See our editorial policy.