Binance
Founded 2017 by Changpeng Zhao (CZ)
The world's largest cryptocurrency exchange by trading volume.
Quick Overview
What is Binance?
Binance is the world's largest cryptocurrency exchange, founded in 2017 by Changpeng Zhao (CZ). What started as a simple crypto-to-crypto trading platform has grown into a massive ecosystem serving 200+ million users across 180+ countries.
The platform offers everything from simple buy/sell (their "Convert" feature is perfect for beginners) to advanced spot trading, futures with up to 125x leverage, staking, savings products, NFTs, and even a Visa debit card.
Binance is known for having the lowest fees in the industry (0.1% standard, even lower with BNB), the deepest liquidity (meaning the best prices), and the widest selection of tradeable assets.
The exchange has its own blockchain (BNB Chain, formerly Binance Smart Chain) and native token (BNB), which is one of the top 5 cryptocurrencies by market cap. BNB gives you fee discounts and access to new token launches on Binance Launchpad.
Important to know: Binance has had a complex regulatory history. In November 2023, founder CZ stepped down and pleaded guilty to US anti-money laundering violations. Binance paid a $4.3 billion fine. Since then, under new CEO Richard Teng, the company has invested heavily in compliance, obtaining licenses in Dubai, France, Japan, and other jurisdictions.
Binance Bonuses & Promotions
Current offers available to new and existing users.
Welcome Bonus
New users can earn up to $100 USDT in trading fee rebates when completing tasks.
Available for new registrations. Tasks include first deposit, first trade, etc.
Referral Program
Earn up to 40% commission on trading fees from referred users.
Rate depends on BNB holdings.
BNB Fee Discount
Pay trading fees with BNB and get a 25% discount.
Must enable in settings.
Launchpad Rewards
Hold BNB to participate in new token launches — often yielding significant returns.
Past performance varies.
Products & Features
Everything Binance offers — from simple buying to advanced trading.
Spot Trading
Buy and sell 400+ crypto with real-time order books.
Futures & Derivatives
Leveraged trading up to 125x on USDT and coin-margined contracts.
Binance Earn
Staking, savings, dual investment, and liquidity farming.
Binance Launchpad
Early access to new token launches with BNB holdings.
Binance Pay
Send and receive crypto with zero fees.
Binance Card
Visa crypto debit card — spend crypto anywhere Visa is accepted.
Binance NFT
Marketplace for buying, selling, and creating NFTs.
Binance Academy
Free educational resources for all levels.
Binance P2P
Buy/sell crypto directly from other users with local payment methods.
Convert
Simple swap with zero fees on 400+ pairs — perfect for beginners.
Binance Fees
Spot Trading Fee
0.1%
Maker & Taker (standard tier)
With BNB Discount
0.075%
25% off when paying fees in BNB
Crypto Deposits
Free
No fees for depositing crypto
Card Purchase Fee
1.8–2%
Credit/debit card purchases
Withdrawal Fee (BTC)
0.0002 BTC
Varies per cryptocurrency
Convert (Simple Swap)
0%
Zero explicit fees (spread included)
Security & Safety
Binance takes security seriously. After a $40 million hack in 2019 (which was fully covered by their SAFU insurance fund with zero user losses), they've built one of the strongest security infrastructures in the industry.
Payment Methods
Pros & Cons
Pros
- + Lowest trading fees in the industry (0.1%, lower with BNB)
- + Most liquid exchange — best prices on most trading pairs
- + Huge selection: 400+ coins, 1,600+ pairs
- + Advanced tools: futures, margin, bots, earn products
- + Strong security with $1B SAFU insurance fund
- + Best mobile app in the industry
- + Binance Academy — excellent free learning resource
- + Multiple ways to buy: cards, bank, P2P, Apple Pay
- + Active development — new features constantly
Cons
- − Not available to US residents (must use Binance.US, which has fewer features)
- − Interface can be overwhelming for complete beginners
- − Regulatory uncertainty — has faced issues in multiple countries
- − Customer support can be slow during peak times
- − Some advanced features carry high risk (125x leverage)
- − KYC (identity verification) is mandatory
- − Fiat withdrawal options vary by region
Binance Timeline
Founded by Changpeng Zhao (CZ) and Yi He. Raised $15M in an ICO for BNB token.
Became the largest crypto exchange by volume within 6 months of launch.
Launched Binance Chain and DEX. Suffered a $40M hack (covered by SAFU fund — no user losses).
Launched Binance Smart Chain (now BNB Chain), which became the #2 DeFi ecosystem.
Reached 28.6 million users. Faced regulatory scrutiny in UK, Japan, and other markets.
Grew to 120M+ users despite the crypto winter. Published Proof of Reserves after FTX collapse.
CZ stepped down as CEO, pleaded guilty to US money laundering charges. Paid $4.3B fine. Richard Teng became new CEO.
Continued operating under new leadership. Increased compliance and obtained licenses in Dubai, France, and others.
Reached 200M+ registered users. Remains the world's largest exchange by far.
Our Verdict
Binance is the most feature-rich and liquid crypto exchange in the world. If you're outside the US and want access to the most coins, lowest fees, and most advanced tools — Binance is the clear market leader. The interface has a learning curve, but their "Lite" mode and Convert feature make it surprisingly accessible for beginners too. The regulatory history is worth knowing about, but the exchange has invested heavily in compliance since 2023.