Binance Review: What to Know About The Exchange, Trading Features, And Binance Coin

This Binance review outlines how the cryptocurrency platform operates, what it provides beyond basic crypto trading, and where regulations shape access to its services.

Launched in 2017, Binance rapidly became a dominant crypto marketplace, listing more than 350 digital assets and tokens, including Bitcoin, Ether, and its native Binance Coin. Best known for crypto-to-crypto pairs, the platform emphasizes security and generally low fees.

Beyond spot trading, the company offers a wallet, earning programs, lending options, and tools that support blockchain development—features designed to help users refine their investment approach. Offer availability can vary by country; for example, services in the United States and the United Kingdom are adjusted to meet local rules. In practice, the platform is accessible across many parts of Europe, Asia, Latin America, and Africa, but availability can change quickly based on local policy and the exchange’s own risk controls. It also commonly restricts access from sanctioned jurisdictions (such as Iran, North Korea, Syria, and the Crimea region), and certain regions may have limited fiat on-ramps, product restrictions, or enhanced verification requirements.

In Nigeria, access can depend on current local banking and regulatory conditions. Nigerian users may find that some features—especially fiat-related services—are limited or subject to abrupt changes during periods of regulatory scrutiny, even when crypto-to-crypto functionality remains available.

Entrepreneur and software engineer Changpeng Zhao founded the exchange in July 2017. Within half a year, it ranked among the world’s largest cryptocurrency venues by volume.

Binance focuses on trading between digital-asset pairs and is known for competitive pricing. It maintains high liquidity and offers trading-fee discounts to customers who pay with Binance Coin.

Through a combination of robust security practices and scalable system design, the platform delivers high throughput and rapid order execution. Common safeguards include cold-storage custody for a portion of customer assets, two-factor authentication, withdrawal address controls (such as allowlists), anti-phishing tools, and a dedicated reserve or security fund intended to mitigate losses in certain incident scenarios.

In 2019, regulators barred the global platform from operating in the U.S. In response, the company introduced , a separate exchange aligned with U.S. compliance requirements.

Like most major exchanges, Binance supports listing and de-listing processes, trading, fundraising, and withdrawals for a wide array of cryptocurrencies. Teams launching new tokens can raise capital through initial coin offerings. Millions of participants use the platform for investing and exchanging digital assets.

Opening an account and completing identity verification typically follows a standard flow:

• Create an account with an email address or phone number and set a password.
• Confirm your email address or phone number using the verification code provided.
• Enter required personal details (such as legal name, date of birth, and address), as prompted.
• Complete identity checks by uploading a government-issued photo ID and a selfie or liveness check.
• Provide additional documentation if requested, such as proof of address or other compliance information, depending on your region and account activity.

For spot trading, the exchange offers four primary order types:

• Limit Order (Spot): Executes only at the specific price you set or better.
• Market Order (Spot): Fills immediately at the best available market price.
• Stop-Limit Order (Spot): Triggers when a set price is reached, then submits a limit order at your chosen limit price.
• One-Cancels-the-Other Order (Spot): Links two orders so that when one fills, the other is canceled automatically.

For derivatives such as futures, Binance provides seven order types:

• Limit Order (Futures).
• Market Order (Futures).
• Stop-Limit Order (Futures).
• Stop Market Order (Futures).
• Trailing Stop Order (Futures).
• Post Only Order (Futures).
• Limit Take-Profit/Stop-Loss Order (Strategy Order).

Fees vary by product and payment method.

Outside of its core exchange, Binance offers additional products and utilities that broaden how users can manage and grow their crypto holdings:

Earning

Binance Earn pays interest or rewards on selected assets, but returns are not guaranteed and there is risk, including price volatility, lockup restrictions, and platform or counterparty risk. Earning opportunities can include staking-style rewards, savings-style products, and other yield programs, with rates that vary by token and by whether funds are flexible or locked.

Lending

The Binance Card converts cryptocurrency to local currency at checkout. While the card itself has no administration fee, third-party charges may apply depending on merchant or payment rails.

Binance Crypto Loans allow borrowing for spot, futures, and margin activity. Terms of 7, 14, 30, 90, and 180 days are available, and interest accrues based on the total hours borrowed.

Smart Pool

Smart Pool helps miners maximize potential returns by automatically reallocating hash power among supported coins. Binance Pay enables no-fee crypto transfers worldwide and can be used for purchases within the Binance Marketplace.

Development

Binance Labs is the company’s blockchain incubator, supporting promising pre-initial coin offering projects with funding, advisory resources, and go-to-market assistance, including listing and fundraising pathways.

LaunchPad hosts new blockchain initiatives and provides API access for builders. As of 2026, more than 70 projects have launched through the program.

Binance Coin is the utility token that streamlines trading and other activities on the exchange. During the July 2017 initial coin offering, 20 million tokens went to angel investors, 80 million to the founding team, and 100 million to public participants.

Roughly half of the funds raised supported branding and marketing, while about one-third financed platform development and ongoing upgrades.

Binance Coin first operated as a token on the Ethereum network. In 2019, it migrated to the Bnb Chain, becoming the chain’s native asset.

As of 2026, Binance Coin trades around $250 and ranks as the fourth-largest blockchain token by market capitalization at approximately $39 billion.

Millions use the platform for cryptocurrency transactions, reflecting broad market trust. Still, any centralized service carries risk, and Binance has faced security incidents, including a 2022 exploit in which attackers stole an estimated $570 million worth of Binance Coin. The platform has also operated under ongoing regulatory scrutiny in multiple jurisdictions, which can affect product availability, onboarding requirements, and user access. After major incidents and enforcement pressure, exchanges typically aim to rebuild confidence through tighter security controls, more rigorous compliance checks, and greater transparency around operations and safeguards.

Neither platform is universally superior. Coinbase tends to be more approachable for beginners, while Binance may suit users who prioritize advanced features and lower fees. The best choice depends on personal preferences and priorities.

Binance remains one of the largest cryptocurrency exchanges, listing more than 350 assets and supporting both spot and derivatives trading, alongside programs such as Binance Earn and Binance Labs.

Despite its liquidity and relatively low fees, the platform operates within complex regulatory environments and has faced legal and security challenges. Potential downsides can include sudden product or access changes by region, a steep learning curve for beginners, occasional customer support friction during high-volume periods, and account limits or extra checks tied to verification status or compliance requirements. Perform careful due diligence, consider your risk tolerance, and consult a qualified financial professional before using the service.

Before you deposit funds on any crypto exchange, confirm you understand the fees, custody model, and the rules that apply in your country—then start small and scale up only after you’re comfortable with the risks.

Investing in cryptocurrencies and other initial coin offerings is highly speculative and risky, and nothing here constitutes investment advice. Everyone’s situation is different, so seek guidance from a qualified professional before making financial decisions. Trading, rewards, and crypto-to-fiat activity may create tax obligations, so keep records and consult local tax authorities or a tax professional. No representation is made regarding the accuracy or timeliness of this information.