Binance Review 2025: Features, Pros & Cons

Binance Review 2025: Features, Pros & Cons

A reason you might do this is if you are looking to purchase one of the 350+ altcoins that Binance has but most other exchanges don’t. If you have other currencies in other bank accounts that you would like to deposit. Note that in order to use Binance in the USA you must use Binance.US which is a trimmed-down version of Binance and does not offer the same features. Another way to fund your Binance account is to purchase crypto through the exchange. For Canadians, there are three ways of buying cryptocurrencies on Binance. You will see a list of users selling their respective cryptocurrency.

Binance Customer Support

Binance Launchpad is a token launch platform that helps blockchain startups to raise funds for new projects. In addition to helping crypto startups, the Launchpad enables investors to discover and keep track of promising crypto projects before they enter the mainstream. For larger amounts, it will take longer for your deposit to process. Since I deposited a small amount Bitcoin (about $150 worth), my deposit took around 20 minutes. Binance was founded and created by Changpeng Zhao, a Chinese-Canadian citizen, in 2017. The company was initially based in Hong Kong, but after cryptocurrency regulation started to become more strict in China, the company is now registered in the Cayman Islands.

Is Binance exchange a good fit for beginners?

This feature will be highly suitable for beginners who don’t want to actively use a crypto day trading platform. Binance Convert supports most listed coins and is a fast way to swap cryptocurrencies. Binance is undoubtedly one of the best exchanges for trading cryptocurrency globally. It offers one of the most extensive selections of coins and trading pairs and has a feature-rich ecosystem with new services and tools constantly added. This top-tier Canadian trading platform supports several popular coins and charges competitively low trading fees.

• If you want to fund your account with CAD fiat, I recommend looking elsewhere, like Bitbuy or Wealthsimple Crypto.
• Again, fiat currency withdrawal fees will vary based on the currency and the withdrawal method used.
• Depending on your location, each currency has specific minimum withdrawal amounts and fees, starting from free to 5.50%.
• The fees for withdrawing crypto range between 0 and 2.5%, depending upon the cryptocurrency you are withdrawing.
• Finally, if you ever wish to review your transaction history, you can easily do it by simply visiting the Orders section in the top right corner.
• Binance has its peer-to-peer trading (P2P) marketplace that enables its users to trade between themselves with a greater variety of deposit methods and currencies (and no fees).

Binance Deposit Fees

U.S. regulators investigated the exchange for alleged money laundering and tax offenses. In response, Binance opened Binance.US, a separate exchange to serve the U.S. customer base. This version of the exchange is more limited in the products and features it offers. For example, Binance.US only supports 65 crypto coins and does not have an NFT marketplace. Given the recent closure of competitors Paxful and LocalBitcoins, the Binance P2P platform is one of the bigger P2P exchanges to use. Binance is a crypto exchange that has tens of millions of registered users.

• Binance has a sleek U/X with many features that can be accessed on all of your devices.
• At the time of writing this review, the Binance exchange is offering staking on several cryptocurrencies, including Algorand (ALGO), ATOM, BAND, CELR, FET, and VET.
• Overall, people enjoy the platform because of its competitive fees and wide selection of crypto assets.
• The interest rates range anywhere from 0.50% to 60% APY in some cases.
• For example, a local exchange would be to convert local legal currencies, such as Canadian dollars, to one of the main cryptocurrencies like Bitcoin.
• Moreover, they launched their own NFT marketplace, which managed to gain over $100 million in total trading volume within the first six months of its launch.
• Users can prepare spot trades to trigger in advance when a specific spot price is reached, known as a limit order.

iOS, Android and Web App

According to its website, it has facilitated more than $7 billion worth of crypto transactions. Also, Binance and its CEO, Changpeng Zhao, pleaded guilty to anti-money laundering violations and other charges on November 21, 2023. Binance agreed to pay $4.3 billion to settle charges, while Changpeng Zhao stepped down as CEO and agreed to pay $50 million toward the settlement. Binance uses MPC (Multi-Party Computation) technology for its Web3 Wallet. This technology governs every transaction and removes single points of failure to ensure that your assets are safe.

At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. Cryptocurrency will be one of the main medium exchanges in the future. Our team сonstantly checks news & changes in the crypto world for Canadians. Based on this approach, we would rate Binance’s customer support as 2 out of 10, as it often leaves users to resolve issues on their own with limited direct assistance.

Top Crypto Wallets

If you are a New York resident seeking to trade cryptocurrencies, consider alternative exchanges like Coinbase or Gemini; they are fully licensed in the state. Listing NFTs on Binance is free, and the platform supports many of the most popular NFT collections on BNB Chain, including BULL BTC CLUB, TUD NFT, Dummy NFT, and Golden Ape Club. Binance also hosts regular initial game offerings (IGOs) where players can buy gaming NFTs from exclusive projects before anyone else. If binance canada review you can get around the fact that they don’t accept Canadian dollars as fiat currency, Binance is worthy of consideration. If you want to fund your account with CAD fiat, I recommend looking elsewhere, like Bitbuy or Wealthsimple Crypto.