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‌‌Binance

Trading without KYC
Stop-loss orders
Tiered fees
Asset custody on the exchange
+11More
Teagle Score

Teagle user score

(5)

5

4

Binance logo
Founded2017
Head officeDubai
Trading fees0.1٪
Trading marketsTrading market
Number of cryptocurrencies700+ cryptocurrencies
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Introducing the Binance Exchange

Binance, the world's largest crypto exchange by trading volume, was founded in 2017 by Changpeng Zhao, known as CZ in China, and later left the country due to legal restrictions. Offering a wide range of cryptocurrencies and diverse services, the platform quickly rose to the top spot worldwide.

However, Binance faced extensive legal challenges, particularly from US regulators. This pressure led to it pleading guilty to money laundering charges and paying a multi-billion-dollar fine in November 2023. Following these developments, CZ stepped down as CEO, and «Richard Teng» (Richard Teng) succeeded him. Despite these changes and challenges, Binance has maintained its position as a major player in the crypto market.

Teagle risk warning for ‌‌Binance

Teagle warnings, licence status, regulators' warnings and users' verified complaints
Risk-spotting guide

Warnings

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Binance Credibility: Binance's Global Ranking

Check Credibility and Security

Assessing the credibility of any financial institution depends on its adherence to legal frameworks and its ability to protect client assets. The Binance digital exchange has had a bumpy journey in both areas.

 

Reviewing Binance's licenses and regulation status

Binance's regulatory journey has been complicated. After years of operating without an official headquarters, the company has recently adopted a strategy of obtaining local licenses and is now licensed and officially registered in more than 20 jurisdictions, including France, Italy, Spain, Japan and Dubai. In the United States, its affiliate Binance.USis registered as a money services business (MSB) with FinCEN and holds money transmitter licenses (MTL) in various states.
 

Binance's security tools

Cold wallet

A large portion of user assets on Binance is held in cold storage (Cold Storage). These wallets are not connected to the internet and are therefore protected from online hacker attacks. 

Proof of Reserves (Proof of Reserves - PoR)

Binance implemented a Proof of Reserves system (PoR). This system uses cryptographic methods, specifically Merkle trees (Merkle Trees) and zk-SNARKs, to let users verify that their assets are held on the platform on a 1:1 basis.

Insurance fund (SAFU)

In July 2018, Binance established the Secure Asset Fund for Users (Secure Asset Fund for Users - SAFU). This fund is emergency insurance to compensate users in the event of a hack.

 

Did Binance's hacking history undermine its credibility?

Any security incident can be disastrous for an exchange, yet how the exchange handles it can reveal the true measure of its credibility. In the 2019 hack, Binance immediately announced that the SAFU fund would cover all losses, both demonstrating its financial resilience and proving its commitment to users.

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Binance Exchange Trading Markets

  • Number of coins: Binance has one of the largest cryptocurrency collections in the industry. The Binance market offers more than 350 coins on the global platform and more than 150 coins on Binance.US .

  • Market types: The platform provides a comprehensive range of trading products, which are compared in the table below.

  • Liquidity and order book depth: As the world's largest exchange by volume, Binance has unmatched liquidity. This results in deep order books (Order Book), meaning there are a large number of buy and sell orders at different price levels. High liquidity is a vital advantage, because it minimizes slippage (Slippage), which matters especially for high-volume traders.

Newest coins
  • Aster
  • Morpho Token
  • DoubleZero
  • OpenEden
  • Falcon Finance
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Money Management at Binance: Deposit and Withdrawal Terms, Fees and Additional Costs

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Binance Exchange Features and Services

With its special features, Binance has managed to remain Iran's top digital exchange over these years. Features such as Affiliate, Referral, BNB, OTC Trading, Historical Market Data, Trading Insight, Proof of Reserves on this exchange are among the most notable of these features.

 

Affiliate / Referral

Binance has a Affiliate program that lets users or content creators build a unique referral link and earn commission on the trades of people who sign up through their link. 

Alongside this, there is also a public Referral code section: users can refer their friends and receive trading fee rewards. 

Historical Market Data

Binance publishes historical market data publicly. Part of this data is available on the data.binance.vision website. Using the APIs, you can retrieve data such as K-lines (candlesticks), executed trades, the order book (order book) and historical data. Also, the public (GitHub) Binance repository includes methods and documentation for accessing public market data. 

Trading Insight

Trading Insight In Binance there is a tool that lets users gain insights into their portfolio performance — such as asset trends, profit/loss, trading behavior and asset allocation over different time periods. 

In the Binanceapp, the «Trading Insight» section is accessible, and users can view overall portfolio statistics, activities, asset trends and the details of each coin. This tool also sometimes shows market analysis, market sentiment and analysis of new projects. 

Proof of Reserves

Binance has launched the Proof of Reserves (PoR) system to show the transparency of users' liabilities and assets. In this mechanism, using Merkle Tree and zk-SNARKs technology, it becomes possible to verify that users' assets are included in the exchange's reserve list, without disclosing the exact amounts of all users. Users can view their Merkle record and account ID (Record ID) and confirm that their assets are counted in the exchange's reserves. Note that this mechanism covers users' assets in custody (held by the exchange) and does not include corporate assets or assets outside this structure. 

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Problems and Restrictions of Binance Exchange for Iranian Traders

Most likely, Iranian traders are among those who use the Binance exchange. However, using it carries risks for users inside Iran that you should be aware of.

  • Binance Officially, it does not provide services to users residing in Iran and Iran is on its list of «prohibited/restricted» countries.

  • Some reports state that certain Iranian users have managed to open accounts or trade by using VPN or non-Iranian documents, but these methods increase the risk of account blocking or asset confiscation. 

  • The official statement of Binance says that users inside Iran are not permitted to use it, and if identified, their account may be blocked or their assets frozen.

  • You should also consider the risk of sanctions and international financial pressure, since exchanges are required to comply with sanctions regulations and may be forced to block access for legal reasons. Given these points, if you are outside Iran (for example, residing in another country) and have documents from that country, you are more likely to be able to use Binance . But if you are inside Iran, using it comes with high risk.

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Binance Exchange Apps

  • Analysis and order tools: The Binance platform has integrated advanced charting tools from TradingView . The exchange supports a wide range of order types, including market orders (Market), limit orders (Limit), stop-loss (Stop-Limit), trailing stop (Trailing Stop) and OCO (One-Cancels-the-Other) orders, which suit complex trading strategies.

 

Binance offers a web-based platform and highly rated mobile apps for iOS and Android . The Binance user interface is packed with features, which can easily be confusing and complicated for beginners.

To solve this problem, Binance offers «Lite» and «Pro» versions in its app, and recently introduced an AI-based customizable user interface that suggests widgets and layouts based on the user's experience level and geographic region. This strategy shows that the «one size fits all» model is outdated for exchanges. The future belongs to personalization, where the platform adapts to the user's skill level, not the other way around.

 

Review of the user experience of the Binance exchange apps and web version

  • Personalized user experience: With the new UI Refinedapproach, users can customize the app's home screen with widgets, change the order and size of widgets, and focus on what matters most to them. Suggested widgets are selected intelligently based on the user's experience level, geographic region and preferences. 

  •  New visual design and better readability: Improved spacing, fonts, a dark theme (Midnight Black) to reduce eye strain, varied color options and a focus on readability. 

  • The new design tries to bridge the conceptual gap between beginner and advanced features, so that newcomers can start with a simple interface while professionals can use more complex settings. 

  • Desktop version development and its advantages: The desktop app, or computer-specific version, is usually more stable, and some panels load faster, especially when the internet connection is slow. 

  • Complexity for new users: The wide variety of features — spottrading, futures, staking, the education section and more — can be confusing for someone new to the crypto world. 

  • The verification process (KYC) has sometimes been described as long and complicated. 

  • Cluttered user interface and information overload: User reviews show that on the web and mobile versions, the interface is sometimes crowded, with many menus and options that can make finding a simple feature difficult. 

  • Some users have reported slowness, loading problems or inconsistencies between versions. For example, when trading volume is high, some sections load slowly in the browser or respond with a delay. 

  • Web version stability and performance at peak load: Issues such as delayed button response after placing a trade, the need for frequent refreshing, and occasional lack of sync between tabs or devices have been reported. 

  • In some places, the desktop and web versions have bugs that make the interface less responsive or confusing. 

  • Support and transparency: Users have asked for a clearer support process and faster response to issues such as account freezes or deposit and withdrawal delays. 

  • Some users have complained that there is little transparency about the reasons for account freezes or asset holds.

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Expert Review: Is Binance a Good Choice for Iranian Traders?

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Binance Exchange Headquarters Details

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Binance Exchange FAQ

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