Binance Review 2025: Live & Demo Accounts, Trading, and Withdrawals to Explore

Binance
Founded	2017
Regulations	Unregulated
Account Minimum	$1
Fees	0.1% commission
Max. Leverage	1:125
Margin Call / Stop Out	No
Live Accounts	Standard and P2P platform
Demo Account	Yes
Trading Platform	Proprietary platform(Web, Desktop, Mobile)
Customer Support(24/7)	E-mail, Phone, LiveChat, Telegram

About Binance

Binance is a global cryptocurrency exchange that offers over 100 cryptocurrency trading services, including options, spot, u-margin contracts, coin-margin contracts, and other trading products. It was founded by Zhao Changpeng in 2017 and is known for its wide selection of cryptocurrencies, low fees, and fast transaction times. However, it has faced regulatory issues in several countries, including the United States, the United Kingdom, and China, and has been banned from operating in some countries.

Pros and Cons

Is Binance Legit?

Unregulated status has always been one of the important criteria for investors when judging whether a brokerage company is safe. Unfortunately, Binance has not obtained a license from any regulator.

On November 21, 2023, Binance pleaded guilty to federal charges, including money laundering, unlicensed remittances, and sanctions violations. Binance was fined $4.3 billion. Zhao Changpeng agreed to pay a $50 million fine and resign as the company's CEO, but he was allowed to retain ownership.

However, Binance keeps the vast majority of cryptocurrencies in “cold wallets” that are not connected to the internet, so it is a secure cryptocurrency exchange. This limits losses in the event of a hack, and an attack is unlikely to bankrupt Binance.

How to Create a Binance Account?

Binance Account Types

Binance offers demo, standard, and P2P platform accounts. It supports EUR, USD, other currencies, and cryptocurrencies. Binance offers different account types, depending on verification level. By signing up and verifying your account, you can unlock the ability to trade, deposit, and explore advanced tools such as staking, futures trading, and more.

Binance's peer-to-peer (P2P) platform allows you to buy and sell crypto directly with other users in local currency. Arbitrage Opportunities: You can make profits by buying crypto at a lower price in one exchange or region and selling it at a higher price in another. Binance demo account that allows beginners to practice trading without risking real money, helping them understand the platform.

Open a Binance Account Step by Step

Binance supports cash and margin accounts for spot trades but only supports margin accounts for Futures trades.

• Register on Binance using your email or phone number.

The first step is to go to binance.com and click the Register button. Then, enter and confirm your email address. Please enter your mailbox, accept the email from Binance, copy the activation code, and paste it into the verification code location. Finally, set the password. You can choose the recommended ID on the official website interface to get a 10% discount on all of your trading fees on Binance.

• Complete identity verification using your ID, selfie, and proof of address, then protect your account with two-factor authentication (2FA)

It will take 7 minutes to verify your identity. You will need a government-issued ID, such as an ID or passport, and proof of address, such as a bank statement or utility bill.

You can use the Binance app for video identification, or you can continue on your computer. It is recommended to use the Binance app here. According to Binance, it is faster and easier. So, grab your smartphone and scan the QR code in this video and download the Binance app, open the app, and log in to your Binance account.

Once logged in, click on “Verify Identity”. Here, you have to enter your personal information and make sure it matches your ID. Next, you have to make a quick video call to confirm that you are the person in your ID. After the video verification is completed, you will also need to verify your phone number.

Binance will then ask a few compliance questions, so just answer them and click “Continue”. The last step is to verify your address, then choose the type of document you want to provide and make sure that this document has your full address and full name on it. Once you are done and you have completed the identity verification process, you will receive an email confirming your identity verification, and you will have full access to all Binance features.

• Deposit funds via fiat or crypto wallet transfer.
• Buy, trade, or invest using Binance's trading and earning features.

You can also learn more about the specific operation process through this video：

Types of orders

You can use Finance to set a take-profit order to lock in profits when your position reaches a certain price. Futures trading can be very profitable, but the risks are also high.

There are five basic order types that investors need to know about, including market orders, limit orders, stop orders, stop-limit orders, and OCO (i.e., one order cancels the other). You need to understand these order types before buying or selling cryptocurrencies. Cryptocurrency order types are essentially instructions that you send to exchanges to buy or sell cryptocurrencies. You tell exchanges like Binance how you want to buy cryptocurrencies and at what price you are willing to buy them.

First, Binance has market orders, which are the most basic and common order type. Market orders cannot be canceled and may be partially filled. Limit orders tell Binance that you want to buy or sell a certain cryptocurrency, but only when the price reaches a certain level. Therefore, limit orders are placed on the order book and are not executed immediately.

Stop orders happen to not be an order type on Binance. Stops are designed to protect you from any significant losses if the price of cryptocurrencies drops. The next order type is a stop-limit order, which is a combination of stop and limit orders, giving you the best of both worlds. OCO orders combine limit orders and stop-limit orders, but only one of them can be executed. Once one of the orders is partially or fully completed, the remaining order will be automatically canceled.

What are Binance fees?

Binance offers lower fees than many other cryptocurrency exchanges. The standard fee is 0.1%, which is further discounted if you pay with its native token, BNB. The average account commission starts at $6, which is low compared to BYBIT's $20 and HTX's $18. For frequent traders, Binance has a VIP program that rewards increased trading volume and BNB holdings with progressively lower fees.

On Binance, the minimum transaction limit depends on the currency being traded and varies according to the cryptocurrency and its market value. But in general, for most cryptocurrencies, the minimum transaction amount per buy or sell is about $10 or the equivalent in other currencies.

Binance Deposit and Withdrawals

Methods and Fees

You don't need a lot of money to start trading. $10 - $50 is enough to practice with low leverage and learn the basics. Binance offers various deposit options, including Binance P2P, buying crypto with cash, crypto deposits, and bank transfers. To withdraw from Binance, users can choose between crypto and fiat withdrawals, each requiring specific steps and security verifications. Binance does not charge deposit fees. Clients pay a fixed fee on each withdrawal to cover the transaction costs of moving crypto out of their Binance account.

How to Deposit to Binance (Fiat & Crypto)

Log in to your Binance account and select [Deposit]. Select [Bank Deposit], then [SEPA Bank Transfer (Instant)]. Complete identity verification if required. Enter the deposit amount and confirm.

Step 1. Select the cryptocurrency, or [Multi-Asset] you want to buy.

Step 2. Select the amount you want to buy and choose your preferred payment method - Stablecoin, Fiat or a subscription-enabled cryptocurrency.

Step 3. Select the payment order. The steps for withdrawing funds are similar to those for depositing funds.