Binance Review: Fees, KYC, local currency and P2P
A review of one of the best exchanges, Binance. Rates for popular exchange pairs and crypto trading tools: trading and P2P. The exchange's trading fees and limits.
Deposits and access to Binance by country
Binance is an international exchange. It has no local currency P2P of its own, and access and registration may be restricted in some countries — check before use.
Crypto deposits
Deposit USDT, BTC and other coins from any wallet or exchange
No local currency P2P
Topping up directly with a local currency card is generally unavailable
Restrictions may apply
Service availability depends on your country — check before signing up
An alternative for local currency
Buy crypto on an exchange with local-currency P2P and transfer it to Binance
KYC and verification on Binance
Binance usually requires verification for full access and withdrawals. The basic tiers are:
Binance fees
Current Binance trading fees according to the Toprato rating:
Network fees for deposits and withdrawals depend on the coin and the network and are not charged by the exchange.
Binance tools and products
Binance's core tools and products:
Spot trading
Buying and selling cryptocurrency with market and limit orders
Futures
Leveraged derivatives trading, 0.04% fee
1,391 trading pairs
A wide selection of coins and trading pairs on the platform
Web and mobile app
Trade from your computer or smartphone
How to start trading on Binance
Registration
Create an account with your email or phone number on the Binance website or in the app.
Verification (KYC)
Upload your documents — this unlocks full access and withdrawals.
Deposit
Transfer cryptocurrency (USDT, BTC) from another wallet or exchange.
Trading
Choose a trading pair and place a trade — spot or futures.
Withdrawal
Withdraw funds to your wallet after whitelisting the address.
Binance security and reliability
The basic mechanisms protecting your account and funds on Binance:
Account protection
Two-factor authentication (2FA) and an anti-phishing code
Withdrawal controls
Address whitelisting and email confirmation of transactions
Storing funds
For large amounts, keep your core capital in a cold wallet
Sensible risk
Do not keep more on the exchange than you need for active trading
Reviews and verdict: is Binance worth using?
Advantages
- Trading volume of around $13.9B per day
- 1,391 trading pairs
- Spot fee of 0.10%
- Spot and futures available
Disadvantages
- No local currency P2P — deposits are made in cryptocurrency
- Access and registration may be restricted in some countries
- The interface and support may not be available in several languages
- Full access and withdrawals require verification (KYC)
Frequently asked questions about Binance
Is local available?
Is KYC required?
Can I deposit in fiat currency?
Is the exchange available in my country?
What are the fees?
Is it safe to store funds there?
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