Binance

How it works

Binance is one of the largest crypto exchanges by turnover: many assets, many deposit and withdrawal methods, wide geography. But there is no best exchange in general — it all depends on your task and country. So this is not a score, but a breakdown of how the service works and what to look at yourself.

• Type — centralized exchange (CEX). The company matches buyers and sellers and holds the funds itself.
• Control over funds — custodial. While coins are on the exchange, Binance, not you, disposes of the keys (“not your keys, not your coins”, see what is a private key). For storing large amounts it is better to withdraw to your own wallet (see how to store crypto).
• KYC — yes: identity verification is required (passport, selfie); the extent of verification and the limits depend on the country and the account level. Registration is mandatory.
• Launch and leadership. Operating since 2017; the founder is Changpeng Zhao (CZ); since November 2023 the CEO is Richard Teng.
• Assets and networks. Supports many coins and networks; the exact list changes.
• Fiat rails. Deposit by card, bank transfer, and via P2P — the availability of methods depends on the country.
• Extras. There is an own coin, BNB (gives a fee discount), swap, withdrawal to different networks.

Who it suits, who it does not

• Suits: a beginner who needs one big service with card/P2P and many assets — with the understanding that the funds are under the exchange’s control.
• Suits less: if full control over keys matters (then — self-custody) or if the service is restricted or unavailable in your country.