Binance Review: Largest spot liquidity
Founded in 2017, Binance is the world's largest cryptocurrency exchange by spot trading volume. Standard spot trading fee for new accounts is 0.10%, reducible to 0.075% when paid in BNB token.
- Spot, entry tier: 0.10%
- USDT-M futures: 0.02% maker / 0.05% taker
- Code KOW3WB5T → 20% fee discount on Binance fees
- Welcome bonus: Up to $600
Why Binance ranks #1 in our index
Rank #1 of 11 rests chiefly on largest spot liquidity, with Binance scoring strongest for beginners, spot liquidity, 494 listed assets. Its entry-tier spot fee is 0.10%; its referral terms give a 20% discount on trading fees. Axis weights: the methodology.
Strengths
- Largest spot trading volume of the 11 indexed exchanges as of May 2026
- BNB token gives an additional 25% reduction on trading fees
- 494 base assets and the deepest order books in the index
- Available in 70+ countries with localized fiat ramps
Limitations
- Mandatory KYC for trading above $10,000 in a calendar month
- Restricted in some jurisdictions including Ontario, Canada
Binance fee schedule, entry tier
| Fee | Rate | Basis |
|---|---|---|
| Spot (maker = taker) | 0.10% | Entry tier, before referral discount |
| Futures maker | 0.02% | USDT-margined perpetuals, entry tier |
| Futures taker | 0.05% | USDT-margined perpetuals, entry tier |
Table 2 · Binance rates transcribed from the Binance fee schedule, read 7 Sep 2026. Change history: corrections log; the linked page is authoritative.
Where Binance sits in the index
Binance leads the index; OKX review — Monthly proof-of-reserves follows at #2. Best-fit profile in our scoring: beginners, spot liquidity, 494 listed assets. Binance has the broadest product coverage in the index, joint with Gate.io and MEXC: 6 of the 19 lines tracked (Spot, Futures, Options, Earn, Launchpad, P2P). Founded 2017 and based in Cayman Islands / Global, Binance lists 494 assets, below the index median of 592 — counted from its own instruments endpoint on 2026-09-17. Security record, checked 2026-09-17: Nothing was reported against Binance's own exchange custody in the trailing 36 months. The separate December 2025 compromise hit Trust Wallet's browser extension, a Binance-owned wallet rather than the exchange; Binance said the roughly $7 million in user losses would be repaid. Source ↗
Binance against the index median
1 of the other 10 index members undercuts Binance on spot: 0.10% against a median of 0.10%. As a futures taker Binance charges 0.05%, under the 0.055% median — tied 2nd of 11 (with 3 others). The 20% Binance rebate is below the 40% index median: 11th of 11. On a $1,000 futures taker fill, Binance charges $0.50 before the rebate and $0.40 after it (20%).
| Metric | Binance | Median (n=11) | Best (n=11) | Rank |
|---|---|---|---|---|
| Spot fee | 0.10% | 0.10% | 0% MEXC | tied 2nd of 11 (with 6 others) |
| Futures taker fee | 0.05% | 0.055% | 0.02% MEXC | tied 2nd of 11 (with 3 others) |
| Futures maker fee | 0.02% | 0.02% | 0% MEXC | tied 2nd of 11 (with 9 others) |
| Referral rebate | 20% | 40% | up to 60% Weex | 11th of 11 |
Table 3 · Binance versus the index (n=11); Table 2 figures, read 7 Sep 2026.
How to claim the Binance fee discount
Referral terms at Binance attach at sign-up only: an account opened without KOW3WB5T cannot add a 20% discount on trading fees afterwards.
- Register via this page; code
KOW3WB5Tis embedded in the URL. - Verify identity: Binance lists KYC as Required, so expect withdrawals to stay locked until a government ID is on file.
- Deposit $1 or more, the recorded minimum at Binance. The welcome-bonus tiers (published ceiling up to $600), set on the promotion page behind the sign-up button, typically start higher.
- Place one qualifying trade at Binance: 0.10% spot, 0.05% futures taker, entry tier.
- A 20% discount on trading fees then comes off every fill while Binance keeps the programme open.
References
- Binance fee schedule, read 7 Sep 2026: Binance official fee page (binance.com)
- Founding year (2017) and headquarters (Cayman Islands / Global): CoinGecko exchange API entry for Binance, cross-checked on Wikipedia, cycle 7 Sep 2026.
- Binance referral programme page, quoted as published: Up to $600 bonus ceiling and a 20% discount on trading fees as the referral terms.