Our Binance Futures review delves into the aspects that position this platform as a preferred option for cryptocurrency traders. You will discover how to handle a futures account, trade perpetual contracts, and use the futures calculator on the platform to enhance your trading strategies.
We will cover all the essential details, regarding trading fees leverage choices, and other crucial information to help you trade on the Binance Futures exchange efficiently.
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Our verdict on Binance Futures
The Binance Futures trading platform is a flexible solution catering to novice and experienced cryptocurrency traders. Its standout feature is the leverage options allowing traders to amplify their positions up to 125x.
With over 600 cryptocurrencies, it also provides a wide range of market access. The platform supports various payment methods including bank transfers and crypto deposits with popular stablecoins like USDT and BUSD.
Beginners will find the interface user-friendly and benefit from a wealth of educational materials. Advanced traders can explore features such as futures trading, perpetual futures contracts, and hedging tools. Binance prioritizes security with measures like two-factor authentication (2FA) and the SAFU insurance fund for added protection.
However, the platform’s complexity might be daunting for newcomers, and while customer support is generally dependable response times can vary. Overall, competitive trading fees and a comprehensive toolkit position Binance Futures as a strong player in the crypto derivatives market.
Pros and cons of Binance Futures
Like any other platform for leveraged trading, Binance futures has its advantages and disadvantages, which we list below.
Pros
- More than 600+ cryptocurrencies available for futures trading.
- More than 30 payment methods supported
- Lower trading fees than the competition, with discounts when using Binance Coin (BNB).
- High liquidity, ensuring smooth and fast order execution.
- Advanced trading tools, such as perpetual futures contracts and hedging.
- Robust security measures, including 2FA and the SAFU insurance fund.
- Available on both desktop and mobile apps.
Cons:
- Not available in the US; US-based users must use Binance.US.
- It can be overwhelming for beginner traders, especially with the advanced features.
- Customer service response times can be too long in urgent situations.
Dependence on USDT may deter users who prefer any other stablecoin or fiat currency.
After seeing the advantages and disadvantages of this platform, you may be curious to know if it is better or worse than others such as KuCoin. If that is the case, don’t miss our detailed comparison between KuCoin vs Binance Exchange.
Methodology: How we scored Binance Futures
For this Binance Futures review, we have evaluated this platform for different aspects that are important to futures trading.
Our expert reviewers took into consideration the following key factors:
- Leverage and margin trading: We were able to try out the capacity of the exchange to offer as much as 125x leverage, allowing traders on futures contracts to amplify positions. This makes Binance Futures one of the most flexible platforms for leverage trading in the market.
- Variety in Futures Contracts: Traders will be able to opt for the best available in futures trading thanks to the large number of quarterly contracts and futures on Binance Perpetual.
- Volume and Liquidity: Slippage is kept to a minimum, even in periods of high market price volatility. After testing the large trading volume, the platform’s liquidity, and the way it supports order execution, we can guarantee its smoothness and speed.
- Trading tools and the interface: We have analyzed the functionality of the Binance Futures trading interface, with a focus on advanced tools such as the Binance Futures calculator, hedging options, and risk management settings that professional traders would consider important.
- Security of Futures accounts: We have also been able to evaluate several measures to secure Binance. These include fund security, 2FA, cold storage of most deposited funds, and the SAFU insurance fund, which backs up and insures traders’ capital against potential breaches.
About Binance Futures
Started in 2019, Binance Futures is one of the largest players in the crypto derivatives market today. Initially headed by Changpeng Zhao (CZ), the company is now led by Richard Teng, following recent leadership changes.
It belongs to the entire Binance Exchange ecosystem, which is known for being revolutionary within the crypto space. The platform gives users the ability to trade an array of futures contracts on a global scale and offers tools that are suitable for both professional and retail traders.
Binance Futures doesn’t operate based on derivatives licenses specifically given for futures-related business. However, the platform is compliant with general standards and maintains cooperation with authorities in bigger markets.
Stay up to date on everything related to this platform, including new Binance listings, to follow new trading opportunities on the platform.
Binance Futures fees
Like the spot exchange, Binance Futures offers a very competitive and attractive commission structure for traders. Here we share its deposit and withdrawal fees, as well as trading fees:
Deposit and withdrawal fees (USD)
| Deposit | Withdraw | |
| Bank account | Free | Vary based on the currency and the bank |
| Debit card | 1.8%–3%; depending on your location and card issuer | Not supported |
| Credit card | 1.8%–3%; depending on your location and card issuer | Not supported |
| PayPal | Not supported | Not supported |
Trading fees
| Buy (taker) | Sell (maker) | |
| Instant purchase | Up to 0.5%; depending on the method used | Up to 0.5%; depending on the method used |
| Spot market | 0.10%; Discounts of 25% using BNB | 0.10%; Discounts of 25% using BNB |
| Futures | Starts at 0.05% | Starts at 0.02% |
Writer’s Note: Some deposit and withdrawal fees are not related to the Binance platform, but to currencies, conditions, and third parties. However, it is always a good practice to check the latest Binance Futures trading fees on their official website.
Binance Futures supported cryptocurrencies
As we mentioned above in this Binance Futures review, there are 600+ cryptocurrencies available for trading on the platform, one of the most in the industry. All options include popular altcoins such as:
- Solana (SOL)
- Polkadot (DOT)
- Cardano (ADA)
- Avalanche (AVAX)
- Chainlink (LINK)
- Polygon (MATIC)
- Litecoin (LTC)
Compared to competitors, Binance provides an extensive range of assets, ensuring diverse trading opportunities for both mainstream and niche markets.
To explore how Binance compares to other exchanges like Coinspot, check out our Coinspot vs Binance comparison.
Binance Futures key features
Here are some key features of Binance Futures, which we’ve reviewed specifically for futures and derivatives traders, rather than those using the regular exchange.
| Overview | |
| Leverage Options | Binance Futures offers leverage up to 125x on certain pairs like BTC/USDT, allowing traders to amplify their market positions, though it comes with increased risk. |
| Contract Types | Traders can choose between USDⓈ-M Futures (settled in stablecoins like USDT) and COIN-M Futures (settled in the traded cryptocurrency), catering to different risk preferences. |
| Order Types | To manage risk, Binance Futures supports a variety of orders, including limit, market, stop-limit, take-profit, and trailing stop orders. |
| Margin Options | Traders can select Cross Margin (shared margin across positions) or Isolated Margin (risk limited to a single position), offering flexibility in risk management. |
| Perpetual Contracts | Unlike traditional futures, perpetual contracts have no expiry date, allowing traders to hold positions indefinitely, with funding rates maintaining price alignment with the spot market. |
| Auto-Deleveraging (ADL) and Liquidation | In case of liquidation, Binance employs Auto-Deleveraging (ADL) as a last resort after using the Insurance Fund, which can impact traders in volatile markets. |
| Advanced Trading Tools | The platform offers a customizable interface, charting tools, and a PnL calculator, making it suitable for both novice and experienced traders. |
Binance app review
The Binance mobile app can be downloaded from both iOS and Android, providing users with improved convenience to use its core functions, including Futures trading.
It offers pretty much the same user experience as the desktop version, although for a few of the more advanced tools. For example, working with P&L calculators or detailed graphs on a small screen might be a bit inconvenient.
Apart from this small detail, the application provides a seamless trading experience and ensures that users can manage their trades as effectively from their desktop as they can on it.
User ratings of Binance Futures
| Rating | Number of reviews | |
| Google Play | 4.6 | 2.31M+ |
| Apple Store | 4.6 | 43K+ |
| Trustpilot | 1.4 | 4.5K+ |
Binance Futures customer satisfaction
While Binance Futures offers a robust platform, some users have expressed dissatisfaction with the customer support. Common complaints include slow response times and unhelpful assistance during critical issues.
One user from Google Play noted: “Very bad customer support experience. They were not supportive at all, and they ignored their shortcomings. For the second time, I faced an issue because of them, and with zero support from their side.”
On the positive side, many users appreciate the platform’s design and ease of use, highlighting its functionality and user-friendly interface.
As one satisfied user from Apple’s App Store shared: “Beautifully designed and user-friendly. I am going to miss you, hope to see you again in the future. May you continue to provide good services and do good for the community. Thank and keep up the good work.”
Binance Futures customer support
Binance Futures offers customer service around the clock with live chat, a detailed FAQ, and frequently updated social media accounts. Live chat appears to be the most preferred method of contacting them, yet customers’ opinions are divided.
The response time can sometimes drag on under heavy workloads. The FAQ section is quite comprehensive and informative on the most common issues, although it may not be sufficient for complex problems. You can also use social media for real-time support from the team.
How to reach Binance customer support:
- Live Chat
- Email Support
- Social Media Channels, such as Twitter or Telegram
Is Binance Futures safe?
The platform has implemented numerous measures and protocols for the safety of users on Binance Futures, but problems can sometimes arise with any large platform. Below are the major security features of Binance Futures:
Security: Binance Futures applies industry-standard practices in the field, which include two-factor authentication, advanced encryption, and most of the funds stored in cold wallets for users. These provide users with security against unauthorized access and cyber threats.
Insurance: Binance offers its version of insurance in the form of an insurance fund, called Secure Asset Fund for Users (SAFU), which is a reserve used to cover any eventful loss following a breach of security. However, this is insurance for all traders—not for every individual deposit.
Proof of Reserves: Binance also introduced a PoR system, indicating that the platform has assets equal to those of its clients’ deposits. This serves to give users more confidence that the platform has financial backing.
Previous Hacks: In 2019, Binance was infamously hacked, losing over 7,000 BTC. The platform, however, responded quite fast by repaying all the losses via its SAFU fund and additionally increased its security measures to prevent such hacks from taking place in the future.
Legal: Binance faces regulatory challenges in multiple jurisdictions, notably for operating an unlicensed exchange. There is a slight dampener on its service, but the company is working with numerous adjustments according to local regulations.
Reputation: Binance remains one of the biggest and best-reputed cryptocurrency exchanges in the world, as well as a trusted platform for millions of traders globally. However, due to some legal issues, it has faced questioning by a few.
How to trade Futures on Binance?
Futures trading on Binance is made very easy and accessible, thus it attracts any type of trader: from newbies to professionals. Here is how to start by opening a futures account on Binance:
How to open a Binance Futures account
Step 1. Create a Binance Account
You can start at the Binance website, or you can get the app from the iOS or Android app store. Click “Register” to sign up with your email or mobile number and add a password you consider very strong. Upon doing that, you will be sent a verification code through email or SMS for you to verify and get your account activated.
Step 2. Make KYC Verification
It is followed by passing the KYC procedure. It will need a government-issued ID document—the passport or driver’s license—and probably a selfie for identification confirmation. After filling them in, Binance reviews the information, which usually takes from a few minutes to several hours.
Step 3. Activate Two-Factor Authentication (2FA)
For the best security of your account, Binance recommends activating two-factor authentication. It’s possible to connect the account to the Google Authenticator app or turn on SMS-based authentication for maximum security.
Step 4. Activate Your Futures Account
After your account has been fully verified, you will only need to select the Futures tab either through your application or on the website. You will have to agree to the terms and conditions and complete a quick risk warning test before you can start trading futures.
Step 5. Fund Your Binance Futures Wallet
Transfer funds from your Spot Wallet to your Futures Wallet. You can do a crypto deposit directly or buy it with a debit/credit card and then send it over to your Futures Wallet to get started.
If you are looking for a more automated approach, you can also explore our guide on the best crypto futures trading bots.
How to fund your Binance Futures account
Step 1. Deposit Funds
You can fund your Binance Spot Wallet by depositing either traditional money like USD or cryptocurrencies. To do this you can choose options like Bank Transfer, Credit/Debit Card, or directly deposit supported cryptocurrencies into your Binance wallet.
Please note that if you deposit money it needs to be swapped for a stablecoin like USDT or another one that Binance Futures accepts before moving it to your Futures Wallet.
Step 2. Go to Your Wallet
Navigate to the Wallet section and opt for the Futures Wallet choice. This is where you can shift funds from your Spot Wallet to your Futures Wallet.
Step 3. Transfer Funds
Choose the cryptocurrency such as USDT that you want to transfer from the menu enter the amount of crypto you wish to move into your Futures Wallet and tap “Confirm”.
Step 4. Check Your Balance
After the transfer goes through your balance will be refreshed in your Futures Wallet and you will be all set to begin trading.
How to make a trade on Binance Futures
Executing a trade on Binance Futures is a smooth process. Just follow these steps to get your trade done;
Step 1. Select Your Trading Pair
Head over to the Futures Trading section and choose between USDⓈM (settled in stablecoins like USDT) or COINM (settled in cryptocurrencies) contracts. Pick the trading pair you want to trade such as BTC/USDT.
Step 2. Adjust Your Leverage
To do this, click on the Leverage button and choose the level of leverage you want. Remember that with higher leverage comes potential reward, but also greater risk.
Step 3. Place Your Order
Decide what type of order youd like to make whether its a Limit Market or Stop/Limit. Enter the price and quantity of the contract. Once everything looks good, click Buy/Long to open a position or Sell/Short if you expect the asset price to go down.
Step 4. Keep an Eye on Your Position
After your order is executed stay updated on it through the Positions tab. You can set stop-loss or take-profit levels to manage risk or adjust your position as market conditions evolve.
Exchanges like Binance Futures
| Exchange | No. of Cryptos | Funding | Trading Fees | Support | KYC |
|---|---|---|---|---|---|
| OKX | 350+ | Credit card, global bank transfer, P2P trading, third-party payments | Maker: 0.08%; Taker: 0.1% Better rates available to VIP users | Live chat, email, voicemail | Yes |
| MEXC | 2,600+ | Credit card, global bank transfer, P2P trading, third-party payments | Maker: 0%; Taker: 0.2% | Email, ticket system, live chat | Yes |
| Margex | 40+ | Credit card, global bank transfer, P2P trading, third-party payments | Maker: 0.01%; Taker: 0.06% | Live chat, email | Yes |
| ByBit | 650+ | Credit card, global bank transfer, P2P trading, third-party payments | Spot trading: Maker: 0.01%; Taker: 0.06% Rates vary by trading type. VIP rates also available. | Yes | |
| Bingx | 700+ | Credit card, global bank transfer, P2P trading, third-party payments | Varies by token type | Ticket system | Yes |
| Kucoin | 900+ | Credit card, global bank transfer, P2P trading, third-party payments | Tiered 0.00%-0.1% | Live chat | Yes |
If you want to compare Binance Futures with other top brokers, have a look at our guide on the best futures brokers.
Frequently asked questions about Binance Futures
Is Binance Futures good?
Binance Futures stands out with its features like high leverage options and support for over 600 cryptocurrencies. Traders value its advanced tools such as limit price orders and real-time analytics making it an appealing platform for both novices and seasoned users. For those interested in trading Bitcoin futures specifically, Binance Futures remains a top contender due to its competitive fees and high liquidity.
Can you make money with Binance Futures?
There is potential, for profits on Binance Futures, especially through strategies involving contracts with high trading volumes. Success largely hinges on timing the market and managing positions with care. By setting an entry price and utilizing risk management tools such as stop-loss and take-profit, traders can maximize gains while minimizing losses.
Does Binance Futures have fees?
As we have explained in this Binance Futures review, the platform applies maker and taker fees for trades. You can reduce these fees by using Binance Coin (BNB) to get discounts. Besides trading fees, users must pay attention to funding rates, especially when dealing with contracts such as Bitcoin futures. These rates help keep the futures market price in sync with the spot market.
Is Binance Futures available in the US?
No, Binance Futures cannot be used in the United States. U.S. residents are prohibited from accessing the Binance global platform because of regulatory issues. Instead, they can use Binance.US, which is a separate platform that adheres to U.S. regulations. However, Binance.US does not provide futures trading.
If you’re a U.S resident looking to engage in futures trading, you will have to consider other platforms that offer compliant futures trading options like Kraken or CME’s Bitcoin Futures.
How long can I hold futures on Binance?
Traders using contracts on Binance Futures can maintain their positions as long as they fulfill margin requirements and pay any funding fees. To hold positions effectively it can be beneficial to establish a limit price and adjust positions in response to market trends.
Does Binance futures have leverage trading?
Yes indeed. Trading is a fundamental aspect of Binance Futures enabling traders to enhance their positions across different assets, such as Bitcoin futures. It is crucial to set an entry price and closely monitor positions to manage the heightened risk associated with trading.
