What's the best method for connecting speaker cables binding posts. Are using banana plugs a better option that just wrapping the wires around the corresponding posts?

If they are standard binding posts then 4mm banana plugs are your best option. Don't be tempted to just wrap the wire around, it can come loose and if we are talking amplifier end, stay wires can catch the metal (earthed) case of the amp and damage the channel.

If your Amp / Speaker has another option of connection like Jack, XLR, or Speakons then use them, I'm not a big fan of Binding Posts.