The K-rank of a binary form f in K[x,y], K⊆ℂ, is the smallest number of d-th powers of linear forms over K of which f is a K-linear combination. We provide lower bounds for the ℂ-rank (Waring rank) and for the ℝ-rank (real Waring rank) of binary forms depending on their factorization. We completely classify binary forms of Waring rank 3.