I have the 'Quick Easy Mitered-Binding Tool' as demonstrated in this video:
https://www.youtube.com/watch?v=LRc_olNi_14
If you watch the video, you can see that you probably can do the miters without the tool, but it sure does make it quick and accurate.
Another way is to do the first side, then do the opposite side. When you do the other 2 sides, just fold the corners without mitering them.
I also cut the binding at 1"