If we are talking about the best way to bind, we also need to talk about the worst ways to bind.
Chest binding is something that, while it may seem like an easy and cheap thing to DIY, should not be attempted. The binder needs to be a perfect fit and made with the correct materials so as not to cause any irreparable damage to the breast tissue or to your lungs. A binder made incorrectly can restrict your breathing and cause you to suffocate. It is also inadvisable to bind your chest using bandages, as most bandages are manufactured to treat swelling. As such, if you wrap your chest with them, they will constrict and get tighter as you breathe throughout the day and pose a major health risk.
The best way to bind safely and properly is using a binder, bar none. But if none is available to you, then the next best thing is to try two sports bras. Sports bras are meant to compress and keep all your parts in place while doing physical activity, so one on top of the other will compress even more and keep everything nice and flat as possible. Just ensure that they fit well and do not restrict your breathing in any way.