Binance Review: Is Binance Safe?

Have you just discovered the crypto world, or are you curious to explore Binance as a new market? Then, read this article to learn all you need to know about the largest crypto exchange before joining.  

The Binance exchange is one of the most popular and fast-growing crypto trading platforms globally. This exchange lists over 300 cryptocurrencies and has an average daily trading volume of about 2 billion dollars. In terms of trading volume, it is the largest cryptocurrency exchange globally.

Founded in 2017 by Changpeng Zhao, Binance is headquartered in Malta following a move from China. As a result, investors and traders have access to one of the broadest selections of cryptocurrencies in today’s market. A range of coins and tokens are available, from the market’s most significant market cap to smaller and less known coins.

Features of Binance

 A Unique Trading Experience: Binance provides a variety of trading tools, including real-time charts with moving averages and exponential moving averages. Charts are powered by TradingView – A technical analysis tool that offers a wide range of indicators and tools to support analysis. 

In addition, Binance provides a range of order types, including stop orders, limit orders, stop-limit orders, stop market orders, and trailing stop orders. Furthermore, you can select a preferred trading view from a classic to a margin or OTC (Over the Counter) view. 

Binance Futures and Derivatives: Binance supports futures trading in addition to spot and margin trading. With Binance Futures, traders can speculate on the price of Bitcoin and various popular altcoins rather than buying and selling them.

 Trading can be leveraged up to 125x, meaning traders can multiply their profits and losses by 125, a higher limit than any other major platform.

 Balances for Binance Futures are held separately from users’ regular trading accounts and must be funded using Tether (USDT). Users will also realize all profits and losses using USDT.  

Security: Binance highly prioritizes security. The company’s security measures include anti-Phishing measures, two-factor authentication (2FA) via the Google Authenticator app, or short message service (SMS).

The KYC verification process on Binance also provides Binance users with an additional layer of protection.

Customer Service: The customer support team at Binance is available around the clock. You can file a complaint in two ways: submit a ticket, or ask basic questions via chat.

To submit a ticket and receive email assistance, users can fill out a form on the Binance website. Also, on the Binance website, you can access a chatbox on the bottom right corner of the support page.

Accessibility: Traders can access the trading platform via the Binance desktop app, Binance mobile app, or Binance website. They are available on Google Playstore, Apple Store, and Android APK. The desktop version is compatible with both iOS and Windows devices.

Binance is actually a huge ecosystem rather than a cryptocurrency exchange. The services included in this ecosystem are as follows:

  • Binance: The world’s largest exchange in terms of trading volume and one of the best exchanges in the world in terms of transaction speed.
  • Binance Academy: Binance’s education library. Everything you want to know about blockchain and cryptocurrencies is here. This is an information center and open to everyone.
  • Binance Donate: A foundation that provides services and operates on Binance. It was established to run charities on the blockchain and at the same time support sustainable developments globally.
  • Binance Info: This place can be considered as a crypto money encyclopedia. It is a completely open platform. Users can add here as well as benefit from the information they need.
  • Binance Labs: It is possible to consider the Binance lab as an impact fund. It aims to be an incubator for blockchain projects. It also exists to invest and empower these projects.
  • Binance Launchpad: A tool where entrepreneurs can issue a special token for the implementation of important crypto money projects.
  • Binance Research: Binance Research provides important research, data-driven insights and analysis for investors. Moreover, it does this at the corporate level.
  • Binance Trust Wallet: The official wallet of Binance. This is a decentralized wallet where investors can send, receive or store crypto assets.
  • Binance Chain: Participants and developers from all over the world are involved in the Binance blockchain. This is a fully community-supported blockchain software system. Binance DEX is a completely independent exchange developed on the Binance chain.

The Pros of Trading on Binance

Low Trading Fee: Binance offers one of the lowest fees compared to other exchanges. However, Binance employs a maker/taker fee structure, and the fees could vary depending on the trading volume and Binance Coin (BNB) balance. In general, trades with higher volumes incur lower costs. 

Additionally, users can receive discounts on fees by using BNB in trades, referring friends, and achieving VIP status. You can find a list of other exchanges that offer low transaction fees here.

You can get a %10 commission discount if you check our Binance Referral Code page.

Multiple Means of Purchase: Investors and traders have numerous ways to start investing with Binance’s broad selection of crypto. For example, they can purchase cryptocurrency through a Bank Deposit with fiat currency, a Credit/Debit Card purchase (both Visa and Mastercards are accepted), a P2P trading platform, and a third-party payment via Banxa or Simplex.

A Wide Array of Listed Coins: There are more cryptocurrencies available on Binance than any other exchange. It has over 300 coins listed, making it a good choice for active traders who wish to diversify their portfolios. In addition, users can earn rewards passively by depositing or staking crypto, getting loans secured by crypto assets, and more. 

Cons of Trading on Binance

Not available in the U.S.: Binance is available in nearly every country of the world, except for a few. For example, before the recent launch of Binance U.S., citizens of the United States were not allowed to trade on the platform.

Binance.us, intended for U.S.-based users, is more restricted. Furthermore, it is only available in 43 states out of 50. The exempted states are Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

It May Be Overwhelming For a Novice: There are many options and features on Binance, which can be exciting but intimidating for a newbie. However, experienced traders could also feel overwhelmed by all the possibilities. Compared to other exchanges like Coinbase, the interface of Binance is not exactly beginner-friendly.

No Built-in Digital Wallet Available: In contrast to some popular exchanges, Binance does not have an in-built digital wallet. As a result, traders often transfer their coins to secure third-party wallets to secure their assets. It is also not recommended to hold assets on the platform for long. 

Regulation Issues: Over the last few years, Binance has faced several legal and regulatory issues across multiple countries. For example, despite being registered with the government, Binance US is being investigated for money laundering and tax evasion cases.

Japan, Thailand, Malaysia, and Ontario Canada have also attempted to prevent the use of Binance until they can adequately regulate the trading of cryptocurrency.

Is Binance Really Safe?

In April of 2019, Binance experienced one major security breach. Binance was hacked, and 40 million dollars worth of funds were stolen along with user security information.

After this incident, Binance compensated its users for the stolen money out of their own pockets. Since then, there they have not had any further compromise. Authorities eventually caught the hackers responsible.

Binance is a relatively safe and secure platform. By demonstrating integrity during this period, they could regain the trust of their many users.

If you want to completely secure your Binance account, there are 7 different methods recommended by Binance. By using each of these methods, you can make your account much more secure. The 7 methods in question are as follows:

  • Set a strong password and change your password periodically.
  • Enable two-factor authentication (2FA).
  • Regularly check all devices that have a list of access to your account.
  • Manage the addresses you will shoot at.
  • Learn about what phishing attacks are and what you can do.
  • Regularly follow API security principles and protocols.
  • Use universal 2-factor authentication (U2F).

Conclusion

In light of what we have said so far, we can safely conclude that the good of Binance outweighs its shortcomings. They have reliable security, a track record of integrity, and, most importantly, a relatively low exchange fee.

 What are your thoughts on Binance? Please leave a comment and feel free to drop your reviews also.

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