Binance Review – Are They Safe or a Scam?
Check Our Ratings and Reviews for 2022
Binance is the world’s largest cryptocurrency exchange based on trading volume and offers a wide range of digital assets, including but not limited to Bitcoin, Ethereum, Dash, and Ripple. Launched in 2017, Binance even offers its own token, Binance Coin.
Binance is offered to over 180 different countries, including 43 US States. It offers many altcoins available to trade compared to other popular cryptocurrency exchanges, and it is considered a safe trading platform. Our in-depth Binance review has the total experience and rating information of one of the most popular cryptocurrency exchanges available online.
This cryptocurrency is known for offering competitions and bonuses on a regular basis. At the time of writing, there are four offerings to Binance users. Firstly, there is a competition worth $50,000 USD for trading in Blox (CDT) tokens – there are a couple of different ways to potentially win from a shared pool.
With Dogecoin growing in popularity this month, Binance has an enticing competition to win a split of $100,000 USD worth of the meme-crypto with only a $100 trade. To celebrate the Islamic period of Ramadan, Binance is also offering a further $100,000 USD in prizes by rewarding the 2,000 users with $500 USD worth of BUSD.
The final offering is to first-time users. Binance Futures has a Bonus Jackpot running twice a week worth 5,000 USDT. It is a promotion exclusive to VIP 0 users, so it is much like a welcome bonus.
One of the key factors in ensuring users interact with the Binance trading platform smoothly and efficiently is how well the broker explains the mass of information available to new traders. Binance does a fantastic job of explaining security principles and how to remain safe online whilst crypto trading.
This level of care was sure to be a sign of a highly usable trading platform. Usability is certainly one of Binance’s great strengths – the website is sleek, clear, and incredibly responsive. Binance even allows users to swap between the various trading platforms. The trading platforms have a very modern feel, and their tools are very tidy.
Currently, Binance offers thousands of different markets, including over 500 unique cryptocurrencies. Generally speaking, you could conduct all your crypto trading with Binance, only requiring another exchange if you seek a very niche and smaller altcoin.
The Binance application is highly optimised and provides excellent performance across all supported operating systems. In fact, the app provides faster loading times than the browser-based version.
Our Binance review determines that there is only one account offered to cryptocurrency traders, but it is free and very easy to set up. Binance also has one of the most limited and basic KYC (Know Your Customer) procedures of any cryptocurrency exchange. Registering an account is easy, and you can begin by using either your email or a mobile number.
Account-holders will get access to many useful features, including the Binance Academy that includes a number of engaging short courses that aim to educate users on everything from blockchain technology and using Binance to NFT projects and the importance of DeFi applications. We noted during our Binance reviews that this exchange has a very active and global community that can be accessed from the exchange website.
US traders need to know that the Binance.US platform is significantly limited when compared to that of the main Binance platform. Binance.US offers a little over 50 cryptocurrencies but retains the incredibly low fees that our Binance reviews turned up.
Binance provides several trading platforms that cover the full spectrum of trading experience. The Convert platform allows absolute beginners to convert digital assets without the complications of trading fees and order books. You can just enter the amount and Binance handles the rest! The Classic platform provides new and experienced users with a more traditional trading interface – packed full of charts, stop loss & limit orders, and other trading options.
Advanced is the same trading platform as Classic but introduces even more trading tools within the charts – perfect for those who will be conducting thorough technical analysis. The Margin platform allows users to enhance their earnings with margin trading and the P2P platform allows traders to directly trade with other real people.
Binance has recently added a stock trading platform to their repertoire that allows users to trade stock equities with cryptocurrency – this platform is very new and the marketplace is very small at this stage. Binance trading platforms are available within your desktop browser, a mobile app available on iOS and Android, and a downloadable desktop application.
Currently, Binance trading fees vary depending on the cryptocurrency you are choosing to trade. The average is still very low, at 0.1%. If a user chooses to trade using Binance Coin, they can receive a 25% discount on the trading fee. Through the use of Binance tokens, Binance offers some of the lowest fees of any cryptocurrency exchange. Binance is also offering a 10% reduction on USDⓈ-M Futures trading fees.
Withdrawal fees also vary depending on the chosen digital asset. You can find some cryptocurrencies that are free to withdraw whilst some other smaller cryptocurrencies have a withdrawal fee as high as 50 coins. Most of the major crypto assets hold rather low withdrawal fees, such as 0.001 for Bitcoin and 0.01 for Litecoin and Ethereum. There are no transfer limits at Binance on the number of coins you can deposit but unverified users will be limited to how much they can withdraw – although there is no reason you should be operating an unverified account.
Binance accounts can be funded via bank transfer, supported cryptocurrencies, debit/credit card, P2P Trading, and even cash. The payment methods are also available in a range of currencies, including US dollars, Pound Sterling, Euro, and Australian Dollars.
Customer support is provided in 15 different languages, so users should have no problem receiving assistance they can understand. Binance support is offered 24/7 via live chat and email. More often than not you will be leaving a request via the website’s email webform. No phone support is unfortunate; however, our conducted tests result in most email queries being responded to in around 24 hours.
A great advantage of Binance is its FAQs section. It is located under the support centre, and it is incredibly comprehensive. Obviously, the broker would like to limit the amount of customer support email it receives per day and detailed FAQs is the perfect solution.
Is Binance reliable? This is a common question seen online in Binance reviews. Binance is headquartered in Malta, but controversially does not hold a licence from the Malta Financial Services Authority (MFSA). The cryptocurrency exchange is not licenced in the US either and was initially banned until the launch of Binance.US, which complied with US regulations.
For currencies USD accounts, user deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Binance holds USD deposits in a pooled custodial account at insured banks and those bank accounts offer a depositor coverage limit of $250,000 USD. The coverage cover means that depositors are insured for loss in the event an FDIC-insured bank, used by Binance, happens to fail.
Binance has certainly expanded its operation over the short years it has been active in the crypto market. You can make a passive income through features such as crypto lending and staking. There is also a very comprehensive education package in the form of the Binance Academy, which provides learning materials regarding blockchain technology, cryptocurrency and how to identify and avoid Binance scams.
Binance recently introduced a VISA payment card that allows users to make everyday purchases with their Binance account. The Binance Labs is feature-filled with Decentralized Finance applications developed through Binance funding. Within this feature are a large number of downloadable applications lending platforms and torrent applications.
Is Binance safe? It certainly is, and you can also set up 2-Factor Authorization within your Binance account. It is an extra layer of security to protect your account and digital assets. A multi-device sync allows users to use 2FA on multiple devices and cloud-backups prevents account lockouts.
Binance offers significantly more cryptocurrency trading pairs than most of its competitors and trading fees are very low. The addition of a 25% reduction in trading fees when using Binance Coin is very welcome and certainly helps this trading platform stand out from the crowd. A fast, responsive, and intuitive trading platform means that experienced traders and new users alike can easily conduct smooth trading of cryptocurrencies.
Binance offers one of the best FAQs sections of any cryptocurrency exchange combined with a user-friendly trading platform, totally inexperienced traders will have no problem trading at this exchange.