Binance Review: Is it Safe, Legit or Fake Crypto Exchange?

Find the “Exchange” button and choose which platform you prefer. The charges are quite low in comparison to other exchanges. The best part of it is that if you meet the requirements, the fees get smaller and you can earn even more. Before company founder Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders. Fewer crypto-to-crypto currency pairs than global Binance site.

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I have been customer since 5 years and now as I want to withdraw my funds they block me with the pretext of „checking my identity“. Because 15 bucks to withdrawal my own money is not an acceptable alternative to zero with binance. While this simple cryptocurrency quote is directly referring to Bitcoin , it also apply to pretty much every single cryptocurrency in the market. When you complete your trade, your newly purchased coin will now be available in your Binance account.

How Do I Know I am on the Official and Legitimate Binance Exchange?

There is a lot to learn about how this works, but understanding Binance is one way to get your feet wet with what might be the best exchange on the market. However, you may wish to transfer them out for an added layer of security. You can use Binanceʻs external browser and app-based wallet known as Trustwallet or any other desktop or cold storage wallet. Online reviewers seem to have a widely different experience. There are hundreds of angry complaints and 1-star reviews that are upset at the Binanceʻs customer support. It seems to be one of the significant issues with the platform.

This is to ensure that countries regulations won’t affect their system. If you live outside the United States, you can safely invest in eToro by clicking HERE. Try them out and let us know if they are still up to their reputation.


After you have done those two things, you can start trading using the app. The increased popularity made the value of BNB token to rise slowly over time. Unfortunately, their platforms are quite overwhelming for beginners. The Binance exchange is not easy to navigate and it can become confusing quite quickly.

  • I have several plans handy of how and where to withdraw any funds in case I get uneasy.
  • Once you open the deposit page, search for the coin you are interested in and click it.
  • Many of the negative app store reviews have more to do with Binance customer service than the app’s user experience.
  • Binance has support for both IOS and Android devices, with 4 1/2 stars across 200,000 reviews on both platforms.

Binance averages just 2 out of 5 stars across more than 2,000 Trustpilot reviews. Several complaints revolve around poor customer service and difficulty withdrawing funds. However, even with the difficulties some users face, some feedback is positive. Many Binance users mention a favorable, relatively seamless experience with the platform. Experienced traders may appreciate the variety Binance offers, but users might find this platform confusing given its many features. Additionally, its ongoing investigations and growing list of regulatory issues are also concerning.

A couple of days later, the Financial Conduct Authority in the U.K. Said that a subsidiary of Binance, Binance Markets Limited, couldn’t operate in the country. Though this didn’t prohibit Binance Global, the wider, global version of Binance from servicing British customers, Binance has paused withdrawals for U.K. Additionally, while Binance’s beaxy exchange review fees are lower, they are also having compliance issues in other countries and are being investigated in the U.S. Coinbase has also run into recent issues with U.S. regulators, though the issues are less about the overall platform and more about its Lend program. Overall, Coinbase is regarded as a more stable, secure platform than Binance.

Talk about your experience with this business by leaving a review or comment below. However, it’s your obligation to read the potential signs every time you are about to engage in an online business. Last but not least, remember that even the best businesses in the world have occasional complaints and unhappy consumers. EToro – One of the most trustworthy crypto platform out there (if you live in the United States you get a bonus up to 12% when you deposit – join HERE).

At the other end of the spectrum, market makers – which provide the platform with liquidity, get an initial fee of 0.1%, too. However, for trades of more than 150,000 BTC per month, this can be reduced down to 0.02%. Copy the unique wallet address that is provided to you, and use that to transfer the funds from your private wallet. In order to secure your account, Binance will ask you to set-up two-factor authentication . This means that you’ll need to install an application like Google Authenticator on to your phone.

This is especially crucial for the exchange at a time that they are looking to obtain the necessary regulatory approval to launch an exchange in the US. To get funds into your Binance account via a bank transfer, you need to specify your desired currency and how much you want to deposit. Binance will then provide you with details of the account you need to make the transfer to, alongside the reference number you need to include within the transfer.

Is it right to give commission money from my bank account rather than my Binance account?

While this of course includes hallmark coins like Bitcoin and Ethereum, this also includes small-to-micro cap tokens. While standard trading fees average a very competitive 0.1%, this can be further reduced for those holding the platform’s proprietary digital asset – the Binance Coin. To conclude, Binance is without a doubt one of the most important crypto exchanges in the world today, and we don’t see this situation changing anytime soon. Binance does most of these things right, and had much luck and a head-start at doing so, and is now focused on maintaining its status as the world’s leading altcoin exchange. This, however, is a topic for another discussion, and right now Binance remains one of the best options for crypto traders today. Up until recently, Binance was primarily a crypto-to-crypto exchange, meaning that it had no involvement in fiat deposits or withdrawals.

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10% of all trading fees are allocated away for worst-case scenarios. While SAFU can easily cover a small-scale hack, like the 2019 incident, it would not be nearly enough to cover the entire user base. Binance has support for both IOS and Android devices, with 4 1/2 stars across 200,000 reviews on both platforms.

These give the buyer leveraged exposure to cryptocurrencies without the risk of liquidation. Binance, along with other exchanges such as Bitfinex and OKEx, is showing no signs that they will give up their position of dominance in the industry anytime soon. This can be described as pure trust and confidence of the people who use these platforms. In other words, they get what they pay for – transparency, functionality, and functionality at unbeatable prices.

Rubbish App

“Binance” offers a number of security guarantees to ensure that your funds remain safe from the threat of external malfeasance. For example, the platform has a 2FA system that requires access to your cell phone to access your online account. It is available in French and should allow you to trade and optimize your investments quickly and easily. It offers a reliable and efficient service in which amateurs, pros but also trading novices will find their way around without any problems. With an ever-increasing demand about this platform, we took an interest in it to see if this crypto currency exchange service is really up to the task.

If they wish to unlock other features and invest or trade larger amounts, then they will need to complete the relevant steps of KYC. No other platform trades digital assets with such magnitude! In recent years, “Binance” has been steadily expanding its range of services.

Once you open the deposit page, search for the coin you are interested in and click it. You will be given a private address to which the funds must be sent. Binance’s strategy of being available to as many people as possible has brought them to Africa. If you want to save 45% of your trading fees forever, then you should register your Binance account using our referral link. Once your account is created, you can access it within any option mentioned above. Luckily I was in time to do this, but I couldn’t do any trades to swap to btc.

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