What is Binance?
Binance is the fastest growing cryptocurrency exchange in the world, and in only 5 months, it reached the top 10 exchanges based on volume.
It has become so popular due to some factors like the site is available in numerous languages coupled with a great user interface.
The most dominant factor is, they process orders much faster than most other exchanges.
Where is Binance Located?
The way Binance has exploded onto the scene, there have been many people who ask Binance legit? And when we first looked at a Binance exchange review.
Binance was first based in China (Hong Kong) and then moved to Tokyo, but after spending some time in these locations, it is making a move to Malta which is embracing crypto exchanges as a place where to base their operations.
Although it is based in this region, Binance can be accessed from any country around the globe, So, Binance for US customers is as good a choice as any foreign exchange.
How Binance works
Binance is one of the cheapest exchanges to use in regards to transaction fees. They also offer two options, with the second even saving more money when making trades.
The first regular option is where Binance charge 0.1% on all trades (at the time of writing).
The second option is where you use their own coin (BNB), and by doing so, you can get a 50% discount on the trading fee for the first year.
After this period, you can obtain 25% for your second year, then 12.5% for your third and then 6.25% for your fourth year of trading on Binance.
Withdrawal limits are a little different and vary depending on the coin you are cashing out. Here are a few examples of withdrawal rates:
• Binance Coin – BNB – 1
• Bitcoin – BTC – 0.001
• Ethereum – ETH – 0.01
• Litecoin – LTC – 0.01
• Neo – NEO – Free
When you wish to deposit any coins onto Binance, you are not hit by any limit of what you are able to deposit. But things change when you want to withdraw.
For the unverified users, you can withdraw 2 Bitcoins maximum per every 24 hours. However, if you verify yourself and submit the relevant documents, you are then able to lift this limit to 100 BTC every 24 hours.
Accepted Payment Methods
Binance is strictly a cryptocurrency exchange and doesn’t take payments in any other form. If you wished to buy ripple with credit card, you would need to do this somewhere else, and then move your coins to Binance when you want to exchange.
If you are looking for how to buy Ripple in USA, you need to check locations which accept Fiat cash as payment. And then transfer BTC or ETH to Binance and carry on with your Ripple purchases.
When you first sign up for a Binance account, it is straightforward, and there is no verification required. The downside is the limits on your withdrawal transfers as we saw earlier.
This would place you at level one, but for level 2 and the higher withdrawal limits, you will need further Binance identity verification.
Verification times can vary depending on how busy the support staff is, so be sure you plan ahead if you wish to withdraw any more significant amounts and to be safe, make sure this step is completed before you deposit or trade large sums on the exchange.
Verification information would include:
• Full name
• A picture of your passport and government-issued ID or a picture of you holding your passport. (photo page open)
One of the good things with Binance is the number of coins which is supports, and for this, it has been very widely praised.
It currently supports over 100+ coins, but here are a handful of the top ones you can trade on Binance.
• BTC – Bitcoin
• XRP – Ripple
• USDT – Tether
• ETH – Ethereum
• XVG – Verge
• TRX – Tron
• NEBL – Neblio
• NEO – Neo
• FUN – FUN Coin
• ETC – Ethereum Classic
• LTC – Litecoin
• DASH – Dash
• BNB – Binance Coin
• APPC – Appcoins
Protocols used on the exchange include the ISO/ICO_27001:2013 and CCSS security protocols.
Account security will offer users the option of using two-tier authentication, and also Google Authenticator which is used to verify withdrawals and any security modifications.
For account verification, one of these features must be activated.
If users wish to find out more about their Privacy, this can be found on the Privacy tab on the company website.
For quite a few users the company customer support is one of the weakest points. And, for any exchange to be entirely successful, they need excellent customer support and being able to answer everyone’s questions.
As of yet, there are no live chat or phone numbers you can call for support. Any questions or queries are submitted via the online forms you can find on the company website. Once you receive a reply, this will be made via email.
Like many exchanges which grow at a rapid rate, their customer support might not increase at the same speed, hence the slowness of the reply which has been reported.
Is Binance Safe?
Unlike cryptocurrencies, Binance is a centralized exchange. Although it is reliable and not one which aims to be a scam, there are still many who ask, how safe is Binance?
Once you have followed the easy set-up of your account by supplying your email address, you are then prompted to set-up your 2FA and also your SMS authentication.
Once you have deposited funds, you are then able to make your exchanges, however, as this is purely an exchange they don’t provide a secure Binance wallet for storing your coins.
In this respect, you should make other alternatives for the storage, and it is also the reason why you should not leave a large number of coins on the exchange.
If anything were to go wrong, Binance is not insured in this respect so you could lose all you have sitting there.
Binance is an excellent exchange for what it offers, and the company must be doing something right, or they would not have risen to the position they are now without making users feel safe and secure, and asking is Binance a good exchange?
It should be noted of the hacking attempt earlier this year, and since then the company stated they solved the problem and no users lost any of their funds.
It was touted as a Binance scam, but it was shown the company was not to be held responsible.
Binance will continue to grow and be successful due to its popularity and the strives they are making on their infrastructure.
From the moment you sign up, it is advised to complete all of the authentication levels and not to keep too much cryptocurrency in your Binance hot-wallet, and move it as soon as you can. I
Is Binance safe? If you follow all the advice and use them for what they are, yes they are safe.