Nonetheless, on the deposit page, you’ll need to scroll through the long list of coins that are supported, and click on the one that you want to deposit into Binance. When you consider that there are a handful of exchanges out there that are notorious for delayed, low-quality customer support, this is an accomplishment. Binance’s customer support system is quite good and has received mostly positive reception from users. Although the response time may not always be fast due to a high volume of inquiries, most customers have reported positive outcomes from this support channel. Most users seem to step away from Binance’ customer support system satisfied and without any complaints.
Binance Coin (i.e. BNB) is an ERC20 token with a fixed supply of 200 million. Out of this total supply, 100 million BNB tokens were distributed during the ICO. But before discussing their business model, it’s important to understand their token economics.
Once you enter your account details on this unofficial page, the scammers have everything they need to log in to your real account and steal your funds. This email contains a link that will take you to a site that looks almost identical https://broker-review.org/ to the exchange or wallet you usually use but is actually a scam site. In this article, I am going to outline the legitimate products of the Binance company as well as the most popular tricks that are used by scammers.
In terms of the standard processing fees, this comes at a cost of 3.5% ($10 minimum). This is slightly lower than industry counterpart Coinbase, which charges 3.99%. Although Binance does offer a maker/taker fee structure, the standard trading fee that you will pay is 0.1%. If you are a market taker – meaning that you simply use the liquidity that is already available on the platform, then you can reduce this down to 0.09% if you trade more than 500 BTC in a 30 day period. As we noted earlier, one of the main attractions for avid cryptocurrency traders is that the platform has one of the largest lists of supported coins.
Behind the scenes, your crypto holdings will be converted to fiat when you make a purchase , so that you don’t have to hold fiat on-hand. The card is completely free with no admin or processing fees and lets you earn up to 8% cashback on eligible purchases. Six months after Binance started in July 2017, it became the world’s largest crypto platform. However, it’s been met with much skepticism, especially after the latest hack in May 2019, raising concerns about customer funds’ safety. One of its harshest critics, Calvin Ayre, claims that the leadership deliberately misleads its users and manipulates crypto prices. In September 2019, he predicted thecollapse of Binancewithin twelve months.
- Binance had set funds aside to ensure financial resilience in the face of such attacks.
- Between October 2020 and March 2021, the FTC received about 7,000 scam reports of this nature, 12x the figure a year ago, causing $80 million in losses.
- Binance has a comprehensive support page, with an extensive FAQ section that will answer or guide you through most problems you may encounter.
- This has forced the exchange to stop offering the services to new customers and wind down usage among existing customers.
- Cryptocurrency will be one of the main medium exchanges in the future.
The platform has started to gain popularity in the blockchain community, and currently sits at the number 17 spot in terms of 24 hour trading volume. Binance is a big name in the cryptocurrency world, and for good reason. It is the largest crypto exchange by trade volume, with competitive fees and a platform that is built for beginner investors and experienced traders alike. We like that it has so many features and applications as well as 350+ altcoins.
Exchange Wallets: Features, Supported Cryptocurrencies, and Security
Margin trading is available for selected trading pairs, allowing users to trade with leverage of up to 10x on some coins. Users can choose between cross margin, which risks your entire margin account balance, and isolated margin, which restricts your potential losses to a single trading pair. Binance margin trading is not available to users of Binance US.
This means that unless a hacker has access to your mobile phone, they won’t be able to gain access to your Binance account. 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.
We think the easiest way to purchase crypto using CAD is to use your credit or debit card. Our previous article explores which Canadian banks accept crypto payments with credit and debit cards. The deposit button is pretty clear but when you click on it, there is no option to deposit CAD. Scroll down and you will see your portfolio, open orders and the cost of your trading fees. Remember, trading fees will vary from user to user depending on their level and how much BNB they hold. On the left, you have options to view your security, settings, and rewards.
Binance Ecosystem – all features:
If the coin that you want to purchase is not directly paired against the cryptocurrency you deposited with, you’ll need to make an additional trade. Moreover, with the exchange now increasing its scope for deposits and withdrawals via real-world fiat currency, it is likely that the platform will only continue to grow. At over 2500 reviews on Trustpilot.com, Binance has just a 2-star average. Many people have given it a 1-star rating, complaining about how they could not withdraw funds, and customer support was of no use.
To Binanceʻs credit, they stop dozens of hacking attempts a day and have never had another successful hack. They started as a spot trading crypto exchange, and now they offer Margin and futures trading as well. The basic version offers several graphs and charts for users who wish to do high-level analysis. The design of the basic model is quite simple and allows customers to view all the information easily. It has the prices on the left, and graphs in the center along with buy and sell options. You can also view the trading history on the right as well as the latest trading prices.
The benefit that you get here is, they charge pretty low fees for the same and you can directly start trading or even earn interest. High liquidity levels are among the most successful factors of a crypto exchange, and Binance is a market leader when it comes to liquidity. Binance boasts sophisticated trading fee tariffs favorable for users engaging in substantial trade volumes.
As of now, there is no customer support care number, but they do have a support portal where you can submit your requests. Type the amount to transfer and click on “Submit.” Enable your 2FA authentication and follow the link in the email sent to confirm the transfer. If you are sure you want to proceed, click “Confirm Withdraw.” A new page will open displaying the withdrawal. To add crypto to your account, go to your profile on the Finance page and click on “Deposit.” Select the coin and amount you want to transfer.
My account has been locked for almost a…
One must applaud how proactive their IT team and automated systems responded to the hack. To determine whether Binance is legit, safe, and handles security breaches seriously, let’s look and analyze its historical vulnerabilities. After that, we will explore the measures it took to patch up those areas of weaknesses. You can earn cash bonuses just for trying new apps through referrals.
The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport. Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
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%. When you complete your trade, your newly purchased coin will now be available in your Binance account. You can either keep it in your Binance account, or withdraw it to an external wallet.
The SAFU function acts like a reserve fund in the event that the platform experiences a hack. The reserve SAFU pot is funded by taking 10% of all trading fees that Binance generates. When you take into account the multi-billion dollar trading volumes that the platform is accustomed to, the fund could potentially grow to a significant amount.
🧐 Is Binance a Scam?
Address whitelisting and device restrictions were added, and you also have two-factor authentication. So, it should be impossible for anyone to access your Binance funds. However, people started trusting Binance to a greater extent after this incident. This was primarily because the site caught the hackers before any serious transactions occurred.
However, it is banned on an individual, institutional level, with some banks banning transactions. It is always a good idea to check with your bank before transferring money or using a debit card to prevent your account from getting temporarily suspended. All fiat funds deposited to Binance are insured up to $250,000 by the FDIC.
Zhao’s CV includes high-profile positions, such as technical director at Blockchain.com, and his company now provides trading systems for over 30 other platforms. To do this, you’ll initially need to enter your full name, home address, country of residence, and date of birth. You will then be redirected to the platform’s third-party verification partner – NetVerify. To complete the KYC process, you’ll need to upload a copy of your government issued ID. This needs to either be a driver’s license, passport, or national ID card. So now that you know how Binance works, let’s explore what cryptocurrencies the platform supports.
For example, it was announced last year that the company was looking to launch the world’s first ever blockchain bank in Malta. The platform also signed a Memorandum of Understanding with the Malta Stock Exchange with the view of facilitating the trading of digital securities. 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.
In summary, it’s easy to see why Binance is now one of the largest cryptocurrency exchanges in the industry. Binance is a cryptocurrency exchange founded in 2017 in Hong Kong, quickly growing to become the world’s largest crypto exchange by trading volume. Their initial growth and popularity was beaxy exchange review so impressive that they actually had to suspend registrations in January 2018. The myriad of coins and low and competitive spot trading fee found onBinanceare unmatched. The exchange is also known for its fast processing speeds and is capable of processing 1.4 million transactions per second.