Binance Review Is it a Scam or Legit Broker

You can reduce fees an additional 25% by holding BNB, the Binance coin, in your account. When you look at Coinbase vs Binance, the trading fees at Coinbase are 2.5 times the amount of Binance fees before factoring in a 25% discount for holding BNB. Buy a variety of different cryptocurrencies with a credit or debit card, as well as using these cards to deposit fiat currency into your account. However, this service comes at a premium that can get as high as 4.5% in fees for USD deposits using a debit card. The Malta-based cryptocurrency exchange is often regarded as one of the largest platforms for daily trading volumes, not least because users have access to more than 540 individual crypto-to-crypto.

  • In order to start trading with Binance, you have to deposit at least 15 USD .
  • This may influence which products we write about and where and how the product appears on a page.
  • Launched in 2019, Binance US was created to ensure a compliant and stress-free trading experience for US users.
  • In a competitive space, the fee structure of Binance is cutting edge.

They want you to try to solve the problem yourself and you have to interact with a support bot most of the time. It operates across the United States and Canada, as well as in the European Union and Japan. Since Binance provides only trading services I will compare its fee schedule to other reputable trading platforms. Binance has come up with a way to use the money sitting idle in an account as customer funds, by giving customers the opportunity to earn interest on the spare currency. The company says its new profit-sharing service, called Binance Coin Daily Lending, “is a win-win situation for all clients.

Binance is a crypto-crypto exchange company located in hong kong. Recently this platform has gained popularity due to its method of service. The major point of attraction is that it has very low trading fees. One of the best attractions of the platform is its large list of supported coins as well as the multitude of available pairs. While major players like BTC, ETH, ADA, XRP or DOGE are of course supported, “Binance” is also present for much smaller tokens with small capitalization. The site offers over a hundred crypto-currencies and, you can find out which pairs are available for the crypto-currency of your choice at CoinMarketCap.

To be properly protected by 2FA your account must require 2 locks before granting access. The two main factors for Binance is a password, as well as either an SMS, or Google authentication code. 2FA (Two-Factor Authentication) is when you protect your account with two factors or locks, creating an additional layer of security. Though it was previously on the iOS App store, over time, it was occasionally removed for reasons known to the Binance team alone.

You can simply submit a support ticket and expect a response via email. They tend to forward your questions to expert with respect to your language. I couldn’t find much about it except the normal use of a two-factor authentication or Google authentication as a security measure when logging in. Following the Chinese Regulations on Cryptocurrency, Zhao said that they were moving their IP from Hong Kong to a safer site preferable an offshore location.

Although we strive to provide accurate general information, the information presented here is not a substitute for any kind of professional advice, and you should not rely solely on this information. Always consult a professional in the area for your particular needs and circumstances prior to making any professional, legal, financial, or tax-related decisions. Today, Binance is a true giant in this space with an average trading volume of over $1 billion per day in cryptocurrencies alone.

The platform does have a good presence on social media though. This includes Telegram and Twitter, so it’s well worth using these channels if you are yet to receive a response. If you want to see what pairs are available against your chosen coin, you can view this at CoinMarketCap. In addition, Binance is regulated in Malta and has a lot of positive reviews from clients worldwide. It contains several useful articles that explain the basics of working with the exchange. Sometimes, finding the answer to your question might be even quicker this way.

Binance is the largest cryptocurrency exchange in the world by volume, with billions of dollars in transactions daily. They are available in almost every country around the world and are a legitimate cryptocurrency exchange. For both maker and taker trades on its spot exchange , fees are just 0.1% for people who trade under 50 BTC a month—far lower than other exchanges in its league. These fees decrease for people with lots of BNB tokens, who trade a lot or who have referred their friends.

What you Should Know about Binance

The OSC didn’t issue a statement of allegations about Binance specifically, but the exchange also offers futures contracts and derivatives and arguably securities . It’s unclear why Binance didn’t get a notice; a spokesperson declined to comment toCoindeskon the exchange’s regulatory discussions. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. If you are engaged in margin trading and your margin balance falls below 1.3, then Binance will get in touch to let you know that a margin call is required to avoid liquidation.

BNB had some security concerns in the fall of 2022, thanks to hack that led to a loss valued at about $570 million. Binance.US offers staking rewards on 11 coins, with rates up to 13.5 Rewards are calculated daily and distributed weekly. Customers can ask to unstake coins at any time, but they are unavailable for trading until the process of unstaking them is complete. The amount of time that will take varies depending on the cryptocurrency in question. Binance.US currently offers more than 150 crypto-to-crypto trading pairs.

binance is legit

Whether you’re new to the world of cryptocurrencies or you’re a seasoned veteran, you should keep your eye on this exchange. China’s government regulations on cryptocurrency proved to be more than just a minor inconvenience for the Hong Kong-based company. Although, relatively new to the exchange industry, Binance has proven that with a strong business plan, directed towards attracting and satisfying users, you can rise to the top very quickly. If you’re thinking about using Binance for your cryptocurrency investing needs or career, then you should keep reading this my most comprehensive review. All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

Binance is a total scam

And that’s just spot trades; for more complex derivatives trades, like futures and options, Binance processed $98 billion worth of trades in the past day. The second most popular derivatives exchange, OKEx, facilitated $22 billion worth of trades in the past 24 hours. Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels. Both Binance and Coinbase Pro offer a sophisticated trading experience.

binance is legit

It is also possible to access market analysis and all sorts of articles on the latest trends written by leading experts in the crypto asset market. For many, “Binance” is the first choice when it comes to buying and selling crypto-currencies online. It could be the case that Binance will launch an Ontario subsidiary, just like it has done in other jurisdictions that have prevented it from operating or offering certain services. When it launched in 2017, the exchange registered in the Cayman Islands and the Seychelles, and now the exchange claims to not have offices at all—an army of contractors and remote workers. “When people ask me, I don’t want to give them a wrong answer just to satisfy their definition.

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. The source of this information is the website and the broker’s trading platform listed in the Web section of this review. The operator of this website does not verify this information and is not responsible for its accuracy, completeness, timeliness, truthfulness or the compliance of a broker with legal regulations. Please verify whether the broker is authorized to provide its services in your country of residence in accordance with the legal regulations that apply to its business. Never had any issues with any transaction, could always access my money, and the trading fees are the lowest in the industry.

Binance is protecting scammers and money laundry

If you plan to trade in high volumes frequently, this may be a money-saving advantage. Binance has an excellent track record for offering new coins quicker than many of its competitors, which entices users to use their exchange service. From there, you’ll have cryptocurrency in your Binance wallet, and you’ll be able to deposit, withdraw, and exchange freely within their system.

As with many similar exchanges, Binance evaluates their exchange fees based on the user’s trading volume during previous 30 days. He decided to review different crypto exchanges that operate in Canada in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets. Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

In both cases, law enforcement alleged that the operators of the exchange embezzled customer money. As the crypto market started to heat up in 2021, the concern is that Canadian investors were increasingly exposed to the “potential loss, theft and misuse of their assets,” said Vingoe. She has contributed to award-winning and nationally-recognized PR campaigns. She currently owns her own crypto-specific digital marketing agency working. There have been no reported breaches at Binance.US, but the global Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $40 million at the time. The company said it paid the losses in full to affected users.

Binance security

All U.S. dollar deposits at Binance.US are held at custodial bank accounts and insured up to $250,000 for bank failure by the Federal Deposit Insurance Corp. But Binance.US does not say whether it has private insurance for crypto deposits held on its services. Binance has become much more than simply a crypto exchange. It has built a vast ecosystem of products and services to make it easier and more accessible for people all over the world. If you’re looking for an exchange that has extremely low fees, dozens of different crypto-coins, and a customer-centric focus, be sure to give Binance a focused look today. Binance is definitely one of those exchanges that are taking their security seriously, and because of that, it is a platform to use for cryptocurrency business.

Judging by the measures that Binance offered to its users in transparent manner as it successfully dealt with hacker attacks in the past, I wholeheartedly recommend using it. As always, it’s safer to store your funds on a non-custodial beaxy exchange review wallet like; Ledger Nano X. That way, your funds will remain untouched. Normally, the verification process takes less than 1 hour. Other than the email contact form, they also have a customer service chatbot.

BNB’s initial value was around $0.1, and has continued to appreciate with the rise of Binance and BNB chain. Binance has been at the forefront of attracting new – and established – traders since their company started back in 2015. This makes it a prime spot for those looking for an exchange that’s both easy to use and offers lucrative deals for those who have taken their trading seriously. It’s not just about trading either since Binance offers collateralized loans and lending services. This comes in handy if you need funds to get started with your project or if you just want to enhance your trading portfolio via arbitrage services because of the high volumes available on Binance.

Binance coin

The platform is a slightly more simplified version of the global exchange, however carries most of its core trading features – including low fees capped at just 0.1%. At the time of writing, Binance.US even has zero-fee trading on Bitcoin trading pairs against USD and most US dollar stablecoins, as it seeks to gain a larger market share against its local competitors. Binance, the world’s fastest-growing cryptocurrency exchange, has an interesting way of taking payments from customers. This means that people who want to buy coins on Binance can send bitcoins or Ethereum directly to the exchange. When you compare Binance to other exchanges that can charge flat rates of $5 plus a percentage, Binanceʻs fees attached to each transaction are relatively small.

Binance has risen with Bitcoin to provide around 50% of Bitcoin’s trading volume in recent times. The cryptocurrency market has been growing and evolving at a staggering pace. Bitcoin, the most popular out of the lot, is now worth more than $10,000. With most cryptocurrencies currently trading at a significant premium on Binance’s platform, the ability for the average investor to buy at current market prices is one of its main advantages. Though Binance launched a US version of the platform, it is restricted by the governance of the SEC.