Binance review. Is it safe trading platform?
binance review

Binance review. Is it safe trading platform?

By Foxhunter | hunter24 | 7 Mar 2020


Binance cryptocurrency exchange is currently one of the biggest markets in the world. At the same time, it is almost ideal trading platform for people who care about the largest number of cryptocurrencies available through single platform.

Currently, there are over 150 cryptocurrencies on Binance, and the market does 1,400,000 transactions per second. Changpeng Zhao is the main CEO and the company headquarters is located in Malta. Binance has over 10 million users all around the world. They also created their own, internal cryptocurrency BNB (Binance Coin) and you may use it to pay for transaction fees on the market.

Their official communication channels (that's where you'll find all the news):

Telegram: https://t.me/binanceexchange
Twitter: https://twitter.com/binance

The big advantage of Binance is that the identity verification (KYC) is only required when you want to make daily withdrawals of 2BTC. If you want to withdraw lower amount, the verification is not needed.

Verified accounts can withdraw 100 BTC every 24 hours.

 

Additionally, Binance enables you to buy cryptocurrencies conveniently using your own Credit Card. This option applies to purchase of few main cryptocurrencies: BTC, XRP, BNB, ETH, LTC and BCH.

How to create an account on Binance?

Visit the Binance.com website (invite code: 10931895)

binance

Click „Register” , You will then be directed to begin setting up your account. Fill in your email, password, and agree to the Binance user agreement and privacy policy.

 

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After continuing, access your email and follow the verification link.
All other things you can set up after login.

Navigation within the platform is very easy. Click on 'Funds' and 'Balances' to see the list of your cryptocurrencies. If you want to buy a new one press 'Deposit', and to withdraw it press 'Withdrawal'.

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Don't forget about basic safety measures: cryptocurrency market, even the best one, is not a good place for storing large number of coins for a long time. Withdraw them regularly to your safe, cold wallets (like e.g. Ledger). In the past, it happened multiple times that a market collapsed and declared bankruptcy. In this case, people who stored large amount of coins in there, lost a lot. Do not take that risk - only store as much as you need on the market and withdraw the rest.
Take care about safety of your funds.

If you want to buy cryptocurrency using Credit Card, choose the one you want, then click on 'Deposit' and 'Buy now' using Credit Card.

binance

 

Important: If you enjoy using this market, you may recommend it to others and earn commission from their purchases. You'll find the description of Binance's affiliate program after login to your account.

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Attention: Although Binance looks after the safety of their users' funds, they did encounter large hacker attacks before. In total, 7000 BTC got stolen from them. The company's CEO took care of this situation so nobody suffered any losses, but it is still a good reminder that you shouldn't store large amounts of cryptocurrency on any markets. Neither Binance, nor any other one.

Remember to set strong passwords and use two-factor authenticators too. You can do it in the settings section.

Frequently asked question:

Can I Withdraw money from Binance?
You can only withdraw cryptocurrencies from Binance.

There is no option to withdraw fiat currencies (i.e. USD, EUR, etc). If you want to exchange cryptocurrencies to FIAT, make withdrawal on Coinbase and there you can withdraw FIAT on your bank account.

 

Conclusion of Binance review: Is it safe trading platform?

Yes, but you should never believe that it will stay this way forever and that possible losses will always be covered by the owners. Look after your own safety and do not hold large sums on any markets!

Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).


Foxhunter
Foxhunter

Writer and reader:) Hello guys!


hunter24
hunter24

Blog and articles. Reviews of various internet crypto projects, companies, plans and programs which allow you to earn money. All articles are based on infromation found on the internet and my private research.

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