Binance Review: Is It Safe? We Have The Answers

Binance is the leading crypto exchange in the world for trading volume and liquidity. The platform is super beginner-friendly, easy to use and offers a massive range of crypto pairs, innovative products, features, competitive fees and responsive customer support.

In this Binance review, we will assess the platform's key features, its services and our experiences so you make an informed decision before you decide to create an account.

While we aim to provide you with accurate information, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.

Key Features:

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It is important to consider using a Bitcoin hardware wallet such as the Ledger Nano X when trading cryptocurrency. If you don't have a wallet, read our guide on cryptocurrency hardware wallets.

What Is Binance?

Binance is a Hong Kong based cryptocurrency exchange that was founded in July 2017 after a successful ICO that raised 15 million. The owner of Binance, Changpeng Zhao, often referred to as 'CZ', started the exchange from nothing and has become a self made billionaire within 1 year. Binance headquarters and server infrastructure relocated from China to Malta in late 2017.

Binance exchange has attracted millions of users in multiple countries across the world and is often applauded in exchange reviews and social media as the best cryptocurrency trading exchange. In fact, Binance is ranked the #1 exchange based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported for spot and derivatives markets according to coinmarketcap.

Binance users can buy, trade, sell and instantly swap digital assets on a beginner-friendly and easy to use platform. Binance has one of the largest selection of cryptocurrencies and trading pairs available to exchange, store electronic funds within a secure wallet and earn interest on crypto in a Binance savings account.

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Binance Compared

Advanced features, intuitive user interface and a mobile trading app are important features on Binance. This comparison table lists alternate cryptocurrency trading exchanges like Binance that offer world-class features.

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Quick Summary

Exchange Name

Fiat Currency

AUD, USD, EUR, GBP, SGD & UGX

Cryptocurrency

Payment Type

Bank transfer, SEPA, Bank card (VISA) & SWIFT

Trading Fee

Deposit Fee

Bank transfer: None

Withdrawal Fee

Bank account: None

Crypto: Standard network fee

Mobile App

Features & Services

Binance is a leading digital asset provider that has expanded it features and services to provide a full offering of products that can be accessed through the Binance website of mobile app. The core features offered by Binance are described below.

Suitable For Everyone

One of the best features with using Binance is the user-interface has been designed for individuals with various levels of skill and experience. There are multiple trading modes for beginners, advanced users and margin traders. Those who are not familiar with charting may use the 'Classic Interface' which is easy-to-use or 'Binance Convert' to buy/sell crypto instantly on the exchange.

Variety of Payment Methods

Binance is a popular trading platform due to its availability worldwide, support for multiple fiat currencies and a wide variety of ways to transfer funds to an account. The trading platform provides various payment methods for individuals around the world to fund a trading account using methods such as bank transfers, credit/debit cards, SEPA, wire transfer and cash deposits.

Cryptocurrencies Offered

Binance supports over 150 digital coins on the exchange that can be bought, traded and sold. There are a wide range of trading pairs such as against altcoins, fiat currency or stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD.

Advanced Trading Platform

Binance provides a cutting-edge trading platform to trade digital currencies with a full range of trading tools, indicators and chart options. Powered by TradingView, traders are well equipped to comprehensively analyse the price action to find trading opportunities.

Binance Savings Account

Similar to BlockFi, Nexo and crypto.com, Binance has joined the borrowing and lending space and offers its customer a savings account to earn interest on crypto. The interest rate is up to 7% APY on selected coins that are stored within a Binance wallet such as USDT, BTC and BUSD. The savings account provides an easy way to earn free crypto for buying and holding funds through Binance Earn.

Is Binance Safe?

Binance is one of the world's most secure exchanges that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customers personnel information and funds. Examples of the secure technologies used to provide a safe and secure trading environment for users that decide to leave their coins on the exchange include cold wallet storage and two factor authentication.

However, there is always risk when storing funds on a centralized crypto exchange. The safest way to store cryptocurrency is to transfer funds from Binance to a reputable hardware wallet such as the Ledger Nano X. Read this article for more information on the best places to store Bitcoin and other digital currencies.

Has Binance Been Hacked?

A question on a lot of readers mind is how safe is Binance and has Binance exchange been hacked before? In 2017, Binance was the subject of a major cryptocurrency theft and security breach. Hackers compromised the security systems using a phishing emails, viruses and other attacks. 7,000 Bitcoins (approximately USD 40 million at the time) were stolen and some user's two-factor authentication codes and API tokens. Binance reimbursed all of the users lost money to cover the security breach using it's emergency emergency insurance fund.

Is Binance Trustworthy?

Since the launch of Binance, the cryptocurrency has proven itself to be a legitimate, safe and trustworthy exchange that allows users from all over the world to buy, trade and sell cryptocurrencies. The exchange regulated in a number of jurisdictions and complies with KYC requirements and local AML/CTF regulations in each country.

To ensure the highest security-standards, Binance has implemented leading-edge security controls such as Two Factor Authentication (2FA) and offline storage facilities to protect users funds stored in a Binance wallet. Therefore, Binance can be considered a safe place to transfer funds.

Supported Countries

Binance is a global centralized cryptocurrency exchange that includes several companies around the world that use the 'Binance' brand name and technology. The Binance partners are established in several jurisdictions to service over 180 countries worldwide through the main Binance website or an official partner below.

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