What is Binance? Is Binance Safe? A Complete Review

Binance is the largest cryptocurrency-to-cryptocurrency trading platform. It has increased the provision of fiat-to-cryptocurrency services in the trading of cryptocurrencies, making it the world’s largest cryptocurrency platform

The exchange’s low fees, a large number of trading pairs and strong security features make it one of the platforms most people recommend to new users and experienced traders. 

If you plan to use the services of this exchange, you must first understand its background, the trading services provided by Binance, are Binance safe when trading? Binance fraud? The following will answer for you and learn more Evaluation of this trading platform.

Binance Background

In terms of trading volume, Binance is the world’s largest cryptocurrency exchange, and its rapid expansion in the past two years is comparable to the cryptocurrency field itself. 

Binance Exchange, led by Changpeng Zhao, provides a trading platform that enables millions of people to buy and trade hundreds of coins and cryptocurrencies.

The value of transactions executed every day exceeds 1 billion U.S. dollars, and it ranks among the top exchanges that do not exaggerate their trading volume to mislead the market. 

More importantly, it was launched in the United States to add other branch platforms in Africa and the United Kingdom, which gave the company greater legitimacy as the service became more simplified and formal.

The History of Binance

It launched an initial coin offering (ICO) in China in July 2017 and raised $15 million from investors, who received local Binance Coin (BNB) in exchange for its capital. The key figures of the company are its founders Zhao Changpeng and He Yi. 

The former is the CEO of this fast-growing and expanding company, and his extensive experience in OKCoin and Blockchain.com wallets helped create the world’s largest cryptocurrency exchange by transaction volume.

It has extensive team operations offices in more than 40 countries/regions around the world, including the United Kingdom, the United States, France, Singapore, Germany, Uganda, and India. 

The company completed acquisitions in 2019 and 2020. It acquired WazirX, India’s largest cryptocurrency exchange; then followed up with the analytics company DappReview, and reportedly acquired CoinMarketCap for $400 million.

Today, the trading platform has registered more than 15 million users, with an average daily transaction volume of more than 2 billion US dollars. Company websites and companies can be accessed in multiple languages, including Chinese, English, Japanese, French and Turkish.

Regulation and Safety

Binance is a centralized cryptocurrency exchange. Although the company has recently started working closely with regulators in the United States and the United Kingdom, it is largely unregulated. 

In June 2020, the company announced the launch of Binance UK, which is an affiliated exchange regulated by the FCA. The exchange has designated it for use by British and European investors. Binance in the United States will also be launched in 2020.

Security is a key feature of the cryptocurrency trading ecosystem, and the company has a pretty good score for this feature. 

However, it should be noted that after hackers hacked multiple user accounts, the exchange suffered a security breach in May 2019, resulting in the loss of 7,000 Bitcoins. The exchange swiftly acted to strengthen its security and created SAFU (User Safe Asset Fund), which is used to pay compensation for such losses in addition to exchange fees.

The exchange also uses AI and network forensics to monitor trading activity, and uses Universal Second Factor (U2F) to verify transactions. On the other hand, users can access the two-step authentication or two-factor authentication (2FA) process.

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If you have already registered an account and want to de-check the enabled security level, please log in and go to the “Security” dashboard. If you are using an application, click “Account” and then “Security“.

What is Binance?

Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies . As of January 2018, Binance is the world’s largest cryptocurrency exchange in terms of trading volume.

Why Choose Binance?

Binance: The place to trade Bitcoin in the online world

fast

Binance has a world-class trading engine that supports up to 1,400,000 orders per second. This ensures that your cryptocurrency trading experience is fast and reliable.

simple

Trading cryptocurrencies on Binance is easy and straightforward. You can buy Bitcoin in just a few steps.

Safe and reliable

Binance is used by millions of global crypto users. Binance’s multi-layer, multi-cluster system architecture and SAFU (Safe Asset Fund for Users) insurance fund can protect your account.

Highest liquidity

Binance is the world’s most liquid cryptocurrency exchange, with the largest trading volume among multiple cryptocurrency pairs.

Is Binance safe?

It is absolutely impossible to say absolutely that this or that kind of cryptocurrency exchange is insecure, and any transaction is risky. Like many top trading platforms in the cryptocurrency field, it is doing its best to ensure the safety of user funds. 

What I want to say is that despite earlier violations, it is currently one of those encryption platforms with the strongest security measures. The exchange’s wallet is protected by the latest technology, and its SAFU initiative provides a safety net.

The company also ensures that its users comply with security protocols, including meeting KYC (Know Your Customer) authentication requirements before trading on the platform. If you are looking for a cryptocurrency exchange that you can use with confidence, then Binance should be your option.

How to Buy and Sell Bitcoin?

Binance is a cryptocurrency exchange that easily buys, sells, trades and holds BTC. To buy and sell Bitcoin on Binance Exchange, you must first register for an account. Click this link to enter the website to register for free .

Buy BTC via Bank Transfer

After registering an account, you can remit money to the account of this exchange through Binance, and then purchase the stablecoins listed on Binance from the provider. Then, use these stablecoins to buy bitcoins on the Binance exchange.

Trading Bitcoin

Binance supports deposits in more than 150 cryptocurrencies, some of which you can exchange for Bitcoin at the best prices on the market.

Buy Bitcoin with a Credit card

You can buy Bitcoin directly with a credit card on Binance. Binance provides a way to buy Bitcoin with a credit card (Visa or MasterCard).

What Can I Do After I Buy Bitcoin?

what is binance

Store or Hold Bitcoin

Many users insist on storing their bitcoins, expecting that its value will increase. You can safely store BTC on your Binance account or our encrypted wallet application Trust Wallet (the most user-friendly and safest mobile wallet).

Trading Bitcoin

You can trade Bitcoin with more than 150 cryptocurrencies on Binance, a fast and secure trading platform. Binance provides many trading pairs for Bitcoin transactions to meet your needs.

Send Bitcoin

Yes, Binance allows you to transfer value easily and quickly across the globe. You can buy Bitcoin online and send it to anyone using their Bitcoin address.

Spend Bitcoins

You can also use Bitcoin to buy goods and services. Every day, more and more suppliers and retailers accept Bitcoin.

Donate Bitcoin

Binance Charity accepts Bitcoin donations for global projects aimed at improving the lives of the bottom billion people. You can donate Bitcoin, so no one will miss the benefits of blockchain.

Binance’s Evaluation and Reputation

The reputation it has gained comes from the core team, who enjoy a high reputation in the industry. The platform also continues to innovate and develop, providing a variety of products that users want in the crypto market. 

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Even when it was hacked in 2019, taking quick action and establishing SAFU to make up for all losses also provided a huge guarantee for the huge user base of the platform.

Although the platform provides access to more than 200 coins and tokens, they are all listed based on the risk assessment framework, and any violation of the set parameters will be quickly removed to protect users.

Binance Wallet: features, supported cryptocurrencies and security

Binance provides a cryptocurrency wallet service that allows users to store and purchase crypto assets. But because the service is built-in, the company retains the private key, expressed in encrypted terms, which means that when you deposit funds into an exchange account, the control of the asset is in the hands of the exchange.

However, it will seriously consider the security of user assets and store most of the deposited assets offline in cold wallets. The exchange already knows that at any given time, more than 90% of assets are stored in cold storage, while less than 10% of assets are stored in hot wallets.

Users can also use Trust Wallet, which is a popular crypto wallet recently acquired and can be used to store multiple cryptocurrencies. If you don’t want to use a wallet, the exchange supports several other wallets, including hardware devices that can be used to move cryptocurrencies out of the exchange.

Supported Cryptocurrencies

The platform supports more than 500 digital currencies and can trade the first two coins, BTC and ETH, as well as BNB and USDT. Some popular coins include:

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash, Ripple (XRP), Tether USD (USDT), Bytecoin, Monero (XMR) ), Cardano (ADA)), Binance Coin (BNB), NEM, Steem, Ardor, Augur, Zcash (ZEC), Qtum, EOS, 0x Protocol (ZRX), Bitcoin Diamond (BCD), Bitcoin Gold (BTG) ), ICONOMI, TrueUSD (TUSD), NEO, Status (SNT), Bancor (BNT), Bytom (BTM), Loopring (LRC), TRON (TRX), SONM Ark (ARK), Balance (BAL) and basic attention orders Brand (BAT).

You can buy any of these cryptocurrencies immediately, or you can trade hundreds of them on the exchange. You can use legal currency bank cards, VISA and MasterCard, and other third-party payment methods to purchase up to 40 cryptocurrencies.

Transaction Security

The exchange has security features designed to protect users from spam attacks and unauthorized access to trading accounts. The following are the security features that Binance can build for users:

  • Two-factor authentication (2FA)
  • Anti-phishing
  • Password manager-Log out of access (logout) manager

Although all these features have protected users, malicious intrusions will still exist, and any exchange can indeed be damaged by cyber attacks like in 2019. Therefore, the idea of ​​the loss that the exchange can afford must be retained.

How to Register Safely with Binance:

1. Register and verify your ID: Click to go to the Binance website and register with your email and password. Verify the account by providing the 6-digit code sent to the email. You will receive a “success” notification on the screen. To enhance account security, please go to the dashboard and enable 2FA.

2. Deposit funds: The next step is to deposit funds into your wallet. Click Deposit Cash, then select your currency and payment method. Add the bank card details and press “Verify Now“. Follow the instructions given to complete the process. You can also deposit cryptocurrency from an external wallet or use your credit card.

3. Buy your cryptocurrency: After crediting the money to your wallet, you can go to the “Buy Cryptocurrency” page and choose your favorite coin. Add payment options, and then follow simple steps to buy cryptocurrency. If you do not plan to store your coins on Binance, please send them to an offline wallet.

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