Binance Review 2024: Is It Safe? Features, Fees, Pros & Cons

However, due to ever-increasing pressure from the government to regulate crypto, the exchange moved its headquarters to the Cayman Islands in the Seychelles. Binance uses a two-factor authentication (2FA) feature—either Google Authenticator or SMS Authentication for secure login and withdrawals. Enabling 2FA adds an extra layer of protection to your account but can also be reset if it’s not working or you get a new phone. There is no contact number but users can input their email address or phone number to submit a support ticket in the chat which is available at the bottom right of the Binance website. Binance’s referral program allows customers to invite their friends to use Binance using a referral code. Referees can earn up to 40% commission or ‘kickback’ every time their friend makes a trade on the platform.

Founded in 2017 by software developer Changpeng Zhao, Binance is a decentralized crypto exchange that was originally based in China. 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. If your margin balance then drops down to 1.1, Binance will be forced to liquidate your trade, meaning you’ll lose your collateral.

Additional Features

Binance utilizes artificial intelligence risk control solutions that are state-of-the-art and uses both identity and facial recognition during the sign-up process. In addition, they also use big data analytics and cyber forensic investigations to monitor each transaction taking place on the exchange. All of this helps to identify any suspicious or irregular activity occurring on the exchange. Binance has a significant presence around the world, with offices in multiple countries and localized platforms such as Binance US and Binance UK. It is committed to regulatory compliance and has obtained licenses and registrations in various jurisdictions. Furthermore, this Binance review should not be considered an official endorsement of the Binance exchange, it is merely for informational and entertainment purposes only.

These are very low for the industry, but don't apply to cash transactions. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page.

Binance Review: Pros and Cons

It is notably one of the few cryptocurrency exchanges to actually ask users for desired new features and improvements as part of its dedicated feedback page. Binance allows you to make fiat and crypto deposits and withdrawals. For depositing crypto from an external wallet, you simply need to hit “Deposit” — a tab that floats right on top of the page. Once the interface opens up, you can quickly select the crypto asset, the network used to move funds, and the public address of the network-specific account. Additional discounts on the trading fees are possible if you consider paying for the same using BNB, Binance’s native token.

The basic interface is the easiest way to trade and consists of simple options to select two cryptocurrencies and make a conversion. In July 2018, Binance has started a Secure Asset Fund for Users (SAFU) and allocates 10% of all trading fee revenue there. In the case of a successful hack, it is used to cover user losses like it was done in the May 2019 security breach. Later in 2019, the exchange also had a KYC data leak, which hackers have allegedly obtained from a 3rd party vendor. Another key factor to look at when evaluating Binance’s fees is futures funding rate and margin position daily interest rate.

Advanced View

According to CryptoCompare Exchange Benchmark Q report, Binance is a solid A grade exchange. It makes it in the top 20 exchanges in terms of security grade, too, scoring an above-average 11.5 out of 20 possible points. Binance restricted access to users from the US, UK, Canada, Singapore, and a few other nations. It still serves most countries across the Americas, Europe, Africa, and Asia-Pacific. The verification process typically takes 5-30 minutes if documents are in order. However, during high traffic surges, verification may be delayed up to 12 hours as KYC checks are manually reviewed.

• Binance does not support any fiat currency (USD, EUR, etc) trades or transactions.
• So now that you know how Binance works, let’s explore what cryptocurrencies the platform supports.
• Although the company now has its headquarters in the European Isle of Malta, the project was founded by Chinese national Changpeng Zhao (CZ).
• It offers an alternative smart contract and DApp platform to Ethereum.
• In reality, it’s amazing just how quickly the platform has grown since it was launched in 2017.
• The most common time frame from our own experience and reviews shows that 48 hours is about average.

It allows customers to convert one type of coin to another based on real-time exchange rates. Using the portal means customers don’t need to be concerned https://www.tokenexus.com/ with order book and trading fees. The over-the-counter (OTC) trading desk allows users to exchange large quantities of crypto in one transaction.

Step 3: Deposit coins

However, ensure you do not compromise your account’s safety by sharing your password or leaving your account logged in on multiple devices. The hackers used multiple accounts during this security breach to siphon out the funds. However, Binance managed binance review to get the situation under control and fully reimbursed users whose funds were stolen. However, Binance may have the upper hand over Crypto.com when it comes to trading costs, trading limits, and the variety of available trading options.

This large number of supported cryptocurrencies is one of the main reasons behind Binance’s astounding popularity and success. Binance Margin trading allows the traders to borrow funds to perform leverage trading. Binance Margin trading supports Isolated Margin Mode and Cross Margin Mode.

Trading features

Binance caters to beginners with its Binance Convert feature, which provides newer traders with a simple tool to swap cryptocurrencies for fiat or other coins. Additionally, Binance mobile offers a 'Lite' version with simplified features. However, the more sophisticated products have a steep learning curve and take a while for users to familiarize themselves with.