Binance Review: Is Binance exchange safe to use or scam?

1 binance= $19.23

Binance is one of the crypto unicorns exchange platform. The word “Binance” is derived from the word “binary” and “finance”. Binance was founded by Chinese-Canadian, Changpeng Zhao, who is also guiding the company as CEO. The system architecture includes a certified matching engine which offers safety and stability which allows for the processing of 1.4 million orders per second over its platform just with its low trading fees (0.1%).

Binance also enjoys the support of a strong and capable team backed by proven products and advanced technology. Binance also offers debit and credit card payments that can be used to purchase cryptocurrencies, starting with BTC, LTC, ETH, and XRP. Having high competition as Binance vs Bitfinex it is ruling in its side and facility keeping its platform more simpler.

Irrespective of whether you’re just starting out with cryptocurrencies or you are a professional miner. Binance offers its users a wide variety of tools for engaging with digital asset markets. It is straightforward to purchase and sell cryptocurrencies through the Binance platform.

How Secure is Binance platform?
Binance Review

Binance App Review

Binance has created its own app for its users can trade, send and receive cryptocurrency from the comfort of their smartphone.

Seeing recently a high growth from its users and the downloads from the play store it has expanded its platform to support ios.

The app is completely trustworthy and has never had a security breach yet. The app is really helpful for checking balances and sending transactions on the go. With easy navigation, interface and all the updates from the phone you can see what’s going on the app.

Download links:

Binance Security Review

Binance being one of the most secure exchanges in the world, till now there have only been two minor security mishap that was handled extremely well by Binance.

Declaring the first incident,

A fake website imitated Binance and managed to collect users logins. After collecting logins and waiting for nearly a month, the hackers logged into Binance and sold the currency of the compromised accounts into VIA and attempted to move the VIA off the exchange.

On this, Binance’s automated security system detected this and in no time they stopped outgoing transactions and caused the hackers to lose everything.

In the second incident, two fully verified accounts login were compromised. Because the hacked account of binance was fully verified, it has no withdrawal limit allowing the hacker to move stolen funds off the exchange.

It is not recommended to leave lots of cryptocurrency on exchanges.

Solving this -Binance allows users to set up two-factor authentication to add additional layers of security to their account.

After both of the incidents, Binance announced the implementation of SAFU, stands for Secure Asset Fund for Users. This fund takes 10% of all Binance trading fees from its users and sets them aside in the event any users funds are lost. Binance also offers reduced at zero fee trading when events like this happen, proving their dedication to their users.

Customer Support

The customer support on Binance is also at peek if you compare it with its peer exchanges. Following this, Binance provides support in 7 languages!

As of now, the phone support number is not available, but they do have a customer support section where you can submit your related requests. Usual turnaround time is around 24-hours.

You can also use their live chat support option as shown here in the restricted operating hours.

Excluding that,  binance has a FAQ section which is quite detailed and if are well versed with it, you may not really need to contact their support.

How Secure is Binance platform?

The Binance platform architecture includes CCSS and ISO/ICO_27001:2013 security protocols. For account securing accounts, the platform offers users the option to activate Google Authenticator and 2FA to verify withdrawals, transactions, and security modifications. It is compulsory for users to activate one of these features in order to verify an account and make it work.

You can monitor binance price forecast and check out accordingly. Binance’s privacy policy is open which states that the platform collects user information and stores the data on its servers. Users concerned with privacy can click the “Privacy” tab on the main menu of the  Binance site if they want to go through the details of the Binance policy in full.

Binance Pros and Cons

Pros

  • Binance supports nearly 1000+ cryptocurrencies on its platform.
  • Basic and Advanced exchange views.
  • Binance supports Several nation languages
  • Reasonable and competitive fees on transactions and withdrawals
  • Capable to process an enormous number of transactions (1.4 million) each second
  • Binance pudded with High liquidity.
  • Binance markets BNB coin for reduced trading fees

Cons

  • New company, so it’s hard to assess its long-term viability and stay.
    • China-based company , so it’s not certain how recent regulatory government actions by the Chinese government may impact the exchange over wide.
    • Currently, only Chinese phone numbers are supported for 2FA.
    • Till now it does not allow fiat money transfers
    • There have been reports about delays when withdrawing certain coins from Binance
    • There have been reports about difficulty with the Android version of the mobile app

According to binance policy, it states that the platform does collect user information and stores the data on its servers. Users concerned with privacy can click the “Privacy” tab on the main Binance site if they want to review the details of the Binance policy in full.

Summary

Binance capable of solving 1 million orders each second, hence making it one of the fastest exchanges available on the market. This all orders is also supportable on all forms of devices, including web, Android, WeChat, and HTML5. Based on everything that has been outlined so far,binance relatively proves it worth staying in the markets and worth enough to make exchanges on.

Trading cryptocurrency is a super exciting way to invest for your future, thus CryptoPost Gazette listed as the best cryptocurrency to invest in 2019 and would likely recommend to make an account on binance and start trading in no time.

 

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About the Author: Rupali Gupta

Rupali Gupta is a blogger, digital marketer and gadget freak, she loves to grab everything happing in the tech and crypto industry. Connect with her at @meetrupaligarg, google plusand about page

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