Is Binance a safe exchange? Binance review 2020.
For those of you who are familiar with buying and selling cryptocurrency, maybe you have heard about Binance, now on 2020 FXtrending will conduct a Binance review 2020, Is Binance a safe exchange? Still reliable or not.
If likely you have experience with crypto exchange Binance, you may leave a comment below this article.
Since the emergence of the crypto market. There have also been many new exchanges that have sprung up buying and selling cryptocurrency services.
Binance has been ranked high on a popular exchanger. Established since 2017 which started with Chinese national Changpeng Zhao (CZ).
But now has a headquarters in the European Isle of Malta.
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Regulated broker by the International Financial Services Commission (IFSC) of Belize.
Binance crypto exchanges Company profile
The Binance Exchanger was founded by Changpeng Zhao, a Chinese-Canadian business executive who is also the founder and CEO of Binance.
Before finally establishing Binance, previously Zhao was one of the team members who developed Blockchain.info, also served as chief technology officer of OKCoin.
So it can be said that the founder of Binance has experience in blockchain technology. He launched the company in July 2017, after $ 15 million was collected during the initial coin offering.
In less than eight months, Zhao grew Binance into the world’s largest cryptocurrency exchange by trade volume, in April 2018. This exchanger serves more than hundreds of cryptocurrencies.
The Binance platform supports several languages, including Chinese, English, Russian, Dutch, Ukrainian, Polish, Indonesian, Italian, French, Vietnamese, Portuguese, Tukey, Espanol.
You can choose a language that suits your understanding. Binance also created a charity which they named the Binance Charity Foundation.
Binance Charity Foundation (BCF), is a charity platform using blockchain technology and the official philanthropic branch of Binance’s global digital currency exchange.
Binance Platform exchange App
Binance offers several types of exchange platforms with different views.
The first time you visit the home page, you will be presented with the words “the world’s leading cryptocurrency exchange”.
With an offer form to buy crypto coins.
For exchange platforms, there are three types you can choose from basic, advanced, and margin.
On a basic exchange platform, you will see a bright platform color, with several indicators embedded, moving average and MACD. In technical analysis, this indicator will help you find the entry point of the signal given by the indicator.
You will find three types of platforms in this basic view, Original, Tradingview, and Depth. It also has available timeframes that can be adjusted from minutes, hours, daily, weekly, and monthly, this certainly helps you in analyzing prices in the past.
To switch to the Tradingview platform, simply, click Tradingview in the top right corner of the platform, as well as the platform depth, this model is very easy.
In the basic view, design everything is very well.
With a list of price changes on the left, and a chart in the middle, and flat changes and volumes on the right.
In the advanced display, you will find a colored platform with a dark background, however, this is still very comfortable to use. The graphic is on the left, in outline the features are the same as the basic appearance, but with a different design.
You can use full-screen mode the view by clicking on the icon in the upper right corner of the platform for broader analysis, you can switch with the original platform, Tradingview, and Depth with click on the top right corner in the list.
Binance Cryptocurrency supported
Binance is a popular crypto exchanger and is the largest in the world. There are already many cryptocurrencies that have been entering in this list of exchangers.
Even now more than 1300 coins are traded on the Binance exchange. You can check info coin here
But Bitcoin is at the first rank with the biggest changes every day.
While on the last page of the list, some coins haven’t changed at all. And from all the lists, it doesn’t mean you can trade the coin through the Binance exchange.
If you click on the last page and choose one coin, you will not find a trade option on that coin. Thus the listing is partly not yet entered the trading market. This means they haven’t got a response from traders or users.
At the top of the Binance exchanger home page you will find BNB or Binance coin, at first rank, then BTC or Bitcoin, ETH Ethereum, XRP Ripple, BCH Bitcoin cash and LTC Litecoin.
With so many crypto choices offered, it gives freedom in finding and choosing interesting and profitable instruments. Binance is always adding new token listings, so maybe you can buy it at a cheap price.
To find crypto-asset information available at Binance you can access it here.
Maybe fees for withdrawals are a condition that concerns crypto lovers when they choose an exchanger.
To make a deposit in Binance, all are free, but for withdrawals, there are various conditions depending also on the coin that you will withdraw.
Due to withdrawal fees are dynamic and automatically adjust based on market status conditions. You can check the current withdrawal fee schedule on their page.
In terms of trading fees, if you use a BNB or Binance coin, for each trade a fee of 0.1% will be charged. If you use BNB and hold it, you also get a chance to discount according to the rules of the Binance, you can see the offer here
To make a withdrawal, there is a certain limit if you don’t verify, but verification will lift the limit on the number of withdrawals you make.
If you do not finish verifying your withdrawal limit is 2 BTC for every 24 hours.
Binance verification levels process requires user data with details of full name, country, gender, passport photo/ID issued by the government, and even a selfie with a passport.
For deposits, you need to fund the amount of money needed to get coins.
They offer integrated payment methods with the following platforms to enable all users to buy cryptocurrency with a debit card, credit card, or stable card: TrustToken, Simplex, and Paxos.
Who eligible to trade at Binance?
In general, Binance accepts users from all nations, but there are rules that Americans are not allowed to use Binance.
According to the news, Binance will launch a platform specifically for Americans with clear rules. Because to start using the Binance platform, you only need an email address. Although to some extent you need to verify user data.
One source said that Binance was regulated in Malta under the Virtual Financial Asset (VFA) law. Besides, there is no regulatory body that registers Binance.
However, Binance is still trying to comply with anti-money laundering.
Binance Customer support
The Binance support contact service is available 24/7. This means they are always available to serve various problems faced by users.
When you try to use chat services, you must fill in questions that are relevant to your problem. Then there will be bots that automatically answer with relevant answers.
However, if the problem is not solved. You will be directed to the choice of language that will lead to the support representative’s contact.
You may need to wait a while, but it usually isn’t too long. When the bot starts leaving the chat, a cs will come that will guide your problem.
Security at Binance
Binance offers a number of security protections with 2FA authentication. With 2FA if a hacker has access to your cellphone, they will not be able to gain access to your Binance account.
In addition, if you try to log in from a device or IP address that was never used at Binance, you need to confirm via registered email. You can also set a notification when making a withdrawal.
If you look at the score of security features, Binance offers above average. But many hackers out there are always looking for new ways to break into exchanges, including Binance, in which there are large valuable assets circulating on the exchange.
In early May 2019, Binance was hacked and lost 7,000 BTC, around $ 40 million at the time. However, all customers who lost funds in the event received compensation funds from Binance self-sufficiency insurance that was specifically managed under such conditions.
Even though Binance is responsible and replaces all lost users. This is a warning to all exchangers to tighten user security.
Because hackers are always looking for loopholes and new ways to get user data in various ways.
Binance margin trading
Binance has also recently launched margin trading, allowing you to trade like forex using collateral funds.
For this, you have to register a margin account and deposit some funds to your wallet. The leverage offered is 3:1
But you have to agree to risk disclaimer using margin trading. Where you might lose some or all of your money.
If you are familiar with forex trading with margin trading and leverage, you can easily understand the concept of margin trading and the risks.
With a leverage of 3: 1 if you buy 3 BTC you only need to provide a fund of 1 BTC as collateral held by the broker. If your BTC value drops to 1: 1 then the broker will automatically liquidate your order.
Another interesting thing is that they held a Binance Futures Trading Tournament Contest with a prize of 100,000 USD in BNB.
This tournament starts from 2020/03/03 0:00:00 AM (UTC) until 2020/01/16 23:59:59 (UTC)
You might not miss this opportunity.
Is my crypto safe on Binance?
However store money in exchangers that are not controlled by the government or the bank, you are free to spend any amount in your account. But when you place a large sum of money, this can be a problem when making a withdrawal. Besides storing money in a Binance wallet, which is a hot wallet, this is vulnerable to hacking.
Then you need to reconsider with a large amount of your money if you entrust to Binance because the value of the Binance trustworthy is not one hundred percent safe.
Don’t keep all your money in one exchange, as a diversification step you can buy gold assets as a safe haven that is also liquid. Use the money in one exchanger only to the extent that you need it for interest.
Binance review 2020 is a large exchanger even though it has only been launched since 2017, thus they have been operating for more than two years.
And proven by its responsibility when users lose a number of their bitcoin because of hacking that occurs in Binance.
They have changed all user funds lost because they were hacked.
Binance has been the third rank with total liquidity of $ 56,679,434 at the time of writing and may continue to grow.
This exchanger is the third rank after HitBTC and Bitfinnex on Coinmarketcap by calculating the amount of liquidity.
With the support of 16 languages available, and it is still possible to continue to grow and provide new languages so that the reach of users will include countries between continents.
Are you ready to start trading?
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