Complaints about Binance – Will Support Help?

To a cryptocurrency exchange Binance (go online) there are a lot of negative reviews lately, not only on our website, but also on other platforms, on forums and so on. What is wrong with this crypto exchange?

Negative comments about Binance Exchange

If we even assume that negative comments are written to order, then certainly not all of them. And maybe there is no one, because what is the sense for someone to order a negative review in the number of at least a hundred pieces in runet about the exchange with unclear jurisdiction? Although, there are a lot of complaints about Binance in the English-speaking Internet. It’s also clear that some users are not well versed in crypto trading in general and specifically in the functionality of Binance Crypto Exchange, they make mistakes and lose their money because of that, not because of the exchange. But complaints about crypto exchange’s work are mostly of another type (crypto trading in 2021). For example, a popular complaint is poor support – no special qualifications are needed to write a request to support, and if there is no answer, then there is no answer, and it’s the fault of the exchange, whatever way you look at it.

Finally, complaints to Binance Crypto Exchange are of the same type, from different users, from different countries – they describe similar situations and often provide transaction data. There are also collective complaints, including those actually acknowledged by Binance exchange, and some of them are even compensated. That is not to say that negative reviews are just black PR without specifics. Often negative reviews are not scolding, but are appeals to the community for advice. It would be easiest to pin the negative reviews on the machinations of Binance’s competitors. But, unfortunately, it is more likely that users crypto exchanges The people are outraged for a reason, and there are some real questions about her.

Complaints about binance.com

Let’s look at the most common complaints about this exchange.

Poor tech support

Extreme slowness, formal approach to users’ problems, unwillingness to answer in essence, just ignoring users’ queries – this is the main complaint to Binance crypto exchange. Apparently, Binance tech support works the same way through all communication channels: “there is a bot in the support chat, there is a FAQ in the support chat, there is no communication with a human techpod at all”, – this is approximately how it is, as one Binance user wrote. “VK apologized for the technical problems and sent a tweet. In Twitter… not a word about the problem and the terms of fixing it”, “tried to contact support… no answer”, “answer once a day”, “support service… not talking…for more than 10 days”, – standard descriptions of the practice of communication with support. But even if you manage to get to support, not the fact that it will help in any way. A very common complaint to the exchanger – formal replies, accusations against the user (business or not), providing meaningless information, promises to deal with it, followed by ignoring and so on. What to do with this is hard to say, but there is the experience of users who kept “bombarding” the support service long enough, so that in the end, it responds and even solves the problems. But, understandably, that’s not how support is supposed to work.

There is also the experience of clients who lost money on tokens FTXI have not seen any other complaints, which started with the support service, but then got a response from the founder of the exchange and compensation – collectively it is easier to get justice. Perhaps, if Binance support worked normally, and the problems were solved, it is very possible that there would be no reason for all the other complaints. Technically, the order of work with support is uncomplicated, there are no peculiarities. First, there is a chat with support on the first page of the site, in the bottom right corner (Fig. 1), where there is a list of basic questions to discuss. You can also enter the chat from your account.

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Second, there is a support page with an explanatory article. From this page, you can go to the FAQ page. If the answer on the FAQ page is not found, you can start a conversation in the chat or on the advice page. Binance recommends that you put your question in as much detail as possible, supporting it with documents and screenshots. There is no need to wait for the answer after sending the question; when the question is solved, the support will send a notification. To continue communicating with the support, you must reply to the message within 24 hours, so that the queue does not pass. You will keep your position in the queue, which will allow you to resolve the issue faster. If the issue is not resolved, you can send the question again. It is recommended that you communicate with support in English. You can also communicate in other languages, but there is no guarantee that support will understand and respond.

Disappearance of money

The loss of money under different circumstances – when depositing, withdrawing, and storing – is the most serious accusation against Binance Crypto Exchange (Ensuring the security of crypto-trading). For example, the user can close orders and send a certain amount to the account, but the amount comes up significantly less than the amount sent. The user may find a large loss on the account without conducting any transactions at all – that is, he/she puts money on the exchange and does not visit the account for a long time, and when he/she checks it after some time, there is no money on the account. The money can be withdrawn to some third-party wallet, which is not related to the user, and the user does not receive any notification of transactions. Support in this case, as the user says, first seeks to blame the user himself for having done something wrong. In this case, the account of the complaining user is blocked, the user’s funds may be on the account, but there is no access to them. And then the user only has to wait for the support service to do something or not.

Unfortunately, more often than not, support does nothing – the account remains blocked, the user cannot perform transactions, and the user cannot figure it out on his own, including checking to see if support is telling the truth about the incident. There are quite a few complaints that support gives wrong instructions when transactions hang up, as a result the user’s money never gets to him, and support, as usual, “evaporates”. Most of the complaints about the disappearance of money relate to withdrawal transactions. At this stage the strangest things happen. Money is withdrawn from the spot account, but does not reach the addressee – this happens more often when withdrawing to a bank card. Technical support either accuses the user, or promises help and disappears. Sometimes they even promise to provide a report on the withdrawal, but do not provide anything. When money is withdrawn, the history of the user’s transactions may also disappear in the user’s Binance account.

For sure, in many cases users become victims of scammers. It is also clear that if they managed to withdraw money to their accounts, it is not possible to get it back. Then questions arise to the security system of the exchange – and users ask such questions. Because it turns out that security does not react to suspicious activity. If support does not react in any way to disappearance of money during withdrawal, users definitely consider it as a fraud of cryptocurrency itself, and with good reason. Very often users complain about the fact that it is possible to enter money to the exchange, but the withdrawal requires verification, and verification fails for some reason. When you try to go through verification again it again can not be completed and plus the account with the user’s money is blocked. Money can disappear not only during withdrawal, but also during crediting to the account, i.e. withdrawal transaction from the payment system, or even from a cryptocurrency wallet, is carried out, but money does not appear on the exchange.

There are complaints that technical support offers to withdraw funds through a particular payment system, not the one the client wants to withdraw through. This is a compulsion, which is difficult to explain – perhaps, the exchange creates preferable conditions for a particular payment system or support does not want or can not work. Well, the standard way of losing money – it is lags, any freezes, technical problems, which lead to the loss of money. In the case of such losses the exchange never expresses its readiness to compensate losses. If money is lost through user’s fault, that is, if it is transferred to cheater’s account, who managed to bypass exchange protection, it is almost impossible to get it back. Therefore, you should pay maximum attention to account security in advance.

The standard advice given to all novice crypto traders is not to keep all funds in crypto accounts, but only those used directly for transactions. Moreover, there is no need for investors to keep their funds – let the money lie on safe desktop wallets. If the money never arrived, then you can contact support, though without much hope. But there are testimonies from users that if you stubbornly demand help, then support responds and sometimes even solves the problem. But more often, if judging by the reviews, the exchange cannot do anything or does not want to. With regard to verification (Fig. 2), it is already clear that before you deposit money on the exchanger account, you must be verified. As long as verification is not confirmed, you must not give your money to the exchange – there is a high probability that you will not be able to withdraw it. Also, the usual recommendation from experienced traders is not to fixate on one exchange, one cryptocurrency, one fiat currency, diversify funds (How to make money on cryptocurrency).

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Problems with verification

Users often complain about the difficulty of verification at Binance cryptocurrency exchange. It’s hard to blame only Binance, now many exchanges overcomplicate verification, up to the point of requiring utility receipts with names and surnames to confirm the user’s place of residence. The problem for many users is that they are in a hurry to deposit money before verification is complete – which Binance does not forbid. But this is the responsibility of the user, you can only remind once again that you can not deposit money until verification. Otherwise, you can, as one user complained, get into a situation where not only is your account blocked with a large sum of money, but detailed personal data “leaked” to the exchange. It’s worse when an exchange starts to behave strangely when verification is successfully completed. For example, cryptocurrency exchange blocks account without explanation, contacting support also gives nothing or offers to verify again, but it is impossible to do it again, because client is already verified.

Also, without any explanation exchange cuts limits, up to zero, despite the successfully passed verification and the presence of money in the account. Support, as can be easily guessed, does not help, does not explain the reasons for changes in limits or get off with general phrases from the client. When trying to conduct transactions under the new conditions, clients are asked to verify all over again, which is impossible. The situation becomes a dead end. Repeated cases when the exchange refuses to recognize the verified account, claiming that the address to which the client is registered is invalid, or that the user who writes to them a question about the problems with money on the account on the exchange – does not exist. The address for transactions is changed in the account, the client is accused of having done something wrong or his problems are caused by viruses, etc. But more often than not, tech support simply stops communicating with the client without solving the problem.

As evidenced by the experience of the majority of users who have been in this situation, there is nothing that can be done. But some users were able to “push” support: first they address the bot in chat, then explain that the recommendations of the bot did not help, and in the FAQ there is no description of the situation, demand a conversation with a human specialist. Most likely, you will have to wait a long time for your turn to come. But as a result of the conversation, the problem may indeed be solved. That is, you have to persist in your goal of reaching a real consultant. During the verification one must carefully study the conditions, submit accurate, unambiguous information about oneself, so that the exchange has no reason to accuse the user of violating the rules. When you enter an exchange, you have to make sure that the region is in the scope of the cryptocurrency exchange.

There were cases when accounts were blocked because they were recognized as U.S. – U.S. residents are not served on the exchange. So you need to be more careful when connecting via VPN or trying to enter the exchange via TOR. Binance clearly does not support anonymus, strive to look law-abiding in the countries where it operates, and if there is a need not to leak your data, it is better to choose another platform for trading or investing (Options for Earning on Cryptocurrency). And once again it is necessary to remind, – any transactions with money on Binance exchange should be carried out only after the full, confirmed verification, – naturally, the information on it is necessary to save on mail, in a phone and so on, that there was something to present at the subsequent “disassembly”.

Inaccurate information display

Binance encountered a huge number of complaints about incorrect display of account information several months ago. Around that time users often accused Binance of incorrect order processing. Zero Binance was displayed on users’ accounts, although there was or should have been money in the accounts. In many cases trades were completed, but account balances were not updated. Immediately many users from different countries confirmed that the accounts were zeroed out without any transactions. Then there were problems with placing orders for the most common transaction – buying BTC/USDT on Binance, there were also problems with borrowing large amounts of dollars for margin trading.

The scandal was big enough that the head of the crypto exchange Changpeng Zhao reacted (Fig. 3) in a tweet, but explained the situation roughly as his tech support does – he admitted that there is a problem, but said nothing about the causes and solutions, and did not solve the problem. Basically, if even Changpeng Zhao doesn’t solve the problem, but only promises to solve it, it’s hard to do anything about it. Probably, if the problem with incorrect information display remains, it is better to prefer another trading platform. But it may still be worth talking to tech support first in standard mode, at least to withdraw money with minimal losses.

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Price manipulation

Users have repeatedly reported that Binance manipulates asset prices in various ways. Users observe price behavior in the tumbler of the trading terminal and notice that the price dynamics of different trading pairs are unrelated to the dynamics of bitcoin, trading is activated rarely and haphazardly. It is argued that the exchange earns from speculation, not commissions, so, hypothetically, it makes sense to directly regulate prices. Users also note that the crypto exchange itself changes the order and terms of interest accrual – without warning or explanation. It is also alleged that the exchange also manipulates the charts, allegedly forcing the client to open orders, successfully earn some time, and then the exchange algorithm adjusts to the client in such a way that he/she loses the deposit.

But such manipulations seem quite strange and unlikely, but users complain about it and many support them, because Binance is really not careful with clients’ funds. This, in principle, can be considered proven. In March, the Binance exchange delisted FTX credit tokens (go online), officially, because users didn’t understand them-Zhao explained (Figure 4). Indeed, customers lost a total of a million dollars on them in liquidations on credit tokens. But users are sure that their losses were the fault of Binance.

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FTX’s BULL, BEAR, ETHBULL, and ETHBEAR credit tokens plummeted in price, and it did not match the underlying asset prices in any way. Mass customer complaints began. Only after that Binance began to warn about the dangers of FTX trading, but at the same time the platform removed the explanation that FTX tokens clearly follow the price of the underlying asset. The help desk then began claiming that the price of tokens depended on user behavior, and Zhao accused users of misunderstanding the nature of the asset. FTX was removed from the exchange. The main thing about this is that the exchange started taking some action not even after customers lost money, but after the exchange received mass complaints. In May, again without warning FTX tokens were returned to the exchange, BTCUP and BTCDOWN, the same type of tokens that the exchange removed in March with the explanation “made to protect users. At the same time, compensation for the loss of money on FTX in March were not returned in full – the exchange, as usual, found a reason in some cases to blame the problems on users who allegedly did not follow the rules of the exchange.

Whether the exchange manipulates prices is up to users to decide, but if there are such doubts, it is better to prefer another trading platform rather than trying to outplay the casino. You just need to note that reports of unscrupulous pricing policy of Binance are not uncommon, and there is no smoke without fire. But you also have to understand that some of the assets are very risky and one has to have certain skills or be ready to part with a certain amount of money if the game is played with a leverage, so the amount will be larger than the one invested. If there is a suspicion of unfair play on the part of the exchange, you should assume that the exchange will repudiate as much as possible, even if the problem is on its part. It will be necessary to decide whether to start a dispute with the exchange, in any case, it must be started with support.

Binance – a scam or not?

It is fair to say that there are a lot of good reviews about Binance too, the exchange is constantly developing, offers new tools for trading and investing, there are many reviews from users who successfully and for a long time trade on the crypto exchange. But when Binance is positioning itself as an exchange where “Money is safe”, it is clear that this is at least not entirely true. There is a whole website (though not a very good one) that aims to investigate the problems of Binance crypto exchange and the lack of information does not make the site suffer from this lack of information.

Don’t forget about your responsibility. Crypto exchange is not a charitable institution, its main goal is to earn money on clients. Therefore, it is necessary to be attentive at each stage of trading or investing, you need to carefully study the terms and conditions of the exchange, record all significant moments – registration, verification, account status, correspondence with the support team, check the history of transactions, follow the news, pay attention to events, reviews and so on. So in the end the decision whether to trade or not to trade is up to the trader and the investor, but negative information should not be ignored, at least it will give an idea about Binance’s weak points. But it is impossible to say with certainty and certainty that Binance exchange is a scam. Rather, it’s a usual big crypto exchange with typical problems.

Complaints are forever

One can more or less claim that Binance Crypto Exchange is not very customer-oriented, but it seems to be a common problem of crypto exchanges, because it is hard to find an exchange that is not complained about. The most famous example is the cryptocurrency exchange Coinbase, which even wrote about the slowness of its support service in The New York Times. The complaints about the support were exactly the same as for Binance – it works very slowly or ignores users. In the end, even a former employee of Coinbasewho kept $100,000 in cryptocurrencies on the exchange. One day he was unable to log in to the exchange and contacted Coinbase support. As it turned out, he was a victim of fraudster, who reset the password from his personal account and withdrew all the cryptocurrency – these are the problems that Binance users also complain about. And the exchange did not identify transactions as suspicious – compare with how exchanges block accounts because of some $50 (real case with Binance user).

Eventually, the former employee sued Coinbase, on suspicion of negligence and unwillingness to protect customers’ money, we’ll see how the case ends, because its results may affect all other crypto exchanges as well. So, according to the exchange itself, Coinbase has more than 40 million registered users, with a support team of about 2,000 people. If you imagine that at least 10% users contact support, that’s 140 thousand messages a day. If five, then 70 thousand a day, and even if the bulk of it is for nothing, then several thousand serious complaints will be accumulated – a day, and the next day as many more, and so on. It is clear that under such conditions we are not talking about any kind of customer orientation. At the same time, the number of users is unstable and constantly growing. So we can not expect to improve the situation as a whole in the near future. But if you continue to persistently “torment” support for a particular case, then the chances of solving the problem are growing – but there can be no guarantee of a solution.