Cryptocurrency exchange Binance, established in 2017, has emerged as a prominent platform for digital asset trading. It currently ranks among the top 5 cryptocurrencies in terms of average daily trading volume, showcasing its success and market activity.

However, questions arise regarding its legitimacy and safety. Is Binance a scam, fraudulent, or dubious resource? Or is it a secure platform ensuring stable cryptocurrency trading, substantial income, and instantaneous transactions? Let’s delve into these inquiries in today’s review.

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A mystery box costing up to $500 (Open)

 

Why Binance?

Binance is as much popular exchange as EXMO, Paxful, CEX.IO and ByBit. It is a young but promising platform, this is due to the fact that a strong team of developers participated in the creation of the resource. The ICO-project of the exchange attracted the attention of a large number of crypto-enthusiasts and blockchain-evangelists (for example, Matt Roszak and Roger Ver), allowed to raise about $15 million, to get the support of major organizations: “Morgan Stanley, Nomura, SBI Group, etc. The company is headquartered in Shanghai and headed by Changpeng Zhao, who previously worked on the development of such platforms as OKCoin and Blockchain.info, and was the head of Bloomberg’s technical department.

Low commissions, high performance, the ability to work with professional trading tools for advanced technical market analysis, no mandatory verification if the user withdraws no more than 2 BTC per day, the ability to withdraw up to 100 BTC/day if verified, a convenient mobile version of the terminal (Android, iOS) – all this distinguishes binance official website from competing resources, all this allowed him to break far ahead.

Explore the terminal

The platform is also distinguished by the market’s low trading fees (0.1%) and instantaneous transaction processing (due to an innovative technology about 1.4 million orders are processed per second). Customers of binance (official website here) offers a large number of cryptocurrencies (the whole truth about cryptocurrency here), GAS/BTC, NEO/BTC, ETH/BTC and BNB/BTC pairs are especially popular, and there is a cryptocurrency wallet for each currency. Some investors prefer to work at binance.com, as they find rare coins which are absent at other crypto-exchanges (for example, Bicoin Gold, IOTA, Walton Coin). The site also has its own digital currency, BNB (Binance Coin), issued to raise capital through ICOs. Its owners receive additional discounts and bonuses, thanks to the coin you can reduce the amount of commission from 0.1% to 0.05%.

More about the exchange

The user does not need registration to work with the exchange as a source of information on markets, but it is necessary to create an account to make transactions. The official website of the Binance exchange supports popular languages (English, Chinese, Japanese, Korean, Spanish, French), which makes it much more convenient to be here.

It publishes up-to-date market news, has drawings and an opportunity to buy free currencies. All trading is done in the “Trade Center” tab: trader’s choice of currency pairs, charts, orders stack, stop-losses, order panel, currency pairs trading statistics, 2 types of trading terminals: basic and advanced. Advanced trading terminal is more convenient for professional investors because it has a set of trading tools, indicators, types of charts which allows to carry out qualitative technical analysis.

Create an account

 

How to Exchange Cryptocurrency on the Binance Platform?

To make a trading operation, click on the “Exchange” button on the Binance exchange website, select the appropriate mode of operation and go directly to the exchange site. Before you start trading, you need to choose a trading pair. Several types of coins are available:

• Binancecoin (BNB);
• Bitcoin (BTC);
• Ethereum (ETH);
• Riple (XRP);
• Cryptocurrencies tied to the U.S. dollar (USDT, USDC, TUSD, PAX).

After selecting the market and currency pair, the client will see detailed data about quotations, the price chart, as well as other important information. For beginners, it is better to use a Market order, because orders of this type are executed immediately after their creation at the current price of the cryptocurrency. The exchange has two trading floors – Basic and Advanced.

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Verification on binance.com

To access all the functionality of the project, you must pass the verification process on binance.com. Identity verification is needed to expand withdrawal limit, as well as to be able to buy cryptocurrency for fiat. Without verification, the limit is up to 0.06 BTC, and after passing – up to 100 BTC. A higher limit can be obtained after an individual agreement with the exchange. It is impossible to withdraw fiat without verification.

To verify your account, go to your profile and fill in personal information: first name, last name, patronymic, date of birth, and place of residence. After this step, you should select one of the documents that can confirm your identity (passport, driver’s license or ID card). You can upload either a photo or a color scan of the document. The user also needs to take a picture of his or her face. Document requirements:

• high-resolution image,
• natural light or well-distributed artificial lighting,
• JPEG or PNG format;
• photo must be in color,
• document must be an original, not a copy,
• only one person in the picture is allowed,
• do not wear glasses or a hat.

The application is processed within 1-3 days. If rejected, you can try again after 24 hours.

Join the exchange

 

Deposit and Withdrawal

Cryptocurrency exchange Binance supports both fiat money and cryptocurrency (how do you make money on cryptocurrency here). Traders recommend using the English version of the website, you have to spend time to understand the features and functionality of the resource. To deposit with cryptocurrency, you need to hover your mouse cursor over the “Asset” tab, select the menu item “Cash Deposit” (there are deposit/withdrawal items), you can deposit with any cryptocurrency of your choice. There are no deposit fees, withdrawal fees are some of the lowest in the market, which has contributed to the rapid growth of the site’s popularity.

Cryptoexchange Commission

The Binance platform has a trading commission of 0.1%. Discounts are provided for BNB token holders. Thus, clients receive a certain rating. The higher the position, the lower the commission charged by the service. A total of 9 levels are provided:

• Level 0 – commission 0.1% (maker) and 0.1% (taker);
• Level 1 – commission 0.09% (maker) and 0.1% (taker);
• Level 2 – commission 0.08% (maker) and 0.1% (taker);
• Level 3 – commission 0.07% (maker) and 0.1% (taker);
• Level 4 – commission 0.07% (maker) and 0.09% (taker);
• Level 5 – commission 0.06% (maker) and 0.08% (taker);
• Level 6 – commission 0.05% (maker) and 0.07% (taker);
• Level 7 – commission 0.04% (maker) and 0.06% (taker);
• Level 8 – commission 0.03% (maker) and 0.05% (taker);
• Level 9 – commission of 0.02% (maker) and 0.04% (taker).

How do I get a discount on commissions?

You can get a 20% discount on binance.com cryptocurrency exchange commissions. When you click the link, the promo code will be inserted automatically.

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Withdrawal Fees

The service also charges an additional fee for the withdrawal of earnings. For users who passed the basic verification, the commission is 0.06 BTC. Previously, the commission exchange was 2 BTC. For users who were already in the system, the update occurred in stages from August 8 to August 23, 2021.

View all exchange commissions

 

Bonuses Binance

The project offers a number of bonuses for users.

Discount on Commissions

You can get 20 or 10% discount on cryptocurrency exchange fees binance.com. When you click on the link a promo code will be inserted automatically.

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Mystery Box under $500

To unlock a Mystery Box potentially worth up to $500 each, simply register, deposit funds, and start trading. With a total reward pool of $600,000, your quest begins now!

Open a Mystery Box

Bonus $10

In order to get the $10 bonus, a user needs to register on binance.com, trade at least 0.1 BTS or other cryptocurrency equivalent of 0.1 BTS and send the email address that was specified when registering on info-binance.com.

Cashback

In this case, a cashback is a portion of the refunded commission that is charged to users when they trade. To get a cashback, register on the exchange, make a deposit and start trading. Then send an email address to receive the bonus. VTS, ETN and BNB coins participate in the promotion.

Get your bonus!

Referral Program at binance.com

For active users who want to earn extra income, the platform offers to participate in the referral program. To do this, the client needs to invite new users to the project. The company pays up to 40% of commission. Also, it’s stated on  binance.com that if the invitee’s average daily BNB balance is less than 500 BNB, his base referral rate will be reduced from 40% to 20%. At this time, the percentage allocated to the invited friend will have priority and his rate will remain unchanged.

Become a partner!

 

Complaints about Binance

The cryptocurrency exchange Binance (Registration) is one of the leading cryptocurrency trading platforms. There is a large number of reviews and user recommendations about the resource. Among the advantages usually noted are: low commissions, large volume of transactions, user-friendly interface, a large selection of virtual coins (the whole truth about cryptocurrency here), including rare ones, high-quality support service, high performance and fast execution of orders, fast withdrawal of currencies, convenient mobile application, currency drawings. Active users recommend the exchange for work, considering it one of the best and most stable in the market.

As the disadvantages of the platform usually indicate the following: lack of support for fiat money (except mode p2p-commerce), information on the security of the resource, the problem of entering the site and blocking accounts. Users write that the platform is still very young, there are no complaints about it, it is developing dynamically, and you can’t call it a scam.

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Regulation of the Binance cryptocurrency exchange

Binance Limited, which owns the cryptocurrency exchange Binance, is legally registered in China and operates in accordance with the laws of that country. The organization does everything possible to ensure maximum security of work on the site.

Binance Exchange guarantees the confidentiality of user information, undertakes not to provide it to third parties, recommends, for security purposes, not to show anyone information about working on the exchange (logins, passwords, etc.). Clients of the site should be aware of the risks of trading and possible loss of funds, are responsible for all actions on the site, the company is not responsible for the loss of funds as a result of trading. In case of violation of the rules of the exchange, user accounts can be blocked. To provide a personalized service, the exchange site uses cookies, which customers can disable.

• Read the Privacy Policy on Binance’s website
• Read the Terms of Service on the Binance website

Regulators

Binance collaborates closely with regulators globally and holds the following regulatory licenses and registrations:

• Registration as a Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) (registration number E2022-037) in France (check regulator).
• Digital Asset Service Provider (DASP) registration by the Organismo Agenti e Mediatori (OAM) (registration number PSV5) in Italy (check regulator).
• Virtual Asset Service Provider (VASP) registration by the Registry of Legal Entities of the Republic of Lithuania and the local Financial Intelligence Unit (FIU) (registration number 305595206) in Lithuania.
• Virtual Asset Services Provider by the Bank of Spain (registration number D661) in Spain (check regulator).
• Virtual Asset Service Provider (VASP) registration by the Polish Tax Administration Chamber of Poland in Katowice (registration number RDWW – 465) in Poland (check regulator).
• Registration as a Financial Institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority (registration number 66822) in Sweden (check regulator).
• License by the Astana Financial Services Authority (AFSA) to operate a digital asset platform and provide custody services in the Astana International Financial Centre (AIFC) in Kazakhstan (check regulator).
• Category 4 license as a Crypto-Asset Service Provider (CASP) by the Central Bank of Bahrain (check regulator).
• Virtual Asset Service Provider (VASP) MVP license by the Dubai Virtual Asset Regulatory Authority (VARA) in the UAE (check regulator).
• Digital Currency Exchange (DCE) provider registration by the Australian Transaction Reports and Analysis Centre (AUSTRAC) (registration number 100576141-001) in Australia.

Binance.com User Agreement

The “User Agreement” is the main document of the project, which each user should read before starting cooperation with the exchange. The agreement contains detailed information on all aspects of work on the platform, as well as the responsibilities of clients and organizers. Let’s consider some points of the agreement in more detail.

The document clearly states that the company reserves the right to change the terms of the agreement at any time at its discretion. Binance will notify you of these changes by updating the information on the appropriate page. Any changes to these terms and conditions will take effect immediately after they are announced on the website or posted to users. Thus, continued use of the services acts as acceptance of the amended agreement and rules. If the user does not agree with any changes of these terms and conditions, he/she must stop using the project services. The organizer recommends customers to periodically review the terms and conditions to make sure they are understood, which apply to the access to the services and their use:

The client must be aware of the fact that margin trading is very risky and accept the fact that he is accessing and using the margin trading and borrowing service at his own risk, as:

• trading markets are extremely volatile and change rapidly in terms of liquidity, market depth and trading dynamics.
• The use of leverage can work both for and against the client, resulting in large losses;
• the user is not entitled to receive bifurcated coins separated from any blockchain asset in a margin account, even if the customer has not participated in margin trading or borrowing at all;
• credit carries risks and the value of blockchain assets can fall. If the value of assets falls below a certain level, the user is responsible for responding to these market circumstances;
• it may be difficult or impossible to liquidate a position under certain market conditions. This may occur, for example, due to insufficient liquidity in the market or due to technical problems with Binance.

There is no guaranteed measure against losses in margin trading. As a borrower, a client can incur a total loss in excess of the amount he has deposited in his margin account:

The user must also accept the fact that he or she is using the platform on an “As Is” basis. In turn, the company makes no guarantees, including those that the company’s website or services are reliable, complete and error-free. The organizer does not guarantee that any order will be accepted and fulfilled. The organizer is not responsible for any loss or damage:

Binance is not a personal broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to customers in connection with any transactions or other decisions and actions made by a user while using the services. No communication or information provided by the company is intended or should be construed as investment, financial, trading advice or any other type of advice. All transactions are performed automatically based on the parameters of the order instructions and in accordance with published procedures for the execution of transactions, and it is solely the user’s responsibility to determine whether any investment, investment strategy or related transaction is appropriate. Binance will not be responsible for the decisions a customer makes to buy, sell or hold digital currency based on information provided by the organization:

Binance Support Service

Contact support by using one of the following options:

• phone: +356-272-83-333;
• feedback form;
• chat on the website.

The website also has a forum where each user can find answers to the most popular questions, as well as learn about the latest developments at the exchange.

 

Is Binance a Scam?

Binance surprises users by the fact that, although it was opened in recent years, it was able to break into the leaders in a short time, leaving behind the leading crypto-exchanges of the market. Now, it is considered one of the most successful cryptocurrency trading platforms. Much of the success should be attributed to the fact that professional developers participated in the creation of the resource, and at the stage of investment with the help of ico-campaign, the exchange was able not only to attract huge investments and the first audience of users, but also the support of cryptocurrency enthusiasts and large companies such as “Morgan Stanley”, “Nomura”, “SBI Group”, etc.

When choosing Binance, traders note its stability and perspective, low commissions and fast execution of orders. It is profitable to work on Binance, there is a large choice of digital coins, including rare ones, and deposits and withdrawals are fast. Moreover, the Binance website is convenient and user-friendly, supporting several languages, and making trading much more comfortable. A lot of useful material is posted here: relevant news, trading statistics, cryptocurrency drawings are published.

The official website offers advanced features: an intuitive interface, and a set of necessary options for effective trading (deals stack, orders, stop-losses, history of deals, etc.), 2 types of terminals (basic, light and professional, with a set of tools for advanced users). The functionality is convenient both for the market novice who is just learning the possibilities of trading and for those who need to conduct a high-quality technical analysis.

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There are many comments about binance exchange on forums and related resources, and opinions are diverse. According to the participants of trading at the site, the advantages are: low commissions, fast execution of orders, the stability of the official website, a large selection of cryptocurrencies, rare coins, fast transactions, the availability of a functional terminal with convenient tools, mobile application, and etc. There are relatively few negative reviews, mostly they are about the lack of support for fiat money, information about how to ensure the security of trading, blocking accounts, and problems logging into the exchange. The majority of users notes that the resource works quite professionally and stably, does not have serious problems. It’s regarded as a promising website, not definitively labeled as a scam or fraudulent entity.

Based on our analysis of traders’ opinions, we can confidently assert that Binance Exchange is not a scam or associated with scammers. It currently holds top positions in the market and provides lucrative and effective cryptocurrency trading services. Furthermore, the support of major corporations and the continuous growth in its user base reinforce its credibility and legitimacy.

Testing a cryptocurrency exchange

 

Conclusion

Binance cryptocurrency exchange very quickly became the leading crypto trading platform, leaving its competitors behind. The Binance website was able to take a strong leading position due to the successful ico-project, which attracted a large capital, and the support of large companies. The exchange is popular among users, first of all, because of low commissions, fast execution of orders, a simple trading terminal, a large choice of virtual coins, rare currencies. It is profitable to trade here, it is possible to store coins in cryptocurrencies, transactions are very fast.

The Binance website offers traders a lot of useful resources (current market events, currency drawings, transaction history, etc.). Traders positively estimate the site and recommend it for work. Having studied the possibilities of the crypto exchange, we will not draw conclusions that Binance is a scam and swindlers. But still, some clients recommendations warning about possible problems of the exchange will affect its rating on our website.