What is Binance? | Is Binance Safe?

Binance

The digital currency exchange market is filled with a large number of choices. So, it is difficult
to choose the best trading or exchanging platform. Binance, a well-known Chinese cryptocurrency exchange is popular for its crypto exchange services. Though the company is new in the market, it has managed to become popular by offering number of ICOs (Initial Coin Offerings). Also, its low trading fees has helped it to become popular in the market. Visiting Binance for the first time will come up with two options: Basic trading and Advanced trading. Advanced trading offers technical analysis, whereas Basic trading offers graphical representations. You can choose any depending on your preference. Try out both and choose a suitable one.

Binance Login and Signup

  • Users will first need to create an account by registering with the exchange for using its
    services. The process for registration is very simple. For level 1, which has a withdrawal limit of 2BTC per day, you do not need to verify your account. For level 2, which allows up to 100BTC per day, you need to verify your account by submitting a photo ID. It will take about a week for verification process depending on the situation.
  • After creating Binance account, you can fund it.
  1. Go to Funds
  2. Deposits / Withdrawals,
  3. Deposit for funding your account.

You can now start trading and exchanging digital currencies on the platform. They support majority of all the digital currencies. Also, they offer number of ICOs.

Trading on Binance

Trading on Binance is very simple. Just deposit some funds, select an option from: BTC, ETH, USDT, and BNB. Select Exchange > Basic or Advanced, for getting on the trading screen. Binance supports majority of the digital currencies. It includes Bitcoin, Bitcoin Cash, Ethereum, Bitcoin Gold, NEO, GAS, Dash, Ripple, Ethereum Classic, Zcash, and many more. Binance is very quick in including any new coins and tokens after their ICO.

So, is Binance safe?

Though Binance is one of the newest cryptocurrency exchanges in the market, it has managed
to gain trust from its users. But, the exchange has not bee successful in providing users with
enough information on how their funds are secured. Two-factor authentication is present on the exchange for security purposes.
In March 2018, hackers tried to hack the system. But luckily, the automated systems of
exchange caught the action by the hackers. Hackers were collecting people’s login via a phising website since months. Also, they were secretly installing API access on the affected accounts.
Hackers then started their move by converting all the victims altcoins to BTC, and then
purchasing Viacoin for raising its price. After quick rise in the price of Viacoin, they sold their
own supply of Viacoin at higher prices.
Binance and its usere were lucky enough as the hack was caught no one lose their funds. The
only who lose their funds were the hackers. Their funds were ordered to be donated to the
charity.
Always make sure you are on the correct Binance URL before logging in as this hack was
made possible just through phising. Avoid clicking the links from mails, Telegram, Twitter, etc. Binance started offering $250,000 bounty to anyone who could help in catching the hackers.
For resolving these issues, Binance took quick action.

Binance Customer Support

Customer Support Team is must for replying to the user comments and complaints. For an
exchange to be successful, a team of great humans is required. Binance customer support team is responsive and is able to provide professional help to traders in need. Users can submit Support tickets via online form present on the website, and the support team responds via email. Other than customer support team, it also has an FAQ page on the website.
The Binance customer support team is a bit slower to respond to customer requests because
of the large volume of users.

Conclusion

Binance provides one of the fastest exchanges available in the market. Also, it works on all the
platforms such as Android, web, WeChat, and HTML5. It supports different languages other
than English. After considering all the facts, we can undoubtedly say that Binance is the leading Cryptocurrency Exchange offering reasonable fees and great customer support. So, Binance is completely safe. All you need to do is take safety precautions while using any
exchange. Try using a unique password and enable two-factor authentication. Also, make a
practice of withdrawing your currencies to your own private wallet.

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