Binance Review 2019 – Is it Safe or not?

 

 

Binance review 2019

 

 

Overview

Binance is a popular cryptocurrency started in China. Since its launch in 2017, Binance quickly gained reputability in the blockchain community due to its impressive number of initial coin offering and low trading fees.

The platform offers two options for digital currency trading-basic and advanced. There are not much differences between the basic and the advanced views the exception of being able to do more detailed technical analysis in the Advanced view.

binance homepage

Currency Supported

Binance supports a wide variety of coins. Users can trade multiple digital currencies including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more.

The exchange is very quick to add new coins and tokens supporting numerous ICO token, which means users can purchase them cheaply.

 

Fee

Binance charges an average fee of 0.1% on each trade.

The exchange has issued Binance token, BNB, and the token can be used to pay any kind of fees incurred on the exchange. Clients who choose to pay via BNB can get a 50% discount on the trading fee.

binance trading fee

Deposit fees are free. Withdrawal fees vary depending on each cryptocurrency.

For more detailed information, please check the following link; https://www.binance.com/en/fee/schedule

 

Limit

There is no limit on the amount of deposits.

The amount of withdrawal each day is determined by the client’s verification level.

– Level 1: 2 BTC limit

– Level 2: 100 BTC limit (Two factor authentication is required.)

– For a higher limit, you need to contact the support team.

 

Customer Support

Binance provides a list of FAQs containing from depositing to preventing hackings. Support tickets are available on the website and the responses are made via email.

They do not support live chat and phone line support.

The website is served in numerous languages including English, French, Chinese, Italish, Korean etc.

binance exchange platform

Security

Binance has managed to attain a high level of trust from clients, however, the exchange does not provide enough information on how the funds are being secured. Binance suffered a hacking attempt in March 2018, and the hack was made possible by people entering the site logins and 2FA details into a fake website.

Two Factor Authentication(2FA) is available.

binance coin exchange

Conclusion

Binance is undoubtedly the leading cryptocurrency exchange with a variety of cryptocurrencies and high trading platform. The exchange has quickly become among beginners and advanced traders working on all forms of devices, web and Android. Since it has access to abundant resources, Binance will evolve and offer great cryptocurrency services to their clients.

 

Pros

– A wide range of cryptocurrencies supported

– Basic and Advanced exchange views

– High liquidity

– Offers BNB coin for reduced trading fees

 

Cons

– Suffered a hacking attempt in 2018

– Live chat and phone line supports are not available

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