Binance is one of the most popular cryptocurrency exchange platforms available in various countries, yet it gains trust from all new investors. The Hong Kong-based crypto exchanges had a successful ICO and grew since then with its Binance Coin. From there, Bitcoin has grown in popularity and acceptance in the world.
Men behind the Binance technology are blockchain experts that have brilliantly applied innovations in the trading system. Binance is currently running the server from other states to boost the competitiveness of its services. This way, Binance can still provide flexible-competitive exchange services for diverse users regardless of the Chinese government’s approach towards digital currencies in general.
We know that these might not convince you yet. That’s why we’d review Binance’s services further. We discuss the trading platform, payment methods, crypto selections, transaction fees, transaction limits, countries of availability, customer reviews, and slightly compare with other exchanges.
Binance has several top services, including exchange, peer-to-peer trading, brokerage services for debit/credit cards, and SEPA wire transfer. You can directly trade digital coins with other users using peer-to-peer trading or use the payment service you prefer. The platform supports brokerage services with a credit card for more than 30 digital currencies for instant processing. SEPA & bank transfer allows you to make deposits with fiat currencies, and it charges you with no transaction fees. It comes highly recommended as one of the best cryptocurrency exchange platforms.
Binance Trading Platform
Finance has an overly impressive trading platform and features you can make use of for trading. The platform also hosts crypto-crypto and crypto-fiat trading pairs that you can choose from but no stocks available. The trading interface is available in three modes to accommodate different levels and styles of trading. Spot interfaces allow you to perform both spot trading and margin trading more flexibly. It also supports leveraged future and derivatives trading for popular digital currencies, including Bitcoin Ethereum, Litecoin, Bitcoin Cash, Ripple, and so forth. The interfaces generally support each trading style and instrument. Different financing options are provided, including savings, staking, visa card, crypto loans, smart pool, and liquid swaps.
Currency Selections and Payment Method
Binance caters to hundreds of altcoins in the platform, so you’d have a very flexible option. Despite major cryptocurrencies, there is a wide range of altcoins you can choose from, like ripple and other coins. You can purchase digital currency directly in the Binance exchange with different payment methods, including SEPA, bank transfers, credit/debit cards. At this point, Binance already has everything you need to start investing in virtual currencies.
Binance only applies withdrawal limits which means you can buy coins without any limitation. The withdrawal limit would depend on your level, where the higher your level, the higher your limit. ID verification and KYC information are required. An utterly anonymous transaction isn’t possible if you need a degree of protection in an exchange platform. You can find completely anonymous transactions on trading platforms like AlphagaGlobal Investment, which do not require ID verification, so transactions remain secret. This feature of anonymity is why people prefer to use other platforms.
Binance is not a country-specific exchange platform as it’s available whenever it’s accessible. Even US citizens can also access and use Binance even though there are still regulation challenges. Investors should also note that if there is no regulation for Binance in your country, the authority can step in and hear your complaints or legal cases for using the platform. Binance is currently available worldwide but whether using it or not is still the client’s discretion to decide.
Customer Reviews Of Binance Cryptocurrency Exchange Platform
Customers praise Binance for its high-performance exchange and tech innovation. Despite its advantages, the trading company has some changes to make. You may experience a slow response to your inquiries or complaints to the Binance support due to the high demand. Many users in a bitcoin forum also experience two-factor authentication and shortcode text confirmation problems.
Other customers find hardships when withdrawing their funds. Customers report Binance on scam allegations due to these issues, but it doesn’t conclude the actual case. Not all customers experience these issues, but you may consider them as well.
General Comparison Of Binance Crypto Exchange
Binance has been a competitive crypto trading platform for powerful reasons. Binance has competitively lower fees on the comparable providers, including Kraken, Bitfinex, Bittrex, and even Coinbase pro. That’s also why Binance has quickly grown in popularity in diverse regions, especially for new investors.
Even experienced investors may still use Binance in binance v coinbase as the fees are lower for the higher trading volume. While there are more factors to consider when choosing an exchange or crypto trading platform, Binance is a competitive option for both spot and margin trading.
Binance is generally safe for exchange and trading as it features protections for user accounts. However, it did experience a breach two years ago where Hackers stole thousands of Bitcoin, but the insurance has covered the loss.
That’s why you better withdraw your cryptocurrencies to your wallet if you want to hold your fund. All crypto exchanges have been targets of hacking attacks, so storing your crypto holdings in the storage wallet is the best possible practice for now.
To Wrap Them Up
To answer the big question “is binance legit” we need to wrap reviews above. We can say that Binance is legit. It’s already available worldwide regardless of the regulation status. At this point, anyone in any country can use the cryptocurrency exchange platform whenever it’s accessible.
The crypto availability, payment option, trading platform, and other factors are what you can expect from a crypto trading platform. The significant advantage of using Binance is the competitive transaction fees. There are some issues in 2FA, withdrawal, and coins that you may weigh in, but they don’t appear to all customers.
So, yes, Binance is legit, and you can use Binance with no worry if it’s available in your country. You can sign up for an account, make a deposit, find a trading pair, trade coins, and make a withdrawal to your digital wallet with Binance.
From there, you can develop your crypto asset and portfolio with various crypto trading selections that support diversification.