Is Binance a Scam or Legit

Binance: Cost = You decide
  • 84.3%
    Training - 84.29%
  • 58.3%
    Support - 58.3%
  • 83.3%
    Website - 83.26%
  • 67.2%
    Software Tech - 67.21%
  • 47.7%
    Success Stories - 47.72%
68.2%

Brief Summary:

If you have thinking about getting yourself into the volatile market of Cryptocurrency exchange. Then, there is no better place to get involved. At Binance, there is real education and support that could have you becoming a crypto guru before your neighbours birthday.


CREATE YOUR BINANCE ACCOUNT ~ Registration Is Free Right Here


The Binance main office is located in Malta, Europe.

The Forex market can be clearly described as a place where traders can exchange the currency of one country for another.

In essence, the Forex market is what decides the exchange rates of currencies around the world.

We can often think of currencies as a “safe haven” asset.

Even the term “stable currency” should theoretically imply that the asset is somehow safe from volatility.

Investing or trading Bitcoin (BTC) or other cryptocurrencies can be intimidating at first.

There are often reports of scams and people losing money.

While this is certain, and many scams have occurred and continue to occur, it has never been easier to invest and trade cryptocurrencies safely than it is today.

The main concern when buying and trading Bitcoin or other cryptocurrencies is security and safety.

Whether you intend to hold and buy for the long term, want to trade frequently, are interested in anonymity or privacy, or just want the ease of use.

Investing in BTC is very similar to investing in stocks, except that it is much more volatile due to the daily changes of BTC.

To have access to a wider variety of currencies, a trader or investor can use more than one exchange, do something like buying Bitcoin on Coinbase using USD, and then send their Bitcoin to Binance to exchange Bitcoin for other cryptocurrencies.

In this guide, everything you need to start trading on Binance is explained.


TABLE OF CONTENTS

Is Binance Legit Or Scam

Jump to

# Binance Review
# What is Binance
# About Changpeng Zhao
# Binance Services
# Credit/Debit Card
# SEPA/Bank Transfers
# Binance Trading Platform
# Spot Trading
# Margin Trading
# Deposit of Funds
# Withdraw Then Sell
# Is Binance a Scam
# Pro’s VS Con’s
# Comments


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Binance Review


*Company/Brand: Binance
Binance Review*Domain Name: https://binance.com
*Domain Age: 1st/APR/2017
*Hosting Registrar: MarkMonitor, Inc
*Launch Date: 2017
*Domain Authority: 71/100
*Linking Root Domains: 44.4k+
*Ranking Keywords: 23.2k+
*Spam Score: 1%
*Website Asset Value: $934 million
*Address/Headquarters: Melita Court, Level 3 Triq Giuseppe Cali, Ta’Xbiex, XBX 1420 Malta
*Founder: Changpeng Zhao
*Contact methods:

Emails:

  • Product@binance.com
  • PR@binance.com
  • Market@binance.com
  • Business@binance.com
  • Tradedesk1@binance.com
  • Access@binance.com
  • Risk@binance.com

*Social Media Presence:

  • Facebook | @binance – 368,150+ likes, 397,320+ follows
  • LinkedIn | Binance – 138,868+ followers
  • Twitter | @binance – 2.2m+ followers
  • YouTube | Binance – 158k+ subscribers

*Resources Offered:


  • Fully fledged crypto-trading platform.

  • 24/7 support.

  • Training academy.

  • Charity.


  • Bring new crypto to life with launchpad.

  • Trust Wallet.

  • Career opportunity.

*Community Size: 3 million +
*Payment/Payout Currency: Euro (EUR) €
*Cost/Price Tag: You are in charge of depositing whatever you’d like to invest
*Compensation Plan: Gain a profit or loss depending on the fluctuating value of each cryptocurrency
*Affiliate/Referral Program: Earn up to 40% commissions upon your referrals deposits
*Up-Sells: Not likely
*Training: 84.29%
*Support: 58.30%
*Website: 83.26%
*Software Tech: 67.21%
*Success Stories: 47.32%
*Verdict: One of the best blockchain and cryptocurrency infrastructure platforms online




What is Binance About


The Binance exchange is considered an exchange founded in 2017 with a strong focus on trading altcoins.

This company offers more than 100 different trading pairs in different cryptocurrencies.

It offers a few pairs of fiat cryptocurrencies, but most of its pairs are between cryptocurrencies.

Binance is currently one of the largest digital currency exchanges and is very popular with cryptocurrency traders.

The platform has a very wide offering; it is suitable for both novice and experienced traders and has all the documents and licenses to trade.

Currently, Binance dominates the global trading space, accounting for a significant portion of cryptocurrency trading volume every day.

The exchange only allows US dollar deposits from global users via SWIFT but allows you to directly purchase a select number of different cryptocurrencies with a debit or credit card.

Deposits are allowed using 12 other fiat currencies, including the euro.

What is Binance

Binance is a cryptocurrency platform that offers one of the most competitive fees out there.

Whether you are a beginner or a seasoned trader looking to trade cryptocurrencies, this is probably the easiest way to do it.

This platform accepts users from all around the world and has received favorable reviews from the crypto community.

The exchange has also recently partnered with third-party companies like Simplex to allow credit card purchases of cryptocurrencies and bank transfers at a premium.

Finally, US users can carry out trade on Binance-US, which is compliant with US trading regulations.

Binance is more suitable for people who want to trade or invest in lesser-known altcoins.

For example, Coinbase offers 46 different cryptocurrencies to trade, while Binance has more than 50.

It may presume like an insignificant difference; however, each coin offers users more opportunities.

Binance is the ideal exchange for anyone who wants to trade altcoins or anyone who wants more advanced charts than most other exchanges.




About Changpeng Zhao


Changpeng Zhao, a serial entrepreneur with impressive successful startup experience who is also known as CZ.

He showcased Binance in July 2017, and in 180 days, Binance became the world’s largest cryptocurrency exchange.

About Changpeng Zhao
Founder: Changpeng Zhao

CZ is a Chinese-Canadian programmer who spent his youth throwing burgers before studying at McGill University in Montreal.

He then spent time in New York and Tokyo, first building trade order comparison systems and then developing Bloomberg futures trading software on Wall Street.

In 2005, CZ left his position as director of the research and development team at Bloomberg Tradebook Futures and moved to Shanghai to start Fusion Systems.

Soon after, he learned about Bitcoin and joined Blockchain.info as Head of Technology.

An expert in block chain and trading systems, CZ has integrated Binance into the leading blockchain ecosystem, consisting of Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, and Charity Foundation.




Binance Services


A very clear feature, Binance provides a peer-to-peer (P2P) trading service unlike IQ Option, which directly connects buyers and sellers of cryptocurrencies.

This facilitates legal payments, with a wide variety of payment options based on user preferences.

0.1% for the buyer and 0.1% for the producer.

This is reduced with the trade volume to 0.02% for both sides of the trade.

Using Binance’s native cryptocurrency, BNB reduces fees by 25%.

Binance has a very simple limit structure; there are only withdrawal limits.

Level 1 verified accounts are able to withdraw up to 2 BTC every 24 hours.

Level 2 verified accounts are able to withdraw 100 BTC every 24 hours.

Verification requires completing a basic Know Your Customer (KYC) form and providing proof of identity, among other documents.

Overall, the number of coins available to trade, deposit, and withdraw on the exchange is almost 200, including major altcoins such as:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Binance Coin (BNB)
  • Binance USD (BUSD)
  • Basic Attention Token (BAT)
  • Cosmos (ATOM)
  • Dash (DASH)
  • EOS (EOS)
  • Nano (NANO)
  • Standard Paxos (PAX)
  • TRON (TRX)
  • TrueUSD (TUSD)
  • Tether (USDT)
  • Stellar Lumens (XLM)





Credit/Debit Card


Binance recently partnered with Simplex to provide a credit and debit card brokerage service.

This service gives you the option to buy 31 different cryptocurrencies with 1 credit card.

But, this service comes with a premium that can reach a 3.5% commission for purchases in USD.

 

SEPA/Bank Transfers


Thanks to integration with other third-party providers, Binance now allows its users to buy cryptocurrencies directly with fiat money using SEPA and bank transfers.

This option is particularly attractive as SEPA bank transfers, and deposits carry no transaction fees.

However, on the downside, while this payment method is available for various fiat options such as Euros, CAD, and AUD, it is not available for USD deposits.

Finally, Brave, the privacy-focused browser, has integrated a Binance widget to operate in the browser.

The widget allows users to trade and buy cryptocurrencies through Binance, as well as view and manage their cryptocurrency wallet.




Binance Trading Platform


Trading on Binance is quite easy and intuitive.

Binance Trading Platform

There is an impressive selection of cryptocurrencies available for trading in combination with the trading pairs of Bitcoin, Ether, BNB, XRP, and Tether.

Crypto/fiat pairs are as well available on Binance’s fiat markets.

Users can choose from “basic,” “classic,” and “advanced” interfaces for order book style trading plus a margin, peer-to-peer, and OTC trading options.

 

Spot Trading


For cash trading, users can choose between three different interfaces, depending on their level of experience.

The classic interface gives a quick view of the market and trading pairs, making it easy to switch pairs.

The advanced view allows users access to advanced graphical tools.

For people unfamiliar with trading, there will be no difference between the two points of view; both would seem too complex.

Less experienced traders have a basic fast trading option that allows you to convert currencies at the market exchange rate, without charts or order books.




Margin Trading


Margin trading is available for select trading pairs, allowing users to trade with up to 10x leverage on some currencies.

Users can choose between a cross margin, which puts the entire margin account balance at risk, and an isolated margin, which limits potential losses to a single trading pair.

Binance also offers leveraged futures trading, which I’ll cover in the next section.

 

Deposit Of Funds


You can view Binance as a cryptocurrency exchange office where you exchange Bitcoin, Ethereum, or another base currency for another cryptocurrency.

It’s like exchanging euro bills for dollar bills, for example, when you go to the United States.

Hence, to use the exchange, you need credit, and you can do this by depositing Ethereum or Bitcoin to your Binance account.

Today it is possible to add credit with many different options, but we recommend doing it with Bitcoin or Ethereum.

 

Let’s use Bitcoin in our guide:Binance

  1. Make sure you are logged in.
  2. Go to the top right of Wallet and click on Spot Wallet.
  3. Left-click Deposit.
  4. A drop-down menu appears where you can search for the currency you want to deposit.
  5. Search BTC to deposit Bitcoin.
  6. If you have selected Bitcoin, a unique wallet address is automatically generated.
  7. Copy the wallet address and keep Network BTC selected.
  8. We recommend that you buy Bitcoin from a reputable broker with low fees. You can as well select to pay directly with your credit card on Binance; however, they will charge you a high fee.
  9. Input your Binance Bitcoin wallet address at the broker’s receiving address when buying Bitcoin. Finish the payment with a payment method of your choosing.
  10. The broker will send your Bitcoin to Binance, and this can take up to two hours.
  11. You will obtain an email notification when your deposit has successfully arrived at Binance.





Withdraw From Binance Then Sell It For Euros


  • Move to the official website of Binance.com
  • Perform steps 8 and 9 in the previous section.
  • You have sold the amount you want to receive and are back in Bitcoin.
  • Go to the top right of Wallet, click Spot Wallet, and click Withdraw (left)
  • Look for BTC if you have traded everything for Bitcoin.
  • Withdraw your Bitcoin, then send it to a cryptocurrency on a trusted broker.
  • Bitvavo is recommended.
  • You will obtain a unique wallet address from your chosen broker. Enter the wallet address in the recipient’s BTC address field.
  • Indicate how much you want to transfer, then click Send
  • Your Bitcoin will now be transferred to the selected broker. It all depends on the broker how long it takes to collect in euros.
  • It usually takes one business day for payment to be received.

After following the processes above, you will get to know the basics of trading cryptocurrencies on Binance Exchange.

Keep this tutorial with you a few times to really get carried away.

The trick is to buy a certain currency at a low point and then sell it at a high point. The price difference is your profit.




Is Binance a Scam


Binance is one of the superior cryptocurrency exchanges for trading between different cryptocurrencies which naturally makes them far from a scam.

It offers a great and easy-to-use interface that suits all types of merchants.

Not only that, but it is a legitimate platform that you can trust.

Is Binance A ScamWhen we put it all together and look at Binance objectively, the pros far outweigh the cons.

This is a lot more than can be said for most competitors.

The exchange’s low fees combined with the team’s proven knowledge on how to build a trading platform are enough to make you a major player.

It is no wonder the success that followed the service during its first few months.

Add to that the ability to offer truly world-class service outside of the control of the Chinese government, and there’s not much stopping Beiji technology.

The relatively limited legal support is a bit frustrating but understandable in most circumstances.

That said, Binance is constantly adding more options, with the EUR and GBP trading pairs already available.




Final Word


Pro’s:

  • Lower fees than other common-use exchanges.
  • Wide variety of cryptocurrencies and trading pairs.
  • More advanced graphics.
  • Multilingual support.
  • Good corporate reputation.
  • Two-factor authentication.

Con’s:

  • Designed for more advanced users.
  • Binance US has fewer trading pairs than its international counterpart, although it still has more than 100 trading pairs.
  • 22 US states, such as New York, do not support Binance US.

Is Binance Legit

Binance is relatively new, but they have managed to gain a lot of confidence in the cryptocurrency space.

In fact, to date, it is one of the most trusted crypto exchanges and trading platforms in the world.

And since they have added new features like Fiat EUR and GBP support, as well as credit card support on their main platform, we can definitely recommend the Binance platform to everyone, even OG cryptocurrency enthusiasts and cryptocurrency newcomers.

 

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By now, we should have established that Binance is legitimate and is a strong starting point for new/seasoned investors. If you enjoyed what you read thus far, don’t hesitate to share or leave a comment as we all want to know what you are thinking. Negative or positive is fine.




At Binance you don’t need legs to speculate crypto…

 

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