Binance review report Binance Scam complaint

The help desk then began claiming that the price of tokens depended on user behavior, and Zhao accused users of misunderstanding the nature of the asset. The main thing about this is that the exchange started taking some action not even after customers lost money, but after the exchange received mass complaints. Binance encountered a huge number of complaints about incorrect display of account information several months ago.

If money is lost through user’s fault, that is, if it is transferred to cheater’s account, who managed to bypass exchange protection, it is almost impossible to get it back. Therefore, you should pay maximum attention to account security in advance. Binance is a cryptocurrency trading exchange, hence offering a wallet to store your coins. Although Binance took all the efforts to keep your funds safe, in general, holding crypto on an exchange is not advisable. These platforms are exposed to hacking risk and even your account can be hacked in case you have not paid attention to security measures closely.

Also, the mobile phone number you use for registration must be used when you confirm your identity. If another number is used, the process will start from the very beginning. Coinbase may be safer, but they wouldn’t let me register at all, all proof of address pics I sent were rejected. Maker orders, which add liquidity to the exchange, have a 0.1% fee at maximum .

  • Only after that Binance began to warn about the dangers of FTX trading, but at the same time the platform removed the explanation that FTX tokens clearly follow the price of the underlying asset.
  • Binance is one of the most active community members among crypto exchanges.
  • is the home of Binance Academy, a dedicated platform solely to learn everything you need about Bitcoin and altcoins from technology to trading.
  • Users can choose between a beginner-friendly or advanced trading interface for spot trading, catering to all types of users.
  • The highest level VIP level 9 users can withdraw up to 96,000,000 BUSD in a 24 hour period.
  • Although there’s no forum on the website itself, Binance experts do weigh in and offer assistance on forums on third-party sites such as Reddit.

The organization does not provide live chats, phone numbers, etc. Therefore, all connections with the support can be made only in two ways. Still referring to the Details section above, the scores listed under the Threat profile, Phishing profile, Malware and Spam are what you can imagine.

The Binance app lets you trade from anywhere and use the platform’s features on the go with full functionality. The P2P crypto trading option is also currently only available in the mobile app. Withdrawals on Binance happens instantaneously, the amount of time needed to get the coins into the wallet really depends on the blockchain’s traffic you are using. Depending on the capacity it can take anything from half an hour to 3 days, usually bitcoin withdrawals processed within an hour. Beyond margin trading, Binance recently introduced two new ways to earn money on your crypto holdings.

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I have managed to find over 160 similar users in posts placed on consumer reviews websites, Reddit, Twitter, and other social media platforms. I have calculated the total amounts lost from this userbase to be around 30 million US dollars. This is unacceptable and this company is committing fraud on an extremely large scale. Please help us, we trusted this website and board of directors and CEO to to do the right thing, and they refuse to engage in any form of discourse with its consumer base. The company/exchange itself has more than 2,800 employees, a client base of some 15 million users and a quarterly trade volume equivalent to $180 billion. Compared with other reviewed exchanges, these numbers are at the high end.

binance scam review

If you don’t mind dealing without fiat money, this is one of the best choices for you, when it comes to the number of cryptocurrencies supported and the fee structure. Regarding safety, you should be aware that in most cases, crypto exchanges face less stringent regulations than brokers. Investor protection schemes like SIPC in the US or FSCS in the UK are not available for investors of cryptocurrency exchanges.

Review of de Binance :

Buy a variety of different cryptocurrencies with a credit or debit card, as well as using these cards to deposit fiat currency into your account. However, this service comes at a premium that can get as high as 4.5% in fees for USD deposits using a debit card. To conclude, Binance is without a doubt one of the most important crypto exchanges in the world today, and we don’t see this situation changing anytime soon.

binance scam review

The organization covered all the losses by using its security fund. Therefore, all the users of the exchange didn’t have any losses. Therefore, we provide instruction for making a deposit in crypto. Once you open the deposit page, search for the coin you are interested in and click it. You will be given a private address to which the funds must be sent.

Features Review of Binance

With most cryptocurrencies currently trading at a significant premium on Binance’s platform, the ability for the average investor to buy at current market prices is one of its main advantages. It is hard to give a clear answer to this question since there are many factors that go into deciding the legitimacy of a crypto platform. Therefore, in this Binance review, we will try to give an overview of the factors that determine whether a platform is legit or not.

binance scam review

For example, the platform has a 2FA system that requires access to your cell phone to access your online account. The platform has its own ecosystem, offers a large list of crypto-currencies and charges low transaction fees. Binance fundamental goal is being able to offer regulation-free cryptocurrency exchange services to a global market. Deposits are free and although withdrawal fees do apply, they generally correlate with the blockchain transaction fees, as well. Based on the information available on Binance’s website, withdrawal fees are updated on a regular basis, in order to offer a fair price.

KYC is Required for Fiat Deposits and Withdrawals

The exchange does keep much of the users’ funds in cold storage and provides several means for users to protect their accounts. Binance is probably the world’s most important crypto exchange today. “Binance” offers a number of security guarantees to ensure that your funds remain safe from the threat of external malfeasance.

One of the most attractive features about Binance as a cryptocurrency exchange platform is the sheer variety of coins and token that they offer. Binance is a Hong-Kong based crypto-to-crypto exchange launched and developed by Changpeng Zhao in July 2017. Beijie Technology, Zhao’s company, created the exchange after a successful $15 million ICO, which also led to the creation of the BNB token. Even though the exchange had been launched not too long ago, it had already become one of the biggest in the world, in terms of daily volumes.

We really like the Secure Asset Fund for Users that Binance introduced in 2018. The SAFU function acts like a reserve fund in the event that the platform experiences a hack. The reserve SAFU pot is funded by taking 10% of all trading fees that Binance generates. When you take into account the multi-billion dollar trading volumes that the platform is accustomed to, the fund could potentially grow to a significant amount.

Nevertheless, Binance has risen to fame for a number of reasons. Firstly, the platform offers a hugely extensive lists of supported cryptocurrency pairs. While this of course includes hallmark coins like Bitcoin and Ethereum, this also includes small-to-micro cap tokens. While standard trading fees average a very competitive 0.1%, this can be further reduced for those holding the platform’s proprietary digital asset – the Binance Coin. Binance has advanced trading platforms, as well as the lowest fees and the widest product selection among reviewed exchanges.

Another thing that makes Binance stand out from other exchanges is the fact that you can buy an altcoin without having to use BTC or ETH. Regardless of whether you’re buying or selling, the cost is always the same at present time because of high liquidity. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor to excellent . IOS app highly rated, while Android app earns lower rated reviews. Before company founder Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders.

The system architecture used by them consists of multi-tier and multi-clusters, including a certified matching engine. This offers safety and stability and allows for the processing of 1.4 million orders per second – something that contributes to the high liquidity offered. A Binance exchange review also reveals that they offer both multi-coin and multilingual support.

When I filed a support ticket, they told me they needed to re-verify my account and asked for a video, id, and other information. I provided that and any time I asked for a status update they said “we will get back to you soon.” After a few weeks, they simply quit responding altogether. To date, they are still sitting on thousands of my dollars with no response and not unlocking my account, despite my doing everything they asked. One thing that this website lacks when it comes to their trades, would be educational material that can be of great use to new traders that want to get into the trading world. If they are thinking of adding features to their website, adding educational material is the good thing to do. Seen in the screenshot above, the chosen exchange BNB/BTC can be seen in the upper left-hand corner of the basic trade screen.

Very often users complain about the fact that it is possible to enter money to the exchange, but the withdrawal requires verification, and verification fails for some reason. When you try to go through verification again it again can not be completed and plus the account with the user’s money is blocked. You can deposit beaxy exchange review 150+ different coins on Binance and you also have the option to buy cryptocurrency directly using credit cards. Head to the Deposit page on your Binance account and select the altcoin you would like to send to the platform. Here your unique deposit address will be generated where you can send the funds to.

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