Is Binance Scam or Not?

ReviewsJuly 23, 2021

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Scam Binance exchange is not a question of many crypto traders. Whether you are a professional trader or just entering the market, the Binance exchange offers a wide range of tools and features that make it easy to access and execute trades. Check out our detailed review of today’s hottest cryptocurrency exchange – Binance.

Advantages

Referring to Binance, people remember the cryptocurrency exchange that offers good security, user-friendliness and strong performance. Here are some features and strengths of Binance compared to other exchanges:

  • Large trading volume: The new exchange launched in July 2017. But the amount of money traded up to now has reached 10 billion USD per day.
  • High Liquidity: Binance supports trading pairs with extreme liquidity.
  • High Performance: Binance can process 1.4 million orders per second.
  • Multiple Coins Support: Binance supports over 100 different coins and tokens, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), IOTA (MIOTA), NEO (NEO), Bitcoin Cash (BCH) , QTUM, Monaco (MCO), Binance coin (BNB),..
  • Extremely low transaction fees: While the transaction fee of some other exchanges like Bittrex or Poloniex is 0.25%, with Binance the fee is only 0.1% per transaction. Especially, the transaction fee is only 0.05% if you use BNB – a coin issued exclusively by Binance to pay the fee.
  • Multi-Device Support: Binance supports multiple devices and platforms to serve customers’ needs such as HTML5 web browser, WeChat, mobile trading app with Android and IOS operating systems.
  • 24/7 Support: Binance’s support process is 100% on-platform, very fast and convenient, professional. If someone contacts you through other means claiming to be a Binance support agent, it’s most likely fake.
  • Multi language: Binance supports 13 languages, including English, Japanese, Korean, Russian, Spanish, and more…

With the above advantages as well as the safety and stability using the powerful multi-layered knowledge system, Binance has proven its position in the international financial market and provides a good user experience. . So is binance a scam or not? We continue to learn to answer this question in the article below.

Disadvantages

Besides the above advantages and features, Binance also has some disadvantages as follows:

  • Binance collects and stores some user data, such as IP addresses.
  • Binance has too many different trading features that make it difficult for newcomers to access.

However, there has not been any information that shows that binance is a scam on the part of users. This is the factor that determines the credibility of the Binance exchange.

Background: Is Binance Scam or Not?

Up to now, Binance is the world’s largest cryptocurrency exchange, always in the top 3 exchanges with the largest global trading volume and dubbed the Bittrex Killer. Binance exchange exchanges digital currency pairs such as GAS/BTC, ETH/BTC, NEO/BTC and BNB/BTC… In which BNB, also known as Binance coin, is a private coin issued by Binance.

The founder of Binance is Changpeng Zhao – former manager of the Development Department at Blockchain.com, co-founder and chief technical officer (CTO) of the once famous exchange “OKCoin”. At its inception, Binance exchange was headquartered in Shanghai – China. However, as the country tightened regulations on cryptocurrencies, Binance moved offices to Hong Kong and Japan. Unfortunately, Binance is still entangled in legal troubles in Japan. Therefore, in March 2018, Binance exchange left Japan and moved to the island nation of Malta until now.

In early July 2017, Binance raised capital through ICO. Thanks to the founder’s great profile, the Binance exchange project quickly attracted the attention of the community. This funding round was started from July 1 to July 21, 2017, it raised 15 million USD and had more than 20,000 account registrations in the early days. In less than a year, Binance has surpassed major exchanges such as Bittrex, Poloniex, .. to rise to No. 1 and CEO Changpeng Zhao is also in the top of the fastest-growing dollar billionaires in the world. Currently, no information has been shared about the scam binance exchange.

The exchange offers both basic and advanced coin trading interfaces, Binance helps beginners make simple trades and provides professional traders with access to more complex options like trade margin trading.

Binance exchange has versions compatible with: Web, iOS, Android, HTML5…

* See more: The complete guide Binance from a to z

Deposit/withdrawal fees and transaction fees

Deposit/withdrawal fee

  • Binance exchange does not charge a deposit fee.
  • For withdrawals, you have to pay a flat fee when transferring crypto out of your Binance account.
  • Withdrawal fees are determined by the blockchain network you transact with and are subject to change without notice due to factors such as network congestion. You can check the data on each withdrawal page when making a transaction.

Withdrawal Fee-Deposit Fee Binance

The disclosure of information about deposit / withdrawal fees clearly also once again helps new users feel secure and answer the question of whether binance is a scam or not.

Binance Exchange Fees

While the transaction fee of some other exchanges like Bittrex or Poloniex is 0.25%, with Binance the fee is only 0.1% per transaction. If you use BNB coin, or BUSD to pay for trading fees, you will get 25% discount on spot trading fees and 10% on Futures trading fees.

In addition, the transaction fee depends on your account type. At 00:00 (UTC) every day, your 30-day trading volume and available BNB will be saved. Account tier and fee schedule will be updated one hour later.

Transaction fees are one of the great advantages of Binance. This is one of the reasons why Binance is so popular in the crypto trading community.

Deposit, withdraw money

Deposit money

At Binance exchange, you will use Bitcoin (BTC), Ethereum (ETH), USDT (Tether) and Binance Coin (BNB) to buy/sell with other Altcoins.

You can easily buy coins with your bank account to top up your Binance account. Or you can also transfer coins from another exchange to Binance. This is quite convenient for you when trading.

Withdraw money

After you trade on Binance and want to withdraw cash to your account, you can sell existing coins on the exchange via P2P or sell quickly. You can also transfer your existing coins to another exchange’s coin wallet to sell on another exchange if you want.

Customer support

Customer support is also one of the big well-regarded advantages of Binance. Binance has a system of large guiding and troubleshooting questions for customers to look up for themselves.

  • You can access the Binance customer support center here

If you still need support, you can use the 24/7 Customer Support service via chat. You click on the message icon in the lower right corner of the screen and to send your question. Binance supports multi-language customers, 4/27 with a professional, fast team.

Note, Binance offers 100% customer support on the chat feature in your account to ensure security requirements. Therefore, if you receive a call or contact via zalo claiming to be a Binance support agent, it is most likely a fake. Binance staff will never ask you for an OTP. If you are asked for the OTP of someone claiming to be a Binance employee, do not send it to them.

Find out here, perhaps you have the answer to the question: Is binance a scam? Perhaps the factors that help make Binance one of the most popular exchanges are its high liquidity with a total trading volume of more than 10 billion USD per day, low costs, fast transactions as well as fast transactions. simple and user-friendly deposit/withdrawal operations. Hopefully, through our detailed review, you can choose for yourself a reputable and suitable exchange.

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