Binance.com Reviews: SCAM or LEGIT?

[Vladv26]

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History of Binance

Binance exchange was opened in 2017 July by Changpeng Zhao which is the owner of the company called Beijie Technology. Through his company Zhao managed to create an ICO where he raised more than 15 million dollars in order to create the platform that today we call Binance.

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Changpeng Zhao, the developer of Binance was previously hired as a technical director for one of the biggest crypto related websites called blockchain.com and also his company works with more than 30 online platforms providing them with different trading services.

Binance services

Binance offers a long list of services for both traders and investors. Some of them are :

Spot trading and margin trading are Binance's main trading platforms. You can choose between 3 different interfaces, depending on how experienced you are.

Binance savings allows users to invest their cryptocurrencies on a fixed period of time, generating passive income for them

Using Binance staking users can earn passive income by investing in Defi coins. The best part about this is that you don't need to have any knowledge about staking.

Using Binance smart pool miners can join a bigger mining group and use their hash power to mine profitable cryptocurrencies.

Using Binance loan service you can get loans in USDT or BUSD while paying with BTC or ETH as collaterals. This way you would avoid the taxes and fees required for an eventual selling of your cryptocurrencies.

Binance crypto card

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Binance offers a service that allows people to convert and spend their cryptocurrencies anywhere in the world using Binance Visa card.

The best part about this Visa card is that Binance doesn't require any administration, subscription or conversion fees. All transactions made in EUR are free of charge, however third-party fees may apply if you spend money in other currencies.


How can I deposit on Binance?

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Initially, only cryptocurrencies deposits were allowed on Binance and there was no opinion to deposit using fiat. In total there are around 200 cryptocurrencies available for deposits, withdrawals and trading on Binance.

In 2019 Binance closed a partnership with Simplex, a service which allows you to buy cryptocurrencies using your Visa/Mastercard debit or credit card. The fees for using this service are 3.5% plus a flat fee for each trade.

In 2020 Binance closed a partnership with Clear Junction, a service which allows you to make deposits on Binance via wire transfers. You can either deposit EUR using SEPA or GBP using Faster Payments.

What fees does Binance have?

Binance fees are much lower than on other exchanges. They have a flat fee of 0.1% for every trade you make, which is low considering the average trading fee on exchanges is about 0.25%.

Using Binance VIP levels the trading fees can go even lower than 0.1% depending on your trading volume and the amount of BNB you hold in your account. You can check your VIP level in the table below :
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The fees for cryptocurrencies withdrawals are different for each coin in particular and they always adjusted depending on the market.

The fees for fiat withdrawals are 1.5€ for EUR and 2£ for GBP.

What limits does Binance have?

Binance only imposes limits for withdrawals. Clients that have have a level 1 verified account can withdraw maximum 2 bitcoins daily while clients that have a level 2 verified account can withdraw a maximum of 100 bitcoins daily.

A level 1 verified account means you don't have to complete a KYC and therefore your limits are smaller.

If you want your account to be verified to level 2 you will need to complete a KYC verifying your real identity and adress.

What is Binance.us and Binance.je?

Binance.us is a different exchange opened by Binance that is only available for people living in the US. The platform is similar to normal Binance but the number of cryptocurrencies available is lower and the deposits/withdrawal methods are different.

Binance.je is a different exchange opened by Binance that is available for people living in Europe. Binance.je is about to completely shut down at the end of November as all the services available there have been integrated into the original Binance platform.

What is Binance coin (BNB)?
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Binance coin is the official token of Binance exchange platform. It was launched back in 2017 when the ICO of Binance took place. The ICO raised in total around 15 million dollars and each investor received a fair share of Binance tokens .

The initial price of Binance coin was 0.1$ during the ICO stage. Today BNB is ranked in top 10 cryptocurrencies on Coinmarketcap with a price of 28$ per coin.

Binance Refferal Program

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Using Binance refferal program you can earn up to 50% commissions from the fees of your refferrals transactions.

If you have less than 500 BNB in your wallet, you will receive up to 20% commissions.

If you have more than 500BNB in your wallet, you will receive up to 40% commissions.

Additionally if you become a Binance affiliate you can earn up to 50% commissions.

If you want to share the commissions you receive with your reffered user you can use Refferal kickback and give your friends or users up to 20% of the commissions you receive from them

How to open an account on Binance?

Go to Binance official website https://www.binance.com/, register an account, verify your mobile phone and email and you can start trading. KYC is not mandatory unless you want to trade or withdraw more than 2BTC daily.

Binance also has a mobile app available now so if you want to trade easier from your phone, you can download their official app from here: https://www.binance.com/en/download

If you are from US, visit https://www.binance.us/ and follow the same steps as above.

 

[hani20980]

Very nice review Binance is one of the best trusted and safe exchanges im using it for years without having any problem

 

[Deleted member 403]

Great Article, I really enjoyed reading and learning about Binance. You covered every corner of Binance.com and reviewed all aspects of their service, a fantastic read. I'm yet to use Binance but their platform seems interesting to say the least. Going to take a look at registering soon, what have I got to lose?

 

[greenie]

If you wrote the article from 0, congratulations. Good article & review !

Edit the post in "Legit" , 100%.

 

[hani20980]

Great Article, I really enjoyed reading and learning about Binance. You covered every corner of Binance.com and reviewed all aspects of their service, a fantastic read. I'm yet to use Binance but their platform seems interesting to say the least. Going to take a look at registering soon, what have I got to lose?

are u already working on cryptocurrencies trading Alex or you are plannig to learn about it ?

 

[Niftyyem]

Great review! Binance exchange is one of the very best exchange sites out there, safe and secured.

 

[Deleted member 403]

are u already working on cryptocurrencies trading Alex or you are plannig to learn about it ?

I am a skilled investor and have trading experience of 4 years behind my belt. I know that the best time to buy is when the markets are at their lowest, and investors are panic selling; this is a gold mine for experienced people like me. I'm not that knowledgeable on all the different types of coins and I am still learning what controls the price, and powers the token(s). Everyone learns something new everyday.

 

[vest1992]

Great Article, I really enjoyed reading and learning about Binance. You covered every corner of Binance.com and reviewed all aspects of their service, a fantastic read. I'm yet to use Binance but their platform seems interesting to say the least. Going to take a look at registering soon, what have I got to lose?

just pay attention on where or to whom you transfer through them, I got scammed with a transfer with Binance of $250 USD and I couldn t get them back, so I cannot say I have a great relation with Binance, also there were several news of scamming through them for a value of over $10 mil USD this summer.

 

[Vladv26]

just pay attention on where or to whom you transfer through them, I got scammed with a transfer with Binance of $250 USD and I couldn t get them back, so I cannot say I have a great relation with Binance, also there were several news of scamming through them for a value of over $10 mil USD this summer.

I saw you keep mentioning about Binance scamming you. I won't say this is not possible, but could you perhaps give a more elaborated explanation on how this happened? Binance still remains the top number 1 exchange on the market and has some of the best reviews so it is quite surprising to see someone saying they were scammed by it.

You said you got scammed through them, does this mean that not Binance directly scammed you? There was a third party involved through Binance that scammed you?

 

[vest1992]

I saw you keep mentioning about Binance scamming you. I won't say this is not possible, but could you perhaps give a more elaborated explanation on how this happened? Binance still remains the top number 1 exchange on the market and has some of the best reviews so it is quite surprising to see someone saying they were scammed by it.

You said you got scammed through them, does this mean that not Binance directly scammed you? There was a third party involved through Binance that scammed you?

Yes, through them, though they didn t want to help me recover my money only if I would ve involved the cyber crime in my city... I mean uhh really ?

 

[Vladv26]

Yes, through them, though they didn t want to help me recover my money only if I would ve involved the cyber crime in my city... I mean uhh really ?

More exactly how through them? What service did you use and scammed you?

 

[vest1992]

More exactly how through them? What service did you use and scammed you?

I was buying a service but it was fake, they were lying about the service they were selling, I deposited on binance and made a transfer with them and they didn t help to recover, they said they cannot do anything, only if I contant the cyber crime in my town they will help.

 

[Vladv26]

I was buying a service but it was fake, they were lying about the service they were selling, I deposited on binance and made a transfer with them and they didn t help to recover, they said they cannot do anything, only if I contant the cyber crime in my town they will help.

Then why are you blaming Binance for this? They clearly had nothing to do with it, they were just the payment method used I guess, right? Obviously they can't do nothing, since you paid for a different service that is not related to their own company or website.

 

[Braga13]

My opinion in this exchange is legit . But the transaction is too quite unlike yobit's and you can't see a coin that rises +300%》 . But it's not scam for sure because i've been using it sence 5 years almost and never had a probleme . And what i like about it is it has alarmes

 

[ahmedo24]

This review is a wonderful one , I never knew Zhao was part of Blockchain.com technical crew, no wonder Binance has very wonderful theme , security measures and fast service delivery

 

[Josemendez]

With my little experience with Binance , I think I can say that it is a legit exchange platform with a strong security measures

 

[ahmedo24]

I learnt that as a Nigerian you can get paid directly to your local bank if you are verified member through your BVN , I have not tried it, has any Nigerian tried it.

 

[Vladv26]

My opinion in this exchange is legit . But the transaction is too quite unlike yobit's and you can't see a coin that rises +300%》 . But it's not scam for sure because i've been using it sence 5 years almost and never had a probleme . And what i like about it is it has alarmes

You can't compare yobit with Binance. Yobit promotes only shit coins and their prices are pumped for a couple hours/days and then no one uses them anymore.

 

[ahmedo24]

You can't compare yobit with Binance. Yobit promotes only shit coins and their prices are pumped for a couple hours/days and then no one uses them anymore.

That's the truth there are lots of shit coins that the Investors are seriously regretting because they have been on sleeping mode since they had initial rise in value.

 

[Vladv26]

That's the truth there are lots of shit coins that the Investors are seriously regretting because they have been on sleeping mode since they had initial rise in value.

You can't really call the people who use yobit investors, since an investor wouldn't invest in coins listed there. There are probably some smart investors that take advantage of this shit coins but other than that there is no reason why you would buy it.