Binance.com Reviews: SCAM or LEGIT?

[ahmedo24]

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.

That's is it, I am not sure I will use yobit because such coins are meant for people who had made money from them such that if they eventually loose they won't regret it.

 

[Peterlight]

I haven't started reading on it and I wonder why I have to convert every coin to BnB before trading

 

[ahmedo24]

I haven't started reading on it and I wonder why I have to convert every coin to BnB before trading

I am also having this challenge, this could be as a result of me not having the time to study the platform very well. Any regular users should make it easy for us .

 

[Ehizzy1]

I think this are great reviews on binance and am currently using the platform to trade and earn more money for my self , i guess you have to practice first before trading

 

[ahmedo24]

Trading is interesting if you carefully study and start very little to make the profit, also you peg your profit margin at 40% at most in a short time

 

[Abiolz]

What a great and unbiased review, thumb up,Binance is a legit platform for cryptocurrency trading, I have account with them and they are trustworthy to some extent.

 

[Nurudeen]

Binance is a legit crypto currency trading platform. Their website is intuitive and easy to use while their platform supports all counties just like coin base

 

[Naz Noshin]

Very informative post . I think now we don't need to search more about binance on net Because you shared all important points in this article.
I also heard about it that it's best exchange site but I didn't join. Soon I ll try it.

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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.

 

[ahmedo24]

I am still verifying more about Binance because there are enough coins to trade on the site so one need to be very careful and settled before you begin trading in the site.

 

[Braga13]

For me it's one of the best and safe exchange plateforms i'd deal with even when it get hacked by some thiefs they restaure users their money and for me that was a great thing

 

[dogmatic_p]

Binance is both a crypto currency and also an exchange. It means that one can trade on Binance. It is a safe and trustworthy platform.

 

[Arwhank]

the explanation is quite long but easy to understand, Thank you because by reading the article that you shared I can get useful knowledge about Binance, it seems there is nothing wrong with trying to join the platform.

 

[ahmedo24]

It is amongst the top Exchange platform with reputation, I joined the site without any reviews because I could see the huge users data base.

 

[Mawome]

Absolutely reliable, but don't buy any coin you see on binance always check the 24 hours volume, and the liquidity.

 

[conaljom]

for me, Binance is the best crypto site that you can trade with and also your assets are secured with them

 

[Oluwaseyifunmi]

Well concerning your review on binance, I would say this review is a very 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. I just started using binanve recently and it's been wonderful so far

 

[Mandypaul]

It is one of the best sites you cannot uninstall cryptocurrency and I have been using it for sometimes and I did not see any problem with it,although I am not a good cryptocurrency storer but at least I've use it for sometimes and they are legit.

 

[Diddi01]

Nice writeup. This came at the right just when I'm planning to download and register on the Binance app. I just learnt that with the peer-to-peer feature, many people are able to withdraw their cryptos even if it's banned in their country.

 

[Victor001]

Binance Is one of the very best platforms and it's reliable, it's good name as really grounded foot prints on the ground, despite it's usage and widely acceptance it is still customers friendly.

 

[Setho]

Just look at how far finance have come from this post, by far it is the worlds leading exchanger as it is safe, its kyc are strict but very easy to pass. Overall its a very good app and also suitable for beginner traders.