Binance – a reliable cryptocurrency exchange that has not been hacked
Binance is a cryptocurrency exchange based in Shanghai. Led by Changpeng Zhao, Binance team have experience in both wall-street and crypto finance. Binance team also have a track record of successful startups under their belt. According to the official website, Binance is one of the fastest exchange in the market today because their certified matching engine is capable of processing 1,400,000 orders per second. Binance supports a selection of the 90+ cryptocurrencies and payments to and from Binance can only be made via cryptocurrencies. The Binance platform is very simple to use and the platform has been deployed on 30+ exchanges already. It supports all devices and multiple languages, offering a seamless user experience. This platform has 0.1% trading fee, if you have BNB, you can choose BNB to deduct 50% trading fee (temporary).
Binance is growing very rapidly and has a good reputation, lots of reviews confirm this. Binance is a relatively new cryptocurrency exchange and it is not surprising that Binance has not yet been hacked. I did not find any incidents and complaints that make this exchange not reliable. The exchange itself provides a whole host of tools that help traders make decisions, and the user experience (UX) is pretty fluid. This cryptocurrency exchange has strong security with two-factor authentication and uses absolutely transparent and fair practices to protect all data and funds. A verification process is very easy and is not complicated but clients can only deposit and withdraw the coins supported at the exchange. The most obvious issue with this exchange is the fact it is focused mainly on the Chinese market but you could still use this cryptocurrency exchange if you are based elsewhere. On the official website, you can not find a live chat but you can send a message anytime via email. This exchange conducts compliance audits on all new coin launches, ensuring that its users have the information they need to make informed trades. Customer service is also is active on Facebook, Twitter, Weibo and Wechat. Binance is still a very new company/exchange and the project hasn’t been around long enough to actually prove itself. Some analysts advise creating an account with them with outmost caution and always put in mind that when it comes to new websites, only time can tell if they are good or not.
Experiences with Binance
Binance has solid relationships with industry leaders, you can check this at the list of investors and advisors who are willing to stand behind their platform. I did not find any incidents and complaints that make this exchange not reliable, the user reviews about Binance are fairly positive. The following quotes give you a sense of what other traders think about this cryptocurrency exchange:
- I use Binance regularly. I love it. I am using it as my wallet. You can buy almost all cryptocoins on Binance with ETH and BTC
- Binance does not strike the same chords for me that others have done, its liquidity is very high, which is incredibly important for any exchange.
- Binance is transparent about its fee structure, Binance’s trading fee is 0.1% on all trading
- This exchange has a strong team with a track record of successful startups and security systems are constantly upgraded and tested to ensure that Binance is exceeding industry-best standards
- Their website doesn’t have any lag issues so this is great
- I don’t like the fact that clients can not deposit fiat currency / USD, etc on their account. Binance currently only allows the deposit of other cryptocurrency and tokens
- Customer support lacks phone and the website is not for beginners