Is Binance Safe and Reliable?
Table of Contents
Binance is a China-based cryptocurrency exchange founded by Changpeng Zhao that aims to give users access to a full set of trading tools, charts, and security features. This site was created after attracting funds via an Initial Coin Offering (ICO) and started trading in July 2017. It has been known for its fast transaction processing as well as its low trading fees of only 0.1%. Its technology is capable of processing 1.4 million orders every second. Binance is said to have big potentials in becoming the lead in exchange volume.
Binance currently supports various languages such as Chinese, English, Korean, and Japanese. It is compatible with iOs, Android, We Chat, PC client, HTML5, and Web. Since this site is relatively new, there are only a few reviews and testimonials on its efficiency and security features. But most of the reviews by traders so far are all of positive feedback.
Even though Binance is a centralized exchange, it is very reliable because despite the volume it manages on a daily basis, there have been no verified reports of it being hacked. Binance adopted a unique way of funding itself through the ICO. With the money it was able to raise, Binance continues to find solution to the challenges of centralized exchanges such as poor market liquidity, poor customer service, problems in internationalization and language support, among others.
Binance is exclusively a crypto-to-crypto exchange, meaning they do not transact in fiat currencies like USD, EUR, or GBP. However, you can still find a good market for pairs with big volume and liquidity on Binance with the following:
Binance Registration and Security Features
The registration for Binance is less complicated and much faster than other crypto sites. All you have to do is to register using your email ID. You will afterwards be granted the basic account in which you have a withdrawal limit of 2 BTC per day.
Once you are registered, you can log in your email ID and password to be able to access a specific page where you are required to setup your 2FA and SMS authentication for extra security.
Here’s a simple way how to register in Binance:
Go to https://www.binance.com and click on Register on the top right of the page
Type in your email address, key in your password and referral ID (optional)
Click on “I agree to Binance’s Term of Use”
Click the Register button
Verify your email and then try to log-in your account
If you want to have better security, you can enable 2-Factor Authentication using your Google Authentication app on your smart phone. You can find these security features in your Account Settings
You may also enable SMS Authentication for withdrawals and security modifications and anti-phishing code.
To verify your account and identity, you may also have to submit some official documents
Binance New Feature Anti-Phishing Code
A new security feature was introduced by Binance on April 10, 2018 called Anti-Phishing code. This enhanced security step allows users to log in to the trading platform and customize their privacy setting by going to their account center. Once you have successfully set your Anti-Phishing Code, all legitimate Binance emails that you receive will contain this exact code.
This new security feature will enhance protection for crypto traders who are most of the time targeted by hackers and fraudsters who are stealing users passwords and other sensitive data. It was on March 24, 2018 when an email circulated, labelled as “ERC20 Token Import” specifically designed to steal funds from Binance users’ personal wallets.
To address the issue, the Binance CEO has responded to phishing attempts in the past by writing and disseminating information on Steemit.
The said report highlighted security steps that all Crypto traders should perform to protect themselves from the prying eyes of hackers.
Binance is exemplary when it comes to language support. At present, it provides support in 7 languages.
Binance has a support portal where you can submit your queries and concerns and get their feedback within 24 hours. Although a customer care number is not yet available, they are responsive to the traders’ concerns via their portal and their live chat support.
So is Binance a good choice?
Generally speaking, in terms of safety and reliability, Binance is a great choice for traders. Not only does it have a simple and user-friendly interface, but also offers good privacy options for its users. Binance is the world’s largest cryptocurrency exchange based on total trading volume. The founder and CEO, Changpeng Zhao is also popular in the cryptocurrency market, making it a more reliable site.
Users can technically store coins on Binance however, some prefer not to, for reasons of ease and security. You should never share your password t anyone if you want to make sure that your Binance account is free from phishing or any forms of hacking.
It would still be best to consider storing your coins on a hardware wallet like the Ledger Nano S and only deposit to Binance when you are making a trade.