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Binance Review - is it scam or safe?

Binance Review - Is binance.com scam or good cryptocurrency exchange?

RATING: 4 / 21 REVIEWS Binance

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed Not available 0.10%

 

Binance is a crypto currency exchange, focused mainly on the Chinese market. Of course, you could still use it, if you are based elsewhere.

 

The company, security of funds

 

Company Country Regulation
Binance China N/A

 

Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.

 

Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used as a method of paying your trading fees, which will reduce them by 50%. Additionally a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next.

 

That being said, whenever a new coin is added, Binance holds some kind of promotional distribution to existing clients. Usually it involves tracking the biggest holders of the new asset and rewarding them with extra coins. While these can not be taken as a guaranteed means of attaining more altcoins, they do raise attention towards the new tradign product.

 

Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country.

 

The English user reviews on Binance, while few, are fairly positive. Again, we must reiterate this is still a very new company, at the time of writing of this review.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since new ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX.

 

Minimum initial deposit

Binance does not provide information on the minimum deposit amount. As we cover mostly forex brokers, we are used to companies stating this information openly. The need for a minimum deposit level is associated with the legal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too small. That being said several companies don’t have a required minimum, like the FCA-regulated industry leaders at IG

 

Leverage

Margin trading is not available at Binance. For those of you who are not familiar with the trading world – this is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. As an example, forex brokers require very little in collateral, in order to maintain massive positions. The so called leverage ratios can go as high as 1:500 or more. For instance, XM offers 1:888 in leverage.

 

That being said the cryptocurrency space is a lot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, rarely offer more than 1:20 in leverage.

 

Fees

The fee structure at Binance is simple to understand, but more importantly very competitive in the current environment. There is a flat 0.10% fee on all trading. Other exchanges often separate clients based on their trading volume and the way they enter/exit a transaction (traders who provide liquidity to the exchange usually get some benefits).

On the other hand forex brokers incorporate the costs of trading in the spread. While comparing them is a bit like comparing apples to oranges, we have made a side-by-side review of both services here.

 

Trading platform

 

Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Visually it reminds us a lot of the platform provided by Bitstamp. Here is how the “standard platform” looks:

 

 

The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable. The “Pro” version, on the other hand looks like this:

 

 

This reminds us a lot of Bitstamp’s platform. The positioning of the order book and tape is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it’s not even close to the forex industry standard which we have grown accustomed to, MetaTrader4 (MT4)

 

Methods of payment

 

Binance is one of the exchanges which doesn't accepts fiat currency payments and focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.

 

Conclusion

 

Binance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly focuses on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges offering the more exotic ones. The major issue we have with Binance is that the project hasn’t been around long enough to actually prove itself. Here are the pros and cons of this exchange:

 

Pros  Cons
Founded by industry veterans New company
Some altcoins included  Based in China (may have issues with regulators)
More assets being added constantly Does not accept (fiat) money transfers
Competitive commissions  
Relatively nice trading platform  

 

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Traders` reviews for Binance

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Impossible to liquidate

Easy to get money into Binance. Seems to be impossible to liquidate. Also much doubt online under complaints that transactions are not executed. This is the kind of thing that Madoff did where he took deposits and never traded anything, just bought houses, boats, toys, etc

Joe Soap 12/03/2018

Fraud

They are asking me to withdraw all of my funds, as they don't want to serve my country anymore, but I can't withdraw all of my funds as there are minimum limits for withdrawal. Also, they are taking high commissions for all withdrawal they have forced me to make.

Vladimir 11/29/2018

Withdrawal

To be honest I have been on binance but my withdraws have been going through, have never lost any funds a part from losing from some of my trades

Wamboka Harbert 09/22/2018

Total wan*ers

Do not touch these idiots with a bargepole
my account was hacked and the hacker withdrew my funds
Binance then made me jump through so many hoops it took me two months to regain access to my account even though i was providing the right information. Just to top it off i regained access today and found my account emptied. Sent email to Binance and they have told me there not responsible and i have lost my money

Unbeleivable they shall be hearing from my solicitor do not touch them ill be satisfied to see them go down big time

Robert Harrison 09/13/2018

They took my money

Binance stole over $1000 from me, I tried to take my money out, no confirmation email so it wouldn’t go through. Called them and they said that multiple IP addresses were discovered at time of login so basically I tried to remove my $1000, no email so it wouldn’t go through. Called binance immediately and my funds were going to be suspended or lost unless I transferred all of them to their block chain. They tell me 17-20 days I will get my money back. One day later I recieve s call from binance claiming unless I pay them a one time fee of $99.99 to update my security that I will not receive my money ever. I told them to fuck off and I’m out of crypto, same thing happened to my friend. Just be careful, I am not a newbie when it comes to transferring and withdrawing funds that’s why this is so upsetting. U could literally do nothing wrong and all your money is gone. Who in their right mind would put money into binance when this can happen!

Josh cohn 08/12/2018

Binance is a scam in my opinion....

Something's just not right with this exchange. It's the only exchange that I can buy coins on and while owning the same coins on other exchanges that are going up, the same coins on binance go down. I'm no mathematician,but when the price of a coin goes up, you balance should go up. Not at Binance. I'd avoid this exchange at all costs.

Ryan Ashmore 06/01/2018

Binance Sucker >>> Easy to Deposit, Impossible to Withdraw

Tried to withdraw funds and Binance never sent email message with link to confirm withdrawal. Customer support "bot" claims Binance has server logs to prove emails sent. Googled many complaining of same and worse. Funds locked up. Support ticket automatically closed. Lot of pro Binance shills planted out there. Major scam deployed. Lot of angry people in world gunning for Binance. Easy to deposit funds. Impossible to withdraw. Some claim fake site, fake market, fake support. Website operations run by bots posing as people. Need to get Interpol involved.

Binance 05/29/2018

Scam - Never received my money

People dont use Binance they will take your money easily but when comes to withdraw it will literally harass you or send it to wrong address on purpose forget you will ever get your money.
I was excited about cashing out my money after figuring out for 3 days what to do I did it finally used my coinbase address copied it from there and pasted it over here just to wait and never received my money they stole it I entered right address verified it 3 times everything was perfect but never received money, forget that you could contact customer support to help you there is no customer support the money is gone wasted huge cash on this scam site was better off using coinbase

Prachit 03/19/2018

BNB transcation not honored - IMO BNB is a scam

BNB contract address 0xb8c77482e45f1f44de1745f52c74426c631bdd52

Below is the successful transaction in which BNB did not transfer the coin.

https://ethplorer.io/tx/0x3485b4395fe4b4f9e213033e8e26855e48f79be30cf98d19d1bc4564d448907d

I have repeated contacted Binance yet they do not honor their address: [email protected]


David Huizar 02/02/2018

$5000 of Money taken and Support requests submitted return automatically as

I am devastated by the apparent theft of $5000 of tokens during trading with Binance. These tokens are shown as held in an ethereum wallet using etherscan but invisible when viewed on the Binance account.
Worse now, is months of non reply to support requests for help and now any more i send automatically show as "soled" in the status column.
This is straight out theft of my money and 50,000 Tron tokens and some CTR etc.
What can I do about this ??? , I have screenshots that show all tokens sitting in the eth wallet and support requests showing solved the moment i submit them. I am sick with disgust.

Brett SMITH 01/19/2018

It's in the fractions...

When you trade in Binance, it "rounds off" the amounts you can trade. The leftover fractions stay behind, and recovering this dust is almost impossible. One way to do it would be again to deposit the coin in question and to juggle the amount deposited and the price, taking the fee into account, so as to leave nothing, or next to nothing, after a new transaction. Using BNB will reduce your fees, but it will not take care of this problem. Those bits add up, especially if you want to experiment with the odd exotic coin. I've learned my lesson and I'm staying away.

Eddie 01/19/2018

Waiting for 2FA code to be reset

Whenever I tried to enter GAuth Code I am getting a 2FA Failed. It was working for few days. I have been sending so many emails to Binance and they have autoreplying with 2 links all the time. These links take us no where. I have submitted all my documents for resetting 2FA code. Its more than 3 days now. I don't know if I will get back my coins worth more than 2K. I will wait for few more days before I draw any conclusion on them. Binance has zero customer service so far. Especially for people living in US its going to be a major shock for zero customer service. Hope Binance fix all their site traffic issues and resolve all the customers problems. I hope they raise above the customers expectations and don't burn their golden egg laying duck for greediness.
Regards
Varma

Ch S Varma 01/11/2018

Binance trades

Am a new user in binance but the many experiences of people not being able to withdraw the money after trading is not encouraging at all. The few not well thought out arrogant answers by the binance team are totally not helping the situation either.
Please,kindly but urgently address the many issues raised by the several complaints.
We need to be assured that our funds are safe.

George 12/23/2017

Stay away

I got an email from binance saying that my IPA siting been changed and if I did not do that I should deactivate my account and contact binance I check my account and sure my XRP coins disappeared so I deactivated my account the problem that I been trying to contact binance but no reply multiple emails and multiple requests and no reply
My account is locked and I have no access to my funds
I got screwed stay away

Amir Henin 12/22/2017

Got hacked / money stolen

Two days ago, someone with an IP from UK (not me) was able to log into my account, changed the API and took all my coins. I have Google Authentificator and a strong Password. The link on the E-Mail I received to disable the account while this happened didnt work at all.
Plus I got an open support ticket and no answer since then... (#221188)

What can I do?
I feel highly scammed and robbed and dont trust this site at all...!

Andi 12/21/2017

I lost my 2FA password

STAY AWAY FROM BINANCE! They are THIEVES! I recently replaced my Iphone so I lost my 2FA password. I sent their support team all my identification that they request to reset the 2FA and all they keep doing is replying back with the same email over and over again asking for identification for resetting the 2FA. Basically, if you lose your password, you lose your money with Binance. This is happening to many people who have lost their 2FA password. Just do a search to see.

Vince 12/19/2017

It is a scam

Binance is a scam site thy let you dispose bitcoins ore money but for withdrawals you must use Two-Factor Authentication (2FA) but if you will create IT IS NOT POSSIBLE SMS only for Chinese telephone number and Google Authentication is not working whit errors * Invalid e-mail address of failed binding.
You cannot Withdrawals from on this exchange site.
Ore first make Two-Factor Authentication (2FA) working and the do a deposits

jellesma 12/17/2017

Legit

i don't know what these other people are talking about i have been trading on there for a while with over 1000$ worth im able to buy ripple , btc , eth and transfer in and out without any problem

Gordon Mcgee 12/16/2017

Incompetent

Sent Bitcoin Cash to the to the bitcoin cash wallet, never arrived Idiots have used the same BTC wallet for the bitcoin cash its gone for good. Avoid these Morons!!

Stephen 12/16/2017

Scam

Been trying for 3 days to withdraw $200 worth of coins I purchased. Tech support is non-existent. When they do reply its with suggestions I tried dozens of times over and over again. to no avail, 2FA Binding error. Don't send your money over there.

Eugene 12/10/2017

Scam

Deposited 300 from Coinbase to Binance now can not login to Binance. Attempted to contact multiple times,no reply. SCAM

Dan M 12/09/2017
Forex
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