Binance is one of the most popular cryptocurrency exchanges in the world, despite being a relatively new player. The platform was originally based in China, but moved its operations to Malta earlier this year.
Binance is considered a centralized exchange and cryptocurrency exchange that deals only with cryptocurrencies such as Bitcoin, altcoin and ICO tokens.
The binance exchange office is considered a safe place to trade even though it was hacked in March 2018.
Accounts are secured using 2FA (Two Factor Authentication), which makes it difficult for hackers to gain sensitive information. As an added security measure, users can set up a unique anti-phishing code, which allows them to distinguish between fake and legitimate emails. Withdrawal processing takes place after users confirm via email.
In March 2018, hackers tried to make a bold move that was fortunately noticed by the automatic exchange systems. For months, hackers collected user login data and then attacked, converting all BTC users into Viacoin, pumping up the price of coins and selling their Viacoin stocks. Before they managed to withdraw the BTC, the automatic systems reacted and none of the users lost funds except hackers, which will be donated to charity.
This event strengthened the trust of users in the Binance exchange office, as not only did their system detect the intentions of the hackers in time, but they also offered a reward of $ 250,000 for any information that would lead to the arrest of the attacker.
In May 2019, unfortunately, there was another attack, this time the attack was successfully carried out. The hackers managed to steal 7074 BTC, which was worth 42 million dollars at the time of the theft. Binance has decided to compensate all losses to customers using their “CFCA” fund. The fact that Binance made up for the losses further strengthened the crypto community’s trust in this exchange office.
Luckily, the Bitcoin network is transparent, so you can see the Binance Bitcoin wallets at any time you may wish so.
Right now, their BTC balance is 181,109, which converts to around $2,141,212,745 at this very moment.
Account verification on Binance
Users (Level 1) do not have to submit any documents to view cryptocurrencies.
In order to verify the order and progress to Level 2, users must submit some of the documents issued by the state. In addition to the documents, users should provide personal information such as name, country of residence, age, gender and send their picture showing how they hold the documents.
This is a standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure.
Methods of payment
Users have several options at their disposal, payment by debit and credit cards (Visa and MasterCard) issued by the Simplex company or purchase of cryptocurrencies using USD and EUR through PAX and TUSD stable coins. There is also an option to convert TUSD and PAX back to cash.
Supported cryptocurrencies on Binance
Binance exchange office allows its users to trade a large number of altcoins and cryptocurrency tokens. Currently, more than 1200 different cryptocurrencies are listed on their exchange office.
Pairs are supported through BTC, BNB, ETH, XRP as well as through USDT, PAX, TUSD, USDC and USDS.
You can see the full list of supported cryptocurrencies here.
Trading fees on Binance
The general trading fee is 0.1%. Based on the 30-day average trade volume and the amount of BNB tokens, the maker/taker fee varies from 0.015% to 0.075%. If the trade fee is paid through the BNB, then a discount of 50% is applied during the first year, 25% during the second, 12.5% during the third and finally 6.75% for the fourth. During the fifth year, the discount does not apply.
Deposit and withdrawal fees
Binance exchange office has no cryptocurrency deposit fee nor is there a minimum deposit amount.
Withdrawal fees and the minimum withdrawal amount vary depending on the cryptocurrency. For BTC, the minimum withdrawal amount is 0.002BTC with a fixed fee of 0.0005BTC.