Binance Review: What Makes Binance a Great Choice For Crypto Trading? Read binance review
Do you have interest in learning more about Binance, one of the leading crypto-to-crypto exchanges? This article will discuss what makes Binance a great choice for cryptocurrency trading. In addition to volume-based pricing, this exchange also offers brokerage services, and was recently the victim of a major hack. Before making your final decision, read on to learn more about Binance’s offerings. It is well worth checking out. After all, it has been around for years and have its reputation as one of the world’s largest exchanges.
Binance is a leading crypto-to-crypto exchange
Despite its reputation as one of the top crypto-to-crypto exchanges in the world, Binance has also been subject to hacking. Its Know Your Customer database was breached in May 2019 and stolen bitcoins were found. The exchange announced that the security breach was caused by hackers using phishing websites to collect login credentials and secretly installing API access to hacked accounts. In a response to the attack, Binance compensated users who had suffered losses.
To become a verified user at Binance, users must provide government-issued identification, and complete a facial recognition process. After the verification process, users can request higher withdrawal and deposit limits in fiat. Once approved, users can fund their account with a variety of digital currencies, but should stick to Bitcoin or Ethereum for the best results. After verification, users are free to withdraw their funds. See our cryptocurrency brokerage firm.
It offers a volume-based pricing model
Binance offers a volume-based pricing system, which means that it charges a smaller percentage of the price of a coin than other exchanges. In addition, it offers staking rewards; Which are similar to interest that is accrued in a bank account. This method allows consumers and merchants to validate transactions in a given currency and earn rewards for doing so. The platform doesn’t charge for these services, and they are available on seven cryptocurrencies. The rewards accrue daily and are distributed monthly.
While Coinbase and Robinhood both offer crypto trading, they have different offerings. In addition to offering only a few cryptocurrencies, Binance also offers margin trading and crypto loans. It offers more products than other exchanges, including trading in futures and options, and offers a proprietary cryptocurrency for further discounts. Compared to Coinbase and other crypto exchanges, Binance offers a volume-based pricing model and offers a wider selection of cryptocurrencies.
It offers a brokerage service
If you want to trade cryptocurrencies on Binance; You can do so through its brokerage service. Binance offers a range of basic trading services and advanced features including margin and feature trading. Despite its pricey and complicated fee structure; The brokerage service is easy to use and requires no technical knowledge. It takes a flat 0.1% fee on most activities, and customers can view their trade history in real time. In addition, if you want to buy and sell cryptocurrencies on the site, you can use your credit card.
The brokerage service at Binance is not regulated in the traditional sense. This is because exchanges are not banks and are not bank-like entities. This makes them unregulated and non-deposit-insurable. However brokers cannot be protected by deposit insurance programs. Nonetheless, many people have used the service and are happy with it. If you’ve never used this service, you can sign up through the link below.
It suffered a major hack
A Chinese crypto exchange, Binance, was hit by a major hack on Tuesday, which has left many in the cryptocurrency community fuming. The company’s CEO even proposed rolling back the Bitcoin blockchain, which sparked a firestorm among the community. Since the hack, Binance has moved stolen funds to other addresses. The company revealed that the thieves used a variety of methods to steal funds from Binance. A single transaction sucked up 7,000 BTC from Binance’s wallet – that’s about 2 percent of the total number of bitcoins it had stored.
In the first stage, investigators traced the money through several layers of bank accounts, until they reached the U.S.-based Kraken. Binance and Kraken both provided account records. While they did not disclose their customers’ names or addresses, they did provide personal information. Despite the anonymity of the cryptocurrency transactions, the personal information that Kraken and Binance held was either fake or stolen from victims. This made the Germans’ money trail go cold. Despite their efforts, Krause said that they were struggling to make any progress.
Binance Review Conclusion
Finally we will conclude our binance exchange review. The platform have intuitive interface and high quality performance. Binance platform can be of use as exchange platform trading platform, mining platform investment platform. Compare this binace platform with Robinhood and iquandex
- Fees: 0.1% (claim up to 50% discount)
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