Warning: the information presented here about Binance and its services is merely generic and comes from reliable sources of public access or received from Binance (entity authorized to operate in Spain by the CNMV or through the European financial passport regime).
Investing in cryptocurrencies gives you the opportunity to achieve great returns in a short time. In Binance they give you the option to invest in bitcoins and other cryptocurrencies , but first you must make sure that it is a secure platform. That is what we have done at Scam.info, and we can confirm that it is a legitimate site for trading BTC, ETH, BNB, and USDT.
The great cryptocurrency boom has attracted certain scams to the market. In fact, if you have been interested in that topic, you have probably received emails from spammers recommending this or that platform. Fortunately, Binance is a serious broker that leaves no doubt that Binance is not a scam.
Our opinions of Binance that it is not a scam are supported by its good quality of financial services that are offered exclusively in the field of cryptocurrency markets. Therefore it is a platform where there are no other options to invest such as online brokers that provide Forex and CFD operations.
If you want to invest in stocks, raw materials, stock indices and use a greater number of financial instruments, we recommend finding other serious brokers such as eToro where there is a wide range of options to invest online.
Our experience with Binance
Our team’s Binance reviews describe a simple page that aims to allow you to invest or trade cryptocurrencies such as bitcoin, ethereum, binance coin, and Tether. To give you an idea, only with bitcoin there are more than 80 pairs available, so the opportunities are many.
At first glance we can see that the page offers two modes of operation: one classic and one advanced. The classic version is simple and easy to use and is therefore suitable for those who do not have much experience with this type of platform. The outpost is suitable for experienced traders who know what they are doing and are very familiar with the cryptocurrency market and how to operate online.
The platform provides various options to trade with stock tokens, futures, traditional options, and leveraged tokens.
The registration process is very fast , since you only need an email address and define your password. When you send it to them, you will receive an email almost immediately to verify your identity. With that, you will already have an active account with which to operate.
As you will see later, this platform has interesting security measures , which make it a good option to operate. Next, we go into detail so that you better know the Binance broker platform.
Is it a Binance scam?
When we did our research on the internet we found many opinions about Binance that were very negative, but positive opinions abound as well. It came to our attention that the negative opinions of Binance were basically from users who lost money and felt scammed by Binance or because they were unable to withdraw money from the platform.
However, after analyzing the platform we can say that Binance is not a scam . On the contrary, it is a safe place to trade cryptocurrencies, something that is not easy to find.
Even in the great tangle of criticism from users angry because they lose money with their operations and try to excuse their mistakes in the intermediaries, Binance comes out well, since in general the opinions of Binance of the users are very good.
Summary of highlights about Binance
|🏆 Regulated in Spain||No|
|🥇 Regulated in Europe||No|
|✅ International licenses||No|
|⭐️ Insured client funds||Yes|
|👍 Reliable broker||Yes|
The Binance platform allows its users to buy, trade and sell cryptocurrencies and provides a safe and reliable exchange. User funds are insured and guaranteed so according to our opinions Binance is a safe cryptocurrency broker since the funds stored in this wallet are protected .
The funds users are guaranteed through compliance with the highest safety standards which speak in detail in the “Safety and regulations” section. Anyway, we can mention as an advantage the double authentication process that uses two identity confirmation factors to allow access to a Binance user account.
The offering of products that can be invested in on Binance is dedicated exclusively to cryptocurrencies, but there is also a separate trading platform for trading currency futures . It is possible to trade on perpetual or quarterly contracts and the settlement can be made in currencies or in stable currencies in USD.
Binance also offers an options trading platform, where you can trade European-style vanilla options for cryptocurrencies. You can also trade on margin . Margin rates and borrowing limits depend on your BNB balance and trade volume.
Binance has separate trading platforms for futures and options . This is common practice among cryptocurrency exchanges to have such a separate place to trade cryptocurrency futures.
The Binance broker provides additional products to trade as leveraged tokens, which allow you to trade on leverage without the risk of being knocked out by a margin call. This selection is excellent, but it can be difficult for beginners to understand. Be careful with leveraged products and make sure you understand all associated risks.
On Binance, you can also bet coins and stablecoins, allowing you to earn rewards for betting on your possessions. However, staked assets are not covered by loss insurance and are not eligible for protections from the Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC).
Trade cryptocurrencies on Binance
Binance has more than 150 pairs of cryptocurrencies that can be bought, exchanged and sold, although all pairs are related to four specific cryptocurrencies: bitcoin (BTC), ethereum (ETH), Binance coin (BNB) and stablecoin such as USDT. From these four, you can buy, sell and speculate with many others.
The Binance broker has often been praised for its wide variety of support currencies . Merchants can use the platform for multiple digital currencies, including but not limited to bitcoin, bitcoin Cash, bitcoin Gold, ethereum, ethereum Classic, EOS, dash, liteCoin, NEO, GAS, Zcash, Ripple.
Investing with Binance is very simple. To get started, make sure you’ve deposited some funds – there are options to trade pairs in BTC, ETH, BNB, and USDT. You have two screen options, the simple and the advanced, and both allow you to buy or sell the cryptocurrency pair you want, setting the stops you want to manage your risk.
You can also clearly view both your open orders and your order history to track the profitability of your strategies.
Binance also supports numerous tokens that are part of an initial coin offering (ICO) or an initial exchange offering (IEO). These events allow Binance users to speculate on a newly listed crypto asset.
Perhaps it would have been interesting to be able to trade against the dollar or the euro, but that entails stricter regulations that this platform is not interested in at the moment.
Although most online brokers provide a demo account to their clients so that they can familiarize themselves with their products, there is no demo account at Binance . The lack of a demo account on the Binance platform does not mean that this broker is inappropriate for beginning investors because it provides two setup modes: one basic and one advanced. That way inexperienced users can use the basic mode and trade the market easily and simply.
How could it be otherwise in Binance you can deposit money in a large number of cryptocurrencies, but of course you can also deposit fiat currencies in your Binance account. The payment options on this platform are various. The simplest is to use your credit or debit card; however, this is also the most expensive option.
Binance users can deposit fiat money and purchase digital currencies with a credit or debit card. This is possible thanks to the feature provided through a partnership with Simplex, a leader in access to fiat ramps for cryptocurrency purchases. Coins that can be obtained directly with VISA or Mastercard and deposited into a Binance account include BTC, ETH, BNB, XRP, BUSD, and USDT.
As for the withdrawals of money from Binance, these are made through a transfer from a Binance wallet to an account or bank card. The earnings can also be withdrawn in cryptocurrencies that can be transferred to a hardware wallet. To withdraw cryptocurrencies, users can select their wallet currency and click the ‘withdraw’ button.
Safety and regulations
The security of Binance is something that could concern anyone since, as we mentioned at the beginning, there are not few scams that exist on the Internet .
Although a priori Binance does not require much to register you, once you are registered it will offer you the option of carrying out a two-step verification that you can do through the Google service or by SMS. In this way, you can be sure that no one except you will be able to enter your account, since even if they guessed your password, they would need to receive the SMS that will be sent to the mobile for verification.
Of course, the Binance URL has the S for SSL encryption. In addition, their customer service will give you useful advice such as using an exclusive email that you only use on this platform and avoid clicking on any link in any email you receive, unless you have just registered on a well-known website and have been informed that they were going to send him this email.
As for regulations, there is little to say. Cryptocurrencies are based precisely on the absence of regulations from central banks and other institutions , so Binance is not subject to any specific law.
To contact customer service on Binance you can use live chat or email. If you decide to send your query by email, it is almost certain that your response will take a minimum of 6 hours . Considering the platform’s huge customer base, this delay should come as no surprise.
If you do not have urgent questions, you can solve them with the help of the frequently asked questions section or in the Support Center where you can send your query through a contact form . At the same time if we write the question in the chat we can sometimes receive an automated response from the chat bot.
We have mentioned previously that the Binance website is easy to use and has two versions: an advanced one and a basic one. The website has an intuitive design that makes it easy for users to navigate.
Another point to note is that the website is multilingual and can be used in a total of 15 languages. This really is one of the main advantages of Binance because in this way it can be used by a huge number of users around the world.
The disadvantages in the functionality of the website are mainly reflected by the large number of complaints related to the 2FA / SMS double factor identity confirmation that often have failures in the registration process on the platform.
Other complaints about the operation of the website are related to the withdrawal of funds process. Many users are frustrated by the difficulties of being able to withdraw money easily and quickly and therefore accuse the web of being a fraud. However, we can assure you that Binance is not a scam .
Opinions on Binance and its mobile app
As expected, the Binance broker platform is available from mobile thanks to its independent application called API . You can download it from the AppStore if you have a device with an iOS operating system and from Google PlayStore for Android devices.
The Binance mobile application is available in a native version for iOS and Android and is a great advantage to be able to trade cryptocurrencies from anywhere. In the application you can choose the basic design (Binance Lite) or the advanced (Binance Pro).
Using the Binance app is similar to the desktop version and also requires two-step authentication . For this purpose you can also use the fingerprint or Face ID function (on iOS devices).
On Binance Lite, you can only do a basic conversion, which means placing a market order. On Binance Pro, you can use the same order types as on the web platform. Binance Lite provides a simple chart of the price of the selected coin. However, on Binance Pro the charts are more sophisticated with a limited number of technical indicators.
The bottom line from our Binance review is that it is a good place to trade cryptocurrencies . Although it is true that there are platforms that offer a greater number of them, this one offers the best known, which seems sensible to us, since it is impossible to offer them all.
There is a lot to love about Binance and many traders continue to be bullish on the service. Low fees, a responsive exchange, and developers with a proven track record keep most people happy. Binance is generally considered a complete success in its short life so far.
Although on the Internet you can find many criticisms of disappointed users, there are also many who use the platform successfully for their financial operations with cryptocurrencies. The platform is intuitive, easy to use , with modern and innovative features that make cryptocurrency investments easy.
What we see as a downside is the limited fiat currency market , but this is understandable in most circumstances. That said, Binanace is constantly adding more options for currency trading.
The exchange’s low fees combined with the team’s proven knowledge of how to build a trading platform are enough to make Binance broker a major player in the global cryptocurrency market .
- 👍 What is Binance?
- 💰 What are Binance fees and commissions?
- 🧐 How does Binance work?
- 👨 How to invest in Binance?
- 🤨 Is Binance safe / reliable?
- ₿ Is it possible to invest in cryptocurrencies with Binance?
- R=The Binance broker is a cryptocurrency exchange platform that allows trading with more than 100 digital currencies. It is an online broker that provides you with a very comfortable way to invest in different cryptocurrencies in the world market.
- R=When you make a transfer to buy or sell cryptocurrencies, the Binance broker charges you a commission of 0.1% for each operation made through its platform. However, the broker does not charge anything for deposits and withdrawals of euros with bank cards.
- R=The Binance platform works very simply . Once registered as a user, you can operate with different cryptocurrencies starting with the most popular ones such as bitcoin, ethereum, binance coin and Tether, to the most exotic ones. Cryptocurrencies can be combined into more than 80 available pairs.
- R=Investing in Binance is a very simple process. You can buy and sell cryptocurrency pairs that are related to the four main ones: BTC, ETH, BNB, and USDT. Each client of the platform can trade with more than 150 pairs of cryptocurrencies and at the same time manage your risk.
- Cryptocurrencies are not regulated by banks or financial institutions, so Binance is not subject to any specific laws. However, its platform uses SSL encryption to guarantee security and the user account requires double identity verification: using a password and a code that is received by SMS.
- Binance is a platform specialized in cryptocurrency trading so investing with Binance is not only possible but also recommended. At Binance you can invest in a wide range of cryptocurrencies , in more than 150 cryptocurrency pairs, from the most popular to the least known.