Binance Review 2022

Binance info

Coincub Score

Security

Oh boy.

In 2019, hackers managed to steal 7,000 BTC, worth $40 million at the time in a massive security breach. Hackers used a variety of techniques, including phishing and viruses, to steal not only crypto but personal data from up to 60,000 users. Binance pledged to up security following the hack by making significant changes to the API, two factor authentication, and withdrawal validation areas, all of which were exploited by hackers in the attack.

That’s all well and good, but users have recently been complaining about hacks and exploits on Binance Smart Chain (BSC). Yield farming protocol bEarn Fi lost nearly $11 million in an exploit in May, 2021. As it stands, Binance’s security doesn’t look too hot.

Binance offers educational resources for users looking to increase the security of their accounts. They also offer typical security measures, such as 2FA and an ongoing bug bounty. Security definitely isn’t one of Binance’s selling points. Is Binance still trustworthy?  Ultimately, it’s difficult to say after such a major breach.

Opening an Account and Trading

To open an account, go to the Binance home page and click on “Register” on the top right-hand side of the home page. It can also be done on the mobile app.

In order to create a free account, you may open an account linked to your email address or mobile.

Complete the information requested. This includes either an email address or mobile number and password. If you are a referral you may also enter the referral ID.

Acknowledge that you have read and agree to the Terms of Service and then click “Create Account”.

Binance will send you a verification code to your email address. Enter the code and hit “enter”.

You may now deposit funds in order to begin trading. Binance allows you to either deposit cash, crypto, or buy crypto with your credit card.

Users will need to complete the verification process, however, to be able to use all deposit methods.

For demonstrative purposes in our Binance exchange review, we have selected “Deposit Crypto”. From the dropdown menu under “Coin”, you may also select the crypto that you wish to deposit. We have chosen Bitcoin.

Copy the address or scan the QR code from your Bitcoin wallet from which you wish to transfer Bitcoin, choose the amount, and complete the transfer.

Once your Bitcoin wallet is funded on the Binance exchange you are ready to trade.

Please note that, if you choose to deposit fiat currency or purchase by credit/debit cards, you must first complete the Identity Verification process.

Post-Sign-Up Verification

In order to complete the “Identity Verification” process, go to your account dropdown menu shown by the arrow and select “Identification”.

Upon the completion of the verification process, your withdrawal limit increases to 100 BTC. You may also make a fiat currency deposit that will have limits in place upon completion.

You will need to provide the following in order to complete the verification process:

• Primary country of residence.
• First and last name.
• Date of birth.
• Residential address.
• Photo of your ID.
• Selfie to verify your identity.

When you are ready to complete the process, click “Verify”.

1. From the dropdown menu, select your primary country of residence and then click “Start”.

2. Enter your first and last name, Date of Birth, and residential address. Also, choose your nationality from the dropdown menu. Then click “Submit & Continue”.

You will now need to verify your identity. Please ensure that you have your Photo ID to hand.

3. Click “Start” and choose your ID’s country of issuance and ID type, either passport, driving license, or ID Card.

4. Either upload a file copy of your ID, take a photo of your ID or opt to use mobile if easier. We have opted to upload a copy. Upon uploading, click “Confirm”.

5. Upload a selfie. Check to ensure that the picture is in focus and that your whole face is visible. Then click “Complete”.

If there are any issues with the info provided, you will be asked to try again. Until the process is complete, limits on deposits and withdrawals will remain in place.

Post Identity Verification Deposit

Upon completion of the verification process, you may make fiat currency deposits.

In order to make a fiat currency deposit, go to the Buy Crypto dropdown menu on the top left-hand side of the home page.

Select “Bank Deposit” and then select your chosen method of payment, complete the details, and finalize the transaction.

Binance recommends Bank/Card Deposit. Here there is a flat deposit fee of £1.95 in the case of GBP deposits. For Visa and Mastercard deposits, there is a 1.8% deposit fee.

Do note the limits that are in place for bank deposits. In the case of GBP, the limit is £460. For Visa or Mastercard, the deposit is a higher £4,600. If you’ve gotten this far and like Binance enough to recommend it to friends, Binance has an affiliate program where users can recommend Binance to others to earn rewards.

Binance is a popular cryptocurrency exchange that was founded in 2017 by Changpeng Zhao (CZ). The platform provides trading opportunities for over 500+ cryptocurrencies, especially altcoins.

It covers popular coins such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), including its own blockchain-based token, Binance Coin (BNB).

The exchange has quickly grown to be one of the largest crypto exchanges in the world. Binance registered the highest trading volume as of April 2021 making it the largest cryptocurrency exchange at the time.

As of 13th May 2021, Binance was reported as being under investigation by the Department of Justice and IRS. There have been concerns about illegal activity being masked through crypto trading and claims that those who’ve made windfalls betting on the market’s meteoric rise are evading taxes.

Binance’s design allows for higher levels of processing throughput. The exchange is able to process around 1.4 million orders per second. In addition to exchange-specific services, Binance also offers other tools, investment options, platforms, and services for supporting the overall blockchain ecosystem. Binance also offers a Visa debit card, but Binance card reviews are middling. DeFi services include Binance Staking.

Binance Labs supports promising pre-ICO stage projects. Many newly created cryptocurrency projects can raise the necessary funds through the platform. Binance also provides advisory resources, and a launchpad for any project’s necessary listing and fundraising exercises.

Binance supports three types of trade orders: limit, market, and stop-limit orders. Limit orders are executed only at the limit price set by the trader, market orders are executed immediately at the best available market price, while stop limit orders become valid orders only when the price reaches a specified level.

Binance has several trade options and offers additional order types for crypto derivatives, specifically on futures contracts. These trade orders include:

• Limit order
• Market order
• Stop limit order
• Stop market order
• Trailing stop order
• Post only order
• Limit TP/SL order

The exchange’s low fees combined with the team’s proven knowledge of how to build a trading platform is enough to make it a major player.

Supported Currencies

Binance supports 19 fiat currencies, including US dollars, pounds sterling, Indian rupees, and Australian dollars. See below for the full list of supported fiat currencies:

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