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Binance Review + Opinions (2022) | Safe And Fast? | Reportlab.org

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Binance review

Binance is one of the most popular crypto exchanges at the moment. Adding to this is the increase in interest towards cryptocurrency. This is therefore one of the reasons why Binance is increasingly being discussed and positively featured in various reviews. In addition, Binance has no less than 25 million users worldwide, making it the largest in the world. On this page we would like to tell you more about the reliability, possibilities and advantages of this crypto broker. In this way we hope to be able to inform you sufficiently and answer the question: ‘how does Binance work?’

How are the Binance experiences?

If we look at the experiences of Binance in various Binance reviews, we can state that most customers are very satisfied. For example, all users have access to the same features, you can buy crypto via iDeal and you can use a user-friendly platform.  In addition, Binance even offers educational materials for beginners and advanced investors about cryptocurrency and what it entails exactly. This way, you can better educate yourself about different types of crypto and what to look out for. Furthermore, we can say that most people are very positive about the platform, as the number of users continues to increase exponentially every year.

Benefits

  • Fast processing of transactions;
  • Low transaction costs;
  • Handy Binance app available;
  • New features are added regularly;
  • Good security;
  • Wide range of altcoins;
  • Community has input in which cryptocurrencies are offered;
  • Very good communication between user and provider;

Disadvantages

  • You pay relatively high withdrawal fees;
  • A bit less clear for novice investors;
  • Not available by phone;

Is Binance scam: reliability and safety

For large trading platforms like Binance, security and reliability are very important. We don’t need to get into a discussion about reliability, as it has been strongly substantiated in recent years by the increase in users. However, it is important to know what the platform is doing about their security.

After several cyber attacks in the past, Binance has still shown that their security is optimal. Protecting the users and their crypto-currencies is therefore the highest priority at Binance. This sends out a signal to the competition that could learn a lot from this crypto broker. They are doing everything they can to keep out any hackers, more on this in a moment.

What about the regulation and licensing of Binance?

While there is still little regulation and licensing based on cryptocurrency, Binance is still trustworthy enough for any investor. However, the SEC (Securities and Exchange Commission) in America has its doubts. Hence, Binance has developed a special site for US investors that meets all the standards and regulations set by the SEC. This indicates that Binance wants to make cryptocurrency trading possible for everyone, and to do so in a safe and regulated way.

Binance is working very hard to secure various licenses in various countries, but at the moment the laws and regulations in most countries are not so far developed. Therefore, every now and then independent research is conducted by different agencies. For example, the crypto exchange was independently investigated by the CER and scored a whopping 9.36 out of 10 points. Investigations by this organization mainly look at the solvency, liquidity and security of a particular platform. The result of the study therefore indicates that Binance scores extremely high in all these areas.

Use of SSL encryption

In addition to licensing and regulation, technical security in crypto platforms is perhaps even more important. After all, we are talking about digital currencies that naturally need to be properly protected. This is why Binance uses SSL encryption. With its 25 million users, a lot of data traffic is exchanged between user and provider and thanks to the SSL technology, all this traffic is sent encrypted. This makes sending transactions a lot safer. You can recognize a site with SSL encryption by the URL that starts with ‘https://’.

Binance doesn’t stop at using SSL technology. For example, the crypto exchange has implemented an AI system that monitors all incoming and outgoing transactions. This enables the detection of suspicious situations and immediate intervention in case of mala fide activities. For example, the system can detect an account hack and block a withdrawal, ensuring that users’ money and cryptocurrency are safe in their accounts.

Looking at all the above facts, we can conclude that the security and reliability of Binance is optimal. So as a user, you don’t have to worry about your money and crypto.

How to create an account at Binance?

Setting up an account at Binance is quite easy and done within minutes. Follow the steps below to open an account at the crypto exchange, and then be able to trade cryptocurrency immediately:

  1. Go to Binance’s website by clicking here
  2. Then click on the ‘register’ button in the top right corner;
  3. Fill in your email address and come up with a strong password;
  4. Complete your account by choosing a user name;
  5. Agreet the terms and conditions to complete the registration process and indicate that you are not a robot;
  6. Verify your account by confirming the verification email;
  7. Congratulations, you now have a Binance account and can log in with your email address and password;

Now that you have opened an account on Binance you can log in using your email address and password. Once you are in your account you will be asked to enable two-factor authentication. This allows you to conduct transactions securely by. With every transaction it is verified that you are actually the one performing the transaction. You can do this by using ‘Google Auth’ or ‘SMS Auth’.

Account overview

The creation of a Binance account is completely free and there are no other types of accounts available. This is of course great, because everyone can then use the same tools and functionalities. However, Binance does offer various services. Every user can make use of these services as well, without extra costs. That’s why we would like to briefly tell you more about these services and what they exactly entail.

Buy crypto

The main service Binance is known for is buying and selling cryptocurrency. This is where they started in 2017 and have expanded and optimized their platform over time. Nowadays, they are still developing the crypto exchange and new crypto are being added all the time.

Binance additionally works with third party platforms that can convert fiat money to cryptocurrency. This means that you can convert money from your bank account to, for example, Bitcoin. Then the crypto is sent to your Binance wallet and stored securely.

Binance Earn

Would you like to earn additional returns on your crypto? Then you can make use of Binance Earn. With this you generate more return on the crypto you holdt (hold). Here, there is a difference between Flexible Savings and Locked Savings. Flexible Savings allows you to hold the crypto flexibly and withdraw it at any time. Do you choose Locked Savings? Then you hold the crypto for a certain period of time. For this you will then generally receive more interest, but you cannot withdraw the crypto in the interim. Therefore, always make a well-considered choice.

Binance Card

Would you like to be able to make purchases with the crypto in your Binance wallet? Then you can apply for the Binance debit card. The debit card is completely free and you will not pay any additional fees for transactions. With the Binance Card, you can make purchases in stores and online shops that accept VISA. In this way, you can pay with cryptocurrency in stores. A big advantage of this is that you can receive a cashback of up to 8% on all your purchases. The cashback is then paid out in BNB (Binance Coins) and deposited directly into your Binance wallet.

Binance payment methods

In the past, you could only deposit money on Binance using iDeal and then only buy Bitcoin and Ethereum. After that you could of course trade BTC and ETH with other crypto, but nowadays it is much easier.

From now on you can buy cryptocurrency through different payment methods. It works almost the same as buying a T-shirt or something similar through a webshop. You select a crypto, decide how many euros you want to buy it for and then make a transaction. Once the transaction is transferred, you receive your chosen cryptocurrency in a certain amount, depending on how much you deposit. You can then trade freely on Binance’s platform.

There are several payment methods available at Binance that you can use to buy cryptocurrency. Below, we briefly cover the options for Dutch and corresponding Binance fees they charge for the transaction:

Payment method: Fee:
VISA / Mastercard 1,8%
Sofort 2%
iDeal €1,30
SEPA bankoverschrijving 0%

Recording money at Binance

Have you sold cryptocurrency through Binance? Then you can easily have them withdrawn by requesting a withdrawal. For this, you will again be given a choice of payment methods for how you want the money to be withdrawn. We recommend that you use the SEPA method. This is a special method for quick transfers between bank accounts in the SEPA zone.

Offerings at Binance

The offer of Binance consists mainly of cryptocurrency. Here, as a user, you have a choice of more than 150 different crypto currencies, including Bitcoin, Ethereum, Ripple and many more. In addition, we can divide cryptocurrency into different types of exchanges, namely:

  • Trading options
  • Crypto currency
  • Stock tokens (fractional shares)

In addition, Binance has its own crypto currency called BNB (Binance Coin). All crypto currencies are traded through the Binance blockchain which can process 1.4 million transactions per second for only 0.1% trading commission.

Customer service

Binance offers all its user a comprehensive beginner’s guide and answers the most frequently asked questions very comprehensively. Everything is therefore clearly stated and explained. Should there ever be a problem anyway? Then you can contact Binance support A few examples of how you can reach Binance are via Twitter, Telegram, email or via a so-called ticket. Sending a ticket is often the most obvious option because you can make it as specific as you want. This way you can be sure that your question is directed to the right department. In addition, you will usually receive a response very quickly

Conclusion about Binance review

After reading this Binance review, you hopefully got a better idea about the crypto exchange. We can conclude that this platform is the largest in the world with as many as 25 million users. Will you become the next new user of Binance or are you still looking further for another crypto exchange? Make a comparison of different brokers in advance by using the comparator on this page. This way you will find out what the differences are between certain brokers and you can then make an informed choice.


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Fees
$0
Per trade
Fees
$0
Per trade
Fees
$0
Per trade
Minimum Deposit
$50
Minimum Deposit
$50
Minimum Deposit
$50
Promotion
$50 – $5.000
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1 free stock
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Frequently asked questions

The safest and easiest way to buy Binance Exchange is by using a regulated broker like eToro. You can open an account with the platform, make a deposit and buy this investment all in under 5 minutes from start to finish.

Another option is using a regulated exchange like Binance or Coinbase. You can open an account with these exchanges and start buying or trading. ?

You will first want to find a licensed broker that supports Binance Exchange. eToro, for example, allows you to make investments into this asset from just $25 and only charges you the spread.

Another option is using a regulated exchange like Binance or Coinbase. You can open an account with these exchanges and start buying or trading. ?

As with any other asset, there is an element of risk associated with buying Binance. Therefore, you will want to study the market and make a decision based on your financial standing and the risk you are willing to take.

All cryptocurrencies are inherently volatile. The case with Binance Exchange is no different, with its price fluctuating dramatically within short periods. As such, if the market goes against you, then you will end up facing a loss. Consequently, it will be best to risk only small amounts into this digital asset.

You can trade Binance by first opening an account with a regulated platform and making a deposit in US dollars. Next, search for Binance and choose from a buy or sell order – depending on whether you think the crypto asset will rise or fall in value. If you speculated on Binance correctly, you will have made a profit. The size of your trading profit will ultimately be determined by your stake and at what percentage your position grew.

To sell your Binance Exchange investment, you can sign in to your brokerage account and cash out directly from within your portfolio. If you have stored the tokens elsewhere, you will first have to transfer them to a third-party exchange.

Coinbase is also considered to be the best Binance trading platform for beginners. However, you will pay a standard commission of 1.49% per slide and a debit/credit card fee of 3.99%. eToro, on the other hand, is also a top-rated platform for beginners, albeit, it charges significantly lower fees. For example, there are no fees to deposit with a debit/credit card and you only need to cover the spread when trading Binance Exchange.

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Freddy Agard
Freddy Agard

Freddy Agard writes daily about financial products and specializes particularly in the equity markets. He is happy to tell you more and enjoys reducing complex material to manageable and understandable information. Questions? Leave a comment at the bottom of the page!

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