In 2019, the exchange saw hackers steal 7,000 BTC from the platform, valued at around $40 million at the time. This means that they are pretty much immune to attack, along with much lower chances of downtime thanks to the extra redundancy measures in place-if one server goes down, it won’t have much of an impact on the network, if at all.Īs with most other exchanges, however, Binance has been hacked in the past. One reason for this is that its servers are spread out around the world instead of being clustered in just a few central locations. Is Binance safe?īinance is generally regarded as one of the safest, most trusted exchanges around. Bitcoin withdrawals, for example, have a 0.0005 BTC fee, while Ethereum withdrawals will set you back 0.005 ETH. Withdrawal fees, on the other hand, are different depending on the asset. There’s no doubt though, that the exchange’s gargantuan size also helps maintain these lower fees in the first place. These are some of the lowest fees currently available on any exchange, which goes some way to explaining Binance’s popularity. Sometimes called KYC (Know Your Customer) verification, it’s an added security measure to ensure that you are who you say you are. This is always a strange and scary step for complete newcomers, but it’s a very common thing in the crypto world that almost all reputable exchanges require. Once you’re logged in with an account, you’ll need to verify your identity. Enter this to confirm your account, and double check it hasn’t ended up in your spam folder if you’re having trouble receiving it. Enter your email address or mobile number, choose an appropriate password, and you’ll be sent a verification code. Registering for Binance is a fairly simple process that unsurprisingly kicks off by clicking ‘Register Now’ on. Overall, it’s one of the slicker exchanges out there, which is exactly what you’d expect to see from the world’s number one. The website itself is responsive, with a clean layout and little wasted space, and the app reflects this polished design too. You can find what you’re looking for within seconds, and if you’re a beginner, you’ll mostly be sticking to the Trade, Wallet, and Account sections-all of which are easy to find. The optional dark mode earns it extra brownie points in our books, saving our eyes from the searing bright backgrounds that plague some rivals, and the top menu bar, while rammed with options, has everything laid out into dropdown categories that make sense. Binance has a (relatively) uncluttered interface. Any interface that has to provide that much information and tools to its users will necessarily look a little cluttered, but Binance’s design and UI is up there with some of the cleanest around. It’s pretty much impossible for any exchange to look uncluttered and minimal-it’s just in their nature. At the time of writing however, there have been some substantial speed bumps placed in its way, with regulators turning their gaze on the exchange. Not to be confused with Binance.US-a US-only version of the exchange with a more limited offering-Binance is seen by many to be one of the best, most reliable exchanges in the crypto world. With its users completing more than 1.4 million transactions per second, it’s a behemoth in the crypto world, with more than 500 cryptocurrencies available for international users to trade. Launched in August 2017 by founder Changpeng "CZ" Zhao, it only took 180 days for Binance to become the largest cryptocurrency exchange in the world-a position it still holds to this day.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |