Review on Binance by Murad Rzayev

Binance was a cryptocurrency exchange that started operating in China in July 2017. Although he is new to the Crypto Currency Block, he has someone who knows the crypto market well behind him. Changpeng Zhao and Yi, who are known as CZ for short, have worked before. He was a member of the CZ Blockchain.info wallet team until the OKCoin exchange.

Although Binance was launched in July 2017, it reached a position that has a say in the market in a period of 6 months. It became the largest in the world in terms of transaction volume. Today, it has reached a very large audience as an exchange with ease of use, sensitive ability to perform many transactions, and limited broadcasting in English, French, German, (simplified and traditional) Chinese, Spanish, Russian, Turkish. I can say that he is not very successful in Turkish Language.

In 2019, the stock market made some radical decisions. The biggest sensation is delisting Bitcoin SV (BSV). Introducing its own decentralized exchange, Binance Deex, the exchange is currently calculating to strengthen its Chain by shifting legacy cryptocurrencies from ERC20 to B2B. In addition to these, let's not forget that by publishing IEOs, it provides huge profits to users. We can say that the first offers such as Celr, Matic, One, which have been released recently, have achieved a rate of 10 times.

Security

Although Security is a very important issue at Binance, there was a serious attack in 2019/May. It was said that some wallets were damaged in this attack. Binance said in a statement that users' money is safe.

Binance constantly guides its users for 2-step security. It encourages enabling two-factor authentication (2FA) using Google Authenticator or SMS authentication. Users also have the option to whitelist addresses and generate an anti-phishing code. It also has a pretty comprehensive security FAQ in its support section where it advises users on how to protect against phishing attempts and personal security breaches. Every withdrawal from Binance must be confirmed by email.

That's why Binance Utilizes state-of-the-art artificial intelligence (AI) risk control solutions that use identity and facial recognition, big data analytics and cyber forensics to monitor every move that happens in exchange scanning.

However, recent events have shown that Binance can quickly respond to major threats and protect clients' funds. For example, in March 2018, criminals attempted an attack on Viacoin (VIA). They have obtained the identity information of many users by phishing method. However, despite this, Binance was able to systematically identify and reverse all irregular transactions. In this way, it was only pirates who lost money.

Binance launched the Safe Asset Fund (SAFU) application in July 2018. With this initiative, they allocated 10% of the money they earned from transaction fees to the SAFU fund. It was stated that this fund will be used in case of loss of users due to any successful attack or any other reason.

Binance experienced its first major hack in May 2019, when hackers managed to obtain large numbers of user API keys, 2FA codes, and other potentially harmful information. At that time, around 7000 BTC worth $40 million were stolen. However, the lost funds will be repaid using the SAFU fund.

Availability

Usability is one of Binance's greatest strengths. The website and trading pages are easy to navigate and understand, with trading options and screens clearly laid out. It even offers the ability to switch between the “Basic” and “Advanced” trading screens, so more experienced traders can benefit from having more information (like user funds) on a single page.

Verification is also very simple and fast; Binance promptly responds to the submission of verification documents. However, taking a selfie while holding an identity document and a piece of paper containing “Binance” is a really tricky process. :)

The lack of a phone number and support line in the customer support area is a big shortcoming. Despite this, the online support service is quite fast. Although slowdowns are experienced at times, it is usually possible to return in a short time.

Binance gets extra usability points for offering a mobile app for iOS and Android. Recently, users' download complaints have been increasing in the IOS part.

Deposit / Withdrawal Methods

Given that Binance only offers crypto-to-crypto markets, all deposits and withdrawals involve going to and from external crypto wallets (excluding credit card purchases).

Despite this limitation, deposits and withdrawals are fast on Binance. Wallet> Cryptocurrency Selection>Deposit or Withdrawal So Withdraw Money



Binance is one of the largest in the Cryptocurrency Market. Binance, which recently moved its headquarters to MaltaFor those who want to exchange cryptocurrencies at low costs, it creates an excellent environment with both the number of coins it contains and low commission fees. Although there have been some problems recently due to some reasons such as Hacking, System Failure, it is still the number one address of small-scale investors. Despite having the lowest fees in the Crypto Industry, the platform can handle large volumes of transactions without suffering a significant slowdown in transaction times. It is currently not possible to trade Currencies on the Binance Market. Instead, you can make transactions by transferring crypto money. At this stage, Binance is working hard on a regulated cryptocurrency exchange by producing many projects

Sending Cryptocurrency to your Binance account is Free. Buying with a Credit Card is expensive because of the exchange rate and commissions. It is a slightly different case with trading and withdrawals, although among the cheapest in the crypto industry.

Binance cuts 0.1% of every transaction that happens on its Platform, making it one of the cheaper crypto exchanges on the web. For example, 0.25% on transactions with a Coinbase value of less than 6,792.37 BTC; Bitstamp, on the other hand, charges 0.1% only when your transaction exceeds $20,000,000.

If the user has sufficient average trading volume and Binance (BNB) coins for 30 days, transactions can be made cheaper. Our recommendation is to definitely keep some BNB in your account. Looking at the market data, it is clearly seen that BNB has recorded a serious rise.