Binance is a cryptocurrency exchange that originally started in China but later shifted its headquarters to the crypto-friendly state of Malta. Today, Binance is one of the best-known cryptocurrency services around the world.
The exchange first surfaced in 2017 and is now one of the leading crypto exchange services for users around the world. However, most people question the credibility and safety of Binance for making transactions. Before we get on to that question, let us talk about how the service works.
How Binance Works?
Binance is a service that provides two primary options to its customers for trading in crypto; Basic and Advanced. While both these versions are sufficient for everyday trading, they may seem a bit difficult for those new to the world of cryptocurrency. However, if you have experience in digital currency trading, you will likely not have a problem with things.
The primary difference between the two trading options is the kind of analysis customers get. For instance, the advanced mode offers an in-depth analysis of the market trends as well as real-time updates for users. This allows customers to keep a closer look at price movements and the volume of orders.
Basic Version
The basic version offers several graphs and charts for users who wish to do high-level analysis. The design of the basic model is quite simple and allows customers to view all the information easily. It has the prices on the left, and graphs in the center along with buy and sell options. You can also view the trading history on the right as well as the latest trading prices.
Advanced Version
Users need to create an account to use this version. You do not need account verification for a basic account, which comes with a withdrawal limit. You will need to verify in order to use the Advanced version.
Let’s move on to the question: Is Binance safe now that we have covered the basic questions related here.
Is Binance Safe?
Binance is one of the latest crypto trading platforms for users around the world and managed to win great support in a short time. The digital currency communality considers Binance a popular trading platform, mostly because of its additional safety features.
While there is no clear information on the safety methods the platform uses, we believe that it is quite secure, considering thousands of people trade on it daily. In addition to this, there are several features like the two-factor authentication, which is a good addition to the site to provide additional security.
However, you should understand that the security protocols on the site differ for users according to their accounts too.
Binance Hacking Incident in 2018
Hackers tried to access the platform and compromise the information on it in March 2018, but the automated systems detected them in time.
These hackers continued to accumulate user logins for months through phishing websites and installed APIs access on the accounts. Most of these hacks happened because customers made their logins on fake websites. Therefore, it is more of a case of a human error than a security breach.
Users must ensure they enter their credentials on the right URL only. The best way to avoid mistakes like these is to bookmark the official Binance site and avoid clicking on any e-mails from social media platforms like Twitter, Telegram, and others.
However, people started trusting Binance to a greater extent after this incident. This was primarily because the site caught the hackers before any serious transactions occurred. Moreover, the site also offered a $25,000 bounty for people who can help catch these hackers.
Binance Customer Support
Binance has state-of-the-art customer support for its customers partly because the world of crypto trading requires keeping a constant eye on the market trends. Therefore, their customer support team is available round the clock and tries its level best to answer all queries and concerns. You can submit a ticket through the online form feature on the site and get responses via e-mail.
Unfortunately, the site does not offer live chat support or a phone number for customer contact. However, we expect that Binance will introduce these features soon too.
Bottom Line
Binance is a reputable crypto trading platform that provides services to thousands of customers around the world. It is best known for its safety features, exemplary action towards its customers in time of need. In addition, they have versatile account options to meet every customer’s needs.