Mixups with wallets are one of the biggest mistakes people make when using exchanges. For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously.
Coinbase was one of the earliest crypto exchanges on the market, started in 2012 by Brian Armstrong and Fred Ehrsam. Jacob Wade is a personal finance expert who has covered credit cards, investing, insurance, and tax issues for more than a decade. He is a former IRS enrolled agent and has prepared scores of individual and small business tax returns. In addition to his work for The Balance, Jacob has written professionally for LendingTree, CompareCards, binance review Investing Answers, and other widely-followed personal finance sites. Institutional clients can also utilize a Websocket feed that provides real-time market data, and the exchange’s trading API lets you take advantage of programmatic trading bots, according to Binance.US. Binance accounts include a security feature called Address Management. This lets you limit where you can withdraw funds by setting authorized wallet addresses.
User Experience And Satisfaction
For traders in a hurry, Binance.US also offers a 0.5% Instant Buy/Sell fee. The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities. Many of the negative app store reviews have more to do with Binance customer service than the app’s user experience. You can quickly search up the crypto you want to invest in, and in seconds you can have a buy order filled right from your phone. Supported fiat deposit and withdrawal methods differ for every fiat currency. Overall, Binance charges some of the lowest fees in the industry, which is a major plus. Its extensive and ever-growing suite of services is available at reasonable prices, making it one of the most accessible, innovative, and convenient trading options out there.
Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand.
Binance Launchpad And Initial Coin Offerings Ieos
Binance.com has over 300 coins, while Binance.us is constrained to only 58. The exploding popularity of cryptocurrency has raised many concerns, with some analysts calling all of the cryptos a scam or nothing more than a Ponzi scheme. However, for every crypto-doubter, there is an ever-growing crowd of crypto enthusiasts hailing it as the future of finance. At the forefront of the crypto future is Binance, the worldʻs largest crypto exchange. As you can observe, Binance is an easy to use exchange with a wide array of easily accessible features for both new and experienced retail investors.
Is Crypto App Safe?
Yes, Crypto.com and Coinbase are safe and use security measures that are industry-standard or above for U.S.-based residents.
The platform also allows users to apply for and open trading accounts under legal entities such as Corporations and Private companies. The platform announced its futures trading in September 2019, initially for Bitcoin only.
The Binance Office Issue
We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service. There are no protections if a crypto transfer to an outside address goes wrong. There is no insurance if you mistakenly send the incorrect crypto to the wrong kind of wallet or if you made any form of human error.
We really like the Secure Asset Fund for Users that Binance introduced in 2018. The SAFU function acts like a reserve fund in the event that the platform experiences a hack. The reserve SAFU pot is funded by taking 10% of all trading fees that Binance generates. When you take into account the multi-billion dollar trading volumes that the platform is accustomed to, the fund could potentially grow to a significant amount. If the coin that you want to purchase is not directly paired against the cryptocurrency you deposited with, you’ll need to make an additional trade. Once your cryptocurrency deposit has been credited – which usually takes no more than minutes, you are then ready to start trading.
Customer Reviews Of Binance
Binance is the biggest crypto exchange in the world in terms of trade volume. Its current daily trade volume is valued at approximately $30 billion. Among the key drivers of its growth over the years has been its widely attested reliable security and extensive product portfolio.
Dear, #WSPP Holders ! 🐺
— Wolf Safe Poor People (@RoboWolf8) November 29, 2021
Trading pairs are two crypto assets that can be exchanged for one another. In other words, you can use these pairs to compare each asset’s value and determine if makes sense to trade one for the other. Formed in 2019 by Binance and BAM Trading Services, Inc., Binance.US is an online cryptocurrency marketplace offering trading for individuals and institutions based in the US.
Features And Benefits Of Binance:
The cryptocurrency is presently accepted by over 40 million merchants worldwide. This extensive reach has been amped by the Binance Card which only allows payments using Bitcoin and BNB coin. Holders need to transfer their crypto assets to the card in order to make online payments. The exchange you choose must be reliable, easy to use and intuitive. Can the exchange withstand large trading volume during volatile markets? No one wants to waste time looking around menus for functions and buttons.
- You must have a Binance.US account to send queries to the help desk, so we were unable to get more information that way.
- In 2019, Binance said it would stop allowing U.S. users to access the exchange.
- There is also an extensive FAQ section and Learn Center to assist users to navigate the platform.
- Binance is one of the largest cryptocurrency platforms in the world.
- Often the follow-up questions from investors were specifics better handled by his CFO or head of sales.
US citizens can also consider using Binance alternative Kraken as it is one of the top-rated cryptocurrency exchanges in the United States. You can also read our complete review of the Kraken exchange by browsing over the highlighted text. But they asked her to log back in to her original account, which she could no longer access, to move the coins, which are now worth many times what she paid for them in 2017. But, like many others who reported similar account freezes on Reddit and a Discord server set up by disgruntled Binance users, she got no response. Have you used Binance for buying, selling, and/or trading BTC/ETH? And last but not least, the way Binance is expanding and its volume is growing day by day, in 2021 they are #1 exchange by volume.
The original platform stopped accepting U.S. users in 2019, and announced it would instead partner with a U.S.-based version of its platform called Binance.US. Using them because of the 0.1% fee seems great in the beginning but once that is converted from crypto to USD, it sure as hell isn’t going to be FREE for someone to move their money from China to the US. For that reason alone, unless I see something in writing on what that scenario would cost me from start to finish for each of these crypto to crypto companies….I won’t be using any of them.
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. 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. It may be facing issues with regulators, but the world’s largest crypto exchange is still up there with the very best. Benson is a crypto enthusiast and content creator with extensive experience covering topics on Bitcoin, blockchain technology, and financial news. If he’s not writing, Benson takes time to read, travel and enjoy life’s goodness.
You will, however, need to trade more than 150,000 BTC in a single month. As such, you should only trade on margin if you have a firm understanding of the underlying risks. This includes Telegram and Twitter, so it’s well worth using these channels if you are yet to receive a response. However, the platform recently announced that it would be restricting US passport holders from using its exchange. The main reason for this is that Binance is looking to launch a dedicated exchange for US citizens that complies with all regulatory requirements.
Author: Steve Goldstein