With so many cryptocurrencies and exchanges out there, it can be quite confusing and overwhelming to choose one. The plethora of options can be disorienting for an amateur, even for an expert at times. One of the most disturbing question that many keep asking is: What if the exchange gets hacked? How secure are these exchanges?
Amidst all the uncertainty and fear, one exchange has stood out and has made life simple for many. The exchange is Binace. Binance is a Hong Kong based cryptocurrency exchange created by a developer named Chang peng Zhao. Binance is supposedly the largest crypto exchange in the world. The average daily volume is about 2 billion and about 1,400,000 transactions are made every second.
Binary finance or Binance aims to power the future of cryptocurrencies. It seems to be a better alternative to most of the other centralized exchanges out there. Being in the industry for long, Binace has identified most of the problems, issues that are present in a centralized exchange model. They are working towards providing an efficient platform and a hassle free experience to the customer.
Binance is on a mission to improve the poor trading technical architecture, market liquidity, poor internationalization and language support. By providing customers with a matching engine that is capable of handling more than a million transactions a second. Which makes it one of the fastest exchanges in the world currently. Binance can be accessed on desktop browsers and mobile phones.. Binance also has multilingual support.
Binance did suffer a major hack attack in 2019. Reportedly, hackers stole over 40 million dollars ie. about 7000 bitcoins. Binance was very open about how they were hacked – the hackers used a combination of Phishing links/emails and viruses. It was a well orchestrated attack where multiple accounts were compromised and used to conveniently extract the maximum out of it.
The important point to note was that only 2% of their overall bitcoin holdings were stolen. Binance took responsibility and the company covered the losses of its users.
How safe is Binance?
Well, there are a lot of complaints on Reddit and Quora about Binance frauds and bans that come without reason and warning. Having said that, there has been no periodic or major problems in their exchange. Regardless of a few exceptions, the exchange has been the pinnacle of all crypto exchanges in the market till date.
Do people like Binance?
Apart from certain issues, there seems to be a lot of love for Binance. Many traders continue to be excited about the platform and its services. Binance has low fees, it is very responsive with a proven track record of being extremely substantial. And has been able to up hold the ‘Secure Exchange’ image so far. In short Binance has been very successful in establishing their platform, they did a great job taking it global. And the Binance Community are happy to have enabled them with such a tool.
How does Binance handle customer issues?
Binance customer support enquiries need to be made via. the site’s email contact form. Sometimes the response time is frustrating. It may take quite a while before your issue is resolved even though you have received a response. This is because the responses may be automated. You may have to be patient oweing to the fact the huge volumes of support tickets the exchange receives ( but still this needs improvement ).
Binance -vs- other exchanges.
Binance has a fee of 0.1% but other exchanges charge more. For Ex: Coinbase pro, a leading exchange in terms of reputation and adoption takes about 0.25% on all trades. Bitterex, a US based exchange that has been growing since 2014 takes about 0.20% fee on all trades. Bitfinex, one of the world’s largest bitcoin exchanges by volume takes about 0.1% – 0.2%. To take advantage of lower fees you are asked to trade in high volumes which might not be ideal for everyone. Simple factors such as these make Binace the choice of many.
Looking at Binance objectively, there are a lot of positives that outweigh the negatives. Compared to a few other exchanges, Binace is well balanced and has a reliable track record. Low trading fee combined the versatile exchange platform makes Binance the first choice for many. To conclude, Binance has great crypto currency support, online reputation and less trading fees.