And Binance, unfortunately, does not have a perfect record. Not compared to holding your own keys, but then again almost no cryptocurrency exchange is 100% safe to store coins on.Įven with a heavily regulated exchange like Coinbase that's never been hacked, there's no way of guaranteeing that it won't get hacked in the future. We'll review more of these features in a later section dedicated exclusively to Binance USA. It has low trading volume, is not available in every state and there are only about one-tenth of the trading pairs available as compared to the "normal" Binance. That's not good and it's something you should seriously consider before trying to trade on Binance if you're an American.Īs of 2019 there is a United States subsidiary of Binance, however it lacks many of the great features that make Binance so popular. If the VPN cuts out or you forget to turn it on just once and you do a Binance login you may find your account locked. This can work, however, it can also be dangerous. Some American traders get around this geo-block using a VPN in order to obfuscate their IP address. However, after the 2017 bull market, regulatory pressure increased significantly.īinance must have felt that under this new regime it was likely they would be fined millions of dollars for whatever American laws they'd "broken." Instead of dealing with that headache they simply decided to ban Americans from their platform. For many years cryptocurrency flew under the radar and crypto exchanges could get away with just about anything save for outright fraud. If Binance detects (based on IP address) that you're an American using their service they are likely to cancel all your trades and lock your account.īinance blocking Americans was a proactive move, not a reactive one. That's changed, however, and Americans are no longer allowed to access Binance. There was essentially no restriction on who could create an account and certainly no KYC. It used to be that anyone in the world could sign up for Binance. That being said, before opening a Binance account there are a few things that you should keep in mind. You don't become the world's largest crypto exchange, and _stay there, _by defrauding traders and engaging in other shady business practices. The short answer to this question is yes, Binance is definitely trustworthy. Binance has been quasi-hacked in the past and as a huge honeypot it is the likely target for future hacking attempts.Americans cannot access Binance and Binance US lacks many features.Binance US, which does, is not available in all states Binance does not support Fiat deposits via bank transfer.the traditional way with fiat dollars via an online broker, crypto investors can trade their cryptos directly for tokenized versions of popular stocks. Instead of buying stocks like Google, Amazon, Tesla, Facebook, Netflix etc.Numerous innovative products like the Binance coin, futures contracts, margin trading, mobile app, etc.Hundreds of trading pairs, more cryptocurrencies listed than any other reliable crypto exchange.Massive liquidity, Binance is the world's largest spot exchange by trading volume.While there is a lot to cover in this review we'll begin with one of the most important topics, is Binance legit? Solid leadership under Binance CEO, Changpeng Zhao (CZ)Īll of these factors and more have led to Binance's explosive growth, and will likely contribute to Binance's continued popularity in the future.Great new innovations like Binance's own BNB token and the Binance DEX.
Even now, no KYC for users in many countries Massive selection of cryptocurrencies, several hundred trading pairs and counting.In this Binance review we'll cover a few of the features that have led to this exchange becoming so popular.
Binance has more listed altcoins with real trading volume than any other crypto exchange. Since it's launch in 2017 and meteoric rise, it has been widely recognized as the best altcoin exchange in the world. Binance is one of the world's largest cryptocurrency exchanges in the world whether you look at number of users, trading volume or just about any other metric.īinance's lead over the competition is so great that at times they have more trading volume than all of the other big exchanges combined.
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