An anonymous internet user going by the name of Satoshi Nakamoto informed members of a well-known forum community at the beginning of 2009 that he had introduced a brand-new peer-to-peer currency. This new currency eliminated the need for a central bank or other trusted third party by using blockchain technology to facilitate instant, decentralized, global money transfers. The foundation of a brand-new asset class and the origin of a multi-trillion dollar cryptocurrency industry were laid by this new magic internet currency known as Bitcoin. Changpeng Zhao founded Binance in 2017, nearly ten years after the Bitcoin network was first established.
This Binance review will examine the benefits and drawbacks of one of the most popular cryptocurrency exchanges available. Let’s get going.
Describe Binance
Binance, the world’s largest cryptocurrency exchange, is headquartered in the tax haven of the Cayman Islands. At the time of writing, over 500 cryptocurrencies could be traded on the Binance exchange for some of the most affordable prices. They also have their cryptocurrency, called Binance Coin (BNB). Binance is one of the best cryptocurrency exchanges, thanks to its extensive feature selection, sophisticated trading platform, and high volume of transactions it can support, binance vs etoro.
Benefits
- Binance has one of the most extensive cryptocurrency offerings available. More than 500 unique currencies are available for purchase on their site.
- Transaction Types – Unlike most exchanges, Binance offers more than a trading environment. Peer-to-peer trading, trailing stop-loss orders, and leveraged trading are just some of the advanced features available to users.
- Platform – Binance’s platform is incredibly comprehensive and built for the highest trading levels. It gives users access to financial instruments like options, cutting-edge charting tools, and the best technical indicators on the market.
Binance: Is it Trustworthy and Safe?
One need only types the words “cryptocurrency hack” into Google to see the untold number of people whose cryptocurrencies have been stolen over the past 10 years. Given that traumatic events like the Mt. Gox disaster are still burnt into the psyches of veteran investors in the cryptocurrency market, it is a given that the question “is Binance safe?” All cryptocurrency investors will be thinking about it.
Binance was the victim of a major hack on the 7th of May, 2019, which resulted in more than 7000 Bitcoins being stolen from the exchange. Since then, Binance has invested every available resource into making the platform as safe and secure as possible. They now provide users with various services to assist in securing their accounts, one of which is the use of two-factor authentication.
Allow listing IP addresses and devices, cold storage, and the brand new Safe Asset Fund for Users are some additional security features (SAFU). Even though no cryptocurrency exchange can guarantee that there won’t be a security breach, the extensive security measures implemented by Binance make it extremely unlikely that your cryptocurrency investments will be compromised while using the platform.
Users ought to be aware that financial regulators in major jurisdictions such as the United Kingdom and the United States do not oversee the cryptocurrency exchange known as Binance. Users who want to invest their money in regulated exchanges should consider alternative exchanges.
