The crypto-exchange world is too intimidating, there are more than 200 exchanges, each offering hundreds of cryptocurrencies. However, the top of the list of many crypto traders is Binance.
At the time of writing, it is the largest cryptocurrency exchange in the world. Contrary to other cryptocurrency exchanges, Binance is centralized and they are based in China.
But Binance has been active in identifying the major issues faced with common crypto exchanges and is rectifying them through their product.
In terms of trading volume and liquidity, Binance is one of the top exchanges in the world. But, is it safe and legit? Go through the article to find out.
Legitimacy of Binance
Binance was started in June 2017 and was launched by Changpeng Zhao, whose company Beijie Technology underwent a highly successful ICO worth $15 million. The track record of Beijie Technology is clean, and Zhao himself has worked in several high positions before, one of the standouts being the technical director at blockchain.com.
The other upper management of Binance also has varied experience in operating crypto exchanges previously. Through this work, they have accumulated large and highly acclaimed networks in the crypto space. Therefore, the people who run Binance from the CEO to the Directors, are not newbies and they understand the issues and challenges of the crypto world well.
At the same time, the business model of Binance is strong. It works on the simple principle of supply and demand, therefore, the price of Binance’s coin, BNB, will continue to rise. Users get a discount upon trading with BNB on the platform, and who would not want that?
Within just a few years, they have exploded to markets worldwide to become the most popular crypto exchange in the world. They are not stopping, because the team at Binance is now re-launching in various international languages for even more adoption.
What also keeps Binance strong concerning its competitors is that more than 50 cryptocurrencies can be traded on it with a nominal trading fee of 0.1%, which is far less than the competitors.
Therefore, do not worry about Binance being legit. It is, and that is evident from its growth. The growth is predicted to become even stronger in the future.
Binance Security Features Upon Login
The registration process on Binance is quite simple. As soon as you provide your credentials, your account gets activated instantly. However, this will just be a basic account with a limit of 2 BTC every day.
To improve the security of your account, you need to set up two-factor authentication and SMS verification. This ensures there is no unauthorized login to your account.
Binance, like other crypto platforms, also has KYC features that take in your basic personal details and identify proofs for review. Once you submit this information successfully, the account limit increases from 2 BTC to 200 BTC.
Has Binance Ever Been Hacked?
Unfortunately, yes. Back in 2017, soon after its launch, the platform was hacked through phishing, and virus attacks to steal around 7000 Bitcoins along with API tokens and authentication codes of users.
But Binance had emergency insurance, through which it reimbursed all the money to the users. From then on, they ramped up their security measures and now have bank-grade measures in place to protect its cryptocurrency.
Binance also has offline storage facilities for its crypto, to protect it from hacking.
Final Thoughts – Is Binance Safe?
It is, although not 100% foolproof. No cryptocurrency exchange in the world is. Binance is available in many countries around the world, and several companies use the word ‘Binance’ and its technology to operate in their respective companies.
But all these companies comply fully with local regulations and are authorized to operate. For example, in the US, Binance is operated as Binance.us. Not only can you convert fiat to crypto through Binance, but you can also trade and access a variety of financial services.
So, go ahead and install Binance and start your crypto journey.