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Binance com tr trade btc_usdtBinance review Safe to trade on this exchange? Fees, Pros & Cons
First reported by The Block , the exchange will reportedly no longer depend on users clicking to confirm that they are not from the US when making an account, but will instead block all US residents based on their IP addresses. Among their options, these users can move to the Binance. US platform. As Cryptonews. Back then, Binance did not comment on this specific matter. Meanwhile, a person who wished to stay anonymous and go by the name Dorian has contacted Cryptonews.
Dorian has shared screenshots of his account as evidence that he is able to log in, the last of which was on November 10, at UTC. According to Dorian, he used Binance. US shortly, and he has been a Binance. But once I set up a Binance. Dorian further said he had confirmed that he was from the US when setting up an account on Binance.
Per him, Binance never contacted him in any way about accessing Binance. US, and was in no way prevented from accessing Binance. While Dorian alleges that he is still able to access his existing Binance. US - which he claims did not happen in July this year. During the first phase you could buy BNB tokens for 1 Ethereum.
Binance is doing its best to let users hold the BNB token. You will get discounts on fees, a higher commission and you need the token to invest in IEOs. There are a lot of use cases for this token, and we can imagine that in the future there will be a lot more. Binance is developing new services at a rapid speed, launching one service after another.
It is almost impossible for us to highlight all services in this Binance review. Binance works with various third party platforms that can convert fiat to crypto. This makes it easy to pay with a fiat currency using credit card or other payment methods and your crypto is automatically sent to your Binance wallet. Keep in mind that you often have to perform a KYC with the third party platform and that the fee is often higher than when you buy crypto via your local broker. By using Binance Earn you can generate extra income using the crypto you are holding and not using for trading.
With Flexible Savings you can flexibly stake your crypto, which means that you can withdraw it at all times. The annual return is visible behind each crypto. Using Locked Savings or Staking you will lock your crypto for a specific period. The debit card is linked to your Binance wallet and you can spend your crypto immediately.
You get this paid in Binance Coins. Read more about the Binance Card. There is also a special futures derivatives environment for professional traders. Keep in mind that this is only for experienced traders. To use Futures trading you must give your consent separately and you must transfer your funds from Spot to Futures. Binance has developed Binance Launchpad, where new crypto start ups can easily do their token sales.
Binance does the full background check and verifies if the company meets all the requirements. This is also called an Initial Exchange Offering and is very popular among investors. Binance arranges everything from the research to listing the currency on the exchange.
Because Binance approves the new project, it instills a lot of trust within the community. To participate in an IEO you must be verified. A major struggle for users is that on many exchanges you have to provide a lot of personal data and it usually takes a very long time before the verification process is completed.
It is completely free to register an account at Binance, but of course they have verifications and limits from a legal point of view. After registering your account you are Level 1, unverified. For most people an unverified account is more than enough. The following limits apply at Binance:. Suppose you want to withdraw 4 BTC, you can spread this out over 48 hours to still meet the limits.
A level 2 verification is realized by entering your personal details as they appear on your passport. Upload a photo of both the front and back. Besides that you have to upload a selfie with you and your passport, which also shows the current date and the word Binance.
The business model for an exchange is the fees they charge per transaction. These are fees for exchanging cryptocurrency, but also for withdrawing sending crypto. Depositing cryptocurrency is completely free and no fee is charged for this.
Per coin you pay a different fee to send or withdraw, this list is available on the website. To exchange cryptocurrency you pay a standard 0. When you create an account, this discount is by default ticked in your dashboard. Do you want more discount? Depending on how long you are registered at Binance you will get a different discount:. In a Binance hack took place, where criminals stole over BTC from the exchange.
Hackers are a constant threat to every exchange and broker actually, to all IT companies. A smart attack allowed the hacker to take over multiple accounts and to move BTC from the platform without any alarm bells ringing at Binance. Because of the good communication and the compensation of the losses, the crypto community was very positive.
Even the Bitcoin price barely reacted to it. Binance is a very safe Asian exchange that is currently based in Malta. Everyone on the Binance team is listed by name in the whitepaper and on the website. The CEO, Changpeng Zhao, is a well known name in the crypto world and has an impressive track record.
He was a manager at Blockchain. These are large companies that are still successful today. Given the transparency and the popularity, you can assume that Binance is safe. So it is an officially registered Asian company that is growing in popularity.