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Binance Review & Opinions: Is it Reliable and Safe in Sri Lanka 2023?

3.7 / 5

Binance was founded in July 2017 with a successful ICO that raised almost $15 million. Later on, the exchange has become attractive to millions of traders from multiple countries. It’s often applauded as the best trading platform in many crypto trading reviews and social media. Users can buy, sell, trade, earn, stake, and swap many crypto assets from this easy-to-use platform.

About Binance

Binance is owned by Changpeng Zhao, who is often known as ‘CZ’ in social media channels. CZ started Binance from nothing, but it made him a self-made millionaire within a short time. Under his leadership, Binance has become the largest cryptocurrency exchange within 180 days.

Binance is a leading cryptocurrency exchange that consists of multiple bank-like security measures and management protocols to provide maximum safety of clients funds and information. Binance users can select their coins to keep in the cold storage or exchange under the 2-factor authentication.

Considering the safety of funds, it is often hard to consider a platform as a 100% safe place to store assets. In 2017, Binance faced a threat of major cryptocurrency theft where almost 7,000 Bitcoin was stolen from hacking some user’s 2FA and API token. However, Binance covered the security breach and refunded the loss using the insurance fund.

Since its formation, Binance has become a safe, legitimate, and trustworthy place for buying, selling, and trading cryptocurrencies worldwide. Moreover, Binance implemented the 2 Factor Authentication system and KYC requirements and local AML/CTF regulations in supported countries. As a result, investors become comfortable with this platform regarding the fund’s safety, allowing Binance to reach a leading position in the industry.

Opening Account in Binance

Getting involved in Binance is straightforward. Users can open an account easily by providing appropriate documents and information. First, click on the Sign up from the front page, and it will take you to another page where you have to input your email address or phone number and complete the account opening.

Suppose you want to verify your account, log in to your Binance account and click “identification” from the account section. Now you can input your ID and address verification document. It may take up to 10 days to complete the verification process.

Binance Wallet Features

After opening an account, you will list cryptocurrencies under the “Fiat & Spot” section. Binance allows more than 150 crypto coins to purchase, trade and sell through the platform against cryptocurrencies like BTC, ETH, TXR and many more.

Users can trade the following cryptocurrencies to trade against altcoins:

  • Binance Coin (BNB)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tron (TRX)
  • Ripple (XRP)
  • Fiat currencies (e.g. USD, EUR, GBP)
  • Stablecoins (e.g. USDT, BUSD, TUSD)

Besides, Binance supports numerous tokens on Initial Coin Offering (ICO) or Initial Exchange Offering (IEO). As a result, Binance can attract more new traders to speculate on new cryptocurrencies.

After opening an account in Binance, users don’t have to create separate wallets for cryptocurrencies. Once you click on deposit under the list of cryptocurrencies, you will see the wallet address. Once another crypto user sends money to that address, it will show in the spot account. Traders can easily buy/sell with these cryptocurrencies from the spot wallet. Moreover, users can instantly convert one coin to another without any fees for trading other altcoin or fiat crosses.

Commissions / Transaction Fees

Binance uses several levels based on trading volume to set trading fees. Usually, the current trading fee for the new account is 0.1% for each transaction under the maker and taker methodology.

Moreover, traders can reduce the fees by increasing activities through the exchange as mentioned below:

  • Increase trading volume for 30 days (up to 20% discount)
  • Store BNB (up to 25% discount)
  • Participate in the Binance referral program (up to 20% fee discount)

Based on the above rate, any person with a greater than 50 BTC trading volume will receive a 0.01% discount on limit orders. Moreover, this fee can be reduced to 0.0675% by holding BNB Tokens. Thus, overall, the Binance trading fee is very competitive compared to the sector average.

Besides the deposit fee, Binance does not charge any fee for depositing cryptocurrencies to the exchange. Therefore, users can easily transfer coins to their Binance wallets without making any additional payments. However, there are some charges for withdrawing cryptocurrencies from Binance. However, you have to pay a blockchain fee that is determined by the network timing.

Deposit and withdrawal through fiat currencies are easy with this platform. Users can buy cryptocurrencies with a 3.5% or $10 fee. Moreover, withdrawals through Fiat currencies are available for 14 countries where the withdrawal charge depends on the payment method.

Binance Security

As a leading cryptocurrency exchange, Binance focused on security most. Since the platform’s launch, Binance has proved itself a safe, secure, and trustworthy platform where users can keep their money safe under the insurance program. Even if any money is stolen from Binance, the company will pay the loss under the insurance program.

Binance implemented the 2-factor authentication system using your email and phone number or google authenticator. Moreover, for advanced users, using the security key will often be a good option. Under the withdrawal whitelist, you can set a list of crypto wallets where withdrawal is only possible. You can also authorize and monitor devices from where your account is logged in.

Binance Trading

There are six different trading opportunities/platforms in the Binance platform:

  • Convert
  • Classic
  • Advanced
  • Margin
  • P2P
  • Stock Token

Under convert, you can easily exchange cryptocurrencies within a second. However, you will not see any price chart or statistics to make the decision perfect.

Moreover, the classic and advanced platform allows traders to see the live price chart and a list of available assets. Traders can implement technical strategies using several indicators and candlestick patterns. The right section is for buy and sell on the platform, where trading is done within one click. Moreover, you can implement instant and limit orders to make trading more perfect.

Binance allows leveraged trading under the margin account where you can trade with 3X, 5X or 10X of your trading capital. Besides, P2P trading allows making exchanges within Binance users.

Another attractive feature of Binance is the Non-fungible tokens (NFTs) market. Existing Binance users can buy or sell NFTs through the Binance exchange. Besides cryptocurrencies, Binance brought together artists, creators and crypto enthusiasts in participating in the NFTs market. In that case, users have to pay as low as a 1% processing fee on transactions, while creators will receive a 1% royalty payment for their trades.

Customer Support

As a leading cryptocurrency exchange, Binance implemented various methods to communicate with its huge customer base. First, one thing that will attract traders attention is its huge FAQ section. As Binance has a huge customer base, it focuses on solving most clients’ requirements through the FAQ section. Binance FAQ is distinguished into nine different categories where people can find answers from most of the requirements on both trading and account related queries.

Besides, if the problem is not solved through the FAQ, people can raise a ticket to contact the customer support team. Under the ticket system, users have to explain the problem in detail and discuss it with the support team through emails or tickets. However, the most effective way to contact Binance support is to use Live Chat, where people can instantly ask them any question regarding the platform or trading. During our review, we have found Binance support as effective compared to its peers, and it replies instantly, most of the time.

Binance implemented the website in more than 35 languages so that people from most crypto trading countries can access this platform. Besides, Binance made country-specific websites for users from the UK, Singapore, Australia, etc.

Should I use Binance?

If you have read the Binance review from top to bottom, you will know whether you should use this platform or not. There are many privileges in Binance, but users cannot ignore its disadvantages. If cryptocurrency is not regulated in your country, you may face a problem opening and running your trading account with Binance.

However, if you compare other platforms in terms of trading environment, tools, assets availability, and fiat deposits, you would find Binance as a user-friendly, advanced and innovative platform. In addition, Binance offers a wide range of products and services that will always keep this platform at the forefront for new and existing customers in Sri Lanka.

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