Binance Review: Scam & Fake or not?

Binance is one of the largest crypto exchanges in the world with a lot of products and an own eco system. They offer their own crypto card, crypto loans, and earning section, regular promotions and much more.

But is Binance a scam?

No, it is not: According to our experience and review, Binance is a safe crypto exchange.

Read our in-depth review of Binance to learn all the background.

If you have already had an experience with Binance, you can share it here.

Key Takeaways

• Binance is safe and legit because it employs a variety of features to guarantee your account security. Features like identity verification, two-factor authentication, and proof-of-reserves (POR) ensure a safe and transparent fund management platform
• We discuss its many trading options, low fee rates, security features, and short to long-term investing opportunities that make Binance a unique online exchange
• In our review of Binance, we analyze each factor that contributes to the success and reliability of this crypto trading platform

About the Company

Binance, legally Binance Holdings Ltd., is a company dedicated to the exchange of cryptocurrencies worldwide. Initially founded in China by Changpeng Zhao and Yi He in 2017, the company moved its headquarters address to Singapore.

However, the company left Singapore in 2021 and doesn’t have an official location as of this moment. Currently, Changpeng Zhao operates as the CEO of the company.

Since it was founded, Binance is considered one of the top-leading crypto exchanges in the world and has broken many records. In August 2023, the exchange hit a trading volume of $244.69 billion, with a 53.47% market share.

According to an official report issued in August 2023, Binance had reached 150 million users worldwide. This milestone is incredible, considering it was only six years ago when Binance started.

Owner and founder Changpeng Zhao made this announcement, highlighting the importance of this achievement despite regulations in many countries.

Safety and Regulation

While Binance is a legit platform, multiple countries have imposed severe regulations on its operations.

In fact, the company had to move its headquarters from China because the Chinese government decided to regulate cryptocurrency trading heavily.

The same has happened in other countries, like in the United States.

Back in 2021, the United States Department of Justice and Internal Revenue Service alleged that Binance was actively laundering money and committing tax offenses. These accusations led to an official investigation.

Binance services have been banned in the United States on regulatory grounds since 2019.

Other countries that regulate global Binance services are the following

• Australia
• Canada
• United Kingdom

Does this mean Binance is not safe? No, not at all. The exchange is still secure and reliable for traders.

Binance still applies dozens of measures to guarantee your account’s protection. You can activate features like the Two-Factor Authenticator, as well as receive code verification through mail or phone for more security.

Your funds are equally protected with the with the proof-to-reserves (POR) system, implemented in 2022, to keep users updated about Binance’s digital asset reserves. The exchange also offers Binance Custody, a custodian service with an exclusive cold-storage solution.

Therefore, the platform provides complete coverage to protect your assets and liquidity from loss, damage, or theft.

And the exchange goes further.

In 2022, Binance revealed that the platform would use Merkle tree cryptography paired with zk-SNARKs to release its Proof of Reserves.

This system provides unique benefits, like being able to check that the exchange backs up your assets and to verify your savings.

Accepted Countries

Binance runs an exchange service available in over 180 countries around the globe. As mentioned before, some other countries do not allow the exchange to operate within its borders. Here’s a quick rundown –

• Australia – Sign-up is available, some restrictions are in place
• Canada – Sign-up is not available
• Ghana – Sign-up is available
• Hong Kong – Sign-up is available
• India – Sign-up is available
• Ireland – Sign-up is available
• Kenya – Sign-up is available
• New Zealand – Sign-up is available through Binance New Zealand
• Nigeria – Sign-up is available, but some restrictions are in place
• Pakistan – Sign-up is available, but some restrictions are in place
• Philippines – Sign-up is available
• Singapore – Sign-up is available
• South Africa – Sign-up is available
• United Kingdom – Severe restrictions in place
• United States – Sign-up is available through the Binance.US platform

Despite regulations, more and more countries are slowly opening up to cryptocurrencies and exchanges.

Trading Offer

With a worldwide presence, Binance does a fantastic job of keeping up with modern trends and new or old cryptos. Currently, this exchange supports over 350 cryptocurrencies.

Of course, the vast list of digital currencies supported and provided by Binance includes the most popular ones, like Bitcoin, USDT, LTC, XRP, DOGE, ETH, and much more.

Also, did you know that Binance has its own cryptocurrency called BNB?

Trading with the Binance coin (BNB) equals many benefits.

Primarily, the exchange sets low fees and offers discounts when you operate with this coin in the Binance Smart Chain. This advantage allows you to become an active and frequent trader while reducing costs.

Right off the gate, Binance’s top three crypto pairs are BTC/USDT, ETH/USDT, and BNB/USDT. But these are not the only ones.

You have plenty of more advanced trading pair opportunities to reduce costs and get the most out of your assets.

Trading Types

The massive selection of cryptos available for trading on Binance allows for immediate or long-term investments. But which type of trading is the most suitable for you? Here’s a breakdown of the trading types offered by Binance.

• Buy & Sell
• P2P
• Margin Trading
• Binance Futures Trading
• Spot Trading
• Binance Options
• Convert & Block
• OTC
• Copy Trading
• Trading Bots
• APIs

Fortunately, the exchange allows you to trade fast and see earnings quickly or invest long-term and collect more rewarding gains.

Let’s analyze the most common trading types more in-depth to find the most suitable for you.

Buy & Sell

This function allows you to buy and sell cryptocurrency using accessible payment methods for everyone. For example, you can buy or sell using cards, services like Apple or Google Pay, and other e-wallet services.

P2P

The Binance P2P is a peer-to-peer service that allows you to trade with other users. This service is straightforward: sellers or buyers create a trading ad, and you can compare options to find the most suitable for you.

Margin Trading

It consists of operating within the Spot Market, with a leverage of 5 to 20 percent. This trading type consists of crypto loans with interest collateral allocation and is better for short-term investments.

Binance Futures Trading

This trading type operates within the derivatives market, with up to 100% leverage. It has a collateral allocation consisting of good faith deposits and is better for long-term projects.

Spot Trading

Spot Trading refers to trading cryptocurrencies almost instantaneously and under market price.

Binance Options

This trading type allows you to buy or sell crypto at an agreed price on a predetermined date.

Convert & Block

Use the convert function to trade crypto instantly. This service demands zero fees, guarantees prices, and ensures compatibility with any trading pair.

OTC

Over-the-counter (OTC) is a type of trading that occurs with a low profile. The seller negotiates with the buyer directly, without any ad or public orders made. As a result, both parties can trade large crypto amounts without alerting the markets.

Trading Software

One of the reasons we enjoyed Binance is because of how seamless it is. The platform offers trading software, or bots, that make each operation a breeze.

These features allow you to keep track of the market, letting you know when to buy or sell.

Paired with a demo account, this system makes it super easy for new users to understand how the exchange works and get familiar with it.

Binance utilizes self-made trading software called, which provide a ton of benefits. For example, you can set the bots to operate 24/7 after assigning parameters based on your assets and preferences.

The trading software used by Binance is helpful for many reasons.

For instance, the bots can optimize average costs to earn bigger profits, evaluate market data to analyze volatility and create better trading strategies.

Here are some of the features of Binance software we love.

The trading interface. This feature is incredible because it shows everything you need to trade. You find every indicator or setting under specified categories, which lets you analyze data easily. Also, the bright colors allow easy data reading.

Price Alerts. The crypto market never stops, but your daily life doesn’t wait for you. With this feature, Binance allows you to set parameters around a specific coin, price range, and frequency. Once the conditions concur, you receive notifications to act.

Time Adjustable Charts. When you use the Binance trading software, you can adjust the char to refresh every certain amount of time. For example, you can set a 15-minute chart refresh to track the markets and current short-term price trends.

Take Profit & Stop Loss. These are two orders you can use to manage your funds, capping potential losses and administrating your position wisely. Set a Take Profit order, and the software will automatically close the trade and take the profit once it reaches the desired price.

On the other hand, the Stop Loss feature executes a sell order if the market drops significantly, allowing you to reduce losses.

Therefore, using Binance trading software meant less manual work, faster transactions, objective market analyses, better investment and management of Binance crypto, and fewer risks.

Other Products

Is typical trading not good enough for you? Worry not. The exchange has multiple other products to allow users to manage and trade crypto more efficiently.

For example:

• Staking
• Lending
• Binance Card
• Launchpad
• Mining Pool & Binance Smart Pool
• Referral
• Academy
• Broker
• Charity
• DEX
• Research

Let’s talk about the most common products used to understand their potential.

Staking

This service provides the opportunity to lock up your assets to contribute to and preserve blockchain security. Even if you don’t sell, you can use Binance staking to earn rewards in return.

Lending

One of Binance’s top investment options is lending. Using this product, you can lend a portion of your assets and earn interest on your crypto once the loan expires.

Binance Card

Binance opts for traditional payment methods by offering a Binance Visa Card. This product secures real-time conversion of crypto to FIAT currency, allowing you to make payments in businesses.

Launchpad

With Binance Launchpad, the exchange assists new up-and-coming blockchain projects by raising funds. This way, new crypto will have more success in the crypto network.

Fees

Binance is one of the most satisfying exchanges to use because you don’t lose as much money in trading fee payments.

Registration is free, and you don’t have to pay fees on Binance to keep your account active. Plus, Binance does not charge deposit fees.

For crypto withdrawals, you will only need to pay the flat fee imposed by the blockchain network. This advantage will allow you to complete trades without losing money in excessive fees.

These are some of the most common trading types and their Binance fees.

• Spot Trading – 0.10000%
• Debit or Credit Cards – 4.5%
• Trades – 0 to 0.6%
• Staking – 20% to 35%

Binance also offers discounts that reduce fee payments significantly.

For example, the VIP Program guarantees a 40% fee reduction for spot and margin trading when you reach tier 3 to 9.  You can also benefit by trading with BNB, as Binance offers a 25% fee discount for this coin in the Binance chain.

Payment Methods for Deposits And Withdrawals

The Binance ecosystem supports both crypto and FIAT deposits and withdrawals. Using crypto to fund your Binance account is easy, as you will only need to provide your Binance wallet address for withdrawals or deposits.

However, the situation changes when you decide to use FIAT currencies to buy crypto like Bitcoin on Binance. Here’s how it works.

• Credit or Debit Card: The minimum amount you can buy using cards varies depending on the currency, but it’s usually a minimum deposit of $15
• Deposits and Bank Transfers: Make deposits and use the funds to trade on different markets available on Binance almost instantly
• Using Third-Party E-Wallets: Websites like Advcash allow you to make deposits in your local currency and then use that balance to fund your Binance account
• P2P Trading: Binance P2P allows you to find traders in your region and find a payment method that suits your needs

Deposits and withdrawals using crypto on Binance are almost instant, usually five minutes or less. On the other hand, FIAT deposits could take between one and three business days.

The same applies if you withdraw to your bank account directly.

Mobile app

You can use the Binance mobile application on Android and iOS devices to enjoy simplicity, easy access, and great functionality. Whether you’re at home or traveling and need to trade, the app version of Binance makes everything easy.

Likewise, the Binance authenticator is readily available in Android Google Play, and Apple’s App Store. Since it is necessary to complete payments, every user must have the Binance app for authentication purposes while trading.

Registration and Verification

Creating an account on Binance is a breeze. However, you must complete the verification process, which can take several minutes.

This procedure is necessary to use multiple functions in the Binance platform. Your account will have better protection, you will comply with regulations, and the platform will allow you to increase trading amounts.

These are the steps to create an account.

1. Go to the website and click on Register
2. Use your email address, phone number, or Google or Apple account
3. Binance will send you a 6-digit code to your email or phone number
4. Use this code to verify your account in less than 30 minutes
5. Follow up by clicking on Submit and create a password

After creating an account, it’s necessary to verify your identity. This step is an essential step of the KYC (Know Your Customer) policy to increase protection and avoid fraud. The Identity Verification procedure is easy to complete. Here’s what you must do.

• Go to your Binance exchange account, click on Profile, and go to the Identification tab
• Start the verification process. You must provide the information required, including country of residence, personal information, and ID documents, and then do the liveness check with your phone camera
• After completing these steps for document verification, it takes between 1 and 10 days until you receive an email confirming your verified account

The Binance crypto exchange also offers a demo account that you can use to start your crypto trading journey. While using this account, you don’t need to make deposits to use the trading functions.

Therefore, you can do tests, get familiar with the platform, learn about crypto trading, and much more without losing money.

Bonus for New Customers

New to Binance? Were you aware that you could be eligible for a $50 Welcome Bonus? The exchange offers this promotion for new Binance users who register an account with a Binance Affiliate’s referral code.

Afterward, you could start your account by receiving a $50 sign up bonus from qualified deposits and trades.

This promotion includes three categories: a $5 Spot Cashback Voucher, a $20 Spot Cashback Voucher, and a $25 Spot Cashback Voucher.

To redeem these bonuses you need to create an account on Binance using a Binance Affiliate referral link. Then, you must verify your account.

After this process, the platform will assign several tasks in the Task Center. Completing these tasks gives you access to the vouchers, which you can redeem in the Reward Center.

Customer Support and Languages

Binance and the customer support team are easily reachable using the Binance Chat. This feature works with an AI bot, which collects details of your request and provides an appropriate answer.

Similarly, extensive articles are readily available on the platform to answer concerns about account functions, how to buy crypto, security, transaction fee details, and almost anything you need.

If none of the solutions provided by the AI bot satisfy your needs, you can click the Not Relevant option. This feature will allow you to talk to a customer support representative.

The person on the other end may require documents like screenshots to verify your query and address the problem.

Contacting Binance via the support chat is straightforward. Plus, you can select your preferred language with over 15 languages available, including English, Spanish, German, French, and more.

Alternatively, you can seek assistance via @BinanceHelpDesk on Twitter or through the official email [email protected].

Typically, Binance’s customer support receives hundreds, if not thousands, of requests daily via online chat or support email.

So, the response time can take hours. But be careful to answer the chat! If you don’t keep the thread active or reply within 24 hours, you will lose your spot in the queue.

Conclusion

Our thorough review of Binance shows why this exchange is the top-leading trading platform worldwide.

Is Binance a scam or not? Absolutely not. The exchange is safe and reliable, and it will protect your assets whether you trade big or low amounts.

As long as you make use of every safety feature, both your account and your money will be safe.

Have you used Binance before? We would like to hear your opinion about it! Leave your feedback in the comment section below, share your experience, or let us know any doubts you may have.

Frequently Asked Questions

Have more doubts? Check our FAQ section, where we address some of the most common concerns about Binance.

Is Binance safe and secure?

Yes, Binance is safe and secure. The platform utilizes a variety of advanced features to guarantee every trader complies with security standards. Plus, while trading, Binance holds funds to ensure a smooth operation. Read more about safety and security in our “Safety and Regulation” section.

How long does the verification take with Binance?

Verifying your Binance account takes only a few minutes. In some cases, you may have to wait up to 10 days. However, during our time using Binance, we noticed that identity verification is quick. We address this issue in the “Registration and Verification” section.

How can I deposit money at Binance?

Create an account on Binance, and then go to the Wallets section. You will find an option to make deposits and the option to fund your account using Crypto or Cash. Refer to our “Payment Methods for Deposits And Withdrawals” section for more details.

How long does it take to withdraw money at Binance?

In our experience, Binance takes less than five minutes to process withdrawal requests. Sometimes, however, it may take between 1 to 5 business days, but this is unusual. For more information, read the “Payment Methods for Deposits And Withdrawals” section.

How does Binance work?

Binance works by allowing you to buy, sell, and trade over 500 different cryptocurrencies and tokens. You create an account, fund it using your preferred coin, and then use the exchange to transfer coins. The “Trading Types” section helps understand how Binance works

Allan Garland

I'm part of the crypto space since 2013 and I strongly believe in it. But I also know how it feels to get scammed and to realize financial losses. With my website Cryptoscam.info I want to support you to stay safe and to give you a platform to share your experiences.