Crypto Exchange Review By Noxxio - August 2020
Binance Review FAQ's & Answers
Binance is a cryptocurrency exchange previously based in Hong Kong but these days in Malta and is one of the absolute giants in the industry. It launched in July 2017 and has since really developed into the market leader among crypto exchanges.
Is Binance Trustworthy?
Definitely, Binance is one of the most trustworthy centralized cryptocurrency exchanges out there. ... On top of that, Binance has a Secure Asset Fund for Users, that allow them to cover any user losses during an attack.
They are even putting 10% of all transaction fees into an insurance fund (S.A.F.U) protect against future mishaps.
Is Binance Legal?
Yes! Binance.us is 100% Legal! Binance.US, the American arm of crypto exchange behemoth Binance, opened doors to new signups. Binance.US is a separate legal entity from Binance, operated by BAM Trading Services and headed by Catherine Coley, an ex-exec at Ripple.
In addition, Binance Coin will be added to the exchange. This came as a surprise to traders after Binance’s native cryptocurrency was left off the original list of coins to be added—even though it has been an integral part of all of Binance’s exchanges so far.
Is US Binance Safe?
Yes, you need to leave funds on exchanges to be able to trade. But, it's heavily suggested that you only leave funds on Binance that are actually being traded.
If there's a number of coins that are just sitting on your Binance account without it being traded, withdraw them as soon as possible.
Can I Withdraw Money From Binance?
Since Binance is a crypto to crypto exchange only, withdrawing funds essentially means transferring a selected amount of cryptocurrencies to another digital wallet. For example, you can send them to a fiat to crypto exchange such as Coinbase.
On the Binance website, click on the “Funds” section and then find the “Withdrawal” button to be redirected to the withdrawing page. You’ll be asked to select a cryptocurrency and the amount you wish to “withdraw”. You can click on the “Available Balance” to double-check the amount you own or you can choose the “MAX” option to withdraw all your coins.
Next, enter the desired recipient wallet address, i.e. the Coinbase wallet address. Once you’ve checked the information for any mistakes, you can submit the request. You should be ready to wait for up to a few days for the transfer to be completed.
Can Binance Be Used In The US?
Major cryptocurrency exchange Binance is allegedly allowing some users from the U.S. to trade on the Binance.com platform, instead of Binance.US.
Though trading on Binance.com for U.S. citizens has seemingly been forbidden, some alleged users are claiming that they can still trade on the site.
It was reported by some reddittors some five months ago that they can still use Binance.com, though others have also reported using a virtual private network (VPN) to do so.
And today, Reddit user 'misterscorp' posted what they say is a proof that there is a specific group of Binance users that can still use this site, without switching to Binance.US.
Is Binance Better Than Coinbase?
Binance and Coinbase are both great choices for newbie traders. My recommendation is to use them both!
Start by opening an account with Coinbase. Make a few simple trades with Litecoin or Ethereum and then, when you feel ready, move over to Binance.
Coinbase is the perfect introduction to crypto trading and Binance is one of the best places to continue your crypto education!
How Much Can I Withdraw From Binance?
The withdrawal limit of Binance allows unverified users (Level 1) to withdraw 2 BTC every day, while verified users (Level 2) can withdraw as much as 100 BTC in one day, which is around $1.200’000 if the current price of BTC ($12000 per coin) is considered. Binance also acts as a secure wallet for users.
Can You Trade On Binance Without Verification?
Users first need to make an account using the exchange. The procedure is relatively simple and easy and you do not have to test your Level 1 account, a maximum of 2BTC regular removal.
You have to upload a photo ID for level 2, that enables up to 100 BTC per day, and wait for the approval. There are still greater limits, but to do so you must contact them directly.
Verification times that vary depending on how busy the support staff is, so be careful to plan if you want to withdraw more and make sure that this move is completed before large amounts on the exchange are binance deposit without verification and exchanged.
Is Binance Coin a Good Investment?
Many believe that Binance coin (BNB) is one of the safest cryptocurrencies out there. Of course, no one can say this for certain.
It is primarily used to pay fees on the Binance cryptocurrency exchange and fees paid in Binance Coin on the exchange receive a discount.
Traders that make transactions with Binance Coin on the Binance exchange get a discount of 25%.
Can You Buy Bitcoin Directly On Binance?
With Binance, you can easily buy Bitcoin with cash, as well as other cryptocurrencies we offer on the platform. Through this service, you can use your credit card to directly purchase Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash using US Dollars or Euro.