Binance: Are They Better?
Active since July 2017, Binance is one among the foremost popular crypto trading platforms within the world. At this very moment, an outsized number of latest traders are regularly knocking on the door of this Chinese broker. The broker allows its clients to exchange the foremost famous crypto currencies, like Bitcoin, Ethereum, Litecoin etc.
However, Binance isn’t on top of its security level (it has been hacked several times) and it’s becoming increasingly difficult to trust it, as you’ll see during this article written by our team of testers.
|Minimum deposit:||50 $|
|Minimum transaction amount:||10 $|
|Regulation:||Regulated by CySEC|
|Founded in:||2017 td >|
|Number of assets to be traded:||10+|
Pros and Cons of Binance
- Cryptocurrency transactions are quite fast.
- Has a few more cryptocurrencies to trade than the rest of the brokers.
- Crypto trading at Binance is pretty straightforward.
- An unregulated cryptocurrency broker.
- No longer offers its services to US clients.
- Customer service is slow.
Binance has variable fees, which can potentially be disadvantageous for investors.
By consulting the broker’s website, we can read that:
• This platform boasts of an advanced protection device.
• The broker uses a particular AI which he guarantees the effectiveness. Unfortunately, Binance doesn’t provide further information on this matter and remains extremely vague.
• Their site includes educational content dedicated to account protection.
Binance, Opinion On The Regulation Of The Online Broker
You will understand, our Binance opinion is overall negative. It seems that the shortage of regulations is one among the main reasons for our position. Indeed, to ensure a minimum of security and a reasonably pleasant trading experience, it’s imperative to figure with a regulated broker.
Technically, Binance could pack up overnight, without being accountable to anyone. Additionally, customer service is tough to believe, because the platform’s advisors seem to lack even the foremost basic cryptocurrency experience.
Working under such conditions is stressful, and therefore the risk of losing your money with Binance is extremely real.
In short, Binance may be a disreputable platform. It stands out for a particular mediocrity in practically all the tests we’ve conducted, and therefore the risk of performing on its platform is just too great.
The fact that there’s no demo account on this trading platform may be a major flaw that we cannot ignore. Moreover, this text demonstrates, in several points, that Binance doesn’t have the qualities necessary to be an honest cryptocurrency broker. If you’ll afford to require the danger of trading cryptos, we recommend that you simply don’t do so with Binance, the danger of losing your money is way too high for our liking.