Is Binance Safe

What is Binance?


The exchange is a fast-growing cryptocurrency platform with a huge bandwidth (with an infinite margin of scaling). The service supports more than 100 cryptocurrency pairs. About 6 million registered users make almost 1.5 million transactions per second every day.


Is Binance exchange safe?


The exchange provides simple conditions for traders. But the main question bugs many - how safe is Binance?


A third-party application requested players secret keys in March 2018. After the transactions were made, the Bitcoin price was raised.


As a result, the platform completely changed all the transactions and paid off the users, so no users lost money.


The service is creating a decentralized site. But at the moment the exchange has centralized management and total control over transactions and coins.


Binance isn't a wallet. The service is not a cold storage and doesn't support smart contracts.


So you can make a simple conclusion that Binance is a safe exchange platform.


Binance wallet security


The administration uses 2FA for additional security. This is a combination of a standard password and a code sent by SMS or through the Google Authenticator application.


It is not advisable to keep coins on the platform for two reasons. Someone can access your personal account password, or the site may be hacked.


Store each currency on cold wallets, and make a deposit in Binance just when you decide to make a deal.


The verification includes:


  1. Real name.
  2. ID card image.
  3. Selfie with photo and ID number.


After this information has been sent and reaffirmed, the user may withdraw up to 100 BTC per day. Every large trader should do this check.


Is it safe to keep coins on Binance?

Storing Altcoins on Binance


Traders can store their Altcoins in the service wallet. The current balance is available by clicking "Tools" and "Balances".


  1. Use the "Withdraw" feature to protect your coins safer. 
  2. Enter your personal wallet address. 
  3. For the coins withdrawal, the exchange charges a fee.


Leaving Ripple on Binance


To take Ripple, use the Market or Limit (cheaper) orders.




The Ripple amount is reflected in the first window with the inscription "Price". The trader must indicate the sum he would like to buy in the second field - "Amount".


Choose how many percents of your savings coins to exchange: 20%, 40% or all available funds. The number of new coins that you receive when you perform an operation will be displayed in the "Amount" window, .


Push the Buy XRP button.


Binance for keeping iOS


Here is how to install the Binance app for iOS:


Download the Binance iOS app using a browser. Install the application on your iPhone.




Open the path: Settings - General - Device Management. Fill in the Trust field.




The application is ready to run.



Conclusion


So, is Binance exchange safe? To ensure that trading process is secure, the site uses a pin code and newly generated secret keys combination. Thus, transactions on the exchange are quite safe. At the same time, There has not been any serious hacker attack committed in the Binance history.


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