Topic: Binance... is this place a scam? - page 6. (Read 3757 times)
Binance is not a scam, but fees are high, so its a bit a scam
Great news regarding Binance, just read on Reddit that they are halving their BTC withdrawal fees. Can't complain about that! (about time though to be honest)
Do you think the fee is still too high?
Binance is no scam. Seems these thread is outdated. Binance is one of the best exchange you can get on currently. But it seems their most appealing feature (Mobile App) is no longer a selling point to me now as Bibox App has same UI.
The first time I googled Binance, the top hit (and the only direct link to binance.com) was an Ad. It felt fishy, somehow, and I was unsure about using it. However there were a couple of coins it was offering that I really wanted to buy so I did some reading on it (that's how I found this thread, btw 
), bit the bullet and set up my account. It's so easy to set up an account. Level 1 Verification allows you to withdraw up to 2BTC a day, and all you need is an email address. I'm glad I did that because now I like it quite a lot overall. Here are a few things about this exchange that have made me confident about using it:
1) There's a reminder to verify their webpage upon login (please check that you're visiting https://www.binance.com). Of course the onus is always on us to make sure we are not clicking through to a phishing site, but it's always nice to have a reminder from the original site itself
2) They are really insistent on 2FA (2 Factor Authorisation). As any exchange worth their salt should be. If you don't have 2FA on your accounts, get it. If you don't know what 2FA is, here's an explanation: http://searchsecurity.techtarget.com/definition/two-factor-authentication
3) They send an email to your associated email account for each successful login. This means that if you're monitoring your email, you can verify that you, and only you, are logging into your account.
4) They send an email to your associated email account each time you withdraw something. You have to confirm the withdrawal via email before it proceeds. This means that unless someone has control of both your account and your email, no one can withdraw funds without your knowledge.
5) They support many airdrops and forks. I can't speak to all coins but I have gotten GAS and ONT through NEO, and ETF with ETH. That's already better than other exchanges (I'm looking at you, Cryptopia...)
6) Support is pretty decent for an exchange of this volume. I had withdrawn some ETH from them right around the time that the Cryptokitties debacle hit. It was taking way longer to arrive in my wallet than usual. Before I learned that Cryptokitties was the reason for the ETN network slowdown, I sent them a support ticket. Within 48 hours, I had received a response - during a period when they must have received massive volumes of support tickets, due to something that was beyond their control. My ETH was credited into my wallet very soon after that. For me, that showed a lot of class.
TRADING:
As a basic trader (I buy to hold medium-to-long term) I find their trading view complicated to begin with. They have two trading views and I use the basic though the expert has some nice features, like showing your entire portfolio right there on the page.
What I like:
- It has relatively low fees. Switch to the BNB option for fees and you save an additional 50 Percent.
- They have a nifty little 'percentage' option on their buy and sell windows so you can choose to spend 25, 50, 75 or 100 percent of your available BTC (or whatever market you're using) on your purchase. There's also a pop-up that tells you how many max units of each coin/token you can buy or sell, based on the purchase or selling price you have defined.
What I don't like:
- As a total noob, I wasn't a fan of the sell order/buy order ticker. I learned to read it pretty quick but there are other formats that are a lot more intuitive. (to balance things out since I was critical of them before: I'll give credit to Cryptopia for their easy-to-use trading view)
- This is the biggie: The fee is deducted from the coin amount you place in your buy order. It's not integrated into the window showing the total BTC spent. So if you aren't using the BNB fee option, and you put in an order for 10 units of something, you actually end up with a balance of 9.9 units. This is a huge deal if you're dealing with something like NEO. If you end up with 9.9 NEOs and want to send them to another wallet, you'll end up 'losing' the 0.9 NEO (minus transaction fees) because the NEO asset is not divisible.
If you want to sell your NEO instead of transfer it, you will only be able to sell your NEO up to 2 decimal places (other coins have different configurations.) Plus there's another transaction fee to contend with. So after all is said and done, you'll likely end up with 0.00xxxxxx worth of NEO, i.e, what is known as 'dust'. It's essentially wasted money, because those are balances that are too small to use in a trade. So unless you're willing or able to buy more NEO in order to 'use' your balance of NEO, those are small sums of money that are unusable. There's talk of Binance adjusting their policy on this but I'll believe it when I see it.
Despite this issue, I'm still happy to use Binance as one of my major exchanges. Transactions move quickly and support and communication is pretty good, as they showed during their recent maintenance issues. That being said, *any* online exchange is susceptible to hacks, and you should never keep more than you're willing to trade in any account that you don't hold the private keys to.
), bit the bullet and set up my account. It's so easy to set up an account. Level 1 Verification allows you to withdraw up to 2BTC a day, and all you need is an email address. I'm glad I did that because now I like it quite a lot overall. Here are a few things about this exchange that have made me confident about using it:1) There's a reminder to verify their webpage upon login (please check that you're visiting https://www.binance.com). Of course the onus is always on us to make sure we are not clicking through to a phishing site, but it's always nice to have a reminder from the original site itself
2) They are really insistent on 2FA (2 Factor Authorisation). As any exchange worth their salt should be. If you don't have 2FA on your accounts, get it. If you don't know what 2FA is, here's an explanation: http://searchsecurity.techtarget.com/definition/two-factor-authentication
3) They send an email to your associated email account for each successful login. This means that if you're monitoring your email, you can verify that you, and only you, are logging into your account.
4) They send an email to your associated email account each time you withdraw something. You have to confirm the withdrawal via email before it proceeds. This means that unless someone has control of both your account and your email, no one can withdraw funds without your knowledge.
5) They support many airdrops and forks. I can't speak to all coins but I have gotten GAS and ONT through NEO, and ETF with ETH. That's already better than other exchanges (I'm looking at you, Cryptopia...)
6) Support is pretty decent for an exchange of this volume. I had withdrawn some ETH from them right around the time that the Cryptokitties debacle hit. It was taking way longer to arrive in my wallet than usual. Before I learned that Cryptokitties was the reason for the ETN network slowdown, I sent them a support ticket. Within 48 hours, I had received a response - during a period when they must have received massive volumes of support tickets, due to something that was beyond their control. My ETH was credited into my wallet very soon after that. For me, that showed a lot of class.
TRADING:
As a basic trader (I buy to hold medium-to-long term) I find their trading view complicated to begin with. They have two trading views and I use the basic though the expert has some nice features, like showing your entire portfolio right there on the page.
What I like:
- It has relatively low fees. Switch to the BNB option for fees and you save an additional 50 Percent.
- They have a nifty little 'percentage' option on their buy and sell windows so you can choose to spend 25, 50, 75 or 100 percent of your available BTC (or whatever market you're using) on your purchase. There's also a pop-up that tells you how many max units of each coin/token you can buy or sell, based on the purchase or selling price you have defined.
What I don't like:
- As a total noob, I wasn't a fan of the sell order/buy order ticker. I learned to read it pretty quick but there are other formats that are a lot more intuitive. (to balance things out since I was critical of them before: I'll give credit to Cryptopia for their easy-to-use trading view)
- This is the biggie: The fee is deducted from the coin amount you place in your buy order. It's not integrated into the window showing the total BTC spent. So if you aren't using the BNB fee option, and you put in an order for 10 units of something, you actually end up with a balance of 9.9 units. This is a huge deal if you're dealing with something like NEO. If you end up with 9.9 NEOs and want to send them to another wallet, you'll end up 'losing' the 0.9 NEO (minus transaction fees) because the NEO asset is not divisible.
If you want to sell your NEO instead of transfer it, you will only be able to sell your NEO up to 2 decimal places (other coins have different configurations.) Plus there's another transaction fee to contend with. So after all is said and done, you'll likely end up with 0.00xxxxxx worth of NEO, i.e, what is known as 'dust'. It's essentially wasted money, because those are balances that are too small to use in a trade. So unless you're willing or able to buy more NEO in order to 'use' your balance of NEO, those are small sums of money that are unusable. There's talk of Binance adjusting their policy on this but I'll believe it when I see it.
Despite this issue, I'm still happy to use Binance as one of my major exchanges. Transactions move quickly and support and communication is pretty good, as they showed during their recent maintenance issues. That being said, *any* online exchange is susceptible to hacks, and you should never keep more than you're willing to trade in any account that you don't hold the private keys to.
Binance is ok. If you are looking for a crappy exchange with plenty of scam coins you should probably take a look at EtherDelta. That's scam, not Binance.
A little nervous. Last night I bought 600 shares of IOTA which went up significantly today. I logged back in to move them off the Binance exchange and it is telling me that my withdraws are suspended due to "network congestion." I also have a small balance of ETH that has the same message.
I do not think Binance is a scam. It's a reputable site and it's growing nationally. This shows that Binance is very reputable and is trusted by many. And with the large number of people using their services, network congestion is a normal thing and you need to empathize for them. Every day they have many transactions to deal with, the number can reach millions of transactions.
I hardly doubt Binance is scam. That's the biggest exchange out there, with the most users and the highest volume in the last 24hours.
If so many people are trusting it, you shouldn't doubt it.
If so many people are trusting it, you shouldn't doubt it.
I think right now Binance is the number one exchange for treading site in Crypto world, so don't worry about that...
Binance is a very good game, likelihood binance can be a serious rival for bittrex, there is no reason to say binance SCAM.
Bittrex is much more severe than binance, now most accounts can not withdraw
Bittrex is much more severe than binance, now most accounts can not withdraw
A little nervous. Last night I bought 600 shares of IOTA which went up significantly today. I logged back in to move them off the Binance exchange and it is telling me that my withdraws are suspended due to "network congestion." I also have a small balance of ETH that has the same message.
No, they had been have some technical problems, but they are not scam. some weeks ago they tried to changes their servers. be rest.
Great news regarding Binance, just read on Reddit that they are halving their BTC withdrawal fees. Can't complain about that! (about time though to be honest)
Binance is currently handling a high volume of trades per day and you won't even feel it when using its interface. It is trending among new crypto users for altcoin purchases due to the ease of using the exchange.
As much accusation as it is, binance is still the biggest liquid volume place to trade crypto to date https://www.coingecko.com/en/exchanges
I never had an issues in binance exchange I already had the time to use this exchange so it went well. These days binance has the good feedback that it is the best to use. Even me I used this it went smooth transactions all are in good place.
Binance is never a scam. Its a good exchange with enough volume and liquidity.
No doubt, their would be technical issues but I believe they have the capacity to solve their issues as they arise
No doubt, their would be technical issues but I believe they have the capacity to solve their issues as they arise
A little nervous. Last night I bought 600 shares of IOTA which went up significantly today. I logged back in to move them off the Binance exchange and it is telling me that my withdraws are suspended due to "network congestion." I also have a small balance of ETH that has the same message.
I do not see any scam on Binance, maybe when you use Binance again maintenance or misinformation you get. Binance has also provided information on maintenance at that time.
I think this guy's issue was addressed already as I cannot see him saying anything about it anymore. I don't think Binance will want to scam people. They even relocated to another place just to continue their trading site when China ordered closure on exchanges.
A little nervous. Last night I bought 600 shares of IOTA which went up significantly today. I logged back in to move them off the Binance exchange and it is telling me that my withdraws are suspended due to "network congestion." I also have a small balance of ETH that has the same message.
I do not see any scam on Binance, maybe when you use Binance again maintenance or misinformation you get. Binance has also provided information on maintenance at that time.
No binance is not a scam, it is one of the finest exchange in the cryptocurrency, they are having some small issues, soon it will be solved.
No binance is not a scam. But HitBTC is a scam..
The CEO identity is known, and is based in Hong Kong. There is no where he can run from the interpol in the event that he chooses to run off with all the funds or do anything illegal.
Hong Kong have pretty good laws against fraud and scams. Singapore too.
Even the current government in China are now very harshly clamping down on frauds/scams, taking an authoritative approach initially to drain the swamp of the past governments, before slowly democratising the country once everything is developed and stable.
Hong Kong have pretty good laws against fraud and scams. Singapore too.
Even the current government in China are now very harshly clamping down on frauds/scams, taking an authoritative approach initially to drain the swamp of the past governments, before slowly democratising the country once everything is developed and stable.
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