Binance Review » Is it Scam & Fake or Safe & Legit?

The crypto exchange Binance is one of the leading trading platforms for cryptocurrencies. The Internet offers a large number of reviews and recommendations from traders about the resource. Active users recommend the exchange for conducting trades, considering it to be one of the best and most stable in the market. A well-known online trading platform, One Bitcoin A Day, enables users to automatically trade assets on the cryptocurrency market. This trading platform is quite safe for both novice and experienced traders, according to those who have done well on it and made sizable profits. This trading robot is advertised as being very successful, free to try out, and without any additional fees from brokers or commissions.

However, if you’re an experienced global trader who’s eager to explore different tokens and trade options, Binance may have the features you’re looking for. Binance is the largest cryptocurrency exchange in the world by trading volume. In 2022 the company offered to buy rival FTX, another large crypto exchange.

Withdrawal of Pound Sterling using Bankcard incurs a 1% fee. You can check the fees for your currency by clicking here. On Binance, you can not fund your account with fiat currency. However, the amount withdrawal is dependent on whether your account is verified or not. The verification scam is one of the most common scams in the financial sector.

binance scam review

We want the feedback on our site to be as objective as possible. I am using Binance instruments for a long time myself including withdrawal of fiat currency. During this time I haven’t seen any problems with transactions.

The important thing is how the exchange responds after a cybersecurity breach like this. Binance covered the incident in full, and no users’ funds were affected. This is an excellent response from the exchange as it gives users peace of mind to trade and invest on their platform. Binance has adopted some measures to curb account hacks. The company has three other verification processes aside from username and password to make sure that traders’ accounts are safe from intruders.

Many of the world’s largest crypto exchanges offer credit cards or debit cards. For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.

Can’t see your question? Ask to get answers from the Binance staff and other customers.

Binance has more than 350 cryptocurrencies available for trade on its exchange, but only about 150 are available in the U.S. For international users, it also supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, and INR. Depending on your location, Binance has a wide variety of cryptocurrency pairs depending on your location.

Scammers who successfully log in to a user’s Binance account may be able to initiate a withdrawal request. However, they will be unable to get the cash until they input the verification code. Once the code is sent directly to the user’s phone number, the hacker impersonates a Binance staff member on WhatsApp and will try to convince you to give the code. They may claim that the code is needed to secure your account. Scammers often publish ads through social media like Facebook and Instagram to promote their projects.

You can still take advantage of the low 0.1% trading fees, and over 50+ different cryptocurrencies. No matter how secure an exchange, there is a possibility of it being hacked. Binance was hacked in 2019 and over $40 million of Bitcoin was stolen.

The review of has been based on an analysis of 40 facts found online in public sources. Sources we use are if the website is listed on phishing and spam sites, if it serves malware, the country the company is based, the reviews found on other sites, and many other facts. Binance offers lower fees than Coinbase, but Coinbase provides a native digital wallet. Coinbase is also largely free of the compliance and regulatory problems that have followed Binance.

Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance. Learn everything you need to know about Bitcoin in just 7 days. The exchange has also historically had issues with faulty 2-factor authentication, however this appears to no longer be a common issue.

Mixups with wallets are one of the biggest mistakes people make when using exchanges. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity. At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time. According to the One Bitcoin A Day research and trading decisions may be made instantly, maximising every opportunity.

I see that I am not the only one who has been scammed. I’m a newbie in crypto, I’ve been starting my way with Binance. For someone who doesn’t know crypto industry, it’s like a brilliant to start gaining money with cryptocurrency. Nothing good can come out of indulging with this site. You have more chance of success by pouring water into a basket than with them.

Final Word on “One Bitcoin A Day” Review

Powerful algorithms are used, which have been updated and tested using validated trading strategies. Users of this platform don’t require any prior knowledge because it offers automated trading insights and executes trade automatically. The trading robot searches the cryptocurrency market for trading options that might be profitable whether the market is rising or falling. The algorithms assist in offering trading signals that increase the platform trading decisions’ accuracy.

  • Binance is a cryptocurrency exchange founded in 2017 in Hong Kong, quickly growing to become the world’s largest crypto exchange by trading volume.
  • All of One Bitcoin A Day traders have access to long or short positions.
  • Binance is the one of top crypto buy and sell crypto and trade with many features and earning methods.
  • For all traders, One Bitcoin A Day trading robot is free.
  • This website is using a security service to protect itself from online attacks.

Beijie Technology and its founder maintain an impressive track record within the industry. Zhao’s CV includes high-profile positions, such as technical director at, and his company now provides trading systems for over 30 other platforms. Having originally been based in China, Binance moved headquarters to the Cayman Islands following the Chinese government’s increasing regulation of the cryptocurrency industry. When you register you get a 50% discount on all transactions, +25% on the first deposit, as well as 20% of the transaction fee. I don’t even think we have it in our accounts anymore. If you see a rating of 5 stars, you should know — it is «overrated» rating of Binance .

I just my access back to my withdrawals…

The domain name of this website has been registered several years ago. In general, the older the website the more trustworthy it becomes. However, scammers sometimes buy existing websites and start doing their evil thing, so please make sure you check for other scammy attributes as well. Binance’s major disadvantage is its ongoing legal challenges and regulatory issues. The company is facing problems with countries in Europe, Asia, and North America. For U.S. residents, another disadvantage of Binance is the limited functionality of the U.S. platform and decreased selection of tokens available.

binance scam review

Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process. Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works. The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts.

This trading software has been praised for generating revenue for the app’s users. According to reports, the trading robot has a 90% accuracy rate, meaning that virtually all of the deals it executes are accurate. For beginner traders of the platform, a €250 minimum commitment is needed. As soon as a user registers an account on the trading app, one of the licensed brokers is assigned to them. This trading software allows crpto trading 24 hours a day, so users may trade whenever is most convenient for them. Binance is not available in the USA, but you can use the sister exchange Binance.US.

How easy is it to get a hold of customer service at binance?

The account began to glitch, then I wrote to support — they said to wait. Been using Binance since their inception without issue transferred approx 250k thru them. Was happy to play their silly games a cpl years ago of changing the way I deposited based on who they were currently friends with in the banking industry etc. But in the last week they have decided to intro a ‘proof of income’ requirement. Which means that all funds I have on the platform (luckily only now about £5k) are held hostage until I send them extremely personal and sensitive documentation. I have now done this, but they haven’t said how they’re holding this info , and as we all know from Hodlnaut and the Terra nonsense, literally nobody is to be trusted.


Within three days of my communication with him, he retrieved all of my money, leaving nothing behind. He is certainly the best and most reliable recovery professional to contact if your bitcoin disappears, there are incomplete crypto transactions, catfish scams, advance fee scams, and so on. Yes, Binance is considered a safe cryptocurrency exchange. However, you should always consider moving cryptocurrency off an exchange and into your personal wallet . Oztures Trading Pty Ltd (trading as “Binance Australia Derivatives”), Australian Financial Services Licence , issues over-the-counter derivatives. References to futures products are references to OTC derivatives.

Its trading prices are lower than most other competitors. The biggest knock against Binance is that they have not be as transparent as other large centralized exchanges and don’t seem to be as cautious as others such as Coinbase. This move fast and break things mentality has allowed them to grow quickly but it also introduces more riks into their business. For this reason, I’m much more comfortable allowing Coinbase or Gemini to custody my crypto.

Gordon Ramsay is a colossal success and the king of cuisine and entertainment worldwide. For over a decade, he has enjoyed international popularity because of his work as an author and chef on programmes like Hell’s Kitchen. However, considering his experience in these fields, there are suspicions that he may be supporting One Bitcoin A Day. However, because no solid proof of this allegation has been discovered, it will always remain only a rumour.

An unverified account, which is in level 1, can only make a 24-hours maximum withdrawal of 10 BTC. To upgrade, you need to verify with the required document as stated above. Verified accounts can withdraw up to 100 BTC every 24 hours. For security purposes, Binance offers its clients 5 ways to verify their accounts.