[ccpw id="39382"]

HomeExchangesBinance Exchange Review 2020

Binance Exchange Review 2020


Written By:

Binance exchange review 2020 is a comprehensive review on Binance, the review explains the basics of Binance exchange with the help of tutorials, images, videos, and useful links, You will find Binance Exchange Key Points, How To use Binance, How to Trade on Binance, How to deposit and withdraw from Binance, Binance Fees, Binance Supported Cryptocurrencies, Binance staking, Binance Lending, Binance Launchpad, Details about Binance Projects like Binance US, Binance Dex, Binance Jersey, and Australia and much more, Its not just a review its a mini encyclopedia on Binance

Even if you haven’t bought any cryptocurrency yet, chances are you’ve learned about Binance exchange.

Binance exchange is one of the most famous crypto exchanges with 300,000 above daily active users, founded by Changpeng Zhao in 2017

- Advertisement -

The Malta-based cryptocurrency exchange is often recognized one of the best crypto trading platforms for daily trading volume and the user has access to more than a thousand crypto trading pairs being traded on Binance

Binance exchange is also increasing its scope for deposits and withdrawals with fiat currencies and the platform is only likely to continue to grow.

Read Also: How to Buy Bitcoin Cryptocurrency

If you’re thinking about joining the Binance exchange read our in-depth detail review first. It is not just a review, it’s a mini-encyclopedia on Binance exchange.

- Advertisement -

We have made a step by step guide for you

What is Binance?

Binance is a crypto exchange platform that allows users to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and hundreds more.

Although the company is now headquartered on the European island of Malta, the project was founded by Chinese citizen Changpeng Zhao (CZ) in 2017 in China, but after the ban of China government on crypto projects, the exchange moved to Malta.

Binance Jersey and Binance Uganda, Binance US, Binance Australia were recently opened to enable crypto trading between Fiat and Cryptocurrencies

In less than two years after the launch of the Binance exchange, it has grown into one of the largest cryptocurrency exchanges in the industry.

The platform has more than $ 2 billion in cryptocurrency trading activity every day.

Read Also: What is Bitcoin and How Does it Work

Binance was primarily just a crypto-to-crypto exchange, meaning it was not involved in deposits or withdrawals from Fiat currencies.

But the platform now offers support for bank account and credit card deposits and withdrawals

Binance exchange announced last year that the company wanted to launch the world’s first blockchain bank in Malta.

The platform also signed a memorandum of understanding with the Malta Stock Exchange to facilitate crypto trading in digital securities.

Binance Exchange Key Points

More than 1000 supported cryptocurrencies

Highest trading volume, more than 2 billion dollar a day

Binance exchange is capable of processing 1.4 million order every second

Users can access Binance Launchpad that list new cryptocurrencies projects on binance exchange and users can participate in initial exchange offering (IEO) of these new projects

On Binance Lending users can hold their cryptocurrencies to earn interest

Launch of Binance Jersey, Binance Uganda, Binance US, Binance dex and Binance Australia

Other than spot trading Binance has margin trading and future trading for its customers

Competitive crypto Trading fees and fast Support team


Signup to Binance.com and save upto 5% of Fees

[maxbutton id=”1″]

Signup to Binance.US

[maxbutton id=”2″]

How Binance exchange work

Binance exchange work like any other traditional stock exchange by allowing it users to buy and sell cryptocurrencies, due to its large volume of trading assets, high security and excellent customer support, Binance has become an attractive place for traders and investors

Read Also: Key Points when selecting cryptocurrency exchanges

Not only Binance offers spot trading but Binance exchange is also offering margin and future trading of cryptocurrencies

The maximum leverage on margin trading is 1x to 5x and leverage trading on futures starts from 1x and goes as high as 125x

How to use Binance

Using Binance exchange is very simple, it has a very user-friendly interface and everyone can trade on Binance exchange easily

The whole process of how to use Binance is explained in several steps:

  • How to open an account on Binance exchange
  • How to deposit cryptocurrencies on Binance exchange
  • how to trade on Binance
  • how to withdraw from Binance

How to open an account on Binance exchange

Opening an account is extremely simple,

  • First, go to Binance exchange home page and click on Register

A window will appear as shown below, simply give your email and password. Verify your email by going to your email account and that’s it you have made an account on Binance exchange

how to open account on binance exchange 2


  • Step two is setting up your account security

Binance exchange takes security very seriously as cryptocurrency exchanges are the most favorite target for hackers, Binance will ask you to set-up two-factor authentication.

This can simply be done by installing a Google Authenticator on your phone, you can also set up two-factor authentication by The YubiKey

You can also set up two-factor authentication by SMS authentication

Binance exchange security two-factor authentication


These security measures are extremely essential for the security of your account

After setting up the two-factor authentication

  • The third step is to verify your identity on Binance exchange

If you want to withdraw more than 100 Bitcoin per day than you have to verify your identity but if your daily withdrawal limit is below 2 bitcoin than you do not need step 3

To verify your identity on Binance exchange first log in to your account

  • Then go to “Security” from the above tab
  • Then click on “Verify your identity” from the left sidebar
  • Then click on “personal” or “enterprise” as shown below

binance ID verfication 1

Click on “Personal” if you are an individual and then give all the required information that includes

  • Basic info

Require your name, residential address, country, and other basic info

binance ID verification 2

Binance ID verification

  • ID info

To verify your identity the next step is to give your ID info

binance ID verification 3

You can provide your ID card, Passport or Driver license to complete this step

ID verification on binance exchange

After selecting an option from above you can take photo of your identity verification document  or you can upload the front and back image of your proof of Identity card

id verification on binance exchange 2

  • Facial info:

Once your ID is submitted for approval the next and the last step is to provide your picture

To pass this step you need to take a photo of your facial image withholding an ID card, passport or driving license in your hand or you can upload your image while holding your ID

Once all the above steps are completed your Identity verification completion will take a day or two and you will be notified by email

How to deposit cryptocurrencies on Binance exchange

It’s a very easy process

You can fund your account with your credit card, bank transfer or you can simply transfer any cryptocurrency like BTC, ETH, etc from your wallet or any other crypto exchange to Binance exchange in some steps

  • Go to your dashboard
  • Click on Deposit

how to deposit bitcoin on binance exchange


A window will appear as shown in the image, you can select any cryptocurrency you want to deposit in your Binance account, and in the above image, we have selected BTC

You can use the bitcoin address as shown in the image to send funds to this address from any other cryptocurrency exchange like coinbase or any other wallet you have to your Binance BTC deposit address

Simply copy your coin address and paste it on any other crypto exchange or wallet from where you are withdrawing funds to get your coins on Binance exchange

Always remember do not deposit any other Funds than BTC to your particular Bitcoin Deposit Address

Sending any other coin to your BTC address will result in the loss of that coin as every coin has its unique deposit and withdrawal address

Read in detail on How to buy Bitcoin on Binance exchange with a credit card

How to trade on Binance

How to trade on Binance exchange is a relatively simple question if you have any basic knowledge of cryptocurrency trading.

We will guide you with a completely with the help of images

After depositing funds in your Binance exchange account go to the “trade” option

how to trade on binance

There you will see four option

  • Basic
  • Advance
  • Margin
  • Futures

Select the “basic” first

How to trade on binance

A window, as shown above, will appear

On the right-hand side of the screen shown above, you can select a tab from BTC, BNB, ALTS or USD@

From this list you can choose any crypto pair you want to trade, whether you want to trade in BTC/USDT, BNB/ETH, OMG/ETH, etc whatever pair you want you can select from these four options

BTC have BTC pairs like BTC/ETH, BTC/ADA and much more BNB have bnb pairs like BNB/OMG, BNB/ONT and much more

You can also create a list of favorites by clicking on a star shown against any pair

How to trade on binance

Once you have selected your pair for trading like BTC/USDT, on the above image you can see that the prices in the red are the prices that people are willing to sell and prices in the green are the prices people are willing to buy. The last sale price is shown in the middle of the sell and buys prices

How to trade on binance

On the image above trade, history is shown at the right side of the screen, trade history is the list of trades that have been completed

How to trade on binance

After all the above explanation now you can place your order, the first option that is selected by default is “Exchange” its also Spot Trading

Now from the above window, you can manually enter a price you are willing to purchase or sell any crypto trading pair you want to trade, but a better way is to click a number on the buy or sell orders placed on the left side of the screen.

Do you want Bots to trade for you on Binance exchange?

You can buy or sell 25%, 50%, 75% or 100% of your total funds

After selecting the amount with which you want to buy any cryptocurrency click on the BUY button

Your buy order will appear in the open orders below this order window until it is fulfilled as shown in below image

Follow the same steps if you want to sell any cryptocurrency by going to the sell section as shown in the above image

You must notice that there are different order types as shown in the image above

You can select your order type from

  • Limit orders
  • Markets Orders
  • Stop limit orders
  • OCO Orders

You must know these order types

Limit orders:

A limit order is an order to buy or sell crypto pair at a specific price or better.

Market Order:

A market order is an order to buy or sell any cryptocurrency pair at a price executed immediately at the current market prices

Stop Limit order

stop limit order

stop limit order example

OCO Order

binance oco order

To read Binance oco order in more detail visit


After selecting your order type and placing the order you will see all you open orders that are not filled in open order section and once they are completed you will see them in your order history below the open orders section

How to trade on binance


The advanced window of Binance exchange will look like

How to trade on binance

All the features of the Binance advance are the same but the placement of these features are different; the process of making orders is the same

Margin Trading on Binance Exchange

Now after the “Exchange” section  next thing you will see  is that there are options for Margin and Futures as shown below

binance margin trading

Binance exchange gives you the feature of margin trading, for margin trading you need to open a separate account within Binance exchange, which can be done with a couple of clicks

Margin trading on Binance gives you leverage to trade up to 5x but such type of cryptocurrency trading comes with bigger risk and beginners must not do margin trading unless they have a sound knowledge of cryptocurrency trading

Below video explain how to start margin trading on Binance

Complete guide to margin trading on Binance

Video source: Youtube: Binance Academy

  • Binance margin fees

Binance margin fees depend on a variety of factors like your VIP level, the borrow interest rates daily

For a complete view of Binance margin fees go to


Future Trading on Binance Exchange


For Binance future trading you need to open another account within Binance exchange that will be specifically for futures trading, which is very easy to setup

Binance future trading gives you the ability to trade Binance futures with leverage up to 125x

But future trading is very risky with great profits very big significant losses can come; you must not start future trading until you are a trading professional

  • Binance futures fees

Binance futures fees depend upon how much amount of bitcoin you are trading on monthly basis and the amount of Binance coin (BNB) you are holding, the whole Binance futures fees schedule is shown in the image below

binance future fees

How to withdraw from Binance

Withdraw from Binance can be done in a number of steps

From the above tab from the “wallet” option select “Spot wallet” option

Now select “withdraw” option from the left sidebar, a window will open as shown in the image below

how to withdraw from binance

Now from the “coin” option select any coin you want to withdraw, on the above image we have taken BTC as an example

Now enter “Recipient BTC address”, the address of the wallet or crypto exchange to which you want to withdraw from Binance

Then enter the amount of Bitcoin cryptocurrency ( or any coin you are withdrawing)

Below the amount option, you will see the minimum amount to withdraw, transaction fee and what you will get after deduction the transaction fee

Then Click on “submit”

Then enter the two-factor authentication code that you will receive when you will click submit

Then go to your email and verify your withdrawal request

Now after this has been done you will see your withdrawal request in “Recent withdrawal History” as shown in the image below

how to withdraw from binance

Wait for network confirmations; normally it takes 15 minutes to 1 hour for any deposit or withdrawal transaction to be completed

Binance Main Topics

Binance Fees

Binance normally charge 0.1% fees for every single trade you make, e.g. if you buy any coin you will pay 0.1% and when you will sell that coin you will again have to pay 0.1%

But Users that hold Binance coin (BNB) or users that have a large volume of trading can become VIP members. The Higher VIP grade you have the lower Binance fees you will pay

But if users are paying their Binance fees using Binance coin buy holding BNB in their accounts they can get 25% discount on every trade

Below image fully explain the Binance fees structure

binance fees

Binance Lending

Binance lending is the feature of Binance exchange where users can hold there crypto assets like BTC, BNB, USDT, etc and earn interest

Whether you are a holder of cryptocurrencies or trader that want a break from crypto trading, the Binance lending feature allows you to get gains to form your holdings, no matter how much the cryptocurrencies market moves.

Users can start using Binance Lending by going to the “Earn” section from the above tab of the Binance exchange and then clicking on “Lending”. Every cryptocurrency interest and term differs from other

For more details visit


Binance Staking

Binance exchange also offers Binance staking

  • What is Staking?

Staking is a process where users can hold cryptocurrencies in their particular wallet, and as a result of holding funds in wallets you are rewarded for holding these coins

For e.g, if you hold ontology in your wallet on Binance exchange, then after every month you are paid with ONG coin

Every cryptocurrency staking reward and staking period is different from another

  • Which coin Binance exchange support for staking?

Currently, Binance exchange offer to stake in the following coins

  • NEO (NEO/GAS) Hold NEO and you will get the GAS coin
  • Komodo (KMD)
  • Algorand (ALGO)
  • Qtum (QTUM)
  • Stratis (STRAT)
  • Ontology (ONT/ONG) Hold ONT and you will get ONG coin
  • Vechain (VET/VTHO) Hold VET and you will get VTHO coin
  • Stellar (XLM)


  • How to Participate in Binance Staking?

Simply deposit any of the coins that Binance staking support, hold it on Binance exchange and start earning staking rewards

  • Does Binance charge any fees for staking?

Binance exchange does not charge any fees for staking

  • Can I trade the staking coins?

Yes you can trade the staking coins but when you trade your staking coin for another you staking balance will change and so will you staking reward for that day

Binance Supported Cryptocurrencies

  • What Cryptocurrencies does Binance Support

There are so many cryptocurrencies that Binance exchange support, mentioning every one of them is not possible because it’s a huge list. Major supported crypto coins by Binance exchange are Bitcoin, Ethereum, Cardano, Ripple, Litecoin, Ethereum Classic, Ontology, Vechain, Binance coin, Dodge, Tron, Stellar Lumens, Neo, Tezos, Basic attention tokens and many more

All the cryptocurrencies on Binance have trading pairs against, BTC, ETH, BNB, and USD@

You can see the complete list of Binance trading pairs by visiting Binance markets


By going to Binance markets, On the search option write the name or symbol of your coin, for example, write ontology or ONT and then see what trading pair of ONT you are interested to trade

Whether you want to trade ONT against BTC/ONT, ETH/ONT, BNB/ONT, USDT/ONT or PAX/ONT

Simply write the name of your coin and select its trading pair you want to trade

Binance exchange has everything for you

Binance Security

Security is a top priority at Binance

Binance exchange has invested unlimited hours and big resources to ensure that the Binance exchange platform is protected from bad actors by integrating big data analytics and AI technologies to prevent Hack attacks.

Binance exchange has worked with various cybersecurity and compliance companies in the blockchain space to prevent data breaches.

With an organizational level commitment to preventing unauthorized activity and increased security Binance exchange can create a more secure environment for cryptocurrency investors.

Only because of such top-level security and the large volume of trading, Binance has become most favorite of exchanges for the crypto community

  • How to increase the security of your Binance account

Following tips are very important to protect your binance or any other cryptocurrency exchange account

  • Always use 2-factor authentication, it’s a must for your account security, most preferable is google 2-factor authenticator
  • Always use a very strong password and try to keep changing your password over time
  • If using API always use necessary steps to secure your account
  • Install antivirus from a popular source and keep your antivirus updated
  • Always make sure that your internet connection is safe
  • Always use a secure password manager
  • Always use unique emails for each of your accounts on crypto exchanges
  • Try to identify phishing attempts and avoid them
  • Always check the list of devices that are authorized to access your exchange accounts

Read in detail in-depth about the security measures of your Binance account


Binance SAFU funds

SAFU the term most used by the Binance founder and CEO Changpeng Zhao, Binance SAFU are the Secure Asset Fund for Users (SAFU) introduced by Binance in 2018.

The SAFU is a reserve fund that if Binance experiences a hack then SAFU funds will be used to compensate Binance users.

The SAFU fund is financed with 10% of all trading fees generated by Binance.

Binance platform was hacked in May 2019. The hackers were able to withdraw 7,000 Bitcoin, which market value at that point was over $ 40 million.

The good news was that the platform used the SAFU funds to compensate its users, and as a result, Binance customers didn’t lose a single penny because of the theft.

The customers by this gesture of Binance exchange started to trust the crypto exchange more and its business grew more even after a big hack

Binance Customer Support

Binance exchange offers some very fast and reliable customer support, it’s one of the main features because of which the exchange is loved and trusted

The support team is very committed to solving customer quires as fast as they can

Visit Binance support here


on Binance exchange support you can submit a request of your problem, read FAQ’s, Beginners Guide, API Documentations or join there community

Binance Exchange App

  • Does Binance have an app?

The answer is yes. Binance offers an app for trading

With Binance crypto app you can

  • Trade cryptocurrencies easily on your mobile
  • Strat crypto lending and crypto staking using Binance crypto app
  • Do margin trading from your mobile
  • Start leverage trading from Binance app and much more

Binance USD

binance usd BUSD

  • What is Binance USD?

Binance USD is Binance backed stable coin that is 1:1 backed by the US dollar. Binance USD is issued with the partnership of Paxos and is approved by the New York State Department of Financial Services (NYDFS)

  • How do I get Binance USD?

You can get BUSD by Purchasing Binance USD with fiat currencies on Binance exchange

You can convert stable coins PAX, USDT, USDC, TUSD to BUSD

You can trade Binance USD, a variety of trading pairs are available on Binance exchange against BUSD

For more detail go to


Binance P2P Trading Service

  • What is Binance peer to peer trading?

Just like local bitcoin, Binance has launched its P2P trading service by which consumer can directly purchase BTC, ETH, BNB, and USDT from the consumer (C2C) or business to consumer (B2C) on Binance peer to peer trading platform

Binance peer to peer currently has Vietnamese Dong (VND) Russian Ruble (RUB) & Chinese Yuan (CNY) for buying and selling Binance coin (BNB), Tether (USDT), Bitcoin (BTC) and Ethereum (ETH)

This service is currently available on Binance app and many more fiat currencies are expected to come in future

For more details visit


Binance Reddit

Binance Reddit has 59 thousand binancians till today and was formed on Jul 1. 2017

Binance Reddit can help you solve many quires


Binance twitter

Binance twitter has a following of 1.1 million and growing every day


CZ Binance twitter

The founder and the CEO of Binance exchange Changpeng Zhao has a following of four hundred and seventy-six thousand on CZ Binance twitter and growing every day

He is a man of his words and a strong leader, leading Binance exchange perfectly


Binance Exchange Projects

Binance US

Binance US was Binance’s response to U.S. regulations that prohibit citizens in the US from trading on Binance exchange

binance US

The main points are:

  • Binance US has compliance with rules and regulations of US
  • Users can use USD to buy cryptocurrencies directly on the exchange
  • Binance US has a trading pair of  BTC/USD, ETH/USD, XRP/USD, LINK/USD, BNB/USD, BCH/USD, USDT/USD and you can see more on https://www.binance.us/en/markets
  • User can link their bank accounts directly to the Binance exchange

Binance US was launched in September 2019 and supports about 20 cryptocurrencies but many more are expected to be added to the exchange in the future

Users can transfer USD from their bank accounts by their debit or credit cards to Binance Exchange account via wire transfer or ACH.

Binance US fees Schedule:

By default, the fees forever trade is 0.1% per trade but the if you hold Binance coin (BNB) in your account or you are a trader with trading with the large volume you will get discount on fees

25% discount is available to users who hold some Binance coin (BNB) and are willing to pay their trading fees in Binance coin

The complete schedule of Binance us trading fees are shown in the image below

binance US fees

For more details please visit


Users from the following states are prohibited to open Binance US accounts:

  • Louisiana
  • Florida
  • Georgia
  • Hawaii
  • New York
  • Texas Vermont
  • Washington
  • Alabama
  • Connecticut
  • Idaho
  • North Carolina

Sign up for Binance US

[maxbutton id=”2″ ]


Binance Jersey

Binance Jersey is for users who are not US citizens and want to buy cryptocurrencies against Euro and GBP

The main points are:

  • Buying and selling cryptocurrencies with USD and Euro
  • The crypto trading pairs on Binance Jersey are
  • BTC/EUR      BTC/GBP              ETH/EUR             ETH/GBP
  • BCH/EUR     BCH/GBP             BNB/EUR             BNB/GBP
  • LTC/EUR      LTC/GBP
  • Users can transfer GBP and EUR directly from their bank accounts to the Binance Jersey exchange through Faster Payment or SEPA, The list of countries with this payment feature can be seen on


Binance Jersey is available for trading in the following countries

list of binance jersey countries where binance jersey is offering its services

Binance Lite Australia

Binance Lite Australia is powered by Binance exchange and it offers a very simple and most secure way to buy bitcoin and Binance coin (BNB) with Australian Dollar or with internet banking at a newsagent near you.

You can Purchase BTC and Binance coin with internet banking with the Binance lite escrow feature.

Or you can place an online order and then complete your order by going to nearest Newsagent

For detailed FAQ’s on Binance lite visit


Binance Uganda

Binance Uganda is the safest place to buy bitcoin with Ugandan Shilling (UGX) is Binance Uganda

How to buy bitcoin with Binance Uganda

You can start buying BTC in three simple steps on Binance Uganda

  • Step 1 is to create your account on Binance Uganda
  • Step 2 is to link your Binance Uganda account with Mobile Money Account
  • Step 3 is to start buying and selling bitcoin

What cryptocurrencies does Binance Uganda support?

You can buy BTC, ETH, Binance coin BNB, BHFT, LTC, PCAT, BCH and PAX with Ugandan Shilling (UGX) on Binance Uganda

What is Binance Uganda Fees

Order fees to buy any crypto is 0.1%

Deposit fees from mobile money are 1.5%

Withdrawal fees from Mobile money are 250 UGX plus standard charges of the mobile money service provider

Detail image is given below explaining Binance Uganda fees

Binance Uganda fees

For more details visit:


Binance Dex

Binance DEX is a fast and reliable decentralized cryptocurrency exchange, like ethereum, binance dex is Binance chain and has its own blockchain

The main points are:

  • It is a decentralized exchange, it’s a blockchain.
  • Due to the popularity of Binance chain, many cryptocurrencies that are built on the ethereum chain are migrating to Binance chain
  • According to coinmarketcap Binace dex support trading of over 80 cryptocurrencies and has a trading volume of almost 100 BTC a day
  • Only limited orders are accepted. The Binance decentralized exchange does not continuously match orders
  • Users retain custody and control over their private keys and funds.
  • User cannot purchase cryptocurrencies on Binance dex with fiat currencies

Binance Dex fees are variable and keep on changing, the details of the Binance dex fees are shown in the image

binance dex fees

For more info check


Binance Academy

Binance academy offers fresh content to its users to learn about cryptocurrencies

The main categories of Binance academy are

Binance Charity

Binance Charity is a nonprofit organization that aim is to improve the living condition of the poor by a blockchain donation system. The aim of the organization is that in the revolution of blockchain system no one must be left behind and all poor’s should be helped by all means possible

Binance Info

Binance info is a cryptocurrency information platform that will provide you a deep analysis of cryptocurrencies by giving highly researched reports of these digital assets for users in the crypto world

The main categories of Binance info are

Binance Labs

Binance Labs is the venture arm of the Binance exchange that is formed to invest in and to give power to the cryptocurrency startups and communities.

The mission of Binance Labs is to help and support the cryptocurrency projects that will help grow the blockchain industry

Binance Launchpad

Binance Launchpad is a platform that lists new cryptocurrencies projects on Binance exchange by offering initial exchange offering (IEO) where users can participate in these IEO’s

Binance launchpad has been the most successful in launching some very authentic projects and also users earned sound profits by participation in initial exchange offering of these projects on Binance Launchpad

Many famous projects were launched on Binance launchpad and there initial exchange offering was completed and users earned handsome profits by IEO’s of these projects, some of them are

  • WazirX
  • Troy
  • Elrond
  • Harmony
  • Matic
  • Bittorent


  • How to use the Binance launchpad?

Binance offer IEO’s by a lottery and ticket claim system, Binance launchpad lottery system is explained below

binance launchpad lottery system

binance launchpad lottery system

binance lotery 3

Trust wallet

Trust wallet is the cryptocurrency wallet for android, apple, and IOS, it’s a multi-currency wallet that supports ERC20 and BEP2 (Binance chain) tokens

Trust wallet is owned and supported by Binance exchange, below is the list of trust wallet supported coins and blockchains, many more will be added with timetrust wallet supported coins and blockchains



Frequently Asked Question

Is Binance safe to keep your crypto?

There are many questions is Binance safe? Is it safe to keep coins on Binance? etc the answer to all of them is that funds on Binance exchange are the safest because of the security measures Binance take to protect its users, Binance partners with large online security providers firms and data analyzing companies to keep its customers safe, Binance exchange keep on educating its users to protect their accounts. Binance has also a reserved fund known as SAFU to compensate its users in case of any hack

What is Binance SAFU?

SAFU the term most used by the Binance founder and CEO Changpeng Zhao, Binance SAFU are the Secure Asset Fund for Users (SAFU) introduced by Binance in 2018.

The SAFU is a reserve fund that if the platform experiences a hack then SAFU funds will be used to compensate Binance users.   The SAFU fund is financed with 10% of all trading fees generated by Binance.

Is Binance Legal?

Being legal means that do Binance following regulation standards or not. Regulation is a broad topic and has two basic requirements that know your customer (KYC) & Anti-money laundering (AML)

KYC means the crypto exchange must know its customers. This is why Binance ask for your Identity card, address proof, and others,

AML means the cryptocurrency exchange should observe every transaction to make sure it is not related to fraud and money laundering, Binance exchange has a team of professionals and firms being outsourced to full these requirements

Binance has Binance US, Binance Singapore, Binance Jersey, Binance Uganda, Binance Australia. All of these exchanges are fully compliant with local regulations

Are US citizens able to trade on Binance exchange?

Yes definitely, Binance is not just an exchange it’s a world of cryptocurrencies. US users can trade on Binance US. Binance US has compliance with rules and regulations of US, Binance US Users can use USD to buy cryptocurrencies directly on the exchange, Binance US has a trading pair of USD to cryptocurrency that is BTC/USD, ETH/USD, XRP/USD, LINK/USD, BNB/USD, BCH/USD, USD/USDT

Where is Binance located?

Binance HQ is located in Ta’ Xbiex, Malta and offices in London, Singapore, Germany France, and 6 other locations worldwide

How to withdraw from Binance to Coinbase?

Withdraw from Binance to Coinbase can be done in a number of steps

Log in to Binance exchange and from the above tab from “wallet” option select “Spot wallet” option

Now select “withdraw” option from the left sidebar, a window will open

Now from the “coin” option select any coin you want to withdraw

Now enter Coinbase Recipient address of the coin you want to withdraw

Then enter the amount of coin you want to withdraw from Binance to Coinbase

Then Click on “submit”

Then enter the two-factor authentication code that you will receive when you will click submit

Then go to your email and verify your withdrawal request

Wait for network confirmations; normally it takes 15 minutes to and 1 hour for any deposit or withdrawal transaction to be completed

Was Binance ever hacked?

Yes, the Binance platform was hacked in May 2019. The hackers were able to withdraw 7,000 Bitcoin, which market value at that point was over $ 40 million. But Binance exchange was able to refund its customers by using its SAFU funds and by doing so Binance was able to build more trust of its users and increased its reputation among its customers

How to download the Binance app?

It’s very easy to download the Binance app

Steps 1 go to Binance exchange home page

Step 2 moves your cursor to the download icon (i.e a downward arrow) on the top right corner of the screen

By doing so you will see the three option

  • App store
  • Google Play
  • Andriod

If you are iPhone user click on the “App store” download and install the app from the apple store

If you are an android user you can go to “android” and download and install the app in your mobile from the android store


Binance exchange is the best crypto exchange at this time, it has excellent leadership, great management team, top security, and fast customer service, They are slowly but surely building every day and achieving some astonishing success in the blockchain industry in a very  short period


Signup to Binance.com and save upto 5% of Fees

[maxbutton id=”1″]

Signup to Binance.US

[maxbutton id=”2″]



Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

More from Author

Latest Stories