What is Binance and Are your Crypto holdings safe there? Is Binance Safe? – Cryptocurrency exchanges are considered a risk. What makes Binance different and will it keep your cryptocurrency safe?
Binance is one of the biggest crypto exchange platforms in terms of trade percentage. Its daily trade volume is over $30 billion and one of the platform key drives over the years has been attached to reliable security and extensive product portfolio. The exchange platform supports trading of over 300 altcoins and has more than 1,000 crypto trading pairs.
Founded by Chinese Canadian businessman changpeng zho, in 2017, the company is vases in ta’xbiex, malt, it offers various crypto-centric services.
Binance Trading Platforms
The three trading platforms Binance run are binance.com (the primary service for international clients), Binance users (exclusively for US users), Binance DEX. Binance.com and Binance US hold assets on behalf of clients and strictly follow the regulatory ordinances, Binance DEX is designed differently.
While Binance US-primarily tends to US citizens, binance.com and Binance DEX are closed to US citizens. DEX is a decentralized exchange platform that enables users to trade independently and directly with other traders. It has no anti-money laundering or KYC (know your customer).
However, the three Binance platforms coactively prohibit 28 nations from reaching the platform. The list of some of binance prohibited countries are:
- Zimbabwe
- Syria
- Venezuela
- Albanian
- Democratic people republic of Korea
- Iran
- Cuba
- Iraq
- Somalia
Binance Coin
Binance coin is a native cryptocurrency and is undermined to Binance blockchain system. BNB is popularly utilized by Binance clients to pay trading fees on its platforms due to its lessened rates which also help its uses cases.
Currently, Binance is accepted by over 40 million merchants worldwide. This substantial stretch has been amped by a Binance card which enables payments using bitcoin and BNB coin. To make payment online holders need to transfer their crypto assets to the card in order to make online payments.
The Binance Smart Chain
Launched in April 2020, the Binance smart chain (BSC) is an auxiliary blockchain system that runs parallel to the Binance chain and helps the decentralized applications ecosystem. This has gain substantial popularity among the decentralized finance (Defi) community due to discounted fees, scaling capacity.
Notable projects that relay on the BSC system
- Harvest finance
- Value defi
- Pancake swap.
Is Binance Safe
It is worth k owing that all cryptocurrency, like every other online platforms are sensitive and they can be hacked, it can be directly or indirectly.
Binance platforms have a high score in cybersecurity ratings. Binance has extensive security measures in place that is more than any other crypto world.
How To Secure Your Binance Account
To make sure that your funds on the binance platforms are safe:
- Create a strong password
- Use a two-factor authentication
- Limit Binance withdrawal address
Ending this process prevents arbitrary withdrawal through accounts that can be controlled by hackers.
