Is Binance Safe: A Quick Guide for Beginners

Binance is the most widely-used platform for trading cryptocurrency. So, it is not surprising that those who want to try such investments are highly interested in its reputation and reliability.

As you probably know, as of today, cryptocurrency use is not fully legalized and regulated in most countries. In addition, this trading market is relatively new, so many investors have doubts whether it is worth the risk.

However, one can say for sure that, if you decide to try cryptocurrency trading, Binance is a number-one choice. First of all, they offer a selection of more than 100 currencies. And that is complemented by extremely low fees of 0.1%, comfortable minimal deposit limits of $15 or €15, as well as convenient transfer methods. In terms of security, they provide two-factor authentication, withdrawal address restrictions, device linking, and even a decentralized wallet. One can hardly find a lot of other companies that pay so much attention to users’ security. Still, if you want to preserve your anonymity and are ready to bear all the related risks, you can bypass verification procedures.

However, there is a reason why so many traders ask: “Is Binance safe or not?”. There was an incident in 2019. Hackers got access to funds and personal information stored on the source. As a result, the company lost around 40 million dollars. They decided to return all the money stolen from their own pocket. So, in fact, traders escaped with slight shock but without losing a cent. From that point in time, there were no other security problems registered.

In sum, there are no objective reasons to doubt the security of this platform. However, if you want to reduce all the risks to zero, make use of all the safety measures and functions they offer.