Is Binance safe and reliable? Our opinion
It’s a exchange easy to use that gives us all kinds of options to make deposits with money fiat and convert it into cryptocurrencies in a few minutes.
For years it has been a secure platform, but lately there have been a lot of news, inconveniences and usuario complaints that make us wonder:Is Binance still safe??
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In this article we will try to find the best answer based on the news about regulations and prohibitions that the platform has suffered in recent months.
In addition, we will give our most sincere opinion on the reliability and security that it offers today.
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What is Binance?
It is a centralized platform for the purchase/sale of cryptocurrencies, the largest of all.
HE founded in 2017 by Changpeng Zhao, known in the crypto-community as “CZ”.
It is not only an exchange of crypto assets between users, but also a cryptocurrency company that offers all kinds of possibilities, such is the case of Futures, Staking, among others.
But that’s not all, this platform has its own Blockchain, known as the Binance Smart Chain whose token is BNB and is one of the most important networks that exists.
Many users use this platform, but few know everything it has, such is the case of its impact fund, called Labs, used to promote projects based on Blockchain.
It also has a non-profit foundation known as Charity.
From this information, it cánido be deduced that it is a serious project with many resources behind it.
Is Binance as good as they say?
It is good for the ease it provides users when making trading of cryptoactives, in addition, it has a large number of tokens listed.
It is unlikely that we will buy a currency on this exchange scam, since it only has available coins that meet certain requirements, that is, does not list any crypto.
If a token is on your buy and sell list, it is because it has a great project or a great community behind it.
The platform has earned a good reputation over the years, many users trust it and have put large amounts of money into it.
exchange centralized.
See the following top as an example.
Now, lately Binance has gone through all kinds of controversial situations, such is the case of bans in some countriesfailures with withdrawals of funds and even problems with usuario identity verification, which has generated all kinds of negative opinions on the internet.
Regulations are another issue that has caused many users to unsubscribe from the platform, and that is that one of its attractions was the confidentiality it offered them.
Now, it seems that confidentiality is running out, since the regulatory institutions are taking great steps to achieve greater regulations on this and other exchanges of cryptocurrencies.
Is Binance safe and trustworthy?
Currently, a lot of fear has been created among users who use it as their exchange default to access the purchase and sale of crypto assets.
This is mainly due to a lot of regulatory news that the exchange suffered in the past year (2021).
Such is the case of the “prohibition” imposed by the FCA (Financial Conduct Authority) of the United Kingdom.
The FCA stated that the cryptocurrency company did not have permission to carry out regulated activities in the UK, but that did not affect the services of the cryptocurrency company.
exchangebut rather from a Binance Group business product, called Binance Market Limited.
The FCA ordered the closure of subsidiaries of this new business in the United Kingdom, and although this did not genere any inconvenience among British users who use the platform -since they have always been able to access all their options-, it did generate a lot of speculation, especially by the media.
Due to this “regulation”, a lot of panic was created in the community, in addition, many information media they created news to misinform, which generated a lot more FUD.
However, this was not the only situation that generated controversy for the exchangeSince there have been regulatory news in other countries that we should pay attention to, we summarize them below.
Regulations to be aware of
- Model 720 in Spain: the owners of cryptocurrencies deposited in wallets Internationals (all crypto exchanges) must report all the coins they hold.
This means that Spanish citizens who have cryptocurrencies in these international wallets must declare them.
Obviously, this news affects the platform created by “CZ” and other afín ones.
The good thing about this for now is that users who have 50,000 euros or more in crypto assets should do it.
- Suspension of derivatives in Europe: in some European countries the platform stopped offering Futures, precisely in Italy, the Netherlands and Germany, due to pressure from European regulators.
Possibly these derivatives continue to be disabled in other parts of the European continent.
The company went through many more inconveniences, such is the case of the closing of SEPA withdrawals or the possible prohibition of its use in Ontario, Canada – in the end the exchange complied with the regulatory requirements and cánido continue to operate in this province.
All these news generated many doubts among users, therefore, many are looking for other alternatives and some are afraid of losing their funds, which has generated negative opinions about Binance.
Our opinion on Binance
When talking about reliability and trust, we perro say that it is one of the best options to acquire crypto assets.
The problem at present is the regulations that perro expose our confidentiality when buying cryptocurrencies, but this is something that will not only affect this platform, but also other afín ones.
Our opinion about Binance is that it is a reliable platform throughout its history, and its commissions are very low.
But we want to encourage all of our readers to use it to trade and acquire coins that they want to hold for the long term by sending them to their own decentralized wallet, hot or cold.
We do not believe that numerous regulations will appear overnight that perro ocasione the company to close and we lose our money.
It’s not a project either.
scam or scam that seeks to keep our cryptocurrencies, so, in conclusion: Is Binance reliable?.
However, since it is decentralized, we do not have the private keys of our crypto assets and it is not the most secure.
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Alternatives to Binance
For people who don’t want to use this exchange here we have prepared a list of afín alternatives that you cánido use.
coinbase
When thinking about Binance alternatives, the The first thing that comes to mind is Coinbase..
This is another cryptocurrency company with a long history that has earned the trust of millions of users around the world.
It also has low commissions and its security against piratas informáticos is very high, since the cryptocurrencies are stored in a secure way.
sin conexión so that they are not stolen vía the internet.
Kraken
Another alternative is Kraken, an exchange that has never suffered a hack, which undoubtedly provides a lot of peace of mind to its users.
It also has one of the best reputations for buying and selling cryptocurrency.
In addition, it is a platform that has a certain institutional profilesince it has collaborations from Fidor (a German bank).
kucoin
A crypto asset exchange that has started to gain the trust of many crypto-investors, it is an option that also offers the exchange of cryptocurrencies with little complexity.
It is also one of the exchanges with more importance today and is highly recommended for novice investors.
We remind all who visit us that no exchange centralized is free of possible regulations.
Therefore, we recommend learning about decentralized ones that, although they are a bit more complex to use, may become totally necessary in the future.
We say goodbye and wish good investments.
We hope you liked our article Is Binance safe and reliable? Our opinion
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