Binance Reviews for April 2024

Binance has certainly established itself as a leading cryptocurrency exchange, offering a vast array of trading pairs. The quality of service is usually commendable, with seamless trading experiences. However, I have experienced occasional lag during peak trading times which can be quite problematic for high-frequency traders. The withdrawal speed of funds is generally swift, although delays have been reported during high traffic periods. Customer support is quite responsive, yet the resolution can be slow at times, especially when it pertains to more intricate issues related to account security. Trading tools available are advanced and suit both novice and professional traders. The fees and commissions are relatively low and competitive, and the tiered trading fee structure based on trading volume is advantageous for frequent traders. In terms of regulation, Binance operates with necessary licenses but has faced scrutiny in several countries, making it imperative for users to stay updated on regional regulations. Order execution is mostly impeccable, barring instances of extreme volatility. Transparency is maintained, but the analysis tools, although diverse, can be more user-friendly and integrated with more indicators. The stability of the platform is commendable but is not immune to occasional downtimes. The partnership program and the range of tradeable assets are extensive, enhancing the overall trading experience on Binance.

Binance, with its expansive asset offering, provides a comprehensive trading experience. The reliability of the platform is a key highlight, seldom witnessing unexpected downtimes. However, the quality of service could be enhanced, particularly during high-volume trading periods when the platform experiences lag, affecting trade execution. Withdrawal of funds is usually efficient and prompt. Customer support is approachable, and the feedback system is effective, though resolution times vary depending on the complexity of the issue. The available trading and analysis tools are sophisticated, catering well to professional traders, but could benefit from added customization options. The fee structure is transparent and competitive, providing advantages to high-volume traders. Regulation-wise, Binance’s ongoing conflicts with regulatory bodies in some regions warrant careful consideration and necessitate users to be abreast of the local regulatory environment. The order execution is efficient, with occasional hiccups during market surges. Binance maintains a level of transparency that is appreciable but could improve its disclosure regarding system upgrades and unexpected downtimes. The partnership program is lucrative, and the availability of a myriad of tradeable assets enriches the overall trading scope on the platform.

As a Forex trader delving into cryptocurrencies, I find Binance’s platform stability noteworthy. The trade execution is seamless, and the platform seldom crashes. However, I have observed delays during withdrawals which can be detrimental for day traders who rely on timely fund availability. The customer support is usually proficient, but the resolution times need to be quicker, particularly for urgent queries. The trading tools and analysis instruments available are extensive but can be overwhelming for newcomers. The commissions and fees are within competitive ranges, and the transparency in fee structure is commendable. However, potential improvements in regulatory adherence and more public disclosures regarding their regulatory stance would be beneficial for user trust. I’ve found the variety of tradeable assets and the partnership program to be extensive, offering multiple avenues for trading and earning. However, constant vigilance on regulatory updates is essential due to Binance’s varied stance in different regions. Binance, as one of the largest crypto exchanges, provides a plethora of trading options and pairs. The platform is mostly stable, with occasional glitches, usually rectified promptly. The quality of service is generally superior, but enhancements in platform responsiveness during peak trading hours are necessary. The speed of funds withdrawal is admirable, with rare delays. Customer support is reachable and responsive, but more immediate resolutions are desired, especially for critical issues pertaining to account access. The suite of trading tools and analysis options is exhaustive and suits professional traders, but a more simplified version for beginners would be a welcomed addition. Commissions and fees are reasonably low, and the transparent tiered structure based on trading volumes is advantageous. While Binance is operational in multiple regions, its varying regulatory compliance necessitates users to be informed about their local regulations. The partnership program is lucrative, offering various earning possibilities. However, continuous scrutiny of local regulations is paramount due to the ongoing dialogues between Binance and regulatory bodies in several regions.

My experience with Binance has been a mix of highs and lows. The platform is generally reliable with a plethora of trading assets, but improvements in platform stability during high traffic are essential to avoid trade execution delays. Withdrawals are typically prompt, but enhancements in speed during peak times are necessary to avoid inconvenience. Customer service is accessible, but I have experienced delays in receiving responses to urgent queries, an area needing immediate improvement. The array of trading tools and analysis equipment is impressive but could benefit from more user-friendly interfaces for novice traders. The fees are competitive, and the transparency in fee disclosures is notable, yet clearer explanations of fee breakdowns for varied trades would be beneficial. Regulatory adherence is a mixed bag, with Binance facing challenges in several countries, necessitating users to be well-informed about their regional regulations. The extensive partnership program and the wide range of tradeable assets add value to the overall trading experience on Binance.

Trading on Binance has been generally positive with its wide range of tradeable assets and a comprehensive partnership program. The platform’s stability is reliable, but I’ve faced occasional downtimes which were quickly resolved. Withdrawals are generally expedient, and customer service is responsive. However, I’ve experienced varying resolution times for different issues, necessitating more uniformity in response times. The assortment of trading and analysis tools is extensive but can be overwhelming for less experienced traders. The fees are reasonably low, and the transparency in the fee structure is praiseworthy. However, clearer insights into regulatory compliance and more upfront disclosures regarding any regulatory challenges faced in different regions would bolster user confidence.

Binance stands out with its vast array of tradeable assets and a profitable partnership program. The stability of the platform is noteworthy, with rare unexpected glitches. However, I’ve noticed lags in trade execution during peak trading hours, an area requiring improvement. Withdrawal speeds are generally commendable, but I’ve faced occasional delays. Customer service is available and usually responsive, but improvements in resolution times for critical issues are needed. The availability of diverse trading tools and analytical instruments is a significant advantage, catering well to professional traders. The competitive fees and the transparent fee structure are beneficial for users. Nonetheless, more clarity on regulatory adherence and more frequent updates on regulatory developments would enhance user trust and confidence. Binance offers a reliable trading platform with a wide range of assets. The stability is generally commendable, but improvements in responsiveness during high trading volumes are essential. Withdrawals are usually swift, but I’ve experienced occasional delays during high traffic. Customer support is responsive, but more prompt resolutions for urgent issues are necessary. The plethora of trading tools and analytical options available is impressive, catering well to experienced traders. The fee structure is competitive, and the transparency in fees is appreciable. However, more explicit disclosures on regulatory compliance and adherence in different regions would bolster user confidence and trust in the platform. The extensive partnership program and the diverse range of tradeable assets enhance the overall trading experience on Binance.

My experience with Binance has been largely positive, with the platform offering a stable trading environment and a plethora of tradeable assets. However, the platform does experience occasional lags during high trading volumes, impacting trade execution. Withdrawals are generally efficient, but improvements in speed during high traffic are needed. Customer service is approachable and responsive, but quicker resolutions for critical issues are essential. The variety of trading tools and analytical instruments available is extensive, suiting professional traders well. The fees are competitive, and the transparency in the fee structure is commendable. Nonetheless, clearer insights into regulatory adherence and more frequent updates on any regulatory challenges faced would enhance user trust and confidence in the platform. Binance offers a comprehensive trading experience with its extensive range of tradeable assets and a lucrative partnership program. The platform’s stability is generally reliable, with rare downtimes. However, enhancements in platform responsiveness during peak trading hours are necessary. Withdrawal speeds are commendable, but I’ve experienced occasional delays during high traffic. Customer service is accessible and usually responsive, but quicker resolutions for critical issues are needed. The availability of diverse trading tools and analytical instruments is a significant advantage, particularly for professional traders. The competitive fees and the transparent fee structure are beneficial for users. However, more clarity on regulatory adherence and more frequent updates on regulatory developments in different regions would enhance user trust and confidence in the platform.

Binance’s BNB Chain introduces layer-2 testnet powered by Optimism. The Binance-founded blockchain has introduced a new layer-2 chain opBNB, though some suggest there are other ways to scale the network. Binance-founded layer-1 blockchain BNB Chain has introduced a new layer-2 chain that it hopes will address its “scalability challenge.” On June 19, BNB Chain unveiled opBNB, which has launched as a testnet. The new layer-2 scaling solution is based on the Optimism OP Stack, which it says will add additional security and scalability to the Binance blockchain network. The system is an Ethereum Virtual Machine (EVM) compatible layer-2 chain, which means it works with Ethereum-based smart contracts, networks and ERC-20 token standards. Blockchains are often plagued by network congestion and high fees during times of increased network demand. BNB Chain currently claims around 2,000 transactions per second with transaction costs of around $0.10. According to the announcement, opBNB can support over 4,000 transfer transactions per second at an average transaction cost lower than $0.005.

Binance closes BTC withdrawals amid congestion on the Bitcoin network. The Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed on May 7. BTC withdrawals on May 7 due to an alleged overflow of transactions on the Bitcoin network. The Bitcoin mempool was clogged with over 400,000 transactions waiting to be processed at the time of writing. The mempool is known as the “waiting area” for incoming transactions before they are verified independently by each node on the network. Binance tweeted that BTC withdrawals had resumed after nearly an hour of halting. Outflows on the crypto exchange peaked on May 7, rising to $187 million, according to data from CryptoQuant. Behind the congestion is believed to be a surge in BRC-20 transactions in the last few days due to memecoins like Pepe (PEPE). The memecoin trading hype drove Bitcoin transaction fees to their highest point in two years. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping nearly 400% from late April, Cointelegraph reported.

Binance Australia Derivatives license canceled by securities regulator. In February, Binance Australia Derivatives abruptly closed certain derivatives positions and accounts, citing investor classification compliance. The Australian Securities and Investments Commission (ASIC) has canceled the license of Binance Australia Derivatives after a targeted review of Binance’s operations in the country. “ASIC has today canceled the Australian financial services license held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives,” the securities regulator stated in the official announcement on April 6. Following the license cancellation, Binance Australia Derivatives clients will not be able to increase derivatives positions or open new positions with the platform from April 14. The company will also require users to close any existing derivatives positions before April 21, as Binance is expected to close any remaining open positions on that day.

Binance CEO: Crypto industry will probably move to non-dollar stablecoins. Changpeng Zhao, also known as “CZ,” says that the industry may start to use stablecoins pegged to the euro, yen, or Singapore dollar, following recent actions against the U.S. dollar-pegged stablecoin BUSD. The crypto industry will “probably” start using euro, yen, or Singapore dollar-based stablecoins in the future, reducing its reliance on United States dollar-based stablecoins, according to Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in a Feb. 14 Twitter Spaces event in answer to a question about the crypto industry using gold as a standard of value instead of the U.S. dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why U.S. dollar-backed stablecoins are “still important.”

Mastercard, Binance to launch their second prepaid crypto card in Latin America. Crypto adoption and usage in Brazil are higher than the global average. Credit card giant MasterCard has teamed up with the world’s largest crypto exchange Binance to launch another prepaid crypto card in Latin America. On Jan. 30, Binance announced the launch of the Binance Card in Brazil. The new card is issued by Dock, a payment institution regulated by the Brazilian Central Bank. It will allow new and existing Binance users in the country with valid national IDs to make purchases and pay bills with crypto assets. The card is in a beta testing phase and will be “widely available in the coming weeks,” according to Binance. Brazil is the second country Binance has launched the product following Argentina in August 2022. According to the announcement, Brazil is among the top ten markets for Binance globally.

Binance's efforts to improve transparency of its reserves also exposed red flags in the crypto exchange's finances, according to accounting and financial specialists consulted by The Wall Street Journal. As noted by a former Financial Accounting Standards Board (FASB) member and investment manager, the report released by the audit firm Mazars give not bring investors confidence about the exchange's finances, as it lacks information related to the quality of internal controls and how Binance's systems liquidate assets to cover margin loans. Another red flag raised by the newspaper's sources regards the lack of information about Binance's corporate structure. According to the report, Binance’s chief strategy officer, Patrick Hillmann, was unable name Binance’s parent company, as Binance has been going through a corporate reorganization for almost two years. Differences between the total Bitcoin liabilities were also highlighted. The exchange's proof of reserves shows that Binance was 97% collateralized, excluding assets lended to users through loans or margin accounts, indicating that the 1:1 ratio of reserves to customer assets was not achieved.

Binance CEO shares ‘two big lessons’ after FTX’s liquidity crunch. CZ took to Twitter on Nov. 8 sharing “two big lessons” that crypto companies should learn amid the downfall of crypto exchange FTX. Binance CEO Changpeng “CZ” Zhao has shared his take on “two big lessons” to be learned from the FTX saga, saying cryptocurrency firms shouldn’t use their own tokens as collateral and should also keep “large reserves.” In a Nov. 8 tweet, Zhao laid out two learnings after the significant “liquidity crunch” at FTX, which has ultimately resulted in a non-binding letter of intent from Binance to acquire the struggling exchange. Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don't use capital "efficiently". Have a large reserve. Binance has never used BNB for collateral, and we have never taken on debt. FTX’s liquidity issues appeared to have come after a Nov. 6 tweet from Zhao saying Binance would be liquidating its holdings of FTX Token FTT tickers down $4.00 following “recent revelations” related to reported ties between FTX and the trading firm Alameda Research showing the firm had significant FTT holdings.

Binance Proof-of-Reserve pledge gains support following FTX crisis. The call for a more detailed disclosure of liquidity through the use of Proof-of-Reserves has been backed by many high-profile industry figures. Following the liquidity crisis and acquisition of cryptocurrency exchange FTX, Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings. In a Nov. 8 Twitter post, Zhao pledged to implement a Proof-of-Reserve mechanism at Binance to provide “full transparency” through the use of Merkle Trees - a data structure used to encode blockchain data more efficiently and securely.

The only minus I noticed is that this crypto exchange has some limits on direct crypto transactions. But I’m not a full-time crypto trader that’s why this isn’t a determining feature for me. I like the spreads on forex pairs, I’m used to these trading instruments and I find margin requirements of the platform quite good for forex trading.

Binance recovers the majority of funds stolen from Curve Finance. Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds. Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners. The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved. According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.

Binance US will delist AMP following SEC claim token is a security. The exchange said all AMP trading will be halted on Aug. 15, adding that it “may resume at some point in the future." United States-based crypto exchange Binance.US said it will be delisting the AMP token “out of an abundance of caution” of possible enforcement by federal regulators. In a Monday blog post, Binance.US said it will be closing deposits of Amp (AMP) and removing the AMP/USD trading pair on Aug. 15 following the token's mention in a legal action from the U.S. Securities and Exchange Commission, or SEC. The federal regulator filed a complaint against a former Coinbase product manager and two individuals in July that claimed that AMP and eight other cryptocurrencies were “crypto asset securities” that fell under the SEC’s purview.

Satisfied in general, it's a good platform.

Binance Futures delists coin-margined LUNA perpetual contracts. Binance suspended withdrawals for LUNA and UST amid the UST stablecoin losing its peg to the U.S. dollar on Tuesday. Amid collapsing Terra network’s cryptocurrencies Luna (LUNA) and TerraUSD (UST), crypto exchange Binance continues deactivating related trading services. Binance’s derivatives arm Binance Futures has delisted coin-margined LUNA perpetual contracts, the firm officially announced on May 12. “Users are advised to close any open positions prior to the delisting time to avoid automatic settlement,” the statement by the platform reads. Binance Futures has also started conducting automatic settlements on the contracts, reducing the leverage tiers and updating margin tiers for coin-margined LUNA perpetual contracts. As such, the 8x leverage tier is now the max leverage tier available on Binance for LUNA perpetual contracts, replacing the earlier maximum available leverage of 21-25x. 11-20x leverage is reduced to 7x, while 6-10x leverage is replaced with a 6x leverage tier, according to the updated data. According to the announcement, existing positions opened before the update will not be affected. “Binance reserves the right to further change the max leverage and margin tiers for USDT-margined LUNA perpetual contracts without further notice,” the firm added. The latest trading updates on Binance Futures come soon after Binance suspended withdrawals for LUNA and UST on May 10 amid a massive selloff of tokens on the Terra network, with the UST stablecoin losing its peg to the United States dollar and crashing to $0.67.