Is Binance a Safe Crypto Exchange?

Binance is a centralized crypto exchange that ranks on top of its competitors. Among all other crypto exchanges, Binance has the largest 24h trading volume. At the time of writing, it is around $10,502,092,236. 

Most importantly, to know if Binance is a safe crypto exchange, a Binance review is important to be done. In recent news, Binance has started blocking US users from accessing its platform. In fact, they are sending out emails to US-based users asking them to withdraw their funds within 90 days. Otherwise, their accounts will be locked. Other downsides of Binance is lack of privacy-preserving measures, lack of fiat currency trading pairs, and security breaches in the past. 

As part of the DYOR for the Binance review, the exchange established its Secure Asset Fund for Users (SAFU) to protect Binance users in the event of any misfortune cases like hacking. In addition, Binance users are advised to use two-factor authentication (2FA) and benefit from its “Withdrawal Address Management” that allows only withdrawals to trusted wallet addresses.

Traders can choose from a wide range of assets from its over 800 trading pairs. In terms of Binance fees, it is more affordable compared to other crypto exchanges. The charged Binance fees are very low, making it a preferred choice for crypto traders and enthusiasts. By all means, deposits and withdrawals can be done on Binance.com and Binance US.

Overall, this Binance review sums up that the Binance fees are cost-effective, the exchange has high liquidity and supports many cryptocurrencies, and offers SAFU insurance to its users. Hence, Binance seems to be a safe crypto exchange in terms of buying and trading crypto assets. 

Although, because of its centralized nature, Binance users should consider storing their crypto assets on non-custodial or cold wallets for better privacy and security.