Cayman Islands-based Binance is currently responsible for about $10 billion in total crypto trades per day and its founder and CEO Changpeng “CZ” Zhao is one of the few known cryptocurrency billionaires. In 2019 a group of hackers was able to steal US$40 million worth of Bitcoin along with 2-factor user codes and API tokens from the Binance exchange. The hack was successful in targeting the Bitcoin that was being stored on the Binance hot wallet which accounted for around 2% of the total Bitcoin held by Binance. The other 98% remained protected in a cold storage wallet offline. The hack used phishing techniques and viruses to bypass the existing security on Binance. Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

  • Select the currency that you wish to withdraw from the dropdown menu.
  • Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
  • GET /sapi/v2/sub-account/futures/accountSummary to get summary of sub-account’s USDT margined futures account and COIN margined futures account.
  • That said, during peak periods there are delays experienced by many users in receiving support.
  • Please notice the default startTime and endTime to make sure that time interval is within 0-90 days.

The platform not only supports spot trading but also margin and futures trading. The exchange provides investors with one of the widest range of cryptos available in the market place today. Cryptos on offer range from the market’s largest by market cap to some smaller and less known coins and tokens.

Binance vs. Coinbase: Access

After all, who wants to pay more in fees when they don’t have to? Whatever proofs that are offered need to be able to answer both questions above squarely and clearly. If you’d like to see how Binance stacks up in this area as compared to other exchanges, please check out Nic Carter’s webpage as it’s the current gold standard in this matter.

Binance exchange

Once you click the pairing, you are redirected to the Binance trade page to complete the trade details and execute. It is worth noting, however, that not all of the cryptos are available on the Margin, OTC, P2P, and Futures platforms. These range from the “Basic” trading platform to the “Advanced” platform. Here there is a flat deposit fee of £1.95 in the case of GBP deposits. Users can view and include indicators by clicking the icon shown by the arrow below. Additionally, users can include technical drawings and adjust the timer intervals.

Get Pay Trade History (USER_DATA)

If the FAQ section can’t help you, there is an automated bot to help you find the answer to your question or resolve your problem. If that doesn’t work, you can submit a request to chat with a customer service representative. Although Binance doesn’t clearly say which countries are restricted, there have been reports from certain users that Binance has closed their accounts for living in certain countries such as Iran and Serbia. Binance does not explicitly mention which countries are supported by its exchange, however it is essentially available worldwide with a few exceptions.

They offer advanced trading features, allowing investors to place market orders, stake crypto, or perform many other types of transactions. However, specific transaction types, such as margin trading, aren’t available for U.S. users on Binance but are supported on Kraken. Binance offers various ways to earn passive income, with varying degrees of risk. You can earn 30% APR or more on certain cryptos in its staking program, or put assets into a flexible savings account for lower but more consistent rates. The platform has more staking options and pays higher rates than most other exchanges. As a result, about half of the assets I hold on Binance are staked.

Areas for Improvement at Binance

The company is working to change its reputation for acting first and seeking forgiveness later. But from a user perspective, if your country bans Binance, you might find yourself unable to access your funds. Binance used to be the only centralized platform I used, but I am no longer comfortable relying completely on a platform that could suspend deposits and withdrawals again. But ultimately, it gives retail investors access to risky products like margin trading.

Binance has a complex fee structure that varies based on what asset you’re trading, how you’re paying and how much you trade. Kraken and Binance offer many transaction types, and users unfamiliar with investing may benefit from learning about the kinds of transactions before attempting to complete them. In addition, to get the most from the platforms, it’s good to learn how to use the charts. And for Kraken users, the Cryptowatch terminal is an additional perk to track your currencies invested across multiple exchanges.

Leave a Reply

Your email address will not be published. Required fields are marked *