There are lots of newbies joining our industry almost daily. And these guys have lots of questions about various parts of the market. For example, we found out that many of our new crypto friends have questions about Binance.
Anyway, that’s not surprising. Binance is the world’s largest exchange by trade volume, and many of these users are signing up on the trading platform but need clarity. We’ve answered some questions in our previous Binance FAQ articles, so you can click here for the first part or check out this page for the second. Now, let’s answer more Binance-related questions.
Binance, is it Safe?
Yes, Binance is safe to use and prioritizes security. The trading platform allows user account protection through Two Factor Authentication (2FA). Binance experienced a significant hack on May 7, 2019, which led to the loss of 7000 Bitcoins from the exchange. However, Binance calmed its users, assuring them that its emergency insurance (SAFU) reserve would cover all damages.
Additionally, Binance offers several security features like device restrictions and address whitelisting, which make it very difficult for anyone other than you to access assets in your Binance account.
Additionally, Binance provides hardware 2-factor authentication, a real-time monitoring system to spot unusual activity, security alerts through email, and many other sophisticated security measures. In general, Binance is a very safe exchange.
When we consider Binance objectively and clearly, the benefits greatly exceed the seeming concerns. Binance stands out greatly when compared to other platforms. Combining the exchange’s cheap fees and the solid team is enough assurance.
is Binance legal in the US?
Binance was banned in the United States in 2019 due to regulator concerns. The exchange, however, partnered with a US version of its company called Binance US, which, according to Binance, is a separate exchange. The two businesses run independently of one another. However, Binance.US licenses a variety of things from Binance, including software, trademarks, and wallet technologies.
Furthermore, the trading choices offered by Binance.US and Binance Global are different. Yet, Binance.US is a great and realistic option for Americans. However, Vermont, Texas, Hawaii, and New York do not have access to Binance.US. We have an article detailing the differences between both exchanges.
Crypto investors in the US can pick from more than 80 cryptocurrencies available on Binance.US. Compared to several other exchanges, Binance.US has the lowest fees, which is its main selling point. Beginners can also use its simple buy/sell option, while more experienced traders can take advantage of its comprehensive “basic” and “advanced” trading platforms.
Is Binance to Paypal Possible?
Yes, you can transfer funds from Binance to PayPal. Binance is your best option when it comes to cross-channel transfers. You can transfer crypto from Binance to Paypal with the steps below;
- Sign in to your Binance account.
- Click on the Withdraw button.
- Select the Crypto tab.
- Select the correct network and choose the currency you’d like to withdraw.
- Copy and paste your PayPal crypto wallet address.
- Authenticate the transfer.
- Click Confirm, which finalizes the transfer.
An important distinction, you cannot transfer fiat from Paypal to Binance. You can ONLY use the crypto to crypto option from your Paypal wallet.
Does Binance with VPN Work?
Yes, most people use VPNs to access Binance from anywhere in the world, including countries like the US and China. But, Binance will ban your account if it detects you using a VPN. So, it’s best to weigh your options.
How Does Binance Without Verification Work?
Binance requires new users to verify their accounts by completing the KYC procedures. According to a previous Binance release, unverified accounts will be unable to trade. In addition, verification allows you to enjoy enhanced security on Binance and access all of its services. Check out this article on how to get verified on Binance. You can also read this to set up your first Binance account.
Identity verification or KYC is designed to protect users’ accounts against the misuse of financial accounts such as fraud, corruption, money laundering, and more.
See how KYC allows you to trade crypto on #Binance with more confidence and security.
— Binance (@binance) August 14, 2022
That’s it for our three-part series on questions about Binance. We hope you like it.
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