Is binance safe?How is Binance Regulated or Insured by Governments?

Is binance safe?How is Binance Regulated or Insured by Governments?

Binance is the number one platform for trading cryptocurrency today. The management at Binance has established themselves as the largest currency trading company globally while maintaining a fantastic reputation among those that use it.

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The accessibility, security, and integrity of Binance and its owners make it the choice for beginning and advanced crypto traders. With low fees, high trading volume, and excellent tools to ensure you are kept up to date, it’s honestly difficult to find a better place to trust your future.

How Is Biance Protecting Your Money?

The best way that Binance is protecting your money is by utilizing their secure asset fund for users or SAFU for short. A portion of all the fees Binance takes is placed into this fund in case of a financial loss to their users. Any money lost by their users due to Binance would be refunded by their SAFU put in place in 2018.

Additionally, Binance has several security features such as two-factor authentication, address whitelisting, and device restrictions. All of these features make it extremely difficult for anyone except yourself to access funds on your Binance account!

How is Binance Regulated or Insured by Governments?

The short answer is that Binance is under review by most governments at this time to see if it needs to be regulated. The SEC from the United States of America and the FCA from the United Kingdom have been the most verbal about their interaction with the largest crypto exchange on the market, Binance.

The FDIC insures United States dollars that are placed in Binance because it is stored at a legitimate bank, but once your money has been converted into cryptocurrency or token, it is no longer insured.

This rule holds true for every country that we’ve researched, so you should be safe most of the time storing your official currencies in Binance. Once it is into the cryptocurrency market, though, it is up to Binance’s policies to protect your investments.

Has Binance had Any Security Compromises?

Binance has had one major, known security compromised in April of 2019. Hackers stole around 40 million dollars in funds from Binance as well as security information for user accounts.

Binance, in this case, covered the stolen currency out of their pocket to ensure their users didn’t lose any funds. With that being said, within the last two years, Binance has not reported any additional compromises of their platform and found the people responsible for the hack in April 2019.

So for Binance has been relatively safe and secure when it comes to information. Additionally, they covered the losses to their users out of their own pockets, which speaks volumes about the integrity of their platform.

Is Binance Working With My Country Residents?

Binance is available in nearly every country around the world, with a few exceptions.

The United States initially buckled down on Binance and did not allow trading on the platform until they recently released a U.S. version of Binance (Binance US). This body of Binance is registered with the government but is under investigation for money laundering and tax evasion.

The FCA in the U.K. has, at this time, forced Binance to stop trading currency within the U.K. This is again due to potential investigations that are pending regarding money laundering and tax evasion.

Japan, Thailand, Malaysia, and Ontario Canada are also attempting to prevent trading on the popular platform until they can adequately regulate the trading of cryptocurrency on Binance.

Binance has come out and said they are attempting to make their system accessible to all people worldwide, but there are, of course, a few legal hurdles to overcome beforehand.

Binance Security Rules

Binance has so many security rules that it would need its article to include them all, but a few are immediately available to put your mind at ease.

Two-factor authentication is available, as well as device management to ensure that your money can only be accessed by someone with your computer and your phone. Additionally, Binance offers a decentralized wallet for your to store your currency in called Trust Wallet. This feature allows you to keep your funds safe under your complete control.

Not even Binance has the security keys to access your information once it is in TrustWallet!

Finally, there are withdrawal address managements that you can put into place with Binance. These restrictions will make it so that the only place your money can go is into your accounts. If someone wants to make a withdrawal, they would be forced to put it into another account that you’ve designated.

Binance Pros and Cons

With Binance, there are so many factors to consider, so we thought we’d give you a quick reference to review!

👍 Pros

•Fees as low as 0.1% regardless of volume

•Exceptional education materials

•Highly Secure

•Over 100 Currencies to choose from

•Mobile Friendly

•Credit and Debit Card Friendly

•Start with as low as USD 15 or EUR 15

👎 Cons

•Cryptocurrency not insured by governments

•Not available in all countries

•U.S. Exchange more limited than others

With cryptocurrency being as new as it is, it is easy to focus on the negatives and risks involved, but Binance makes it easy and low risk by allowing small deposits, vast security features, and excellent guides to get started.

Is Binance Good For Beginners?

Binance is extremely easy for people to pick up and start investing in cryptocurrency with! They have their academy and learning center so that even if you don’t know everything when you begin, you have all the reliable tools to learn.

Binance makes it as simple as setting up an account, connecting a form of payment, and buying the coins you wish to invest in. Binance provides access to hundreds of currencies, so you won’t have to worry about having to move your money around. Everything can be handled in one safe place within minutes of you deciding to invest.