Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Even though the exchange was only launched in 2017, Binance is now considered as the biggest cryptocurrency exchange in the world in terms of trading volume. In January 2019, Binance announced that it had partnered with a payment processor company Simplex to enable cryptocurrency purchases with debit and credit cards, including Visa and Mastercard. The purchases are subject to Simplex’s local bank policies and are limited to Bitcoin, Ethereum, Litecoin and Ripple’sXRP.Binance is popular amongnovice and serious traders as it offers different trading screens. For pro traders, it provides advanced trading techniques like margin trading, whereas the inexperienced traders can quickly exchange any cryptocurrency for BTC or ETH to hundreds of popular tokens and coins. We covered the BitSeven platform and did an ultimate trading guide which you can find here.
Yes. Binance is considered a safe place to exchange cryptocurrencies. It protects the account of its users using 2FA (Two Factor Authentication) so that it is very difficult for the hackers/fraudsters to steal information and surpass security. In addition to that, users can also set a unique anti-phishing code to differentiate between the genuine and the fake emails which are sent by phishing websites. On May 8th 2019 Binance announced a major hack of 7000BTC. Binance users were advised to reset their 2FA. Auto traders were advised to change API keys for security precautions.
Binance provides a wallet service to deposit your coins, however, they will not provide you with the private key, but only with your public address key. Recently, Binance exchange has acquired the popular Trust Wallet which can be used to store ERC20 tokens.
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