Hello everyone! Today, I will share a detailed review of the Binance cryptocurrency exchange – one of the largest and most popular exchanges in the world today. If you are considering using Binance to buy, sell, trade cryptocurrencies or simply learn about this platform, this article will help you get an overview from my 6-year personal experience.

What is Binance?

Binance was founded in 2017 and quickly rose to become one of the largest crypto exchanges in the world.

With its versatile platform, Binance offers trading services for hundreds of cryptocurrencies, from popular coins like Bitcoin, Ethereum to new and potential projects.

This exchange does not stop at simple products but also provides many other services such as Binance Earn, Binance Futures, Binance Staking, etc. to help users make profits and diversify their investment sources.

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User Interface

On Mobile App

First of all, I have to say that the Binance app is very easy to use, especially for beginners. I appreciate that Binance has divided the interface into two modes: Binance Lite and Binance Pro. If you are a beginner, Binance Lite mode is extremely simple and easy to understand. With just a few taps, you can quickly buy and sell coins.

Once you are more familiar with the market, you can switch to Binance Pro mode which offers more in-depth tools, such as price analysis charts and advanced trading features.

Binance App Interface

On Web Browser

On the web version, the interface is intuitive and full of features. I like the way Binance arranges everything, it is easy to find and operate. In particular, switching between different financial products (such as Futures, Staking or P2P) is quite smooth and not confusing.

Binance Web Interface

Outstanding Features

1. Binance Futures

If you want to challenge yourself with derivatives and leverage trading, Binance Futures is a very strong choice. It is one of the leading derivatives products, allowing you to trade with high leverage (up to 125x), suitable for those with deep knowledge of the market.

2. Binance Earn

Binance Earn is a feature that helps you earn interest from depositing cryptocurrencies. I have used Flexible Savings - allowing withdrawals at any time and receiving daily interest, feeling quite convenient when not having to trade continuously but still having passive profits.

3. Binance Launchpad and Launchpool

If you want to invest in new and promising crypto projects, Launchpad and Launchpool are the opportunities you cannot miss. Binance constantly introduces new projects and allows users to participate in buying tokens early. A few times I was lucky enough to invest in projects through Launchpad and get a decent profit.

4. Security

Binance is very concerned about security. I have set up 2FA (two-factor authentication), which helps protect my account from any risk of being hacked. In addition, features such as KYC verification also ensure the legitimacy and safety of transactions.

Transaction Fees

Trading Fees on Binance

One thing that I think many of you are interested in is the transaction fee. Binance has quite competitive fees compared to many other exchanges. The default transaction fee is 0.1%, and if you use BNB to pay the fee, you will get a discount on the transaction fee. I encourage everyone to keep some BNB in ​​their wallet to save costs when trading frequently.

Customer Support

My experience with Binance customer support has been positive. When I had issues withdrawing funds, I contacted the support team via live chat and received a fairly quick response. However, due to the large number of Binance users, the response time can sometimes be a bit slow.

Strengths and Weaknesses

Strengths:

  • Product diversity: Binance is not only a trading place but also provides many services such as staking, lending, futures, launchpool.

  • User-friendly interface: Suitable for both newbies and professional traders.

  • High security: Binance has suffered a number of hacks but has always had reasonable compensation measures for users.

  • Low transaction fees: Especially when using BNB to pay.

Weaknesses:

  • Too many features: For beginners, the number of products and services can be confusing and difficult to use effectively.

  • KYC procedure is a bit complicated: If you are not familiar with identity verification, this process can take time.

Is Binance a Scam - Is It Legit?

In this section, we will learn together the surrounding information to evaluate whether Binance is a scam? How reputable it is through the hacks in the history of the exchange.

Information on Binance Exchange Hacks and How Binance Handled Them

While Binance is one of the largest and most secure cryptocurrency exchanges in the world, it has also faced a number of major hacks. However, what sets Binance apart is how quickly and transparently it has handled the issues, protecting the interests of its users. Here is a look at some of the most notable hacks and how Binance has survived them.

1. 2019 Hack: 7,000 BTC Lost

Case details:

On May 7, 2019, Binance was hacked and lost approximately 7,000 BTC (around $40 million at the time). Hackers used sophisticated methods such as phishing, viruses, and cyberattacks to gain access to Binance's hot wallets. Hot wallets are where small amounts of cryptocurrency are stored for the exchange's daily transactions, while the majority of other assets are protected in cold wallets (not connected to the Internet).

How Binance handles it:

  • Prompt and transparent announcement: Immediately after discovering the hack, Binance made a public announcement on all its communication channels and temporarily suspended all withdrawals to ensure no further losses.

  • SAFU Fund: Binance has quickly compensated all losses for users from the SAFU Fund (Secure Asset Fund for Users). This is a user protection fund established by Binance since 2018, deducting 10% of transaction fees into this fund to compensate in cases such as hacking.

  • Enhanced Security: Binance has been auditing and upgrading its security measures. It has enhanced its two-factor authentication (2FA) process and encourages users to enable it. Binance has also made improvements to transaction monitoring and abnormal behavior detection to prevent future attacks.

  • Supporting international investigations: Binance has partnered with multiple cybersecurity agencies around the world to track down and stop the hacker groups behind the attack.

Result:

After the hack, no funds were lost to users, and Binance quickly restored operations. This transparent and professional handling of the incident helped Binance maintain the trust of the community.

2. API and liquidity attack

Case details:

In 2018, Binance was also attacked by hackers who attempted to attack the API system. The hackers targeted traders' accounts that had API connections to automated trading tools and attempted to create invalid buy/sell orders to manipulate the market. However, this attack was detected and stopped in time.

How Binance handles it:

  • Trading Recovery: Binance immediately suspended withdrawals and trading while investigating the incident.

  • Refunds and User Protection: Affected users have been reimbursed for their lost funds, and Binance has also implemented stricter measures to protect users' API accounts following the incident.

Result:

There were no significant losses from the attack, and Binance quickly improved its API trading process, giving users more peace of mind when using automated tools.

3. BSC (Binance Smart Chain) Attack – October 2022

Case details:

In October 2022, Binance Smart Chain (BSC), Binance's blockchain platform, was hacked, resulting in a loss of about $100 million due to a bug in the smart contract. The hacker group took advantage of a vulnerability in the system to mine and move a large amount of BNB (Binance Chain's native token) out of the system.

How Binance handles it:

  • Blockchain freeze: Immediately after discovering the incident, Binance suspended Binance Smart Chain operations, locking transactions to prevent the hacker from moving the stolen funds.

  • Collaboration with partners: Binance has worked with relevant projects on Binance Smart Chain to verify and mitigate damage. They also coordinate with other platforms to track and prevent token transfers from hackers.

  • Hard fork (upgrade): Binance performed an emergency hard fork upgrade to patch the bug and protect the blockchain from similar attacks.

Result:

The majority of the hacked funds have been recovered and secured, with no user losses. Binance continues to demonstrate its proactive approach to protecting its blockchain system.

Conclude

After more than 6 years of experiencing Binance, I can say that this is one of the best and most trusted crypto exchanges. With a variety of products, features and high security, Binance is really an ideal choice for both new and veteran traders.

However, remember that investing in cryptocurrency is always risky. So take your time to learn and invest the amount you are willing to risk. If you are looking for a reputable and feature-rich trading platform, Binance is definitely worth checking out!

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Hopefully this article will help you have a clearer view of Binance and decide whether to use it or not. If you have any questions or comments, do not hesitate to share them in the comments section below!

Good luck in your crypto investment journey!