Binance is widely recognized as the world’s largest cryptocurrency exchange, serving over 200 million users globally. With its extensive range of trading products, low fees, and strong liquidity, it has become a go-to platform for both beginners and experienced traders. But is Binance safe? Does it hold proper regulation? And what are its real advantages and drawbacks?
This comprehensive Binance review dives into the exchange’s core features, security measures, trading offerings, fee structure, deposit and withdrawal methods, and overall legitimacy—helping you make an informed decision before investing.
What Is Binance?
Binance was founded in 2017 by Changpeng Zhao (CZ), a tech entrepreneur with a background in blockchain infrastructure. Within just 180 days of launch, Binance became one of the fastest-growing crypto exchanges in history. Today, it operates globally with regional subsidiaries in regulated markets such as the U.S., Japan, France, and Dubai.
The platform supports more than 600 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), USDT, and its native token BNB. It offers a full suite of services: spot trading, futures contracts, options, staking, lending, NFT marketplace, and copy trading—making it one of the most feature-rich exchanges available.
👉 Discover how easy it is to start trading on a trusted global platform.
Is Binance Safe and Legitimate?
One of the most common concerns among new investors is whether Binance is a scam. The short answer: No, Binance is not a scam. However, like any major financial platform, it comes with risks that users must understand.
Company Background and Global Reach
Binance serves users in over 180 countries and has been featured in major media outlets like CNBC, Forbes, and The Wall Street Journal. Its rapid rise coincided with increased global interest in cryptocurrencies after China’s 2017 crackdown on domestic exchanges. Binance capitalized on this shift by offering international access to high-liquidity markets.
While Binance Holdings Ltd. is registered in the British Virgin Islands, it has established legal entities in compliant jurisdictions:
- Binance.US – Regulated under U.S. MSB and state-level MTL licenses.
- Binance Japan – Operates through Sakura Exchange Bitcoin (SEBC), licensed by Japan’s Kanto Finance Bureau.
- Binance France & Italy – Registered with AMF (France) and OAM (Italy) as crypto asset service providers.
Although Binance isn’t regulated in every country—including Taiwan and Hong Kong—its global footprint and compliance efforts demonstrate a commitment to long-term sustainability.
Security Measures and User Protection
Security is a top priority for any exchange. Binance has faced hacking attempts in the past, most notably a 2019 incident where hackers stole 7,000 BTC. However, Binance responded swiftly by using its Secure Asset Fund for Users (SAFU) to fully reimburse affected users.
SAFU is funded by 10% of all trading fees and acts as an insurance pool to protect users against unexpected losses due to breaches or technical failures. This proactive approach sets Binance apart from smaller platforms that lack such safeguards.
Additionally:
- All user funds are stored primarily in cold wallets.
- Two-factor authentication (2FA) via Google Authenticator is strongly recommended.
- Email and SMS alerts help monitor account activity.
In early 2024, Bloomberg reported that Binance had recovered $4.4 billion in digital assets for users who made deposit errors—such as sending funds to incorrect addresses—further reinforcing its reputation for customer support.
🔐 Always use 2FA and avoid clicking on links from social media messages. Phishing scams often mimic official sites.
Can You Withdraw Funds Easily?
There have been rumors about withdrawal restrictions on Binance. In reality, millions of users withdraw funds daily without issues. Delays may occur during periods of high network congestion or if KYC verification is incomplete.
As long as your identity is verified and you follow security protocols, withdrawing crypto or converting it back to fiat via peer-to-peer (P2P) channels is straightforward.
Trading Products, Leverage, and Fees
When choosing an exchange, three key factors matter: product variety, liquidity, and cost.
Diverse Trading Options
Binance supports:
- Spot trading – Buy/sell over 600 coins with tight spreads.
- Futures contracts – Up to 125x leverage on both USDT-margined (U-Margin) and coin-margined (Coin-Margin) contracts.
- Options and leveraged tokens – For advanced hedging strategies.
- Staking & lending – Earn passive income on idle assets.
- NFT marketplace – Trade digital collectibles.
- Copy Trading – Mirror trades from experienced traders automatically.
Compared to local exchanges like MAX in Taiwan, Binance offers significantly more flexibility—especially for derivatives traders.
Market Depth and Liquidity
Liquidity determines how quickly you can enter or exit a trade at desired prices. Poor liquidity leads to wider bid-ask spreads, increasing your effective trading cost.
Due to its massive daily trading volume—over $76 billion across spot and derivatives markets—Binance consistently ranks #1 in market depth. This means:
- Faster order execution
- Minimal slippage
- Lower hidden costs
For example, buying 1 BTC on Binance might cost only $1 more than the mid-market price, while a smaller exchange could charge $50 extra due to poor liquidity.
Competitive Fee Structure
Binance uses a tiered fee model based on trading volume and BNB holdings:
| Trade Type | Maker Fee | Taker Fee | With BNB Discount |
|---|---|---|---|
| Spot Trading | 0.02%–0.1% | 0.04%–0.1% | Up to 25% off |
| Futures (U-Margin) | 0.00%–0.02% | 0.017%–0.04% | Up to 10% off |
Holding BNB also unlocks additional benefits like lottery entries, launchpad access, and fee rebates.
👉 See how low fees can boost your long-term returns.
How to Register and Deposit Taiwanese Dollars (TWD)
Getting started with Binance takes less than 10 minutes.
Step 1: Create an Account
Visit the official website and sign up using your email or phone number. Complete KYC verification by uploading government-issued ID—required for deposits and withdrawals.
Step 2: Enable Two-Factor Authentication
Go to Security Settings and link Google Authenticator. This adds a critical layer of protection against unauthorized access.
Step 3: Deposit TWD
You can fund your account in several ways:
- Credit Card – Instant purchase of BTC, USDT, ETH using Visa/Mastercard (3.5% fee).
- P2P Trading – Buy USDT directly from local sellers using LINE Pay, bank transfer, or街口支付. No fees; ideal for large amounts.
- Crypto Transfer – Send USDT or BTC from another exchange (e.g., MAX) to Binance.
Withdrawals work in reverse—convert crypto to TWD via P2P or transfer back to a local exchange.
Binance Futures and Copy Trading
For traders seeking higher returns (and risks), Binance offers powerful tools.
Futures Trading Explained
Futures allow you to speculate on price movements using leverage. You can go long (buy) or short (sell) regardless of market direction.
Two types:
- USDT-Margined Contracts – Profits/losses settled in stablecoins.
- Coin-Margined Contracts – Margined and settled in crypto (e.g., BTCUSD).
With leverage up to 125x, even small price swings can lead to significant gains—or losses. Only experienced traders should engage in leveraged trading.
Copy Trading: Follow Expert Traders
Launched in 2023, Binance’s copy trading feature lets users mirror top performers’ strategies automatically.
How it works:
- Go to “Futures” > “Copy Trading.”
- Filter leaders by ROI, risk score, number of followers.
- Allocate funds and start copying.
Top traders earn up to 10% profit share + 10% fee rebate from followers—creating incentives for transparency and performance.
⚠️ Past performance doesn’t guarantee future results. Always assess risk before copying anyone.
Customer Support and Responsiveness
Binance provides multilingual support via:
- Live Chat – Accessible from the website or app (bottom-right corner).
- Email Support – Use [email protected] for urgent issues.
While there’s no phone support, response times are generally fast—often within minutes for live chat.
⚠️ Reminder: Binance staff will never contact you via WhatsApp, LINE, or Facebook groups. Any such message is a scam.
Pros and Cons of Using Binance
| ✅ Advantages | ❌ Disadvantages |
|---|---|
| Largest trading volume & deepest liquidity | Not fully regulated in all regions |
| Over 600 tradable assets | Customer service requires chat queue |
| Low trading fees with BNB discount | U.S. users must use Binance.US (limited features) |
| Advanced tools: futures, staking, NFTs | High leverage increases risk |
| Strong security with SAFU fund | Complex interface for absolute beginners |
Frequently Asked Questions (FAQ)
Is Binance legal in Taiwan?
Yes. While Binance does not hold a local license in Taiwan, residents can legally use the international platform for crypto trading. Always comply with local tax reporting requirements.
Can I buy crypto with TWD on Binance?
Yes. Use credit cards or P2P trading to purchase USDT, BTC, ETH, and other major coins with New Taiwan Dollars.
How safe is my money on Binance?
Very safe—if you follow best practices: enable 2FA, avoid sharing login details, and store large amounts in cold wallets. Binance’s SAFU fund adds an extra layer of protection.
Does Binance offer negative fees?
Yes! On certain futures pairs, makers can receive rebates (negative fees), meaning you get paid to provide liquidity.
What makes Binance better than other exchanges?
Its unmatched liquidity, wide product range, low fees, and continuous innovation make it stand out. For active traders and those exploring DeFi/NFTs, Binance offers the most comprehensive ecosystem.
Is copy trading profitable?
It can be—but success depends on the leader’s skill and market conditions. Diversify across multiple traders and monitor performance regularly.
👉 Start exploring advanced trading tools today—risk-free learning starts here.
Final Verdict: Should You Use Binance?
For most crypto investors—especially those looking for variety, speed, and low costs—Binance remains a top-tier choice. Its combination of scale, innovation, and security makes it a leader in the industry.
Newcomers benefit from educational resources and user-friendly interfaces; professionals gain access to deep markets and algorithmic tools.
Just remember:
- Never invest more than you can afford to lose.
- Keep your recovery phrases offline.
- Stick to official websites to avoid phishing traps.
Whether you're buying your first Bitcoin or managing a complex portfolio, Binance provides the infrastructure to grow—with responsibility resting firmly in your hands.
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