Frequently asked questions

Question 1

What is Binance and where is it based/located?

Accepted Answer

Binance is a centralized exchange (CEX) that offers a variety of trading types including Spot, Margin, Leverage, Futures, Perpetual, and Swap trading. It also supports bot and algorithmic trading. Binance has its own exchange token, known as BNB. Binance was founded by Changpeng Zhao (CZ) in 2017 and is headquartered in Cayman Islands.

Question 2

Is Binance safe & legit?

Accepted Answer

Binance has experienced several security incidents, including, a hack in 2019 where 7,000 BTC worth $40 million (at the heist) were stolen, and another one in 2022 where hackers managed to steal two million Binance Coin (BNB) worth $570 million (at the heist). Binance has faced legal attention resulting in four months of jail time for the founder Changpeng Zhao in a US prison for allowing criminals to launder money on the platform. However, the platform is considered one of the best and has good security measures in place including PIN, 2FA, and comprehensive security and reserve audits.

Question 3

How much are Binance fees?

Accepted Answer

Binance fee structure Taker Fee: 0.1% Maker Fee: 0.1% Discounts: Users can get a discount by holding and using BNB for trading fees, and through achieving higher trading volume tiers.

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