Is Binance really that bad

General Discussions Forum
1

I’ve been seeing a lot of talk about their high fees, some claims of scamming people into selling BTC, and issues with the law.
Edit: If the answer is yes, can anyone suggest trustworthy apps

2

I’ve not faced any issues with them and their support is top-notch for big exchanges

3

Just avoid using a centralized exchange for keeping your funds. Buy your coin and transfer it to your wallet

4

Austin said:
Just avoid using a centralized exchange for keeping your funds. Buy your coin and transfer it to your wallet

What about earning interest on it? Isn’t it better to use some BTC instead of just holding on to it

5

@Brynn
It’s your choice but remember this: if you don’t have it in your wallet, it’s not really yours.

Many, including myself, learned that the hard way when FTX went down.

6

Austin said:
@Brynn
It’s your choice but remember this: if you don’t have it in your wallet, it’s not really yours.

Many, including myself, learned that the hard way when FTX went down.

Good advice, I’ll keep that in mind. Is a hot wallet like MetaMask safe, or should I look into a cold wallet

7

@Brynn
Cold wallets are safer

8

I’ve been using Binance for some time now. I think they’re really good. Their software is reliable and their APIs are the best around

9

Best practice is to not trust anything. Don’t keep your crypto on exchanges. Self-custody is the way, use decentralized exchanges when you can

10

MintMingle3 said:
Best practice is to not trust anything. Don’t keep your crypto on exchanges. Self-custody is the way, use decentralized exchanges when you can

Are fees lower on decentralized exchanges

11

@Washington
It depends on the DEX and what you are buying, but usually yes if you compare it to Coinbase. I’m not sure about Binance since I can’t use it in my country

12

MintMingle3 said:
@Washington
It depends on the DEX and what you are buying, but usually yes if you compare it to Coinbase. I’m not sure about Binance since I can’t use it in my country

Which DEXs would you recommend? I dislike KYC

13

MintMingle3 said:
@Washington
It depends on the DEX and what you are buying, but usually yes if you compare it to Coinbase. I’m not sure about Binance since I can’t use it in my country

Are you in Canada

14

They’re fine but that whole trading against their customers part is concerning

15

Baileyfrank4 said:
They’re fine but that whole trading against their customers part is concerning

Really? What do you mean

16

MegWhitgal said:

Baileyfrank4 said:
They’re fine but that whole trading against their customers part is concerning

Really? What do you mean

They’ve been doing it since the start. Who can stop them? Then they got hit with huge fines. It really affects their cash flow. If you have traded there, it can feel rough

17

@Baileyfrank4
I traded there for two years before the ban in Canada

18

Hmm… I don’t view Binance as a bad choice. I’d say just stay away from things you don’t understand

19

BlackRock is trying to buy up as much Bitcoin as they can… I can’t see that being a good thing

20

I think they’re the best among the necessary evils.
I keep my main portfolio on cold storage and only about ten percent in CEXs for staking or trading purposes. I find their APIs easy to use. If I have to pick a CEX, Binance feels the safest