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Anyone here ever use the binance app?

  • 11-10-2021 11:06pm
    Registered Users Posts: 15,318 ✭✭✭✭

    Is it legit? Is it safe to use? I am new to cryptcurrency so very cautious.

    Live long and Prosper

    Peace and long life.


  • Registered Users Posts: 274 ✭✭Salvadoor

    Yes it's legit and safe to use

  • Moderators, Computer Games Moderators Posts: 22,947 Mod ✭✭✭✭Kiith

    Binance and Coinbase seem to be the two most popular exchanges.

  • Registered Users Posts: 2,553 ✭✭✭Irish_rat

    It's good but I had problems withdrawing, so I transferred to Coinbase to get it back to fiat.

  • Registered Users Posts: 73 ✭✭JayIre

    Their fees are better than Coinbase but as Irish says above, its a nightmare to take out funds and its not as user friendly as Coinbase.

    I'm actually thinking of going back to coinbase even thou I hate they fees.

  • Registered Users Posts: 729 ✭✭✭SupplyandDemandZone

    I've used Binance for ages now and never had an issue. Withdrawals yeah can be a pain sometimes but they always come. Coinbase is easier no doubt but those fees are unbelievably high.

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  • Registered Users Posts: 2,251 ✭✭✭massdebater

    Binance sucks, as they will often ban withdrawals of certain coins. Happened me twice in the past few months with 2 different coins - I had to convert to BTC just to be able to withdraw from the platform and I had to convert back again on Kraken.

    Binance is fine if you need to buy something and immediately withdraw as they usually have the biggest selection, but I definitely wouldn't hold anything on there. They also suck for tax reporting, only allowing you to print 3 months at a time, rather than year-to-date like other exchanges.

  • Registered Users Posts: 28 veil

  • Registered Users Posts: 3 FireHawk84

    Yes, it's very safe in terms of security, to the point of being a bit of a pain tbh. You have to sign into the app every time you enter it, it won't stay signed in. And then once you sign in with your email and password, it requires two factor authentication, either by sending a text message to your phone, or by using the Google Authenticator app (which is what I use). Then you also need to prove you're not a robot by completing a small puzzle (which is very easy and takes just one second, it's not like those annoying captcha tests).

    Other than that, it seems to be one of the best exchanges out there so I'd say there's no worries in terms of the website itself scamming you or anything. As like with any exchange though, you shouldn't leave large amounts of cryptocurrency on it, you should remove it to a wallet, just in case your account gets hacked (though that would be difficult because of all those security precautions taken that I just mentioned).

    I haven't tried buying cryptocurrency on there using my debit card though, or converting it back into fiat money again, I've only ever used it to exchange between different cryptocurrencies. So I don't know what that's like. I'm sure it'd be safe enough, but I don't know how user-friendly it is.