Do You Use Binance Exchange?

Binance was launched in 2017 and within 6 months, the exchange platform became the number one crypto exchange company in the world. Binance has a presence in over 140 countries, none of the existing decentralized exchanges or centralized exchanges have a presence in so many countries. Sometime back Binance was in hot waters for evading financial laws in many countries including Britain and Singapore, where it was blocked from an operation. Even in the US, Binance has been under investigation for money laundering. Despite all this negative news surrounding Binance, we need to agree that Binance is the best crypto exchange platform. While you might feel more secure using Coinbase because it is a publicly-traded American company (a public limited company), Binance is owned by a single entity/person. However, Binance offers a lot of features that make it interesting, you can stake your crypto, you can earn an affiliate commission, you can do yield farming, you can do P2P trading, you can trade futures and options, etc. Binance has recently, established a regional office in El Salvador. Interestingly, El Salvador happens to be the first country where Bitcoin became legal tender, therefore, Binance entering El Salvador and hiring people for its regional office means Binance is trying to show its presence.

My Experience With Binance

Until 2020, I was only using Coinbase, however, I started using Binance in 2021. I started using crypto in 2016 and never considered using any other wallet and exchanges. Then at the beginning of 2021, I decided to join Binance. I started using Binance for a couple of reasons, one, Binance has more coins in its listing compared to coinbase, and two, Binance has earn program that we can use to earn passive income from our crypto assets (crypto staking, yield farming, flexible savings, etc.), three, Binance offers PTP trading. When I started using Binance I began investing in different coins (which were unavailable on coinbase back then, shib coins for example). I also started staking coins, currently, I am staking 5 different coins and earn $1 per day staking rewards. I also started doing P2P trading on Binance. I was mainly selling my coins. Since I am happy with Binance, I have never thought about using any other wallet or exchanges. There is a danger of using centralized exchange but I can take that risk.

Binance: A Centralized Exchange With a Lot of Features

Binance is a centralized exchange, there is a danger associated with using centralized exchange, for example, these exchanges can be easily hacked and you can lose your entire assets. Storing your assets on centralized exchanges can also be considered risky because the moment these exchanges shut down, you will lose your coins. You can't even file a case because these exchanges exist only in the virtual world. Binance is the world's number one crypto exchange based on its availability and user base. Binance is available in more than 140 countries and it has 28.5 million users. It is expected of a company with this size and this kind of user base to have a security system that cannot be breached and will never run away from the market. Therefore, I believe Binance is a perfectly safe platform to buy, sell and store your crypto assets. You can buy crypto on Binance in three ways, one, you can use the spot exchange feature and exchange your existing assets for any assets of your choice, use P2P trading to buy crypto, and also buy crypto through your banks or cards (provided this feature is available in your location). Binance fees are lower than other exchanges.

Conclusion: Is Binance Safe?

At the moment, I do not have any Bitcoin. I have altcoins and I have my assets spread over different exchanges and wallets. I started with Coinbase. Coinbase started with being a bitcoin wallet and later became a multi-currency wallet and an exchange platform. Later I started using Binance. More than 90 percent of my assets are on the Binance exchange. I know there is a risk of using an exchange, especially a centralized exchange like Binance, But whether you realize it or not exchanges like Binance also provide a lot of income opportunities if you store your assets. I have some AXS tokens on Binance, I earn 120 percent APY by staking my AXS tokens. I have also staked Shib tokens, ADA, Matic, etc. on Binance, I get 10-21 percent APY on these tokens. Can you get this kind of passive reward on your wallet? I get 12 percent APY by staking ADA on Binance. Exodus is a multi-currency crypto wallet that also offers staking rewards. They give you 3.5 percent APY. Now compare this with Binance staking reward. There are a lot of benefits of using exchange instead of wallets. When you store on exchanges, the exchanges will of course benefit but you can take the share of the benefit.