#BinanceAlphaAlert #Bincance

Is Binance a legitimate platform for beginners to use, or should they start with a different exchange due to its complexity?

Binance has been the leader in crypto exchanges for a reason. Extremely high trading volume, a plethora of choices, and an excellent reputation all bring Binance to the top, but with cryptocurrencies, there are many unknown factors.

The best way that Binance is protecting your money is by utilizing their secure asset fund for users or SAFU for short. However, you can report a problem to get assistance about this issue. A portion of all the fees Binance takes is placed into this fund in case of a financial loss to their users.

Any money lost by their users due to Binance would be refunded by their SAFU put in place in 2018. Additionally, Binance has several security features such as two-factor authentication, address whitelisting, and device restrictions.

All of these features make it extremely difficult for anyone except yourself to access funds on your Binance account. The short answer is that Binance is under review by most governments at this time to see if it needs to be regulated.

The SEC from the United States of America and the FCA from the United Kingdom have been the most verbal about their interaction with the largest crypto exchange on the market, Binance. The FDIC insures United States dollars that are placed in Binance because it is stored at a legitimate bank.

But once your money has been converted into cryptocurrency or token, it is no longer insured. This rule holds true for every country that they’ve researched, so you should be safe most of the time storing your official currencies in Binance.

Once it is into the cryptocurrency market, though, it is up to Binance’s policies to protect your investments. Binance has had one major, known security compromised in April of 2019. Hackers stole around 40 million dollars in funds from Binance as well as security information for user accounts..