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Binance Review – Fees, Features, Safety, Pros & Cons 2024

Founded by Changpeng Zhao in 2017, Binance is now one of the most famous cryptocurrency exchanges with an average daily trading volume of $22 billions.
Rating 4.7/5

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Binance Pros and Cons

Pros:

  • Fast account opening process
  • Low fees
  • Hundreds of cryptocurrency pairs
  • Secure multi-currency wallet
  • Basic and advanced trade setups
  • Good liquidity
  • Extensive educational resources
  • Various deposit options

Cons:

  • Complex platform; not suitable for beginners
  • Has ran into regulatory trouble in several countries

Can one exchange be all things to all traders? In two short years, Binance has grown into the NASDAQ of the cryptocurrency market. 

But as trading on Binance becomes more liquid and faster, is it providing an unfair advantage to the big monied traders? With the many exchange scandals happening over the years, many users online have been asking “is Binance safe?” or “is Binance reliable?”. After testing the exchange in depth by reviewing fees, features, and pros and cons, we have found that the average trader is at an advantage when using this platform and we recommend users to try this exchange. There are several reasons why we think many traders could have a safe experience on this platform, all of which we will explain in this detailed review.

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Contents [show]

    What is Binance?

    Binance’s meteoric rise to become the leading cryptocurrency exchange seems incredulous but possible if you know its founder. Changpeng Zhao worked for the Tokyo Stock Exchange and Bloomberg before building one of the fastest high frequency trading systems, Fusion Systems.

    Since Binance launched in 2017 in China, its fast execution times have attracted hordes of professional traders. When China shuttered crypto exchanges, Binance moved its offices to Malta. Binance Jersey and Binance Uganda recently opened to provide fiat-to-crypto trading.

    With one of the fastest order execution times and institutional-grade research reports, professional crypto traders have found a home on Binance. Over-the-counter trading (OTC) between private parties was introduced in 2019 for trades over 20 (~ USD 1 million) BTC. An incubator lab for blockchain startup projects and a launch pad for ICOs allowed for many new coins and trading pairs.

    Binance is the largest bitcoin exchanges in the word after Coinbase with a daily average trading volume of $2 billion. However, with more platforms cropping up daily to buy cryptocurrencies, it may not necessarily be the best option for the retail investor in 2022 . Can retail traders who also use the exchange compete on an exchange known for its fast trade execution? Since many traders are new to cryptocurrency trading, we set out to discover how user friendly this exchange is for beginners. To evaluate how intuitive the Binance platform is, this review assesses how to trade cryptocurrency on Binance, as well as the exchange’s safety and security.

    How does the Binance exchange work?

    Binance is a centralized cryptocurrency exchange. With the recent launch of the Binance Decentralized Exchange (DEX), Binance aims to give the trader the choice of the best of both worlds.

    Binance.com

    binance-australia

    The crypto exchange seeks to cater to all levels of investors by providing both a Basic and Advanced trade setup. Over 400 coins are offered. If you want immediate access to new coins, Binance is where to get hot alt coins. The steady flow of coins from its ICO launches to alt coin listings on Binance ensures early access to a good supply of new coins. While on some exchanges you may have to wait patiently for liquidity to trade new coins, on Binance, you can participate in trading competitions and earn while helping to create liquidity in new coins. Trading fees are low and even cheaper if you use Binance coin (BNB). As a centralized exchange, though, Binance is vulnerable to security breaches and says it fends off dozens a day.

    Binance Decentralized Exchange (DEX)

    Binance is sidestepping these security issues with the launch of its Decentralized Exchange (DEX). Binance DEX runs on its own blockchain, Binance Chain blockchain, and uses the Binance coin (BNB). Decentralized exchanges do not hold customer funds or information – the main targets of hackers. Instead funds are held by the wallets of the individual traders. The Binance DEX launch is one of the most watched launches in crypto exchange history. Binance has the trading volume to build liquidity, which has been the main weakness of other DEXs. The DEX will remain crypto-to-crypto and thus outside the purview of regulators.

    Take Dex for a Test Drive

    The Binance Chain testnet is open. Do not use real coins on the demo account! If you have 1 BNB in your account, you can go to the Test Faucet, where you will be prompted to open a testnet wallet. Within minutes, you will receive test funds in your wallet to play on the new decentralized exchange.

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    How does Binance Compare with other Exchanges

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    Rating
    5
    5
    4.5
    5
    4.5
    4.5
    For Beginners
    Instant Verification
    Mobile App
    Wallet Service
    Coin Selection
    0
    0
    0
    0
    0
    0
    Rates
    Trading fees
    Spreads
    0.1%
    0.1%
    0.1%
    0.50%
    0.1%
    Deposit fees
    N/A
    N/A
    N/A
    N/A
    N/A
    N/A
    Withdrawal fees
    $5
    0.0005 BTC
    N/A
    N/A
    N/A
    N/A
    Additional features
    Regulated
    ASIC, CySEC, FCA
    N/A
    FCA
    N/A
    FCA
    N/A
    Min.Deposit
    $50
    N/A
    $10
    N/A
    $2
    $10
    Leverage
    N/A
    1 - 100x
    1 - 100x
    1 - 100x
    N/A
    1 - 10x
    Latest prices by currency
    Bitcoin
    $69243
    $69243
    $69243
    $69243
    $69243
    $69243
    Ethereum
    $3518.33
    $3518.33
    $3518.33
    $3518.33
    $3518.33
    $3518.33
    XRP
    $0.614093
    $0.614093
    $0.614093
    $0.614093
    $0.614093
    $0.614093
    Tether
    $1.002
    $1.002
    $1.002
    $1.002
    $1.002
    $1.002
    Litecoin
    $94.12
    $94.12
    $94.12
    $94.12
    $94.12
    $94.12
    Bitcoin Cash
    $544.98
    $544.98
    $544.98
    $544.98
    $544.98
    $544.98
    Chainlink
    $19.39
    $19.39
    $19.39
    $19.39
    $19.39
    $19.39
    Cardano
    $0.650829
    $0.650829
    $0.650829
    $0.650829
    $0.650829
    $0.650829
    IOTA
    Binance Coin
    $573.98
    $573.98
    $573.98
    $573.98
    $573.98
    $573.98
    Stellar
    $0.134665
    $0.134665
    $0.134665
    $0.134665
    $0.134665
    $0.134665
    Bitcoin SV
    $93.17
    $93.17
    $93.17
    $93.17
    $93.17
    $93.17
    Payment methods
    Bank Transfer
    Credit Card
    Giropay
    Neteller
    Paypal
    Sepa Transfer
    Skrill
    Sofort

    What cryptocurrencies does Binance support?

    • Ethereum (ETH)
    • Testnet Ethereum (testnet ETH)
    • Ethereum Classic (ETC)
    • ST
    • ADST
    • ADT
    • ADX
    • ANT
    • ARC
    • BAT
    • BeerCoin
    • BCDN
    • BNC
    • BNT
    • BQX
    • CAT
    • CFI
    • CRB
    • CREDO
    • CTL
    • CryptoCarbon
    • CVC
    • DAO
    • DDF
    • DGD
    • DGX 1.0
    • DICE
    • DRP
    • DNT
    • EDG
    • EMV
    • EOS
    • FAM
    • FUN
    • GNO
    • GNT
    • GUP
    • GT
    • HKG
    • HMQ
    • ICN
    • JET
    • JetCoins
    • LUN
    • MCAP
    • MCO
    • MGO
    • MDA
    • MIT
    • MKR
    • MLN
    • MNE
    • MSP
    • MTL
    • MYST
    • NET
    • NMR
    • NxC
    • OAX
    • OMG
    • PAY
    • PLBT
    • PTOY
    • PLU
    • QAU
    • QRL
    • REP
    • RLC
    • RLT
    • ROUND
    • SGEL
    • SGT
    • SHIT
    • SKIN
    • SKO1
    • SNGLS
    • SNM
    • SNT
    • SRC
    • STORJ
    • SWT
    • SNC
    • TaaS
    • TFL
    • TIME
    • TIX
    • TKN
    • TRST
    • Unicorn
    • VSL
    • VSM
    • VERI
    • VRS
    • WINGS
    • XAUR
    • XID
    • XRL
    • Any other customized ERC20 tokens

    Supported countries

    Binance is a global cryptocurrency exchange with supported jurisdictions across the globe. Following is a list  of countries and US states where the exchange does not operate.

    Afghanistan China
    Congo (Brazzaville) Congo (Kinshasa)
    Cuba Democratic People’s Republic of Korea
    Eritrea Iran
    Iraq Ivory Coast
    Kyrgyzstan Lebanon
    Libya South Sedan
    Sudan

    * Also note the following restricted states: New York, Connecticut, Hawaii, Georgia, New Mexico, Washington

    Fees & limits

    The basic trading fee is 0.02 to 0.1 percent for makers and 0.04 to 0.1 percent for takers, which is significantly cheaper than other exchanges such as Coinfloor and  Coinjar, who charge 1% and 0.3% respectively. This fee is adjusted downward based on trading volume over a 30-day period and Binance Coin (BNB) holdings. If you trade using BNB, you will receive a 25 percent discount  The below list of fees shows fees decreasing on a declining scale as the trade volume and BNB holdings increase.

    Level 30d Trading Volume (BTC) BNB Holdings Maker* Taker*
    General ≥ 0 BNB 0.1000% 0.1000%
    VIP 1 ≥ 100 BTC ≥ 50 BNB 0.0900% 0.1000%
    VIP 2 ≥ 500 BTC ≥ 200 BNB 0.0800% 0.1000%
    VIP 3 ≥ 4500 BTC ≥ 1000 BNB 0.0700% 0.0900%
    VIP 4 ≥ 10000 BTC ≥ 2000 BNB 0.0600% 0.0800%
    VIP 5 ≥ 20000 BTC ≥ 3500 BNB 0.0500% 0.0700%
    VIP 6 ≥ 40000 BTC ≥ 6000 BNB 0.0400% 0.0600%
    VIP 7 ≥ 80000 BTC ≥ 9000 BNB 0.0300% 0.0500%
    VIP 8 ≥ 150000 BTC ≥ 11000 BNB 0.0200% 0.0400%

    *For all BNB transactions, fees are reduced a further 25 percent (e.g., a fee of 0.1000% would be 0.0750%.

    Binance Dashboard

    Basic trading screen

    The Binance Basic trade set up provides the retail trader with a professional trading experience, without all the technical bells and whistles, which can be distracting for the new trader. The pricing chart sits in the middle of the screen (5) and offers more than the average price action overview. Candlesticks indicate whether buying or selling strength dominated in a trading period and moving averages signal how the current price relates to the cryptocurrency pair’s recent pricing history. The time period and other moving average parameters can be customized.

    Trades can be executed by clicking on the bid and ask prices in the order book (3/4). The trade buy or sell order price will be filled automatically, or can be input manually (7/8). Next, enter the amount to trade. Right-top (9), a tally of recent trades is provided. Below (10), search a list of alt coin pairs for the current price and volume.

    Advanced trading screen

    Many reviewers incorrectly differentiate the Basic and Advanced trade setup on Binance by the different colour schemes. The Basic screen is typically shown as a white screen. In fact, Basic traders can have this futuristic black screen, too, by simply clicking on the night mode icon on the top right of the screen.

    Let’s zoom in on the functionality advanced traders can use when they trade on Binance. The price chart takes up half a page in order to use the advanced trading functions. The advanced screen provides a full set of trading indicators (RSIs, stochastics, advanced moving averages, oscillators, and more) and technical analysis tools (Fibonacci, DeMark, Woodie, and more).

    How to Buy Cryptocurrency on Binance: Step by Step Tutorial

    Binance is popular for its professional trading experience. Does it also accommodate the retail trader? How easy is buying cryptocurrencies on this platform? Let’s find out.

    Trade cryptocurrency on Binance

    Step 1: Register your account

    Firstly, create an account on Binance. On the Register screen, fill in your email and password. Do not forget to fill in a Referral ID if you have been referred to Binance by a friend. Click the verification link sent to your email address and you are signed up!

    Step 2: Verify your identity


    If you want to withdraw more than 100 BTC (~USD 500,000) a day, then proceed with the ID verification. If you are withdrawing under 2 BTC (~USD 10,000), proceed to Step 3 to fund your account.
    Upload your national ID. Option 2, uploading your national ID with a selfie and note is recommended. In the case of being locked out of your account or an attempted breach, facial identification can be used to verify your identity.

    Step 3: Fund your account

    You have two options to fund your account on Binance. Choose the coin you want to transfer into your account. The deposit address to send your coins to will display. Or buy BTC or ETH with a credit card.

    Step 4: Choose the Basic or Advanced trade setup

    On the top of the screen, click on Exchange and choose Basic. Alternatively, click on the coin you want to trade from the list in the center of the screen. The main trade page pops up.

    Step 5A: Basic trade setup

    On the top left of the screen, the pair traded appears. Below it is the order book of buy and sell bids. Click on the price you want to buy or sell at and the order form will automatically be filled in (shown below). Or fill in the trade order box (market, limit or stop-limit order) manually (shown above).

    Step 5B: Advance trade setup

    On the Advanced screen, the price chart takes up half the page. This allows you to use the various technical tools (trend lines, Fibonacci) and indicators (RSI, moving averages). The process for placing the order is the same. The the order book is the first column on the right side of the page. Beside it is the trade history. Below is the trade order form.

    Step 6: Withdrawal your funds

    Here’s how to withdraw money from Binance. Under Funds at the top of the screen, click on Withdrawal. Choose the coins you want to withdrawal and enter the wallet address. Enter the amount to withdrawal and press submit. You will be prompted to provide a two-factor Google authentication code. Click on the confirmation link in the email sent. The withdrawal will be confirmed.  Withdrawals can take up to 12 hours and as stated on their website, they cannot guarantee instant withdrawals.

    Is Binance regulated?

    The exchange’s advanced security measures are better than others indeed, but it remains largely unregulated. Its recent relocation to Malta places it under the oversight of the Maltese Virtual Financial Assets (VFA) and the newly formed Binance Jersey must comply with KYC and AML under the Jersey Financial Services Commission.

    In 2019, it was banned in the United States on regulatory grounds. In response, a separate exchange was established by the name Binance.US, registered with the United States Financial Crimes Enforcement Network  to comply with all applicable US laws. However, it is banned in 7 US states.

    Is Binance safe?

    As a cryptocurrency exchange platform, Binance offers hot wallet storage facilities for its users. But is it safe? Let’s find out:

    After witnessing two severe hacking attempts in 2018 and 2019, Binance has ensured to provide highest security features to the platform.

    It uses advanced security protocols to secure its platform and send alerts in case of a breach. Users also have the opportunity to protect their funds with Google Authenticator 2FA.

    Latest technologies that are used to maintain the integrity of each account and transaction. These technologies involve artificial intelligence (AI) solutions used in identity and facial recognition, as well as big data analytics solutions that monitor each and every movement on the exchange for suspicious activity.

    Cyber forensic investigations that trace the roots for each attempted misdeed on the platform.

    Is the Binance wallet safe?

    The Binance Trust Wallet has become one of the most trusted wallets owing to its security features. Since Binance acquired TrustWallet in 2018, it has evolved into one of the most expansive cryptocurrency wallets available. Trust’s Viktor Radchenko, a former security consultant to banks, has expanded it into multi-currencies and multi-features.

    What coins are supported by the Binance Trust wallet?

    In addition to the popular ERC20 and ERC721 tokens, the multi-currency wallet currently supports 14 blockchains. Support is provided for the following blockchains:

    • Bitcoin
    • Bitcoin Cash
    • Callisto
    • Dash
    • Ethereum
    • Ethereum Classic
    • GoChain
    • ICON
    • Litecoin
    • POA Network
    • TomoChain
    • TRON
    • VeChain
    • Wanchain

    Cold storage and support for the top 20 cryptocurrencies globally are future add ons. The Binance TrustWallet app can be downloaded on Android or IOS.

    If you have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here.

    Does Binance have an app?

    Users of the Binance Basic trading set up will not have to compromise on any features when using the Binance app. Tap Funds and deposit any coins you desire into your account. When you are ready to trade, tap Markets and choose the coin you want to buy or sell. The candlestick pricing chart and moving averages display as normal. Choose a time period and the hi and lo are indicated with arrows. Go to the in-depth view to compare the level of buy and sell orders. Press Buy or Sell to place your order. Do not forget to go to Accounts and Referrals to see whether your referred friends are making you money by trading on Binance.

    The Binance app is available on Android and IOS. To get access to the app, scan the QR-code, or on IOS, follow the download link in Safari. Then press Install. Once installed, go to Settings, click on the Binance app and click on “Trust”.

    Is Binance’s customer service reliable?

    Have a question on how to use Binance? Here are the best places to start.

    Email support – Binance has a large FAQ section at Support.binance.com. Subjects range from how to deposit coins and make your first trade to how to launch a token on Binance Launchpad. If you still have questions, contact Binance by email through Submit a request.

    Binance Academy – These is where Binancians learn about trading, risk management, security, and more. Do you want to know how to deposit or withdraw money or trade? Do you want to understand how the blockchain and the consensus mechanisms that process your cryptocurrency transactions work? Or learn more about the new blockchains adding new coins to your wallet? It’s all offered in Binance tutorials.

    Social media – Join Binance’s large social media community on Telegram, Medium, Instagram, Facebook, Twitter, Weibo, Steemit, and Reddit.

    Why We Recommend Binance

    We recommend Binance because it offers a one-stop-shop for all your cryptocurrency needs. It is an exchange platform which supports the trading of at least 100 digital assets. It is accessible to users in almost every country in the world.

    As one of the largest crypto platforms by trading volume, it is a common target for malicious actors. But interestingly, it has only recorded one successful hacking attempt since inception. In response to the hack, Binance promised to refund all losses to affected users.  To a great extent, this reinforces user confidence in the platform and merits full recommendation.

    Binance VS Coinbase

    Coinbase is compartively reliable and provide more advantages over Binance. Though it offers less options in cryptos as compared to Binance, its easy-to-use interface make it a suitable platform for beginners. Moreover, Coinbase is a licensed entity holding licenses in all areas of jurisdictions in the US.

    Binance vs. eToro

    As per our recommendation, best bitcoin trading platform out there is  eToro. This highly regulated broker is among the world’s largest social online trading platforms and boasts 24.8 million users.

    Etoro also has special features like the CopyTader tool, which allows users to copy the trades and strategies of the most successful traders, making it a great option for beginners and experienced traders alike. Other highlights of the eToro platform include the ability to trade CFDs, which isn’t possible on Binance, its user-friendly interface and the fact it’s regulated by CySEC, FCA and ASIC.

    These benefits and more mean that eToro offers the best bitcoin trading experience on the market. If you’d like to learn more, visit eToro, where you can take a look at the platform and its features for yourself or you can check out our full eToro Review here.

    Conclusion

    Binance offers one of the lowest trading fees in the market, a good variety of digital assets to trade, varying trading options for beginners and experts and a user-friendly interface. For these reasons, it continues to be a favorite for many crypto users.

    However, it is very liable to security risks. If you’re looking for a safe, regulated platform that provides an unrivalled online trading experience, we recommend going with eToro.

    eToro - Our Recommended Crypto Platform

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    eToro exchange
    • ASIC, CySEC and FCA regulated - 30 Million Users Worldwide
    • Buy with Bank transfer, Credit card, Neteller, Paypal, Skrill, Sofort
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    • Staking Rewards for holding ETH, ADA or TRX
    • Copytrade Professional Crypto Traders
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    FAQs

    Should I choose a regulated cryptocurrency exchange?

    A trader is exposed to higher risks when trading on an unregulated exchange. If you lose money on an unregulated exchange due to fraud, it will be more difficult to seek remedy through a legal or insurance claim. In a regulated market such as the UK, the investor is protected. If the exchange you have deposited money with goes bankrupt, for example, the UK Financial Conduct Authority (FCA) provides deposit insurance up to $50,000.

    Should a crypto wallet be licensed?

    A cryptocurrency wallet functions like a savings account (though most do not pay interest), but with a big difference. Your savings account with your bank has deposit insurance. The current trend is towards cryptocurrency wallets becoming licenses. Estonia has recently licensed 400 cryptocurrency wallets as part of a sweep to license cryptocurrency businesses.

    What is a decentralized exchange?

    A decentralized exchange does not use an intermediary to hold customer funds and accounts. Peers trade directly amongst each other (peer-to-peer) and funds are transferred between their cryptocurrency wallets. Trader money and ID is at lower risk of being hacked. A downside of DEXs is their current lack of liquidity.

    What is a centralized exchange?

    A centralized exchange accepts and holds users’ deposits. Most exchanges also conduct ID verification to comply with know your customer (KYC) and anti-money laundering (AML) rules. As a repository of client money and personal identification information, exchanges are at a high risk of cyber hacking and theft. The current centralized exchange model provides more advanced features, such as margin trading and stop-loss accounts.

    Do I need a cold storage wallet to trade with Binance?

    Hot (online) crypto assets do face risk from cyber hacking. Cold storage involves storing your crypto assets offline on a USB drive or paper wallet, for example. The following risk measures should be taken to protect your hot or cold crypto assets: 1. Generate and store your private keys offline 2. Use two factor authentication to access your wallet 3. Use biometric identification

    What are exchange referral rewards?

    Most cryptocurrency exchange’s offer rewards for referring friends. The reward may be a flat referral fee or a percentage of future revenues from your friends’ trading activity. On Binance, provide your friends with your Referral Link, Referral Code or QR-Code. You will receive 20 percent of the fee revenue on their trading activity, automatically deposited to your wallet, or 40 percent on accounts with more than 500 BNB.

    What is the difference between an exchange and autotrading robots?

    Exchanges have different approaches to automated trading. MetaTrader, a top forex trading platform, is popular for its easy-to-use plug-and-play trading bots called Expert Advisors. Though still a small number in comparison, may trading bots have been developed for cryptocurrency trading. The most popular bots can be connected to Binance through an API, which takes a few minutes to configure.

    Related

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    Question & Answers (10)

    Have a question? Our panel of experts will answer your queries.Post my Question
    1. Question

      Hello. I’ve been considering signing up on Binance for a while now. I was wondering though, once I’ve signed up, how do I day trade on Binance?

      Alison
      Reply
      • Answer

        Hello Alison. Thank you for your question. Once you’ve signed up, you will first have to verify your identity with the appropriate documentation. You will have to provide a copy of your passport and then take a selfie holding your ID in your hand. You will then have to wait a couple of days for the system to process your documentation. After that, you can fund your account by making your initial deposit. You can then start day trading. To find out everything you need to know about day trading, feel free to check out our beginners guide to day trading.

        Inside Bitcoins
        PRO INVESTOR
        Reply
    2. Question

      I thought Binance was the best platform on the market but reading your review made me want to switch to eToro. How can I do that?

      Julian
      Reply
      • Answer

        Hello Julian. Thanks for your question. In order to switch to eToro, all you have to do is go on the official website and sign up. You will have to type in your email address, password, full name and phone number. You will then have to provide proof of your identity with a copy of your passport and a document to prove your address. It will take the system a couple of days to verify the documentation you provided. Once that is done, you can deposit funds into your account and then start trading. If you want the details on how to sign up on eToro, feel free to check out our eToro review.

        Inside Bitcoins
        PRO INVESTOR
        Reply
    3. Question

      I am quite confused about the difference between auto trading robots and exchanges like Binance. Can someone help?

      Victor
      Reply
      • Answer

        Hello Victor. Thank you for your question. The main difference is that exchanges simply offer a platform for traders to invest on but do not offer any kind of support in the process. On the other hand, auto trading robots not only offer a trading space to place investments but they are also based on algorithms that allow the system to analyse the market and place trades accordingly. All you need to do is spend around 15 minutes a day changing the trading settings to your preference and all the rest will be done for you. You can have a look at our bitcoin robot page to find out everything you need to know about auto trading robots.

        Inside Bitcoins
        PRO INVESTOR
        Reply
    4. Question

      Which one would you say is better, Binance or eToro?

      Jack
      Reply
      • Answer

        Hello Jack. Thanks for getting in touch. Even though Binance is considered amongst one of the best platforms available, we do not consider it to be as reliable as eToro. In fact, it is quite vulnerable to hacking attacks due to weak safety measures. Its trading interface is also very complex to use for beginners. eToro on the other hand, has more effective security measures in place, such as the availability of PayPal as a security measure. It also has lower fees, great educational resources and the copy trading option. To find out more about it, feel free to view our eToro review.

        Inside Bitcoins
        PRO INVESTOR
        Reply
    5. Question

      What should I do if my Binance account gets hacked and I lose all my money?

      Teo01
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      • Answer

        Hello Teo01. Thank you for your question. As you may already know, no matter how much exchanges improve their security measures, like Binance did, there will always be some risk of hacking attacks. That is why some of the most trusted exchanges have refund policies in case of hacking attacks. In both cases, whether your account has already been hacked or you haven’t created an account yet but want to know what happens if your account gets hacked, what I would do is contact customer support. They will definitely be able to tell you what are the next steps to take and whether a refund is due. Alternatively, you can have a look on the Binance website to see if in the terms and conditions or in the legal section, there is anything about the exchange’s policy in case of hacking attacks.

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