Binance disadvantages: 7 weaknesses of Binance

Despite the fact that Binance is the largest crypto exchange in the world, there is still plenty of room for improvement. In this article, we will discuss the biggest disadvantages of this crypto exchange.

Tip: In this article, we will discuss the biggest advantages of the Binance platform.

Not very user-friendly

The biggest disadvantage of Binance is that the platform is not very user-friendly. If you are a beginner and have little experience with cryptos, the dozens of options can seem rather overwhelming. On Binance, you can trade in hundreds of different cryptos using multiple trading platforms.

Having more options is of course an advantage, but if you are only seeking a place to buy a certain crypto, Binance might be an overkill. When you are looking for a platform to buy crypto quickly and easily, Bitvavo might be a good choice. In this article, you can read more about Bitvavo.

Slow customer service

Another disadvantage of Binance is its customer service. Because of the huge hype around crypto, many crypto exchanges have become overloaded. Binance is no exception: due to the large influx of customers, they do not always cope with the many information requests. Therefore, it can take a long time before you get an answer to your question.

I myself had to send several e-mails at one point before I finally received an answer. They always solve problems in the end, but your patience is certainly put to the test.

Not the best reputation

Another con of Binance is the reputation damage the platform has suffered. In England, for example, they banned the platform in 2021 because they did not follow the rules of the FCA. In Thailand, there was even a criminal charge against Binance for offering its services without a licence.

Yet, there are also plenty of reasons why you should choose Binance. One positive point is that they compensated users in the past when the platform was hacked. Moreover, it seems that Binance takes sufficient security measures, which lowers the probability of your account being hacked. You can read more about the trustworthiness of Binance in this article.

Withdrawing money can be difficult

In some countries, it can be challenging to withdraw money to your bank account. Due to mistakes made by Binance in complying with local regulations, some regions prohibit the transfer of funds to your bank account. Fortunately, there are always other methods for withdrawing your funds from your Binance account. For example, you can have your funds paid out via a wallet, in this article we will show you how wallets work.

Lack of transparency

Personally, I like the feeling of knowing exactly which party is behind a company, especially when I am dealing with financial matters. This can be a challenge with Binance, as the company has changed its registered office frequently. The exchange was originally founded in China, but quickly moved to Japan and finally settled in Malta. They are mainly based in Malta because the regulations there are less strict.

With some other crypto exchanges, you know exactly where the headquarters are located, and you can literally drop by for a cup of coffee.

Withdrawing funds can be expensive

Withdrawing funds from your account can be expensive on Binance: you easily pay between one and thirty dollars. When you withdraw your funds to your credit card, you pay 1% in fees.

At Binance, it is also possible to send your cryptos to another exchange and sell them elsewhere. It can sometimes be cheaper to send your cryptos to a local exchange and sell them there. In any case, it is a big disadvantage on Binance that withdrawing money is not free.

No demo account

You cannot try the possibilities on Binance for free with a demo account. Only by making a small deposit can you really experience what it is like to trade in cryptos. Adding a demo mode would be beneficial for novice trades, who quickly get lost by the complexity of the platform.

1 Comment

  • Muhammad Irfan

    Hello my name is Muhammad Irfan from Pakistan, I’m 50 Year old, sorry my English might be bad , I’ll use translation, Also I’m here to complain a issues concerned binance ,I create binance 2021 , so last year which was 2022 ,my binance account was hack by someone who’s from Nigeria,who claims to help me and teach him how to trade crypto , then before my binance account was hack I left 7.5 XRP also I have 98$ on my trust wallet , but both my binance and my trust wallet and my email was hack , so I managed to contact the binance customer service for help but they weren’t able to help me, so on march 2023 something came over me so I decided to search my number on Google so I found out my number is still register with my old email,then I managed to reset is password, that’s how I got my email back,then I try to get access to my binance account but I reset is password then I login into my binance ,so I saw 1.5 XRP , but I was surprised there’s no any money on my binance ,then after that day, it was like next 3 days I met a scammer from telegram who try to get access to my account, so I report the issues so binance customer service, suspended my account withdraw,so after the issues was solve then I request the binance customer service to unsuspend my account withdraw, so the customer service came up with a lot of shit saying that my account was use to preform scamming people,that the 1.5 XRP was deposit by someone, that I need to return the money back, so I told the binance customer service this money was deposit by a scammer who hack my account , that I won’t agree for them has customer service to return the money back , then after I said that binance suspended my account not to function again until I return the money back which it was unfair, I left 7.5 XRP, but I couldn’t see it and the scammer took my 98$ from my trust wallet , so please I’m here if you people could help me solve this issues, thank you


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