Bitcoin Forum

Today, Binance shown that they have technical problems with the market crash. Within 10 to 30 minutes, it was super hard to submit orders and get it successfully loaded on the market orders.

It happened with Binance since the beginning of bitcoin bull run. Honestly I respect the quality and creativity that Binance run their services and some products that create trend in crypto. Today problems recall me the same with Poloniex and Bittrex in 4 years ago bull run.

I hope in this bull run, the market will have another new outstanding exchange.

So it was them having the problems not my internet... I think situation now is much better then 4 years ago. We have couple of big exchanges which showed their trust. Also the more we have the better it is.

Today lots of people hard problem with binance lot's of people think it was there network but it was from binance most people where unable to sell there coins which really affected lots of people must expecially people that are trading in future most people got liquidated because they where not able to sell there coin which lead to liquidation. The last time binance hard this kind of problem was when bitcoin crosses $20k most people short bitcoin on binance and got liquidated they where unable to cancel there trade.

This is now becoming more and more frequent, and is now happening in every sudden market price changes. The major reason could probably be due to a high volume of traders using the platform to execute orders at a certain time.

I observed the same thing in Binance last year when Bitcoin price spiked, and I posted about it here (https://bitcointalk.org/index.php?topic=5300707)

It's working fine for me using the Binance app I don't know on their web but trading here on the Binance app is fine without a problem submitting orders.
Try to use their app maybe the issue it's just on their web version but on the Binance app, I haven't experienced any issue or delays.

It was recently and they solve the issue after 1 hour according to this tweet here https://twitter.com/binance/status/1383732818862219271

It's almost the same with every exchange these days, they had like 3 years and most of them knew that there is going to be a bull run sooner or later but still they didn't figure out a way to cope up with the new members flood. Another thing to point out here is that new users are impatient, they want everything in a click and moment which is not a practical thing to do. I would say Binance is still far better than some other exchanges whose downtimes are like in hours.

More frequently happens in recent months. You pointed out a truth.

It is reason but as a company and service provider and earn millions of dollars from their service, they should prepare infrastructures and bandwidth better. Poloniex and Bittrex had same issues in 2017 and they lost their positions.

If it is your service, responsibility of quality is yours, not yours customers. Market crash causes loss for your customers from price crashes and your bad service causes more losses for customers. They don't want it.

I use app after I have problem with website.

I noticed another thing. Problems are more serious with BTC pairs but less seriously with USDT pairs. I am not sure but you can check it next times.

This is what we called that nothing is perfect, it might have some flaws but doesnt mean that they do suck.They wont really be coming the top exchange at the moment if they do really have some problem

There might be some lag and other delays but doesnt mean that it would be permanent.For sure they are fully aware  that they would need to improve even more.

For now the best is to understand as long they can give out those service that we do need even though with some hiccups then its still considerable.

I was very disappointed yesterday when I was about to placed an order on my mobile phone on Binance platform, after several attempts which proved abortive  I have to let go the trade, I thought it was a network issue from my end here, thank you for bringing it to the notice of the forum forum members, I read a flash news 
on my trading platform now of a possible upgrade by Binance on 20th there is going to be short interruption of trading for 2 hours Binance traders take note

Who care that Binance aware of their issues? The users got losses if their orders can not be set on time. Crashes can kill them and the suck, hiccups of service bring higher risks of being killed. Exchanges have their shady actions and they get benefits when users are killed. They are responsible for their services in any situation.

Any time Binance have updates, maintenance, price will have big movements. Ups or downs after the maintenance on 20th, please guess.

On the contrary when you see such complain on Binance and coinbase in the bull market on technical crash to prevent deposit, withdrawal and trade, they are controlling the price, maybe from dump. There is a recent tweet of a deposit of over 9000 btc on binance for trade in last few days and was also responsible for the crash along with the largest crash of hash rate.

Nobody knows whether or not the bull run will continue.Will this price correction turn into a bear market or will the price return back to 63K USD?I'm still a moderate optimist that we will return to the bull market during the summer.There's nothing wrong with having a bear market in April,May and June. ;D
Such service interruptions of the big cryptocurrency exchange platforms happen,every time when there's a price correction.Maybe there's an overload of sell orders at a very short time frame and that's why Binance is having difficulties with their service.

It's always like that.

Whenever there's a bull run or sudden price hike to bitcoin and other altcoins, the problem occurs. They knew it for a long time that many exchanges are like that.

And sadly, I saw someone shared it that because of that response from the exchange, he just have lost his life savings.

I've experienced the same. Looks like at peaks they (along with most others, by the way) are unable to handle all incoming requests. Maybe it's time for them  to add more servers.

Overloads and crashes are tolerable for services as large as Binance. Handling a large number of binance traders around the world is not easy, moreover, trading activities especially trading bots will be more active when the market is experiencing severe fluctuation.

What is the correlation between exchange crashes and lost savings?  ???

It is usually a normal thing that happens to exchanges sometimes, it has also happened to Coinbase, so it’s not like Binance is the first that it is happening to. It is just with time they are going to see a solution to it and improve. And moreover, you have to understand all these are technology, there will also be times that a website will be down due to one issue or the other, it happens everywhere, and it is not an issue that can’t be solved, just the time that it is going to take. I believe that they are functioning properly right now, cause the issue has been resolved.

Why don't we shift to FTX as it's on the same level to bet Binance and i didn't face any kind of technical problem on FTX whenever market is on correction mode. TBH, bittrex and poloniex was so much popular back in 2017-18's bull run and market was needed any alternative which was done by Binance. Just like that, we need an alternative one which will be innovative more than or like binance and FTX is the best one, IMHO.

Dont have any experience on using up that FTX that you had been talking but well if its a personal preference basing up on real experience then i can consider it but  we know that

the public or the entire community would really be the one who would decide on which one and what place they would really be hanging around not just on simply jumping into some exchange
just because they had been struggling or does have problems specially on some occasions.

Yeah, i do remember those bittrex and poloniex days but they havent lost up their popularity due to technical but rather into other means like it is way more
strict when it comes to KYC.

There seems to be problem with the BSC as well. I have been part of some DeFi projects and when I want to withdraw it takes more money, this wasn't just one DeFi neither because if it was I would say it is a problem by them, but I tried other places and it was a problem there as well. Especially when it comes to Cake that was a big problem, it required like 5x more withdraw fee than usual for me to be able to withdraw and took me nearly 2 minutes to withdraw, normally this is cheaper and a lot faster, like 10-15 seconds. So, to have something like this was a shock to me.

Deposits are still fine interestingly so I do not know why is that, I can deposit anything to anywhere and it is fine, but when I want to withdraw anything from anywhere it becomes expensive and slow. I suppose they had an overload and they will find a solution very soon.

BSC is still in its very early phase and should not be judged at their present performance as they are continuously trying their best in keeping the chain working all the time. I agree that the withdrawal transactions are a bit more costly than deposits, but they are still cheaper against what we are paying on the Eth chain. I think they should be given some more time to develop BSC in a much better way.

IIRC, he's into margin trading and he's into a long position but while the crash happened, there's a sudden drop which made him lost all of his life savings that's being put on that trade.

That's the non-verbatim story that I've read on the other forum. I'll try to find again that story because the guy seems legit and really felt bad of what happened and don't like to use Binance anymore.

This isn't the the first thing that Binance has experienced a downtime. It has been happening for as long as I can remember.  They have been called out many times by Twitter crypto influencers since it happens every now and then especially during times where there is high market activity like an impromptu market crash or in an event of a price surge. Anyway, with or without downtimes, liquidated positions would still end up getting liquidated unless the risks would be immediately managed to prevent such. Binance needs to scale to accumulate the continuous increase in their number of users.

Looks like they're working on it right now.

article from Binance:  Binance Spot Trading System Upgrade Notice (2021-04-20) (https://www.binance.com/en/support/articles/69e82a64b2c442b18eb1cf11934b27eb)

Fellow Binancians,
Binance will perform a scheduled system upgrade starting at 2021-04-20 2:00 AM (UTC). The upgrade will take approximately 2 hours.
Binance Futures & Options trading will continue unaffected during the upgrade period. Binance Leveraged Tokens will suspend trading, subscription, and redemption.
During the upgrade period, Binance will suspend the following services:
Deposits and withdrawals
Spot and margin trading
P2P trading
Convert & OTC Portal trading
New user registrations
Sub-accounts activations
Subscription & redemption of Savings
Swapping or adding/removing liquidity on Binance Liquid Swap
Staking or redeeming assets from Launchpool
Crypto Loans services
Binance Card dashboard and transactions
Binance Pay
Asset transfers from sub-accounts, margin accounts, futures accounts, pool accounts and fiat wallets.
Users will have a 30-minute window after the upgrade is complete to cancel orders, process deposits and withdrawals, transfer funds, and use all other account-related functions before trading resumes.
Major improvements in this upgrade include:
Overall system performance and stability improvements.

Edit your post with the article from Binance Binance Spot Trading System Upgrade Notice (2021-04-20) (https://www.binance.com/en/support/articles/69e82a64b2c442b18eb1cf11934b27eb)

I believe you don't know the forum rule on plagiarism and forgot to add a source link. Do it before it is too late, my friend. Do it first and read more about the forum rules

• Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ (https://bitcointalk.org/index.php?topic=703657.0)
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I'm willing to bet they will have the same problem in the next 1-2 years when the volatility is too high, and that's not because they can't handle the high traffic and their server is not good enough, but it's because they simply don't want to, it's just too easy to control the market price so that it goes in your desired direction when you have the ability to let tons of traders to trade or not trade for a specific amount of time, and that's even more easy when that exchange is the most popular exchange with the most users.

If you're trading on leverage or you're playing with too much money on the line it's a way safer option to go for another exchange, it's better to lose 1% or less on a trade because of higher fees or larger spreads than a lot more because you don't have access to the exchange for a period of time and can't close/modify your opened position/s.

Indeed, it's upto the community whether they want to lose their assets because of technical issue or not. Just want to mention that more than 9 million usdt worth of aseets was liquidated when btc dumped at 51k and not only this, it's dumped at 51k and again pumped back to $56k within few minutes. If anyone thinks that exchanges are making profit from our trading or withdrawal fess, than it's wrong. This type of dumped is a great source of making profit on crypto space by those exchanges and most of the exchanges were facing technical issues in that time. As a result, users are losing their funds as they can't make any action on exchanges. As of being a top class exchange, binance shouldn't have that much technical issue in those times, IMO.

Agree with this, bittrex and poloniex didn't loss that much popularity ,but they lost those users who don't want to get trapped in technical issue when massive dumps is going on.

Edited, thanks. However, I don't think this rule was quite applicable to my previous post as it was obviously a quote from a news source. Correct me if I'm wrong.

As long as they can use better machines and have more validators it will not be a problem. BSC is based on just 21 validators and that is not acceptable at this point, it looks like they are turning into ETH with how much interest they are getting. Pancakeswap literally passed uniswap at some point, this is getting like 10x user number situation and that is not easy to handle when you are not ready for it. Hell even a regular website can't handle 10x traffic when there is a rush there, how the hell can a whole blockchain network handle it when it suddenly happens.

But what should change is the way they are dealing with it, they should just increase the network validators and that would make it easier for them to carry much more load. If they allowed other people to do it as well, they would have tens of thousands of validators and never have a problem, but they are not allowing that because they do not want to become ETH and I understand that.

Most of the times Binance had had bad network available on their app and thereby causes failure of trade order to be filled up, I think it's because of new market trends making heavy work on the exchange. As every knows that Binance is the largest world crypto exchange, the load on the technical team may be too much on them.

The flaw I noticed on Binance is failure to send codes to phone number when wanting to withdraw out token from the exchange, I have been using call option to get verification code instead of SMS, I just hope Binance will resolve every issues on their platform for easy usage.

There's another bug that have been found in Binance just today.

The PNL for many of the users have been said to be caught as a bug. I've seen in a particular group that it didn't shown the accurate amount of your gains/loss.

Binance lately have been catching these bugs but they're responding on it and will be solved.

As long those bugs gets resolved then there nothing to worry about and making out things complicated on telling that the platform is shit.

There's no such thing about being a perfect exchange or platform on where these bugs and errors could really happen anytime which i considered  normal.

People are way just too reactive and making out conclusions without even realizing that Binance itself  arent really expecting those kind of errors.At
least they are really trying to resolve it out.

Yes, it's not that a major bug at all because it's just a visual bug about gains and losses. What's more painful to see as a bug if it affects the buying and selling orders that we've made.

That's not a simple bug anymore specially if the market has corrected and you bought at that time then they didn't credit your purchase order by that time as a sign of bug.

Thats an another problem which can be considered to be a major one and which will really be giving out more bad vibes or inputs towards the exchange.

Its true that the current one isnt really that serious since it do only matter out with visual bug which can easily be resolved out.I agree on what Oilacris mentioned above that

people are way too judgmental even with the slightest mistake that do happen.

You mean that's market congestion, and I observed that binance exchange can manage it successfully even though there's a big challenge that they're facing. Of course there's a lot of outstanding exchange same with binance, people can also choose Kucoin or even bittrex but it just depends on their services if they can serve traders like what binance did.

This is pretty much how all of the website works.
When the website has overloaded traffic from the hosting service then it's pretty much will be having a downtime on that day.

It's pretty much expected when Bitcoin market blows up, in the context of Binance I would say they would do a maintenance to upgrade the server later on and if that would happen, then I will support that.

I am not experiencing this thing so far, or probably because I am using Application, or because I can not compare it with the past year because I started using Binance 6 months ago. However, if many people also experience this, I am sure that there is something wrong with the system.ANd I read some days ago, there was a maintenance in Binance but of course, this is only a few hours and the system runs well again.
Hopefully, Binance can fix this error if any, and also the system will run well and fluently again for the sake of their users' experiences. I am personally also very comfortable using the Binance application.

Good thing I am using two platforms to trade, Binance and Kucoin. When that dip happened my internet connection are fine but the binance lags very much. You can't even add or close your open trades. And if you manage to make a buy order, it doesn't show immediately. Good thing I have an account on Kucoin and have some USDT there, I was able to buy some cheap altcoins when that dump happened. Their app didn't lag at all during those times. I guess binance should improve their app so that problem won't happen again or else they will lose some of their users.

Everything will happen binace exchange like,Updates, price up down,maintaince.I think, Binance is the best Crypto exchange. I personally, Like and use this exchange. This the comfortable Exchange. Don’t worry They improve their app.

At times that really count (i.e. when trying to sell and get out of the market) can be really frustrating seeing these types of errors. For an exchange that is so highly ranked this issue should be resolved as an outmost importance.

It is not acceptable to incur this issue even if other exchanges may fall into the same problem, at leaast the leading exchange should tackle this to set it apart from all others.

But I still feel binance is a good exchange, but there are lots of other exchanges out there that are good as well, just that most of us are not ready to look into them, we prefer the exchanges with the big names. At that I will say that it is not our fault, most of us are trying to play it safe and not lose money because of the rate at which there are lots of fake exchanges.

And another good thing with making use of big exchanges is that you will know that they are working hard to ensure that their website is secure, unlike the small exchanges, you will know that they wouldn’t have enough funds to invest in security, that’s one of the reasons a lot of people will still continue to make use of the big exchanges.

Always good to have an alternative in case things like this happened, you'll be able to continue your trade even there's some issue with the exchange that you are using.

If you have options you can simply avoid using the one that have certain issue and proceed using the other one. Not new to this market even Binance also have some hardship either huge bulks of volumes or some issues with thier system.

Along the way, just wait for this to resolve then comeback using the platform again.

Many exchange market get trouble when price up so we have not chance to sell on higher price, every time I see not only with binance but also my local exchange maintance when some coin have higher price, I see their team try to get moment early for selling coin on higher price but get access back when price dump.

I don't think of it as a major problem.

As long as the number of cryptos you have in your balance is correct and the wrong only is those gains and losses that you have. I don't see it as vital for me.

That's only for me because if I know how much I have, that bug is just an easy thing to be accepted temporary.

anything centralized is against the spirit of blockchain itself and manipulation to get people liqudiated might occur, it is just at a press of a button. Hope decentralized exchanges will make a big impact in the next bull run where things will be neutral.

Almost exchange have trouble but you should believe with Binance as bigger global exchange in the world can fix your trouble, maybe take maximum one day only for Binance make their system back to good service, many time withdraw on Binance maintance or disable but keep waiting until their problem solve and we can withdraw our assets.

I always find binance crash whenever there is a crash on the market. So I do not make a trade if there is currently a crash or I have a feelings that the market gonna fall off and make a big red candle. I guess every exchange has the same impact due to the high volume during the dump