Is Binance really that bad?

[iluvbitcoins]

I just stumbled upon this article
https://99bitcoins.com/bitcoin-exchanges/binance-review/

Notice how almost all the comments are talking about Binance locking them out of their accounts and blocking them from getting their funds.
Is there any truth to it?

I find it odd that I can't find more than a few such stories in other places.

[1715390896]

1715390896

[squatter]

I just stumbled upon this article
https://99bitcoins.com/bitcoin-exchanges/binance-review/

Notice how almost all the comments are talking about Binance locking them out of their accounts and blocking them from getting their funds.
Is there any truth to it?

You have to take reviews like that -- which you'll find about every exchange, if you look -- with a grain of salt. Some are legitimate, but many are likely hiding crucial pieces of information like terms of service violations, fraudulent fund sourcing, etc. If these problems were widespread, we would see a lot more outrage on the forum and social media.

In my own case, I used Binance for 2-3 years without a single issue, up until the point when they banned US customers.

[The Cryptovator]

It's quite complicated now to trust in online reviews either it's positive or negative. Because positive reviews could be manipulated and negative reviews would come from competitors as well. Every exchange has a few positive and negative sides especially if it's centralized. But to be honest for professional traders there is no other choice except centralized exchange due to volume and liquidity. I had used Binance once my account wasn't verified, never face any issues except withdrawal limits. Fortunately, withdrawal limits were more than enough for me as a small trader. Now, I have using the verified account and using Binance sometimes for trading. Still, now I hadn't face an issue like locking funds or blocking an account. So, sometimes reality would be different than reviews

[cabron]

I only knew binance is bad when it comes to privacy for they are trying to collect KYC for every user everywhere. They attempted to have dex and also have binance.us but has same goal which isnto grab details from its traders by not allowing to withdraw even less than 1btc withdrawals.

Locking accounts isnt what they do.

[NeuroticFish]

I find it odd that I can't find more than a few such stories in other places.

Exactly. In a blog it's easier to make comments for one big reason: more comments to a blog post usually makes it go up in ranking for search engine results (even if for short time).
This means that blog owners are happy to see more and more comments and they also leave it easy to comment unverified.

Notice how almost all the comments are talking about Binance locking them out of their accounts and blocking them from getting their funds.
Is there any truth to it?

I'm surprised that as Legendary you are asking this, since I've seen it also here on the forum: many are trying to trick various services - gambling, faucets, name it - trying to gain some extra money and when they get caught they scream in as many places / threads they can that "the scam service has stolen their money". I don't know what they could have done wrong there or what went wrong, but without any proof.. I don't believe them.

I clearly won't say that Binance is the greatest. But until now I had no issues there that would cause me loss of money.
However, it's an excahnge company with unclear location of the HQ, so it's known that one should not trust too much money to such entities. Not your keys, not your coins.

[LeGaulois]

I had a similar experience to those posted in the article.

And it's true that their customer service is horrible (they can compete with Coinbase regarding this), with answers out of topic, as if they don't even read what you ask them. You need to send several messages to get someone to take the problem more seriously, and not answer you with canned replies.

Their system is so bad that you can get stuck for no reason. I don't know what was the reason to block me, maybe because I accessed my account using another IP address. That's not a reason for me, you may have a dynamic IP, you may have moved or you may have just changed your internet provider.
The only solution they offered me when I finally managed to get someone was to give them my identity papers. No way for me, glad I didn't have any coin there.

So I asked them to close my account and erase all my data, it became another trouble until I take the next step.
Everything is fine when you don't have a problem, but when you need help it's a different story.

[iluvbitcoins]

I find it odd that I can't find more than a few such stories in other places.

Exactly. In a blog it's easier to make comments for one big reason: more comments to a blog post usually makes it go up in ranking for search engine results (even if for short time).
This means that blog owners are happy to see more and more comments and they also leave it easy to comment unverified.

Notice how almost all the comments are talking about Binance locking them out of their accounts and blocking them from getting their funds.
Is there any truth to it?

I'm surprised that as Legendary you are asking this, since I've seen it also here on the forum: many are trying to trick various services - gambling, faucets, name it - trying to gain some extra money and when they get caught they scream in as many places / threads they can that "the scam service has stolen their money". I don't know what they could have done wrong there or what went wrong, but without any proof.. I don't believe them.

I clearly won't say that Binance is the greatest. But until now I had no issues there that would cause me loss of money.
However, it's an excahnge company with unclear location of the HQ, so it's known that one should not trust too much money to such entities. Not your keys, not your coins.

I'm asking because it appears they're alleging it's selective locking only of big accounts.
And I also know their support isn't very helpful.
I would find it weird to find a dozen scammers in a single article and nowhere else. What would they gain by posting on 99bitcoins but nowhere else?
There's almost only negative comments there, and I've been reading about their lending platform recently, which makes me curious.

[sheenshane]

I tried to downvote at least 3 posts on the comment section and it seems working, the blog on the site is easy to abuse if there's someone who hates or a competitor of Binance can write limited negative reviews with the same owner.  This might very common in every business that there are a basher and haters everywhere and trying to ruin the reputation built by Binance.  If this will commonly happen, think about they had thousands of users and I think all of them will appear here about their complaints.

I tend to agree with the comments above, they are probably TOS violators that always afraid to disclose their identity through having KYC verification.  They are strict for a good reason, protecting thousands of users is worth it, rather than the hundreds of haters that unlikely scammers or hackers trying to take advantage of the exchange.

Dont believe that unverified reviews, it should be from a legit site or a forum like Bitcointalk which we know the reviews come to from real users.

[bitmover]

I think it is bad. However  at the same time, it is the best exchange out there.

This is why everyone must always be extra careful when dealing with exchanges. If you are in us,  simple dont use binance.

Transfer small amounts, try to withdrawal. Then send a few more  withdrawal again. It may be more expensive,  but you will never lose a lot of money that way

But they are not scammers.
I have used it a lot of times since 2017 . I always used the unverified account, respect the daily limitation and never had a problem (luckly)

[NeuroticFish]

I would find it weird to find a dozen scammers in a single article and nowhere else. What would they gain by posting on 99bitcoins but nowhere else?
There's almost only negative comments there, and I've been reading about their lending platform recently, which makes me curious.

I would not be surprised if it's only 1, maybe 2 people there making most of those comments and upvoting.
Maybe if you see it that way it makes more sense 
At least that's what I expect to be there, I don't know for certain if I'm right or wrong...

[Bitcoin_Arena]

I am not trying to defend Binance but to some extent, I do trust such review comments in blog posts or review sites like bittrust, trustpilot etc. One come thing I have noticed about them is that they can easily be manipulated. It could just be one person or a couple of bitter people ranting over and over again trying to create a picture of so many disgruntled customers.

I have used Binance for 3 years now without doing any KYC verification and have never had my account blocked. I can say the same about other exchanges I started using over 3 years ago like Bittrex and HitBTC. Maybe I have been just like with Binance.

[The Sceptical Chymist]

You have to take reviews like that -- which you'll find about every exchange, if you look -- with a grain of salt.

Big time grain of salt, especially when you're talking about Binance.  I haven't used them in at least a couple of years, but I haven't exactly seen any scam accusations against them in that time either--and they were one of the best exchanges out there when I was using them.

People complain about a lot of exchanges, but a lot of time what you won't see is any followup as to whether the issue was resolved or not, so it's really hard to tell what's what sometimes, even with notoriously shady exchanges like Yobit.  But OP if you're on the fence about whether to trust Binance or not, I'd say go for it.  They're legit and they have a customer service department that's actually responsive in case trouble does arise.

[Darker45]

Most often, those who are very vocal when it comes to reviews are those who have unpleasant experiences. They might want to warn others of what they've gone through. I dunno, perhaps there's also this little feeling of wanting to get back at the exchange for causing them inconvenience by spreading their bad experiences however limited or even justified they may be.

Anyway, be careful when these people would suggest like better find another exchange; this is the worst. In the world of crypto exchanges, there is not a single one without a negative feedback. All exchanges have their own shares of unpleasant reviews. A crypto exchange with an unblemished record is yet to be launched.

I think choosing a crypto exchange is a process of choosing the not-so-bad in a basket full of bad apples. And Binance is definitely one of the not-so-bads.

[buwaytress]

Hate saying it but agree with the general opinion here: Binance is as good as it gets for a non US person who needs a reputable exchange. Personally, I use Bittrex more than Binance, but that's only because of familiarity -- am verified at both and have never had issues with either. All the same, apply the same precautions (don't leave any funds on them, don't deposit unless you're prepared to verify).

[squatter]

All the same, apply the same precautions (don't leave any funds on them, don't deposit unless you're prepared to verify).

Or take an alternative approach: Don't deposit funds that you aren't prepared to lose in the case of KYC enforcement. I'm too concerned about my privacy to ever verify at exchanges. Whenever I use an (unverified) exchange account, I view it as a calculated risk.

[malevolent]

Notice how almost all the comments are talking about Binance locking them out of their accounts and blocking them from getting their funds.
Is there any truth to it?

I find it odd that I can't find more than a few such stories in other places.

People who had negative experiences are much more likely to be vocal about them than people who are satisfied with a service. With the amount of users they have, being one of the major altcoin exchanges, there are bound to be a lot of unhappy people even if they make a small percentage of total user base. Many also have poor security practices, get hacked and their wallets drained, and lay the blame on Binance.

Binance also started cooperating with blockchain snooping companies and now demands from its users that they refrain from using privacy tools (and more), so that alone will annoy many honest users when they get their accounts blocked and are treated like scammers.

[crwth]

Upon checking the article, they conclude that it's an excellent exchange to trade on and have the reputation that they deserve, which is currently at the top. Those comments are probably some trolls that have been butt hurt regarding their investment in the exchange. Maybe they lost everything in their trading. The users may have it on their fault with regards to the security of their account. We will never know the truth unless we experience it ourselves or they violated something.

[michellee]

I just stumbled upon this article
https://99bitcoins.com/bitcoin-exchanges/binance-review/

Notice how almost all the comments are talking about Binance locking them out of their accounts and blocking them from getting their funds.
Is there any truth to it?

I find it odd that I can't find more than a few such stories in other places.

I used Binance from a long time ago, and I do not have any problem accessing my account. My account is not verified, but I can still deposit and withdraw and trade, although it is not every day. I think they do not tell the truth about Binance, and I am sure they have another problem that makes their account get block by that exchange. If we do not do something suspicious or breaking their rules, the exchange will not do anything, and the exchange will allow us to trade, deposit, and withdraw. So that is weird for me.

[sunsilk]

I'll take those comments with a grain of salt.

Those comments could be from competitors with the same business as Binance is. The comment section there isn't controllable and they find it a way to at least give stain to Binance's reputation.

Or it's also real experiences from those users that have disappointed experience which could also be true. Nevertheless, it's your experience that can prove that it's either good or bad.

[condoras]

I trade/ use regularly Binance and except 1-2 times regarding a delay in a transaction, everything works flawlessly.
Of course, as we all know anything can happen with any exchange so better keep a small amount. Either is Binance or any other...