Binance has problems with connections with today crash

[livingfree]

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

What is the correlation between exchange crashes and lost savings? 

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.

[nelson4lov]

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.

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.

[DigitalFox]

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)

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.

[tranthidung]

Looks like they're working on it right now.

Edit your post with the article from Binance Binance Spot Trading System Upgrade Notice (2021-04-20)

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
• Plagiarism rule is #33 in the list

33. Posting plagiarized content is not allowed.[e]

[XZERO1]

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.

[Review Master]

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.

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.

[DigitalFox]

Looks like they're working on it right now.

Edit your post with the article from Binance Binance Spot Trading System Upgrade Notice (2021-04-20)

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
• Plagiarism rule is #33 in the list

33. Posting plagiarized content is not allowed.[e]

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.

[el kaka22]

Unfortunately, this problem has remained and it is likely that it may appear again and again in the future. I also noticed earlier that with sharp fluctuations in prices in the crypto market, large crypto exchanges had problems, which is badly reflected both on the crypto exchanges themselves and the attitude towards them on the part of the crypto community. They say that this fall, the crypto market is waiting for a big growth and this already scares me, since there is a high probability of problems on crypto exchanges. For us, this can also become a problem because we will not be able to sell our crypto assets on time or even lose access to our crypto assets if they are stored on crypto exchanges.

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.

[blackened515]

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.

[livingfree]

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.

[Oilacris]

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.

[livingfree]

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.

[Hamphser]

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.

[Cherylstar86]

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.

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.

[sulendra12]

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.

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.

[Rengga Jati]

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.

[xSkylarx]

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.

[Mamun74]

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.

[DarkDays]

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.

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.

[lixer]

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.

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.