Is Binance actually a scam?

[shawonngp]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

[Oshosondy]

Can you not see how altcoins are manipulated? You are the one that should be very careful and not trade the volatile coins. It is the whales that will manipulate the coins. It is happening on most other exchanges and I am seeing how the coins are manipulated. Avoid shit coins instead, or use the amount of money that you afford to lose to trade them.

[rat03gopoh]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

Can't you expect profits in both directions in the futures market? If you keep losing, you have two options:
- Don't touch newly listed coins
- Don't touch the futures market at all.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Well, if you understand the pattern, place your order. 

[EarnOnVictor]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

This is not an isolated case with exchanges, and as a matter of fact, Binance is one of the few exchanges that still tread more carefully in terms of coins/tokens offering and they try as much as possible to warn people of the impeding danger of dealing with some of them, and even classifies some as "monitoring" and forces traders/investors to accept some conditions before dealing with them in most cases I've witnessed.

Besides, Binance can't be faulted for the risk that anyone took, and they may not be directly involved as you alleged. This is crypto world where so many insane things happen. This is why it's always advised to DYOR. And don't forget, you are responsible for every bit of the risk you take.

[Oshosondy]

Can't you expect profits in both directions in the futures market? If you keep losing, you have two options:
- Don't touch newly listed coins
- Don't touch the futures market at all.

Not only new coins are like this, you can see an old coin or a coin that has been created just few months ago suddenly have high trading volume and got pumped up to 5  or 10 times within some hours and get dumped within some minutes.

Well, if you understand the pattern, place your order. 

There are many people that will understand the pattern and still make mistake because the coins will be very volatile. What I can say is that people should use only the amount of money that they can afford to lose to trade the shit coins.

[Peanutswar]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Binance is just an exchange platform they offered coins that submitted to their platform and most of these are just a newly coin and its just rarely they approved if they saw a coin added to the futures trading now, if you see the coin has a potential for making profit go a head and make a position but if not dont trade the coin at all. More likely if you see the coin has a low market cap for sure there's a chance for market manipulation of the token hodlers.

[shawonngp]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Binance is just an exchange platform they offered coins that submitted to their platform and most of these are just a newly coin and its just rarely they approved if they saw a coin added to the futures trading now, if you see the coin has a potential for making profit go a head and make a position but if not dont trade the coin at all. More likely if you see the coin has a low market cap for sure there's a chance for market manipulation of the token hodlers.

Binance is the biggest platform, so why would they bring an unknown coin into futures trading?[/b]

[Charles-Tim]

Binance is the biggest platform, so why would they bring an unknown coin into futures trading?

Have you not read the Binance terms of service before?

This is boldly written on Binance terms of service:

RISK WARNING

As with any asset, the value of Digital Assets can fluctuate significantly and there is a material risk of economic loss when buying, selling, holding or investing in Digital Assets. You should therefore consider whether trading or holding Digital Assets is suitable for you in light of your financial circumstances.

Further information on the risks associated with using the Binance Services is set out in our Risk Warning, which may be updated from time to time. You should read the Risk Warning carefully, however it does not explain all of the risks that may arise, or how such risks relate to your personal circumstances.

It is important that you fully understand the risks involved before making a decision to use the Binance Services.

This is not what you supposed to even read before you should know that cryptocurrencies are highly risky. Yes, cryptocurrencies are highly risky.

[Ruttoshi]

Binance is only an exchange a market place for traders to buy and sell their coins. It's left for you to know what you're looking for and don't get carried away with the get rich scheme syndrome. If not, I don't know why people would leave bitcoin and go for shitcoins that was created to scam people. Launching of new tokens doesn't mean Binance is a scam.

Initially, Binance was not in full support with this new tokens that are highly volatile because they understand the logic behind it. But after CZ stepped down, it was all about business and who has the latest token out there in the market. Since Binance is a big exchange, most new projects will love to list their token Binance. People keep failing for these shitcoins scam daily.

[tvplus006]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke...
They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Traders who have lost their money trading new coins should not shift the blame to Binance. Each trader should conduct his own analysis before opening a deal, since he is the one who manages his own funds and that he will lose his money if the price movement is contrary to his expectations.

[Roseline492]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

If somebody is aware that there is a coin of that extensive nature of untrustworthy why then would somebody go ahead and purchase it and later come back to blame the exchange for allowing the coin on the first place after they had purchase it with a good profiting mindset. The exchange you are referring to has a lot of coins functioning there including the ones we could call a shitcoins and a lot of them does what you are saying because they can be manipulated in different ways also on big investors that influence for profit so actually every decision is on you to avoid buying any shitcoins of that nature.

[davis196]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Do you have any real evidence that Binance is pumping and dumping shitcoins on their own platform? Binance is probably listing those coins, but someone else is pumping and dumping them. I'm not using Binance and I can't provide any proof of such claims. Maybe after the Trump administration came into office, the regulation of big crypto exchanges became more liberal and exchanges like Binance aren't punished for listing shitcoins. The crypto day traders should be careful, nobody is forcing them to day trade and nobody is "pushing them toward suicide".

[Lida93]

Can you not see how altcoins are manipulated? You are the one that should be very careful and not trade the volatile coins. It is the whales that will manipulate the coins. It is happening on most other exchanges and I am seeing how the coins are manipulated. Avoid shit coins instead, or use the amount of money that you afford to lose to trade them.

If it's just about altcoins manipulation and proliferations of new listed coins then I think all centralized exchanges are liable to this offence on trust that have being given to them by their users. Whales will always manipulate the market and they gonna use every instrument within their scope to make sure that happens in other for their riches to pump. For retail traders/investors like you and I, it's best to play safe by using what we can afford to lose and also avoid being greedy holding too long on any altcoin where we see the least profit to take.

[yudi09]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

Why should it be considered fraud when an exchange launches new, unknown tokens or coins for futures trading?
It is not the exchange's fault that many traders go bankrupt. Perhaps the traders you are referring to do not really know how they should conduct their trading activities.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

I don't mean to defend Binance because defending them doesn't get me any rewards. But in this case, you shouldn't blame the exchange.
It's the traders who choose which coins they should trade.

[HawkTrader]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Futures trade are very risky and you must do your due diligence before attempting to take such trades. You also need to understand how funding rates work and how it affects futures prices across exchanges. Binance venture into listing some low cap perps  shouldn't be seen as "scam" but more like an opportunity to attract traders.

However, if certain traders are not convenient with trading futures on Binance, there are several alternatives they could choose from like weex, bitget, bybit and others. The market is decentralized, ypu know!

[DPHOR]

This is the reason why you should never trade on shitcoin listed in any exchange, and if you watch carefully there is always a warning when you want to trade future on binance. So, they can't also factor out what coin is legitimate or not, what they do is to list them on their exchange then it's left for the trader to solidly do their analysis if such coin and token is that reliable to trade on otherwise it would be advisable to keep sticking to those coin that are trustworthy that you know too well that it would dump so quickly on you and even though the market went so fast it would never affect you that easily.

[leonair]

Binance is now bringing unknown coins into futures trading. These coins wipe out many mid-level traders and leave them broke.

In the last 3–4 months, Binance has added several such coins to futures trading, yet no one seems to take action against them.

People trust Binance, but instead of honoring that trust, it is making average traders poor.

They pump some coins 5–10x in a single day and then crash them again — giving whales the opportunity to profit while pushing ordinary traders toward suicide.

Futures trading is very risky so you have to be very careful with it and if you trade with sheet coins then you will definitely be at a lot of risk. Because they are very volatile. Binance is a good exchanger, it is okay, so not every token listed here will be good. Investors play the biggest role in the same token being in a strong position. So if there is no big investor behind a coin, then it will definitely fail. Trading is not easy, you must know very good technical analysis and have very good knowledge about the market if you want to get something good from trading. No special exchanger will help you to profit from trading.

[Coyster]

They care about the money they receive to add/list coins in their platform and to promote them too for the right price. Do you actually think that centralized exchanges care about how much a trader loses, they don't. And their terms of service protects them from any blame. Thus do your own research and stay away from newly listed shitcoins.

More often than not, traders who touch these newly listed coins are greedy and are only thinking about getting rich quick, so maybe it is their fault and lesson to be learnt for them.

[pentagon5]

Binance just launched this $COMMON token, total scam coin. The price crashed from $0.04 to $0.012. I got wiped out, lost around $250.

[Coyster]

Binance just launched this $COMMON token, total scam coin. The price crashed from $0.04 to $0.012. I got wiped out, lost around $250.

Sorry about that, but this is not unusual with new tokens. And to be fair, it wasn't only Binance that launched $COMMON token, Bybit, Bitget, Kucoin, MexC and other exchanges also listed this token.

The token lost around 40% of its value after listing, though it pumped a little before the crash. Were you trading futures with this token? I read that Binance are offering up to 50x leverage on this token.

That said, you also have to be blamed in this, you should always be careful with newly listed tokens and coins. So many people who receive these coins through airdrop or who acquired it pretty early through private sales tend to sell it as soon as they receive it, causing the price to dump. And because these coins do not usually have any actual utility, you'd be lucky if it ever pumps again.