Is the Binance platform approved in Saudi Arabia? This platform is considered one of the most popular cryptocurrency trading platforms that has won the trust of hundreds of thousands of customers despite the presence of many competing trading platforms.
Saudi Binance platform
The Binance platform is one of the largest online cryptocurrency trading platforms, and it was launched in 2018 to take the lead in cryptocurrency trading sites in terms of trading volume. The platform was exposed to the largest security breach in 2019 when it announced, through an official statement, that the platform was exposed to a security breach that resulted in the theft of nearly 700 bitcoins, worth about $40 million at the time, and the platform promised the affected customers compensation from a fund The platform’s assets and allowed trading operations after it prevented withdrawals and deposits for a period of time after the hack.
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Is the Binance platform approved in Saudi Arabia?
Despite the warnings issued by the Central Bank of the Kingdom of Saudi Arabia regarding the repercussions of cryptocurrency trading and its extended effects on the citizens of the Kingdom, and the lack of an official license for the Binance platform in Saudi Arabia or the Arabian Gulf, most of the traders in the Kingdom of Saudi Arabia who own investment portfolios have accounts In the famous Binance platform for cryptocurrency trading as the most famous platform in the field of trading on the one hand and its ease of use on the other hand in buying and selling during trading operations, It can be said that the Binance platform is highly supported in Saudi Arabia by many Saudi investors and traders.
Minimum amount to trade on Binance
The Binance platform has set the minimum trading amount as follows:
- The minimum deposit on Binance is $10.
- The tradable securities are 59 cryptocurrencies.
- Trading fees start from 0.1% and 0.5% fees for instant purchase in addition to the 4.5% debit card fee.
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My experience with Binance
The experience of the Binance platform compared to the US cryptocurrency exchange Coinbase can be detailed as follows:
- The main features of the Binance platform are low fees and more traders with comprehensive charts and percentage options for cryptocurrency trading, while the main features of Coinbase are ease of use for beginners, ability to open a digital wallet, and cash withdrawal options through PayPal.
- The number of supported cryptocurrencies available for trading on the Binance platform is 500, while the number of supported cryptocurrencies on the Coinbase platform is only 170.
- Binance trading fee is 0.015% to 0.10% for buy and trade services, 3.5% or $10 for debit card purchases and $15 for each wire transfer in the USA while Coinbase trading fee is 0.50% for each trade A 3.99% fee for credit card purchases, a 1.49% fee for a Coinbase wallet, a $10 wire transfer fee for deposits, and a $25 fee for withdrawals.
- Coinbase is a fully integrated US-based exchange with specific transaction options for starters while Binance is a purely educational platform that provides support and education services to novice traders with hundreds of options to trade currencies.
- The maximum trading amount on Binance varies depending on the cryptocurrency being traded while the maximum trading amount on the Coinbase platform varies depending on the payment method and the time zone of the customer on the map.
- Coinbase is a very easy-to-use platform for traders, but with high trading prices that cannot be overlooked in the cryptocurrency market, which is what Binance offers to customers.
- Security Features of Binance Platform Two-Factor Authentication in Accounts (2FA) and Security System (FDIC) by Binance. US and cold storage features and adding addresses to whitelists. Coinbase’s security features are vulnerability storage insurance, biometric fingerprint registration, cold storage, FDIC, 2FA, and AES256 encryption for customer digital wallets.
- Transactions and orders available to clients and traders on the Binance platform are peer-to-peer trading, margin trading, one cancel order, market orders, stop, buy, sell and effective stop, and Coinbase orders and transactions are buy, sell, send, receive and exchange orders.
See also: How to buy digital currencies from Saudi Arabia
Disadvantages of Binance Platform
Experts identified the disadvantages of the Binance platform with the following:
- Errors in the system when checking the accounts of traders and clients.
- Not usable in the USA.
- Not providing traders with the ability to open a digital wallet built into Binance.
- The emergence of many organizational problems in the platform in more than one geographic region around the world.
- An interface that can be a bit confusing for users and traders.
- Transparent platform management structure.
- The platform was hacked and stolen in 2019.
At the end of this article, we know Is the Binance platform approved in Saudi Arabia? Or not, as we learned about the most prominent advantages and disadvantages of this platform, and the difference between it and other platforms.