Are you wondering whether Binance is legal, safe, or even allowed to be accessible in India in 2024?
With daily changing regulations, many users are doubtful about the platform’s security, legality and how to use Binance after the ban.
In this comprehensive guide, we’ll discuss Binance’s current legal status in India, whether it’s a legit and safe platform, its fees, and other FAQs related to the Binance app.
Stay tuned! You will get all the answers at the end of the blog article.
Binance App Review
Binance is a renowned cryptocurrency exchange one of the largest in the world, that offers trading of a variety of digital assets.
Binance with its popular mobile app offers users flexibility to trade cryptocurrency with ease, to access market data in real-time, and to manage their portfolios.
Features and Benefits of Using Binance
Wide Selection of Cryptocurrencies: Binance supports more than 500 cryptocurrencies, which include popular coins like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and many other altcoins.
User-Friendly Interface: The app is user-friendly, intuitive, and ideally designed for both beginners and experienced traders.
Real-Time Market Data: Features like live price movements, charts, and key market trends through the app, allow investors to make an informed investment decision.
Low Trading Fees: Binance is also known for its competitive fee structure, with just a base trading fee of 0.1%, and can be further reduced if you choose to use Binance Coin (BNB) to pay fees.
Binance Earn & Staking: The app offers multiple options to earn passive income, including staking, savings, referral programs and liquidity farming, etc. More ways to earn money from Binance – Detailed Article
Secure Wallet: The app supports an integrated wallet for storing cryptocurrencies safely, and comes with features like biometric authentication and two-factor authentication (2FA) ensuring top-notch safety.
Futures & Margin Trading: For experienced users, Binance offers features like futures trading with leverage and margin trading, which makes this app one of the best crypto apps in the market.
Customer Support: Binance provides 24/7 customer support via live chat and email, which is quite helpful for investors.
Common FAQs of Binance App
In this section, we will cover some of the frequently asked questions by an individual who is looking to invest or engage in cryptocurrency investing via this app.
Is Binance Legal In India?
The legal status of Binance India is not clear due to ongoing regulatory challenges surrounding cryptocurrencies in the eyes of the Indian Government.
The Reserve Bank of India (RBI) has not yet banned Binance, but the government is seen taking significant steps towards regulating the cryptocurrency space.
Binance still operates in India, but users should keep a close watch on the government policies and regulations affecting the crypto space.
Is Binance banned in India?
The Binance app for now is not banned in India and is completely operational. The app is available on the Google Play Store and can easily downloaded from the Play Store.
How to use Binance in India after Ban?
As per a recent update, the Binance app is no longer banned in India and it’s operating in India without any ban or restrictions.
To start using Binance, the easiest way is to download the app from the Google Play Store and get started.
Is Binance legal in India 2024
Yes, Binance is completely legal in India and no such ban or restrictions are currently imposed on Binance for now.
However, it is important to keep a close watch on government regulations and policies related to cryptocurrency exchanges.
Is a Binance account free?
Yes, a Binance account is free to create.
However, it is important to note that Binance charges service fees for staking rewards and related buy or sell transactions.
What are fees for using Binance?
For both spot and margin trading, Binance charges a flat 0.1% fee per trade.
However, users can reduce this fee up to a 25% discount by paying with Binance Coin (BNB), which offers that even lowers the fees to 0.075%.
For futures trading, binance charges a maker fee which is usually 0.04%, and the taker fee is 0.06%.
Binance also offers fee discounts based on VIP levels and runs special promotions from time to time, making it one of the most best and cost-effective cryptocurrency platforms.
To know more about the charges, you can check this detailed guide – Binance Fee Calculator: How To Calculate Binance Fees?
Is Binance A Real App?
Yes, the Binance app is an absolutely real app that allows users to buy, sell, and trade in cryptos.
The app is also available on the App Store and Play Store with over 2 million reviews and an average of 4.4-star ratings on Google Play Store.
Binance is considered one of the most secure cryptocurrency exchanges.
It supports amazing security features like two-factor authentication, real-time monitoring, and encryption.
Is it Safe to Keep Money in Binance?
Binance is considered to be one of the safest exchanges in the world if you look at the level of security offered by the app.
By any chance, if the exchange is crashed or hacked, stolen assets or funds, the SAFU provides the insurance and reimburses the users from the pool of $1 billion fund.
These features are not offered by every platform.
How to withdraw money from Binance
The process to withdraw money from Binance is simple and easy. The steps to withdraw the mentioned below:
1. Open the Binance app, hover over the account icon in the upper right corner, select “Assets”
2. Click on the Withdraw button > select the cryptocurrency that you wish to withdraw.
3. Enter the receiving address where you wish to send crypto > select the network.
4. Enter the withdrawal amount.
Binance Customer Care Number
To contact Binance support, there is no such direct contact number for customer support. However, you can get support directly in the app by following the steps that are mentioned below:
- Open the Binance app > Click on the support icon ( headphone image ) on the top right side of the app.
- You will see self-help FAQs that you can go through and resolve your query.
- If your query is still not resolved, scroll down to the button of the page > click on the “Get Support” button.
- An AI chatbot will assist you with your issues or queries. Most of the time, all your issues will be resolved by the AI chatbot itself.
- However, if you still require human customer support assistance, you can ask the AI chatbot to transfer your chat to the available support agent who will help you with your query.
I hope you got clarity about the features and benefits of Binance with the help of this article.
Feel free to shoot any suggestions or drop you comments inside the comment section.
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