Can I withdraw money from Binance?

Yes, you can. Binance allows for money withdrawals to your Binance trust wallet. The withdrawal processing only takes about 30 minutes.

Should I keep my crypto on Binance?

Yes, Binance’s CEO states that keeping cryptos on Binance is much safer than holding individual keys. Many crypto organizations advocate for users to store their own keys, but that might not be the safest option. For most people, a centralized exchange is a better option. In case of cyberattacks or breaches in security, recovery is much easier if your cryptocurrencies are kept on Binance.

Is Binance better than Coinbase?

Coinbase is a cryptocurrency brokerage, while Binance is a cryptocurrency exchange platform. If you are more interested in exchanging and trading cryptos, Binance is a better option for your needs. Fees are much lower on Binance than on Coinbase, and it has a longer list of available cryptocurrencies.

Does Binance report to the IRS?

The original Binance platform doesn’t allow US users to open an account and participate in Binance trading and exchanging. However, there is a separate Binance website specifically designed for US users (Binance.us). According to the IRS, crypto is treated as property for tax purposes, so you’re liable for any capital gains when selling or trading cryptos. By reporting cryptocurrency on your tax return, you must calculate trades with USD equivalent for the IRS Form 8949.

Do I need a wallet for Binance?

No, Binance has its own wallet, and it’s a safe and easy place to store your funds outside of Binance. You are not obligated to use the trust wallet, but we recommend downloading it as it’s free and highly-secure. Our Binance review has concluded that a decentralized, private, and friendly-to-use Binance wallet is the perfect choice for Binance users.

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Binance Review

by Deyan G.