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Cryptocurrency trading has become a popular way to make money in the past few years. This is because the market is always changing, and there are new opportunities to be had every day. In this blog post, we will take a look at Binance, a well-known cryptocurrency trading platform.
Binance is one of the most popular cryptocurrency exchanges out there. It offers many different trading pairs for Bitcoin, Ethereum, and more. In this post, We'll discuss everything you need to know about Binance, including how to sign up, how to deposit and withdraw, how to buy..etc.
We'll discuss what makes Binance stand out from the competition, and how it can be used by traders.
Table of Contents
17. Conclusion
What Is Binance (BNB)?
Binance is a cryptocurrency exchange that is the largest exchange in the world in terms of the daily trading volume of cryptocurrencies.
It supports all of the most widely used cryptocurrencies. For traders to store their digital currency, Binance offers a crypto wallet. Additionally, the exchange offers users supporting services so they can earn interest or conduct cryptocurrency transactions.
Basic information about Binance
Chinese developers presented their ambitious Binance project in 2017. As part of the ICO, Binance managed to attract $15 million to its project, which is now considered the benchmark for ICOs in the crypto community. The trading platform is headquartered in Hong Kong.
Immediately after the launch, Binance began an explosive rise in the ranking of crypto exchanges.
There were many reasons for this, but the main ones are:
the ability to process up to 1.4 million transactions per second;
low trading fees of 0.1% or 0.075% if BNB tokens are used;
programs to reward users for storing cryptocurrencies on the exchange;
interface adapted for all types of devices.
Since 2019, fiat trading pairs have also been added to the exchange.
The key idea of the founder of the exchange, Changpeng Zhao (CZ), is to eliminate dependence on the regulators of various states. To do this, the company had to expand by opening branches in different countries. Initially, Binance was an exchange that specialized in Crypto-to-Crypto transactions, which also helped to avoid dependence on regulators. But, starting from 2019, trading pairs with fiat were added to the exchange.
Binance exchange team
One of the secrets of Binance's success is a talented team that is working on the development of the project in more than 10 exchange branches around the world. The staff is huge, but we offer you to get acquainted with the key personalities:
Changpeng Zhao is the CEO and founder of the Binance exchange.
Roger Wang is the technical director.
James Hofbauer is the project architect.
Sunny Li is the COO.
Allan Yan is the Product Director.
Paul Jankunas is Vice President of Engineering.
Binance products
Unlike many other exchanges, Binance is not limited to trading operations and offers a number of products for traders that are useful for them:
Binance Trade and exchange: The exchange offers over 1,000 trading pairs, as well as the ability to quickly exchange.
Binance Access: With powerful API integration through Binance Access, owners of other platforms and websites can provide their clients with access to the trading functionality of the exchange.
Binance Academy: For those who have just begun to study the world of blockchain, Binance has developed an academy that contains all the necessary information to study blockchain, the digital economy, and the basics of trading.
Binance Blockchain Charity Foundation (BCF): This is a social program of Binance, through which users can donate to charity and the development of social projects around the world. Fundraising is completely transparent - all transactions are recorded in the blockchain.
Binance card: Binance exchange has changed the concept of cryptocurrency settlements by issuing Binance cards. Anyone can order a card on the exchange website and pay with cryptocurrency at any point around the globe.
Binance Info: In the Info section, users can find out the latest news of the crypto world, track changes in the cost of cryptocurrencies, and read reports from Binance and third-party companies whose activities are somehow related to digital coins.
Binance Labs: This is the venture arm of Binance, which was created in order to support entrepreneurs who develop industry projects. With the help of Binance Labs, startups can loudly declare themselves to the whole world, and investors can find a project with a working product.
Binance launchpad: The platform allows startups to launch their tokens for successful fundraising and subsequent listing on the exchange. The startup selection process is very strict, but the project provides an opportunity to show your idea to more than 10 million Binance users.
Binance Research: The Binance Research platform provides users with investment-grade analysis and unbiased insights about cryptocurrency projects and the industry as a whole.
Binance Trust Wallet: Reliable and secure mobile crypto Binance wallet that provides easy access to assets and quick purchase of cryptocurrencies with fiat.
The Binance development team is always striving to improve not only its platform, but also the blockchain industry as a whole, contributing to the emergence of new projects, the popularization of cryptocurrencies, and the development of educational materials with its products.
Buying Cryptocurrency on Binance
Binance provides its users with the ability to quickly purchase cryptocurrency, and this can be done in several ways:
1. Bank transfer:
You can pay for the purchase of cryptocurrency using a bank transfer.
2. Credit and debit cards:
A quick purchase on the site is also possible with the help of bank cards.
3. P2P trading:
You can buy cryptocurrency from other users according to individually agreed conditions - and pay for purchases with bank cards and more than 60 other methods.
4. fiat balance:
You can pay for the purchase of cryptocurrency from your fiat balance on the exchange.
5. Third-Party Partners:
You can also buy cryptocurrency on the exchange through third-party partners Simplex.com, Banxa, Poli, and Bpay, offering their own conditions.
Trade on Binance
The main advantage that has made Binance such a huge success is the variety of trading pairs. At the moment, there are more than 380 trading pairs with bitcoin, altcoins, and fiat on the exchange. In addition, the crypto exchange provides several trading options that meet the needs of different groups of traders:
1. Basic
The easiest way to start trading in minutes. The trader will only need to indicate the direction of trade and the amount.
2. Classic
The classic trading terminal has a simple interface that will be understandable even for beginners. Here you can not only make deals, but also track the quotes of trading pairs, the glass of deals, and market operations.
3. Advanced
The terminal is designed for experienced traders and provides full access to all trading instruments on one screen.
4. Margin
The trading platform provides the opportunity to trade with high leverage, which increases the profitability of transactions, but also the risks, respectively.
5. Octopus Token (OTS)
The section is intended for concluding transactions for large amounts (from 250 BTC) under the best conditions.
6. Record to Report Binance (R2R)
Direct transactions between users, the terms of which, including the rate and method of payment, the seller and the buyer choose independently. In addition, Binance has provided 20% cashback for traders on all trading fees! You can find out more and get a discount code on the CexCashBack website. Derivatives
Binance supports not only the trading of cryptocurrencies but also their derivatives - derivatives, which allows two counterparties to conclude a deal on a future date. There are also several varieties of trading directives:
USDT futures: Trades with the USDT stablecoin without expiration and with the possibility of trading with leverage up to x125.
Coin futures: Transactions with cryptocurrencies with a leverage of up to x125.
Leveraged tokens: Assets traded on the spot market, which already has perpetual futures conditions, and also have the opportunity to use the leverage from x1.5x to x3. For example, BTCUP is a BTC perpetual contract.
To trade derivatives, you will need to open a futures account on Binance, which can be registered in a couple of clicks, having the main profile on the exchange.
Finance on Binance
Binance provides advanced financial functionality, through which users can make deposits and receive rewards, receive credits for transactions, or even mine:
Deposits: Users can deposit their funds into the account and receive interest on deposits. Accruals occur at a floating rate, at which you can withdraw your savings at any time, or at a fixed rate, placing a deposit for a certain period.
Staking: By purchasing certain types of cryptocurrencies and holding them on their account for a certain amount of time, users can receive rewards from 2% to +20%, depending on the cryptocurrency.
Binance Pool: You can get even more profit by connecting to the mining pool of the exchange.
Debit card: To expand their financial capabilities, exchange users can order a Binance card, replenish it with cryptocurrency, and pay worldwide.
Crypto loans: In the Binance exchange, you can get a loan with guaranteed approval secured by assets. Loan terms from 7 to 90 days.
Competition on Binance
Among other exchanges, Binance also stands out by regularly holding competitions, for winning which you can get by no means trifling prizes. The mechanics of the competition may be different. For example, earn as much ROI as possible during the competition. Sometimes competitions are held in collaboration with other projects.
You can follow the current competitions on the main page of Binance.
Airdrops and bonuses provided by Binance
Binance regularly holds Airdrop and pleases its traders with all kinds of bonuses. In order not to miss the opportunity to participate in upcoming giveaways, carefully follow the announcements of Binance on social media accounts and follow the conditions.
As a rule, users are required to support a new project by purchasing its tokens before the start of the official listing, in return for which they will receive a reward in the form of an airdrop. The earlier the deposit was made and the larger its amount, the higher the reward.
Own Cryptocurrencies on Binance
The Binance exchange has two native cryptocurrencies - BNB and BUSD. The BNB coin is designed to support the platform ecosystem and has many use cases. For example, it can be used to pay commissions on the exchange, as fuel for a transaction, or as trading. If the exchange commission is paid with the BNB token, then the trader can count on a discount that can reach 50% of the fees.
BUSD is a stablecoin from Binance, pegged to the dollar at a ratio of 1:1. The coin can be used for trading, while transactions will have a zero-maker fee. There is also no fee if you want to convert BUSD to other stablecoins or buy the coin with fiat.
Binance Mobile and desktop application
For the convenience of users, the exchange team has developed a mobile and desktop application. You can install the mobile app, so that the full power of Binance is in the palm of your hand at any time, from the official GooglePlay and App Store , as well as from the “Downloads” page on the official website of the exchange. In the same section, you can find the desktop version of the application for macOS and Windows.
How to get started with Binance
Binance is an exchange that will be convenient for novice traders and has all the necessary functionality for professional trading. The official site has a user-friendly and intuitive interface. The site has been translated into more than 10 languages.
How to register on the Binance App?
You can easily register for a Binance account You'll first need to go to www.binance.com
Affiliate Disclosure: With full transparency—some links on this guide are affiliate links, if you use them to make register we will earn a commission at no additional cost to you (none!).
You can register for a Binance account with your email address, phone number, or your Apple/Google account on the Binance App easily with a few taps.
1. Open the Binance App and tap [Sign Up].
2. Select a registration method.
You can sign up with your email address, phone number, and Apple or Google account.
If you want to create an entity account, tap [Sign up for an entity account]. Please select the type of account carefully. Once registered, you cannot change the account type. Please refer to the “Entity Account” tab for a detailed step-by-step guide.
Sign up with your email/phone number:
3. Select [Email] or [Phone Number] and enter your email address/phone number.
Then, create a secure password for your account.
Note:
Your password must contain at least 8 characters, including one uppercase letter and one number.
If you’ve been referred to register on Binance by a friend, make sure to fill in their Referral ID (optional).
This is Our link referral [396840591], But you already have been invited through our referral link, so this box will be filled autmatique.
Read and agree to the Terms of Service and Privacy Policy, then tap [Create Account].
4. You will receive a 6-digit verification code in your email or phone.
Enter the code within 30 minutes and tap [Submit].
Congratulations! You have successfully created a Binance account.
How to Verify your Account on the Binance App?
Identity verification on the exchange is not mandatory. You can start trading immediately after creating an account. The procedure will only be required if you want to increase the limit on trading volume, which in the basic account is up to 2 BTC.
To pass verification, you will need to fill out forms, indicating personal data in them, as well as provide scans of identification documents. After verification of personal data, the limit will be increased to 100 BTC.
If you need to expand the limit for depositing fiat funds, you will also need to confirm your address of residence.
Deposit and withdrawal of funds You can start trading on the exchange after making the first deposit. You can replenish the exchange account with Bitcoin, as well as more than 50 altcoins.
Altcoins are all cryptocurrencies other than Bitcoin. Exemple: solana, dog coin...etc.
You can also fund your account with fiat money. In particular, you can use bank cards, Payoneer, and Payeer to replenish your account with dollars. Replenishment of the account with cryptocurrency is limited only by the functionality of the network itself and its commissions.
How to buy CryptoCurrency with Credit/Debit Card?
Before you can start trading, you need to buy cryptocurrencies first. There are a number of ways to buy cryptocurrencies from the Binance homepage, including Credit/Debit Card, Cash Balance, and P2P as we mentioned in this guide.
You can easily buy Cryptocurrency on the Binance crypto exchange. You'll first need to register for a Binance account from here www.binance.com
Or go back to this section: How to register on the Binance App?
Before getting started, please make sure you have completed the identity verification Let's get started!
1. Log in to your Binance account and click [Buy Now] on the homepage banner.
2. Choose to buy the crypto you want, by entering its code.
For example:
BTC for Bitcoin
USDT for Tether
if you don't know your crypto code, just write on your browser like this, [Your crypto name here] coin code, exemple: Solana coin code.
Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. Click [Continue].
3. You can choose your preferred payment method here. To buy with credit/debit card, click [Visa/Mastercard] - [Continue].
4. Follow the instructions and enter your card information.
5. Your card will be added. Click [Continue].
6. Check the payment details and fees
Confirm your order within 1 minute, or the amount of crypto you can get would be recalculated based on the current market price. You can click [Refresh] to see the new order amount.
7. You will be redirected to your bank's OTP Transaction Page.
Follow the on-screen instructions to verify the payment. After that, you can see the purchased crypto in your Binance Spot Wallet instantly.
Congratulations! You have successfully bought your Cryptocurrency.
How to trade on Binance?
Binance provides several options for trading terminals, among which you can choose the one that suits you best. If you are a beginner trader, I suggest to you this video.
Explain Binance Fees
Fees on Binance are among the lowest in the market at just 0.1%. At the same time, in some cases, for example, when using the BNB token, the trading commission can be reduced even more or completely canceled.
Binance Crypto Exchange Support
When faced with problems, users can check out the Binance FAQ section of the site, which is translated into 3 languages, or try searching for the answer in the Binance Academy. If you couldn’t solve the problem yourself, you can contact the support service via Live Chat or write an email.
What about Safety on Binance?
Binance is currently operating in accordance with the laws of Hong Kong and plans to move to Malta and obtain an appropriate license. As a means of security for users, the exchange has implemented a two-factor authentication system and an anti-phishing code.
Binance is one of the best exchanges and leads in terms of trading volume, but the exchange's reputation is not perfect. In 2019, the crypto exchange was hacked by hackers, as a result of which about 7,000 BTC were stolen from its accounts.
Pros and cons of Binance
Advantages of Binance
Huge variety of trading pairs.
Several formats of trading terminals for traders of any level.
Providing leverage up to x125.
Financing useful social projects.
Several ways to increase capital by interacting with the exchange.
Support for new coins.
Regular bonuses and airdrops.
Low commission fees up to 0%.
Disadvantages of Binance
Among the shortcomings of the exchange, one can only single out an unpleasant case of hacking, but the administration managed to solve the problem and continue working. What Binance customers say, Reviews
What do Binance customers say? Reviews
if you like this widget, we have a full review about it:
Elfsight Review 2022: How to Use the Elfsight discount coupon
Conclusion
Binance Exchange is a TOP-level project that can provide users with liquidity, fast closing of orders, and convenient and powerful functionality. It has everything you need for professional trading and many useful features that you will not find on other crypto exchanges. Source:
www.binance.com
www.academy.binance.com
www.prostocoin.io
www.coinmarketcap.com
www.bitcoinist.com
www.analyticsinsight.net
If this article was helpful to you, or if you have any questions, please leave us a comment and we will answer you as soon as possible. Affiliate Disclosure: With full transparency—some links on this guide are affiliate links, if you use them to make register we will earn a commission at no additional cost to you (none!).
