What Is Binance Exchange All About? Create a Binance account

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What Is Binance Exchange All About?

Binance Exchange, established in 2017, stands as a prominent player in the cryptocurrency realm. It has cultivated a reputation for its extensive focus on altcoin trading. Binance offers a diverse array of over 350 cryptocurrencies and virtual tokens for crypto-to-crypto trading, including well-known options like bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), and its proprietary coin, BNB.

History of Binance exchange

Binance isn’t just any online exchange; it’s a dynamic platform where users can engage in cryptocurrency trading. This marketplace supports a broad spectrum of the most commonly traded cryptocurrencies. Furthermore, Binance provides a secure crypto wallet for traders to store their digital assets.

As if that wasn’t enough, Binance takes it a step further by offering a range of supporting services. Traders can earn interest and carry out transactions using cryptocurrencies through this platform. It even provides specialized programs for miners and assists traders in making well-informed investment decisions. Let’s not forget their in-house blockchain-based token, BNB, which adds an extra layer of versatility.

binance history
binance history

The Journey of Binance

In 2017, the visionary Changpeng Zhao brought Binance to life. Within a mere six months, this entrepreneur, investor, and software engineer propelled the exchange to one of the world’s largest crypto trading platforms. Primarily known for crypto-to-crypto trading, the exchange boasts some of the industry’s lowest cryptocurrency transaction fees.

But, life hasn’t been all rosy for Binance. In 2019, the global exchange faced a setback when it was banned in the United States due to regulatory concerns. In response, Binance opened Binance.US to cater to U.S. regulations. However, certain states, including Hawaii, New York, Texas, and Vermont, still prohibit the use of Binance.US as of June 2023.

Trading on Binance

Like other cryptocurrency exchanges, Binance offers an array of services for trading, listing, fundraising, de-listing, and withdrawing cryptocurrencies. If you’re a cryptocurrency enthusiast looking to launch your own tokens, Binance has you covered with initial coin offerings (ICOs). To start trading, you’ll need to complete the necessary know-your-customer (KYC) requirements. Once that’s done, you can fund your trading account and embark on your trading journey.

Binance supports four main types of trade orders: limit, market, stop-limit, and one-cancels-the-other (OCO) orders. These orders provide traders with the flexibility they need for their specific strategies.

But, here’s a twist: Binance Markets Limited, a U.K. subsidiary of Binance.com, faced a ban from the Financial Conduct Authority (FCA) in June 2021. However, the ban didn’t affect the service offerings by Binance.com to users in the U.K., as clarified by the company’s social media team.

Binance offers even more options in the realm of crypto derivatives. For futures contracts, traders can choose from seven types of orders, from limit orders to trailing stop orders.

Creating a Binance Account via the Mobile App

Embarking on your journey with Binance is a breeze, and there are multiple avenues to establish your account. Whether you opt for your trusty email address, phone number, Google account, or, if you’re in the Apple ecosystem, your Apple ID – the choice is yours. While all paths lead to your destination, the email address option stands out as a more inclusive and widely favored choice among users. Let’s dive into the straightforward process to kickstart your Binance experience.

Link binance:

Open the mobile app and follow these instructions:

  • Tap Sign Up at the top-left. Then select Sign up with phone or email.
  • Next, select your country of residence from the Country/Area of Residence dropdown.
  • Select Create Personal Account.
binance signup app
binance signup app
  • Commence by entering your email address and password, followed by a tap on “Next.” Below, you have the option to decide whether you’d like to receive Binance updates – simply select “Yes” or “No” as per your preference.
  • A security check screen might make an appearance. Quickly tackle it by elegantly sliding the lock into place.
  • Now, it’s time to delve into your email inbox. Seek out the Binance email verification code and give it a swift copy-paste into the designated “Email Verification Code” field. Once you’ve done that, hit “Next.”
  • Should the need arise, tap “Enable” when prompted, granting biometric authentication for Binance. Your account is swiftly becoming a fortress of security and convenience.
binance signup app
binance signup app
  • Next, supply your phone number and tap Next. Verify your phone number if prompted.
  • Click Verify Now to begin the Binance KYC process.

Fees, Deposits, and Withdrawals

Binance doesn’t charge any fees for cryptocurrency or fund deposits. When it comes to withdrawals, the transaction fees vary based on the cryptocurrency and the transaction amount.

As of June 2023, Binance doesn’t allow U.S. dollar deposits by global users. However, deposits using 27 other fiat currencies, including the euro, are permitted.

Beyond the Basics

Binance goes beyond being just an exchange; it offers a plethora of additional tools and services. Some highlights include:

  • Earning: Binance Earn allows investors to stake or earn interest by depositing stablecoins. You have various options and interest rates to explore, depending on the coin and tenure.
  • Lending: Binance Card lets users convert cryptocurrency into fiat currency for spending on products and services. You can also explore crypto loans for various trading purposes.
  • Smart Pool: Miners can use Binance Smart Pool to optimize their mining efforts. Binance Pay is another perk, allowing global cryptocurrency payments with zero fees.
  • Development: Binance Labs serves as a blockchain technology incubator, supporting pre-ICO stage projects. LaunchPad is a platform for new and emerging blockchain projects.

The BNB Token

The Binance Coin (BNB) plays a pivotal role in facilitating crypto trading on Binance. This coin was introduced during an initial coin offering (ICO) in July 2017. Of the total tokens issued, 20 million BNB went to angel investors, 80 million to the founding team, and the remaining 100 million to ICO participants.

BNB originally operated on the Ethereum blockchain with the ERC 20 standard. However, in 2019, it transitioned to becoming the native coin of the BNB Chain. As of July 2023, BNB is valued at approximately $250, making it the fourth most valuable blockchain-based token by market cap, hovering around $39 billion.

Binance in the Balance

While Binance is used by millions who trust the exchange for cryptocurrency transactions, it’s essential to remember that, like all third-party platforms in the blockchain and crypto space, it’s not immune to hacking. A notable example is when hackers made off with $570 million worth of BNB in 2022.

Is Binance an Option for U.S. Citizens?

U.S. citizens can use Binance.US, protected by U.S. laws. Attempting to access Binance (global) from the U.S. or other restricted countries via alternate connection methods, such as a virtual private network, violates Binance’s Terms of Use.

Binance vs. Coinbase

Is Binance better than Coinbase? It’s a matter of preference. Coinbase leans towards being more beginner-friendly, while Binance offers a bit more complexity in exchange for its features.

In a Nutshell

Binance is more than just a cryptocurrency exchange; it’s a global platform that lists over 350 cryptocurrencies. Beyond trading, Binance offers a multitude of services for users and developers alike, creating a versatile ecosystem that caters to all needs.

Remember that investing in cryptocurrencies and initial coin offerings (ICOs) involves a high level of risk and speculation. The information in this article is not a recommendation to invest in cryptocurrencies or ICOs. Always consult with a qualified professional before making financial decisions.

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