Coming up with cryptocurrency exchanges, considering plenty of platforms available, Binance is regarded as one of the giants of the global market that cannot be disregarded. So, what specifically is the Binance exchange? How to effectively invest via Binance? Let’s review the following article to learn more about the Binance with Betomon!
What is Binance exchange?
With over 1,000 trading pairs and a transaction volume of up to billions per day, Binance is one of the biggest sites in the world. This is a remarkably massive exchange that offers trading across a wide range of cryptocurrencies. Due to its reputation, speed, and security, beginners are often introduced and prioritized to Binance.
What is the App Binance?
Investors using Binance have the option to trade on the Binance website or download the Binance app, which offers the identical features as the Binance website.
Both Android and IOS are currently supported by the Binance app. You can trade it directly on the website or download it to your phone, depending on your purposes and preferences.
How was Binance formed?
Many new investors joining the market certainly have some inquiries about Binance, particularly, who owns Binance? When was Binance established? Which nation is the Binance exchange based in?..
The establishment of Binance was recorded in August 2017 by Changpeng Zhao in China. Mr. Zhao, a talented person, returned to China and founded Binance in Shanghai after living in Canada (since he was 12 years old)
After approximately six months of operation, Binance rose to the biggest cryptocurrency exchange in the world and has maintained that position until now.
BNB Coin: What Is It?
The official currency of Binance is known as Binance Coin (Coin BNB), and it is issued by the exchange itself. In July 2017, Binance Coin was launched by ICO( initial coin offering)
Exceptional features of the Binance
Binance has been aggressively creating features to optimize user experience in order to achieve rapid growth and retain its top spot in the cryptocurrency market. Some of the most distinguished attributes that attract investors to Binance such as:
- A strong multi-layer architecture system that provides comparatively stable operation.
- Multi-device support with a variety of web browsers involving Android, HTML5, WeChat,…
- High performance, able to process 1.4 million buy and sell orders every second.
- Languages support with more than 41 different ones, including Chinese, English, Japanese, Korean, Russian, Spanish, Vietnamese,…
- Numerous supported currencies, including USD, GBP, EUR, RUB, CNY, VND,…
- High liquidity thanks to diversifying the cryptocurrencies and consistently remains the top position in the market.
- A range of supported crypto such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), NEO (NEO), Bitcoin Cash (BCH), Qtum (QTUM), Monaco (MCO), Binance coin (BNB), IOTA (MIOTA), Zcash (ZEC),…
- The strong development team with extensive experience in finance, cryptocurrency as well as numerous outstanding achievements in the industry.
- More than 30 interfaces available, the Binance platform offers the greatest user experience on multiple devices and languages.
Products and services that are provided on the Binance virtual currency exchange
Binance is regarded as the most diverse system among the majority of cryptocurrency platforms in the industry. Some of the most typical Binance virtual currency exchange offerings include:
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Spot transaction
Binance Spot has over 740 cryptocurrency and fiat currency pairs listed, including Bitcoin, Ethereum, and BNB…. besides an order-matching system processing up to 1.4 million orders per second.
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Margin Trading
This is an approach for trading assets provided by third-party loans (leverage). This allows investors the possibility to use a large amount of capital and gain significant profitability.
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Futures Trading with leverage up to 125x
Futures trading allows investors to purchase cryptocurrencies in advance by anticipating future value. Accurate assessments of market fluctuations will create a huge potential profit whether the price of cryptocurrencies rises or falls,
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Direct saving on the Binance exchange
Binance supports a variety of cryptocurrencies, including BNB, USDT, BUSD, DeFi coins,… To generate interest, investors can choose between flexible savings that let you withdraw whenever you want and fixed savings for higher profits.Binance Pools
As a full of functional and comprehensive service platforms, Binance Pool was particularly created to assist participants in increasing their income. In order to optimize the cryptocurrency earnings, the platform will pay users regularly plus provide many additional services along with low fees.
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Binance Launchpads
This platform promotes the raising of investment capital for Blockchain projects and makes them more accessible to the cryptocurrency ecosystem. Currently, Binance Launchpads are used for many purposes, including token selling sites with more than 10 million users on Binance, brand promotion, product launch project support,…
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P2P Trading
The primary feature of Binance trading assists users and merchants in conducting direct transactions with one another, Binance serving as an intermediary.
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Binance NFT Marketplace
This is considered a popular tool recently since it creates opportunities for artists to conduct exhibitions and sell their artworks through NFT. It is anticipated that the Binance NFT Marketplace will be a turning point in the art products industry.
How to trade on Binance?
Binance has published detailed instructional videos and articles so that trading on the exchange is very simple. Furthermore, you can ask questions about any issues you are having with the transaction process via the support team.
Binance trading fees
Investors prefer Binance as a cryptocurrency trading platform because it offers lower transaction fees than other exchanges. For regular user accounts, the fee is currently 0.1% for both Taker and Maker; however, when the account level upgrades to Vip 1, Vip 2,… the fee is only 0.02%/0.04% for Maker/Taker. Particularly for investors using BNB coin as a transaction fee, the cost will be reduced by 25% for all accounts.
Trading Methods on Binance
Investors can use the exchange’s mobile app or the website to directly buy and sell cryptocurrency. To place an order, follow these steps:
- Step 1: Select the coin or token you want to buy/sell in the section to change trading pairs.
- Step 2: Select buy/sell section.
- Step 3: Select the order to perform the transaction (Limit order, market order, Stop-limit order, OCO order).
- Step 4: Set the desired transaction price.
- Step 5: Complete the transaction by clicking the buy/sell button on the screen.
Is Binance reliable?
Binance is favored by most investors due to its impressive trading volume per second and the large number of participants. Since Binance is consistently in the leading position in the Crypto market, many experts highly evaluate the reputation of the exchange:
- Diversity of cryptocurrency
- Low trading fees
- Large trading volume, high liquidity
Notices for using the Binance exchange
Before deciding to participate in Binance, investors should learn and make their own assessment of the platform. Although Binance is a fairly efficient platform, scams are increasing frequently due to a large number of users.
Besides concentrating on every transaction, you need to update consecutively the latest news to avoid missing any significant announcements regarding system updates, modifications to trading policies,… then, you are able to obtain the safest and most efficient investing process.
In order to guarantee your account security
Set a confidential password and change it regularly. A password containing all the necessary characters such as both uppercase and lowercase letters, numbers, special characters,… will be more secure. It prevents being taken by hackers, and should not be distributed to anyone else.
Activate two-factor authentication – 2FA. A hacker still needs access to the 2FA device that you previously set up to log in, even if they get the password. You could identify and change your password/account lock promptly.
You should disable your Binance account or message the exchange directly for immediate assistance if you realize any unusual problems such as strangers accessing your account or suspicious withdrawal actions.
USA people prefer Binance because of its user-friendly interface and timely customer support, however, the opportunity to earn profits from cryptocurrency could be seem as an important motivation for investors to engage in trading activities.
The pros and cons of the Binance exchange
Advantage of Binance exchange
- Low fees: This is a virtual currency exchange with cheaper fees on the web, only 0.1% per transaction
- High security: It always require customers to set up two-factor authentication (2FA)
- Diverse list of coins: Binance supports trading over 100 different coins.
- Trading platform: Users can trade on the Website and Binance App via phones with IOS and Android operating systems.
- A large number of trading pairs: Presently, 466 trading pairs are accessible on Binance, which is an extremely huge number. All Altcoins are available on Binance.
- High speed: Binance is capable of processing up to more than 1.4 million orders per second. Binance’s trading fees are low with only 0.1% fees per transaction, even cheaper when paying with Binance Coin.
- High liquidity: Due to the high level of demand, there are plenty of participants on the exchange, making it easy to sell at market price. For this reason, users have lots of options as Binance offers hundreds of different cryptocurrencies.
- Diverse languages: The Binance supports many languages, English is one of the earliest developed languages supported. Moreover, Binance has a Telegram channel specializing in english language support so that we can easily use Binance due to no language barriers.
- Supports many deposit and withdrawal methods such as: Simplex (VISA and Mastercard), SEPA bank transfer, iDeal…
- Analytical tools: Additionally to advanced financial chart comparison tools, Binance provides analytics supported by leading analysts about financial markets and investment research.
- Facilitation: An assortment of devices may access the Binance platform because it provides a user-friendly trading base with techniques for both newbies and professional.
Binance offers the SAFU Fund – Secure Asset Fund for Users, which insures your assets by using 10% of transaction fees from the virtual currency exchange.
Disadvantage of Binance exchange
- Flat withdrawals and deposits are not supported by Binance.
- The exchange does not support buying and selling coins with Paypal, Visa card, Master card,… You can refer to the Remitano exchange whether you want to purchase coins with a bank card.
- Users are not given detailed instructions for taking part in the exchange therefore it is quite challenging for beginners.
- Despite having strong security, Binance is susceptible to numerous economic and cybercrimes because of its massive user base and volume of virtual currency. To prevent getting infected by malicious code from hackers that modify transaction direction, you need to be cautious during every transaction.
FAQ – Some frequently asked questions about Binance
The new investors will have a lot of inquiries about Binance, particularly regarding the exchange’s security. Now, Betomon will answer to these common questions:
When was Binance established? Who is Binance’s owner?
Binance was established in August, 2017 by Changpeng Zhao in China. After living in Canada (since he was 12 years old), Mr. Zhao, a talented person, returned to China and founded Binance in Shanghai.
After approximately six months of operation, Binance rose to the biggest cryptocurrency exchange in the world and has maintained that position until now.
Which devices are compatible with Binance?
Investors can sign up for Binance using many different devices both computers and mobile phones (IOS or Android operating systems). Similar features on the website have been combined with the Binance app for mobile devices, you can easily download the app for participating.
Is Binance a scam?
In terms of both the number of users and volume of trading, Binance is currently among the biggest cryptocurrency exchanges in the world. There hasn’t been any documented fraud case related to Binance yet.
In the history of Binance, the exchange has been attacked by hackers, but no damage was caused to investors thanks to the timely handling of Binance’s technical team. This also shows that Binance’s technological capabilities can help investors feel more secure.
Binance support phone number
Phone support has not been provided by Binance currently. Thus, investors might use Binance’s “Live Chat” section to ask for assistance in the case of trouble. Then, the exchange’s AI Bot will suggest solutions based on the information provided by investors. In addition, you can also find answers to common problems mentioned on the “Binance FAQ” site.
Binance’s vast ecosystem
Previously, Binance was simply a cryptocurrency exchange, but now Binance’s ecosystem has expanded, including:
- Binance CEX: A cryptocurrency and blockchain asset exchange that offers many trading options, including P2P, Futures, and Margin,…
- Binance Institutional: Giving VIP traders access to professional OTC trading and exchange services. The highly skilled workforce at Binance collaborates with numerous other market participants.
- Binance DEX: Decentralized exchange.
- Binance Research: Specializes in market research and analysis.
- Binance Academy: Provides all knowledge about the Crypto and Blockchain market.
- Binance Charity: Charity fund.
- Binance Labs: Investment fund.
- Binance Broker: Broker program includes: Widget broker, API broker and exchange broker.
- Binance Cloud: Helps businesses build their own trading platforms.
Binance Launchpad: Token issuance platform. - Trust Wallet: Binance’s official cryptocurrency wallet.
Binance NFT: NFT Marketplace allows exchanging NFTs on Binance.
>>> How to sell and buy cryptocurrency on the Binance
What is Binance Coin?
On July 1, 2017, Binance launched Binance Coin (BNB) to raise capital through the ICO method.
BNB is an ERC-20 token, built on the Ethereum Blockchain:
- ICO price: 1 BNB = 0.1 USD.
- Highest listing price: 1 BNB = 25.42 USD.
- Highest ROI: 25.320%
- Total supply of BNB: 189,175,490 BNB.
- The total BNB currently in circulation: 141.175.490 BNB.
Specifically, Binance implements a quarterly coin burn policy to reduce total supply and increase the price of BNB. Along with the launch of Binance Chain Mainnet, BNB from the ERC-20 standard token on the Ethereum platform has been transferred to Binance Chain with the BEP2 standard.
You can still deposit ERC20 BNB coins into your ETH wallet to have the exchange convert them to the new token. Binance Coin (BNB) has many functions in Binance’s cryptocurrency ecosystem. For example, you can use BNB to reduce transaction fees or buy IEO on Binance Launchpad.
Not only in the Binance ecosystem, you can also use Binance Coin with other services:
- Pay for restaurants and hotels when traveling through TravelbyBit.
- Purchase in the XPOS game store, through PundiX.
- If you own a store, you can accept payments in BNB through Coinify.
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You can see more information about other cases of using BNB here: https://binance.com/en/use-bnb
Where to trade BNB coins?
Besides Binance, BNB is also accepted on Bitmax, Gate.io, HitBTC,… It makes sense that BNB has high liquidity because of its large number of exchanges.
>>> What is ether.fi (ETHFI)? The 49th project on Binance Launchpool
Hopefully, this article has helped you understand about Binance and its benefits. Although there are also many debates about the future of cryptocurrency, Binance is still a reliable platform for people who are passionate and enjoy cryptocurrency. Don’t forget to follow many interesting and useful reads about financial investment at Betomon!
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