Binance is a globally recognized and acclaimed cryptocurrency exchange platform. The exchange has its own token known as Binance Coin (BNB). The platform supports about 563 trading pairs and offers a wide range of services and benefits to its users.
History
Binance was launched in July 2017 in China by Changpeng Zhao. It was first based in China but later moved its headquarters to Malta due to the restrictions placed on cryptocurrency in China. The exchange supports the trading of over 400 cryptocurrencies and offers services that assist other developers in creating and funding their own tokens.
Features And Benefits Of Binance
Let’s talk about some of the features of Binance. Binance has an easy to use, and advanced user interfaces that is easy for people to navigate and access the platform’s properties.
Binance supports a lot of cryptocurrencies, has multiple payment methods, supports over 50 fiat currencies and a number of trading services. Since the exchange is one of the largest globally, it has a high liquidity and trade volume. The transaction fees are relatively low, and it also has a mobile app available for both android and IOS users to make accessing the platform easier.
Services Offered By Binance
Binance offers numerous services to users which continue to grow because of the innovative nature of the platform. One of the aims of the platform is to invent ways to boost the use of cryptocurrency and its acceptability by the public. Some of the services offered by Binance include the following:
- Buying and selling of cryptocurrencies
This service allows users to buy and sell cryptocurrencies with fiat currencies supported by the platform using their credit or debit card, a third party payment, or the Binance P2P trading service using their escrow system to meet buyers or sellers close to you.
- Markets
The market shows you what is happening in the cryptocurrency market, such as the recent prices of cryptocurrencies, the changes and trade volume in the last 24 hours.
- Trade
With the service, you can participate in crypto trading in order to make profits. Binance has multiple trading options depending on your preference and level of expertise in trading cryptocurrencies. The options available are the basic, classic, advanced, margin, OTC (over the counter), and P2P (peer to peer) trading.
- Derivatives
This service allows you to trade cryptocurrency derivatives without having to own them.
- Wallet
Binance also provides a wallet service where you can store your coins and fiat. It has different types of wallet depending on what you want to store.
- Binance Launchpad
This is an IEO (Initial Exchange Offering) platform to assist new token developers generate money to fund and launch their project.
- Binance Academy
It is a non-profit educational program that allows users to learn and gain more knowledge on cryptocurrency, Blockchain, and Security.
- Investment
You can invest in any product in Binance Earn and get your Return on Investment with your cryptocurrency.
- Cash Transfer
This allows users to transfer money to anybody from their wallet by clicking on withdrawal and selecting cash transfer. This service is presently available to only Nigerians.
Other services offered by Binance include the Binance DEX, Binance smart chain, coinmarketcap, Trust wallet, Research, labs, and Binance Charity.
How Does Binance Work
- Registration
To get access to Binance, you have to open an account by visiting the website of Binance, click on register and input your email address and newly created password also, fill in the other required details and create your account.
- Verification
To verify your account with Binance, you will need your BVN, Screenshot of yourself, your home address, and a government-issued ID. You can still use the platform without verifying your account, but a verified account usually has a higher withdrawal limit than an unverified account.
- Payment Methods
The payment methods accepted on Binance include the use of a credit/debit card, the payment methods available on its P2P platform and a third-party payment such as Simplex and Banxa.
Supported currencies and countries
Binance supports the use of over 50 fiat currencies (e.g. Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Zilliqa, etc.), and over 400 cryptocurrencies. Binance is available to users worldwide except in 13 states in the US.
- Transaction fees
The transaction fee charged on Binance is low compared to other top cryptocurrency exchanges out there. The average transaction fee charged by Binance is around 0.1%. Transaction fees usually differ depending on the cryptocurrency involved and the payment method used.
- Transaction limit
There is no limit placed on trading and depositing on Binance, but a limit is placed on withdrawal, and this limit depends on if the account is verified or not. An unverified account has a withdrawal limit of 2BTC a day while a verified account has a limit of 100BTC a day which can be increased depending on the amount of trade the account makes in a day.
- Customer support
The only available customer support system Binance has is the FAQs section and by submitting a complaint ticket whenever you have an issue. There have been complaints about the lack of more ways to contact the customer service of the platform.
Binance arguably the best crypto exchange in the market
Within a short period of time, Binance has proven to be a reliable, trustworthy, safe, and secure exchange with its handling of the hacking experienced in 2019 by the platform, which they were able to deflect successfully with anybody losing their coin except the hackers. If you are looking for an exchange with numerous services and options with little to no disadvantage, Binance might be the platform for you.
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