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What is Binance cryptocurrency exchange all about?

What is Binance cryptocurrency exchange all about?

  • 25 October 2020
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What is Binance is a popular question for those who engage with cryptocurrency trading. Binance crypto exchange, as an international company, has provided a variety of products for its users to be able to use them to participate in various cryptocurrency transactions.Traders can trade currency, margin trading as well as Binance DEX and use option contracts.

You can also trade leverage with Binance Futures. Binance Exchange, in addition to the possibility of the trading desktop on the web, also provides mobile trading, which makes trading easy and accessible to all traders.

As mentioned in “What is Binance cryptocurrency exchange” it is an online exchange that was established in 2017 by a Chinese company in Malta. It was able to overtake its competitors quickly and now has branches in several other countries.

Binance Exchange has millions of users from all over the world and trades more than one hundred cryptocurrencies. Opening an account on the Binance site is free and very easy.

In this article, we will introduce you to the important points about “what is Binance.”

Binance cryptocurrency exchange

What is Binance? What is the history of the establishment of Exchange?

  • Binance CEO Changpeng Zhao In 2005 developed trading systems for brokers.
  • In 2013, he joined the cryptocurrency wallet team.
  • It created a platform for trading between Fiat and Digital assets in 2014.
  • If you want to know “What is Binance date of Founded,” Binance Exchange was established in 2017 by this Chinese company in Malta.
  • In January 2019, Binance announced a partnership with Israeli-based Simplex. They made it possible to buy cryptocurrencies with cash and credit cards, including Visa and Mastercard.
  • In September 2019, the Binance exchange represented the perpetual futures contracts. This facility was allowing leverage as high as 125 times the value of the contracts.
  • In 2019, Binance was the largest digital exchange worldwide; its daily trading volume is about 5 hundred million dollars.
  • As mentioned in “What is Binance” the exchange was able to quickly overtake its competitors. Now it has branches in several other countries. The average daily trading volume in Binance Exchange is more than $ 1,200 million, which indicates the high level of liquidity and the large number of buyers and sellers in this exchange. Binance Exchange has many offices and branches in most parts of the world that have more credibility and security compared to other digital currency exchanges.

Binance cryptocurrency exchange

Binance team

How Binance cryptocurrency exchange works?

As explained in “What is Binance” the platform provides a virtual community place where traders gather to record their buy or sell orders. In this virtual exchange, transactions between buyers and sellers take place quickly, and Binance receives a fee as a commission in exchange for the ease and security of transactions.

Suppose a user reserves a purchase order on the Binance exchange platform, the system searches among other sales orders, which are also registered through other traders, and completes that user order. There are a few ways for this function:

  • As explained in “What is Binance” this crypto exchange itself is not a seller of Bitcoin or other Altcoins, but an interface that acts as an intermediary platform between buyers and sellers and receives an amount from each transaction as a fee.
  • Any user of this platform can easily buy any cryptocurrency through exchange sites. Then he can start trading cryptocurrencies by transferring them to their wallet (like Tether Wallet, Ripple Wallet, Ethereum Wallet, Bitcoin Wallet, Bitcoin Cash Wallet) in Binance. The Binance crypto exchange fee for flat trading is about 0.10 percent.
  • Typically, traders at Binance Exchange fill their accounts with cryptocurrencies backed by the exchange. Then they start trading cryptocurrencies.
  • As mentioned in “What is Binance” every user of this platform can easily buy any cryptocurrency through exchange sites. Then he can start trading cryptocurrencies by transferring them to their wallet in Binance.

What is a Binance Mining Pool?

As mentioned in “What is Binance” this Exchange is a leading exchange in cryptocurrency trading. The Binance Pool started on April 27th. The pool started at zero cost and then set a rate of 2.5%. The pool’s press release states that major miners can contact Binance to negotiate a free extension.

Binance Mining Pool connects miners to a range of Binance financial products, including futures, instant trades, margin trades, Binance lending, and Binance Staking. Binance Mining Pool supports both PoW (Proof of Work) and PoS (Proof of Stock) mechanisms for mining, which is made possible by the use of Binance technology and computing power.

What is Binance Coin?

The answer to the “What is Binance Coin” is that Binance Coin is the cryptocurrency of this exchange platform that is an Ethereum-based token. The sign of Binance Coin is like this symbol ¤, and its ISO code is BNB. The BNB divides into 100 tokens.

There is no stable price for this currency such as the other cryptocurrencies. The price of Binance Coin on January 28, 2021, is about $42.59. The volume of trading within 24-hour is $523,238,962.19. The price of BNB is going up 4.11 percent in the early 24 hours. The circulating supply of Binance Coin is about 150 million coins. As mentioned in “What is Binance” it has a max supply of 180 million coins. The current most active market for trading is the P2PB2B method.

Binance cryptocurrency exchange

Binance coin carts

What is Binance trading?

Buying and selling currency can be very risky, so it is important to choose a reliable exchange. CoinMarketCap has listed Binance as the second-largest cryptocurrency exchange on the market. On average, cryptocurrencies worth more than $ 1.4 billion trades every 24 hours.
For understanding the phrase “What is Binance trading” it should be said that for trading in Binance, you can choose between basic and advanced mode. Beginners should start their trading with Basic. Trading in the Basic mode has a simple user interface that is easy to understand, as only the information that is important for trading is displayed.

As mentioned in “What is Binance” an advanced trading setting allows skilled traders to access all the price charts and data that are needed by the market to perform complex trades.

To start trading do the following:

  • Choose a currency pair. Binance lists hundreds of currency pairs for you.
  • Then select the type of trade.
  • Select the desired amount for the trade.

BNB market cap

What is Binance’s trading method?

As explained in “What is Binance trading” it is on the top list of cryptocurrency exchanges. Binance cryptocurrency exchange offers three different types of trading. It is important to choose the type of trading you intend to do:

  1. Limit orders: allow users to set the maximum price they want to buy the currency or the minimum price they want to sell. Traders then have to attend for a buyer or seller to admit their price
  2. Market orders: allow users to exchange currencies at current market prices. This type of trading is faster and easier than the other two types
  3. Stop-limit orders: allow traders to buy or sell a currency when it reaches a certain price. Skilled traders often use this type of order.
  4. Binance Futures: This crypto exchange has entered future contracts which Is very awesome for traders.

What is Binance’s Exchange rate?

The Binance cryptocurrency exchange is a good place for beginners or seasoned traders who want to trade and exchange crypto. The Binance exchange rate for BNB to BTC that is last updated on October 24, 2020, is 0.00235.

Binance Exchange receives different fees and Cryptocurrency exchange rates from users in different levels of transactions. For example, users who trade less than 50 BTC per month will receive one-tenth of a percentage of the transaction amount as a commission for each transaction.
If traders use a Binance cryptocurrency the BNB in their trades, the platform reduces fees by up to 25%. As mentioned in “What is Binance” this crypto exchange does not charge a fee for depositing or refilling the account, but to withdraw from your Binance account, you need to pay a fee, which can vary depending on the type of cryptocurrency.

If you want to trade crypto, Binance would be your first choice. However, not every person will become a trader as it demands time and effort. If you want to gain a passive income, cryptocurrency cloud mining could be the best option as it needs no skills. So, do your research and find out the path that fits your character most.

Binance trust wallet

How to open an account in Binance Exchange?

As mentioned in what is Binance to open an account on the Binance exchange platform, you need to go to Binance.com and follow the following steps:

  1. On the first page of Binance.com, tap the “Register” item.
  2. After entering the registration page, enter the appropriate information in the form that appears.
  3. In the email box, type your valid email address with the correct spelling, because the registration confirmation link will be sent to this email.
  4. Also, select a password with at least 8 characters.
  5. In the Referral ID box, enter your referral invitation code, if any. If not, leave it blank. In this case, your agent will also benefit from your transaction fee.
  6. Check the box to accept the terms and conditions.
  7. Finally, click on “Create an account”.
  8. By opening the incoming mailboxes in your email, press the confirmation link sent by Binance Exchange, in which case your Binance account will be activated.
  9. After your email is confirmed, it indicates that your account has been activated.
  10. Now you can start your trade by selecting the option to “Log In”.

Open a Binance account

How to charge your Binance account?

As mentioned in “What is Binance” for users to trade at Binance Exchange, they must first charge their account with the cryptocurrency supported by the exchange office. You can buy the bitcoins you need in Fiat currency from an in-house exchange platform. Then send your bitcoins to a regular wallet created for you by Binance. Follow the steps below to learn how to charge your Binance account.

  1. To deposit capital for saving in the Binance Exchange account, the trader must log in to his Binance account and click on “Deposit” on the main page. Of course, as mentioned in “What is Binance” a deposit is also possible through a wallet.
  2. Another step in depositing capital is choosing cryptocurrency. In the Deposit section, the user can choose the type of passwords they accept.
  3. After that, it is necessary to copy the address of your normal wallet in Binance exchange. Then send your desired cryptocurrencies to the address of that wallet.
  4. After a short time that the cryptocurrencies sent to the user’s Binance wallet, the transaction is completed. Then its execution confirmed.
  5. After that, the requested amount added to the user’s account. So he can start his trade in Binance exchange.

In this article, useful and brief explanations about “what is Binance” are provided.

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