How does Binance work?
As mentioned above, Binance is a cryptocurrency and digital asset exchange based out of Hong Kong. It allows the purchasing and selling of several assets such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). While most exchanges that trade cryptocurrencies use Bitcoin to purchase them, this platform also allows fiat currencies such as USD/EUR/GBP/etc. to be used. They aim to become the most advanced exchange with digital assets and fiat currencies! They are currently in their 4th year of operation and continue to grow every day.
One of the best parts about this exchange is that it has incredibly low trading fees. Every trade on Binance USD only charges 0.1%. While some larger exchanges charge more than double, even for smaller trades, this can be a huge saving in the long-term! If you’re interested in reducing your fees even further, then you might want to consider using their BNB tokens. These are the native token of this platform and can be used for discounted trading fees. They can even be used to vote on new coins, list them on the exchange, and more!
How to buy BUSD on the Binance platform
To purchase Binance USD on this platform, you’ll have to follow a few simple steps. First of all, go to binance.com and enter your email address along with a password that you can remember. If you want to create a new account, just enter a username, but remember, it cannot be changed! Scroll down and click on “Register” to create a new account.
Once you’ve entered those details, just wait for the confirmation email to arrive in your inbox. Click on the link inside and log in using the information from the previous step. So now you’re ready to deposit onto Binance! They accept several different cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Tether (USDT). If you already have those coins in a wallet, such as MyEtherWallet (MEW) or MetaMask, then simply send them to your Binance account.
If you don’t, then we can recommend using Coinbase to purchase Bitcoin or Ether. You can use the same method to purchase Tether. If you already have some cryptocurrencies, then the process is pretty simple, but if not, they’ll walk you through it step-by-step! Next, navigate to “Funds,” which is located at the top of your page on binance.com.
From there, select “Deposits Withdrawal.” You will see a list of different cryptocurrencies that you can deposit onto Binance USD. Simply select the one you wish to use and copy the wallet address shown. This is the destination address for your coins, so send them from where they currently reside now to your Binance account!
History of Binance
This exchange first launched under the name “Binance” back in 2017. It was founded by Changpeng Zhao and Yi He – both incredibly successful entrepreneurs! They first began working together back in 2014 when a mutual friend introduced them. In fact, Changpeng has been given the name “CZ” due to this very relationship.
The platform started small, with just an ICO launching in 2017. However, they quickly grew due to the amazing user experience and community outreach that the team provides. They currently have over 50 employees working day-in and day-out on this project! Some sources even say that more than 50,000 users are using this platform every day.
The Binance Coin (BNB) was created quite recently. This is the native coin on this platform and is used for discounted fees when trading. It’s also used for voting on certain events, such as listing new coins or even updating their whitepapers! Even though you can trade with many different cryptocurrencies on this exchange, no fiat currency can be traded.
Summary of Binance
In summary, if you’re looking for a cryptocurrency exchange with high liquidity and many different coins available to trade, then Binance USD might be the right choice for you. They provide a user-friendly interface that makes it easy to find all of the information that you need prior to trading. If you already have BTC, ETH, or USDT to deposit onto this platform, then it’s very simple, but if you don’t, they’ll walk you through how easy it is to get started.
Binance FAQ
What cryptocurrencies can you buy with Binance?
You can buy many different cryptocurrencies, including BTC, ETH, and USDT. There are even some lesser-known coins that you can purchase with this platform as well.
How easy is it to withdraw money from your Binance account?
It’s very simple! You’ll first need to make sure that your withdrawal is worth less than 2 BTC. Otherwise, it will automatically be rejected. Then, you’ll just need to click the Withdraw button and enter your account information. You can even set up 2-factor authentication for greater security!
What are the fees like on Binance?
All trades made on this platform incur a 0.1% fee. This is pretty standard for most exchanges of this size, but you can also get discounted fees if you use their native Binance Coin (BNB) as the base currency on your trades. If you’re willing to hold onto your BNB, it will give you 50% off of all trading fees every single time!
Is there a mobile app for Binance?
Yes, you can download their mobile applications to either iPhone or Android phones.
Is it safe to use Binance?
Yes! Binance is one of the most secure cryptocurrency exchanges on the planet. They have many features to keep your account safe, including their industry-standard two-factor authentication process.
What are the advanced trading options like on Binance?
Even though this isn’t a typical advanced trading option, it has an advance section located under the symbol of the coin you’re trading. It won’t allow you to change your order parameters, but it gives you some extra information about the currency or token you’re looking at.
What kind of languages can I use on Binance?
This platform is available in Chinese, English, and Japanese. Additionally, there’s also an option to switch the language on the fly if you’re using their mobile apps.
