The name Binance comes from two words: Binary and Finance. It is currently one of the most popular online cryptocurrency trading platforms. Binance is primarily a crypto-to-crypto trading platform. It was founded in Hong Kong, China, and began serving its customers back in 2017. Later, Binance moved to Japan to protect the company from the chinese government's ban on cryptocurrency trading. Since 2018, Binance has started operations in Malta, Europe. It is one of the best places to run a crypto exchange in terms of cryptocurrency regulations.
How to use Binance
Binance is one of the best cryptocurrency exchanges in the world. Compared to the competition, the Binance exchange offers a 24-hour volume. Binance's liquidity is by far one of a kind. This is mainly why investors choose Binance from other crypto exchanges. Choosing a Binance exchange has many advantages. For example, Binance gives you a wide selection of coins to trade. There are currently 80 Binance Coin exchanges where you can buy, sell and trade Binance Coins (BNB). Binance coins can be exchanged for forty other crypto currencies.
Binance requires customers to pay transaction fees as early as 0.1%. It offers 150 coins to choose from, including your own BNB token. If the customer decides to buy some Binance Coins, every time he trades, the fees will be paid through the BNB. The investor will receive a 25% discount on fees. In this way, BNB trading will continue and help investors save some money.
As previously mentioned, Binance is purely crypto-crypto. When using the platform, traders will not be able to deposit any fiat money. The company understands the fact that some customers may not like it. Binance has launched a new exchange called Binance Jersey, where an investor can make deposits in euros (EUR) and BRITISH pounds (GBP).
Binance offers two different online trading platforms: Basic and Advanced. These two platforms are available via the "Trade Now" option at the bottom of the menu on the home page. In addition to the two online platforms, Binance also offers commercial apps on the Apple App Store, Google Play, and The Windows Microsoft Store. The QR code is visible in the upper right corner of the Binance website. It leads users to a direct link to the downloadable application.
The basic Binance platform appears in a closed format. On the right side there are many cryptographic pairs that are ready to trade. In this photo it is ETH/BTC. The trader's trade book is visible on the left. It contains trades selected by the cryptocurrency investor. At the top there are sales orders, and at the bottom of the buy order. In the middle, the daily chart shows the price changes of the selected cryptographic currencies. The graph shows both the volume and the Moving Average Convergence Divergence (MACD) indicator, which shows whether a currency is bought or sold. Buy and sell orders are placed under the price chart. Here the investor can set the price and the amount to trade. Open orders are visible at the bottom of the base platform along with a 24-hour order history.
The advanced Binance platform gives investors a variety of technical tools and trendlines, such as Bollinger Bands, Relative Strength Index (RSI) and Exponential Moving Average (EMA). The advanced platform graphically shows the depth of the market with a black background.
Binance Customer Service
Binance has a well-developed and accessible website. This factor should be taken into account before placing real money on its trading platform. It is very easy to use and even if there is no live chat available, the response from the support team usually comes via email, Zendesk or Telegram in minutes. Binance's support team really presents a high level of customer service.
Is Binance safe?
Binance has in fact been hacked in the past, losing millions of dollars of Bitcoin. The platform was hacked due to a system defect that has already been resolved. The Binance burglary incident became news around the world and was largely publicized. The company returned lost cryptocurrencies to reassure disgruntled customers. Since then, Binance has performed well.
Binance users report payout issues through the two-factor authentication system (2FA). The company provides immediate solutions to problems, e.g. sending anti-phishing key codes to their users. Due to the popularity of Binance, there were several Binance clones on the Internet. They mislead users by entering their login details into Binance on fake websites.
Despite several controversies, in two years the company has grown from nothing to the largest plant on the market. Cryptocurrencies are a fast-growing market. It provides security for binance's future. This trend is unlikely to stop and at this point it is clear that Binance will remain one of the main players in the cryptocurrency community. More importantly, the company not only trades, but also tries to help develop crypto currencies and bring them into the mainstream. The company's decision to support cryptographic startups with Initial Exchange Offering (IEO) has confirmed our belief that Binance is a good exchange for trust.