What is Binance ?
Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.
Binance
is a Hong Kong–based cryptocurrency exchange launched by developer
Changpeng Zhao (aka CZ) in July 2017. Zhao’s company Beijie Technology
created the exchange after a successful ICO that raised $15 million.
Investors who invested in the ICO got Binance Coin (BNB) in return which
can be used to trade cryptocurrencies and pay for fee on Binance. BNB’s
initial value was around $0.1.
Binance
became so popular, so quickly that CZ and Binance both became worth
more than $1 billion in less than one year, officially making it one of
the first companies to achieve “unicorn” status in the cryptocurrency
industry.
Currencies and Payment Methods
Binance
accepts crypto deposits only. All coins supported by the exchange can
be deposited and withdrawn. Having said that, Binance’s brokerage
service allows you to buy the following currencies with a credit card: Bitcoin (BTC) Ripple (XRP) Binance Coin (BNB) Ethereum (ETH) Litecoin (LTC) Bitcoin Cash
(BCH) All in all, the number of coins available to trade, deposit and
withdraw on the exchange is nearly 100, and all major altcoins,
including Litecoin, Ripple, and Bitcoin Cash, are in the listing.
How does Binance Coin work?
Binance Coin (BNB) is an ethereum-based (ERC-20) token that can be used to trade cryptocurrencies and pay for fees within the Binance exchange. BNB tokens can be used to pay fees on the exchange, with the incentive being that Binance offers a rebate as an incentive for up to five years of membership.Can I Withdraw Money from Binance?
You
can only withdraw cryptocurrencies from Binance. There is no option to
withdraw fiat currencies (i.e. USD, EUR, etc.) Can I Buy Bitcoins on
Binance? Yes. It’s possible to Buy Bitcoins on Binance with a credit card or with any supported cryptocurrency.
How Do You Buy Bitcoins on Binance?
Sign up to Binance Deposit funds to your account Find the trading pair for Bitcoin and the deposited cryptocurrency Sell the deposited cryptocurrency for Bitcoin Withdraw the Bitcoins to your own wallet.
Is Binance Safe?
Binance
is considered a safe exchange that allows user account protection via
the use of Two Factor Authentication (2fa). On May 7, 2019, Binance
experienced a major hack which resulted in 7000 Bitcoins stolen from the
exchange. However Binance has stated that all losses will be covered by
its emergency insurance fund (aka SAFU).
How to Signing up
First thing’s first, you’ll need to create an account. Anyone is able to sign up since Binance does not require customer information, but by doing so “you acknowledge and declare that you are not on any trade or economic sanctions lists” as per its Terms of Use.This includes citizens of the member countries in the UN Security Council Sanctions list, the Office of Foreign Assets Control of the U.S. Treasury Department (OFAC), among other groups.
The terms also state each user must be at least 18 years of age. Binance reserves the right to cancel or freeze any account If the terms are disobeyed.
If the restrictions do not apply to you, to sign up simply navigate to the homepage and click register.
