- More than 600+ different cryptos available
- P2P trading option
- Emphasis on security and KYC
- Supports fiat-crypto acquisitions
- Biggest exchange
- a bit difficult for beginners
- Distancias y accesibilidad
- Main site not available in the USA
Table of Contents
History of Binance
In the year 2017, the seeds of Binance were sown by the seasoned crypto trailblazer known as Changpeng “CZ” Zhao. At its inception, this cryptocurrency exchange had its roots firmly planted in China, but the shifting winds of regulatory change compelled it to seek new horizons beyond the Great Wall.
Over the course of its journey, Binance has sought refuge in both the Land of the Rising Sun, Japan, and the Mediterranean archipelago of Malta. Yet, like a digital nomad, it has refrained from settling down permanently. However, the winds of change may soon guide Binance to establish a more concrete presence, as it has inked memorandums of understanding with both the tranquil shores of Bermuda and the island nation of Malta.
Binance’s meteoric rise was propelled by its trifecta of attractions: rock-bottom fees, an extensive array of cryptocurrencies, and a penchant for pioneering products. In the contemporary landscape of digital finance, Binance stands as a sprawling marketplace that offers every conceivable crypto service, from its core exchange to lucrative earning opportunities, staking ventures, high-octane derivatives trading, lending services, seamless payment solutions, cutting-edge credit cards, coveted NFTs, and beyond.
Notably, Binance has birthed two distinctive tokens into the crypto ecosystem. The first, BUSD, is a steadfast stablecoin, serving as a reliable anchor amidst the tumultuous sea of cryptocurrencies. The second, BNB, has carved an illustrious path for itself in the annals of crypto history, thanks in no small part to its trifecta of qualities: low fees, performance excellence, and unwavering popularity.
Through these myriad features and innovations, Binance has solidified its status as the unrivaled titan of the crypto realm. It boasts the largest trading volume in the world and stands as the foremost choice for a global community of digital asset enthusiasts.
Exchange Coin Currency
Binance Coin (BNB) is the native token of the Binance exchange. BNB was used to fund the creation of the exchange by being offered as an Initial Coin Offering (ICO), which is similar to an IPO when dealing with regular stocks. BNB can be traded for other crypto assets and tokens on Binance, offers discounted transaction fees when used to pay fees, and holding 50 or more BNB in your Binance account for 30 days reduces your transaction fees and scales to the amount you hold.
About Binance: A Leading Crypto Exchange
Binance, often referred to as the epicenter of the cryptocurrency world, stands as the foremost global exchange for digital assets. As of August 2022, its trading volume surpasses $76 billion daily, and its extensive user base exceeds 90 million individuals worldwide. Binance has solidified its reputation as a trusted player within the crypto arena, offering users a secure platform to buy, sell, and safeguard their digital assets. It boasts an impressive portfolio of over 350 cryptocurrencies and an array of trading pairs. The Binance ecosystem encompasses Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, and more.
Meet the Visionaries Behind Binance: The Founders
Binance owes its inception to the collaborative efforts of Changpeng Zhao and Yi He. Changpeng Zhao, also known as CZ, is a Chinese-Canadian luminary in the realms of development and business. Armed with a strong entrepreneurial track record, CZ’s journey includes notable roles such as leading the Bloomberg Tradebook Futures Research & Development team, founding Fusion Systems, and serving as the Head of Technology at Blockchain.com.
Yi He, on the other hand, serves as Binance’s CMO and oversees Binance Labs, the company’s venture capital arm. Prior to her role at Binance, Yi held the position of Vice President at Yixia Technology, a prominent mobile video tech company, and co-founded OKCoin, a digital asset exchange.
The Genesis of Binance: Launch Date
Binance made its debut in the crypto sphere in June 2017. Remarkably, within a mere 180 days, it ascended to the pinnacle of cryptocurrency exchanges globally.
Navigating Binance: Restricted Countries
Binance’s Terms of Use stipulate restricted regions that include the United States, Singapore, and Ontario, Canada. Additionally, certain countries may experience limitations in service due to regulatory constraints, including China, Malaysia, Japan, the United Kingdom, and Thailand. It’s worth noting that Germany, Italy, and The Netherlands do not have access to futures and derivatives products. In September 2019, Binance introduced a dedicated platform, Binance.US, exclusively catering to clients in the United States.
Understanding Binance Fees
Binance prides itself on user-friendliness and cost-effectiveness, offering an expansive range of transaction options and advanced trading tools for seasoned investors. Its fee structure operates on a tiered system, ranging from regular users to VIP level 9. For typical users engaged in spot trading, a modest maker-taker fee of 0.10% applies. Notably, in July 2022, Binance announced zero-fee trading for BTC spot trading pairs, with a subsequent move to include the ETH/BUSD pair in August.
Exploring Leverage and Margin Trading on Binance
Binance caters to traders seeking leverage through its Binance Margin platform, enabling cryptocurrency trading with leverage of up to 10X. Users can further harness the potential of derivatives products, such as Binance Futures, settled in USDT, BUSD, or other cryptocurrencies, as well as Binance Options, to amplify the impact of their trading strategies.
Yes, on May 7, 2019 Binance was hacked. Binance lost 7000 BTC, $40 million in value at that time. Binance suspended all deposits and withdrawals for a week following the attack while they investigated, though they allowed trading to continue. Users who were affected by the hack were reimbursed through Binance’s Secure Asset Fund for Users (SAFU).
Exchange Photos
Features
Social | |
WebSite | |
Trading Fees | Spot trading fee: 0.1% Instant buy/sell fee: 0.5% 25% fees discount if you use BNB |
Deposit Fees |
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Withdrawal Fees |
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Minimum Fiat Withdrawal |
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Minimum Crypto Withdrawal | Varies by currency |
Supported Countries | 180+ |
Margin Trading | U.S.: No Global: Yes |
Futures Trading | US: No Global: Yes |
Staking Rewards |
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Asset Protection | Secure Asset Fund for Users (SAFU) |
Customer Support Options | Support tickets only |
Mobile App Availability | iOS and Android |
Promotions | None |
Frequently Asked Questions(FAQ)
A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
The best exchange ever!!