Binance is one of the leading cryptocurrency exchanges that provide a platform for trading various cryptocurrencies. Accordingly, it operates the largest Bitcoin and altcoin crypto exchanges in the world by trading volume. The crypto exchange gained prominence from crypto traders and enthusiasts by offering the most competitive trading fee rates across the globe.
Binance exchange also provides a vast ecosystem and products of services in the crypto and blockchain industry. As of August 2020, the exchange has more than 15 million users. The main site particularly offers support in various languages including English, Chinese, Korean, Japanese, Russian, Spanish, and French.
Currently, the exchange conducts over 1 million transactions per day and provides its users the ability to buy Bitcoin and altcoins with more than 40+ fiat currencies. Furthermore, it has an average daily volume of over USD 2 billion and margin trading with up to 125x leverage. Though users can buy crypto with fiat, Binance only offers crypto-to-crypto trades for now.
Binance Exchange Details
|Available on mobile||Yes|
|Number of supported coins/tokens||184|
|Number of supported trading pairs||591|
|Supported fiat currency||USD, EUR, GBP, AUD, CND, AED, and many more|
|Company Owner||Binance Holdings Ltd.|
Binance cryptocurrency exchange was launched in 2017 by its CEO Changpeng Zhao aka CZ and Yi Hi in Hong Kong. Due to China’s strict regulations on crypto exchange businesses, Binance struggled to operate properly in the country.
As a result, in 2018, the company moved its headquarters to Malta, EU. Binance now has a team operating from 40+ countries and has incorporated various branches in the world including Cayman Islands and Seychelles.
Among these countries are California (US), Paris (France), Moscow (Russia), Istanbul (Turkey), Ho Chi Minh (Vietnam), Kampala (Uganda), Singapore, Berlin (Germany), New Delhi (India), and Manila (Philippines).
Notably, Binance conducted one of the most successful Initial Coin Offering (ICO) projects in the crypto industry. From July 1-20, 2017, the exchange raised USD 15,000,000 worth of crypto from investors. Apart from the money, the platform also acquired 20,000 registered seed users on that same event.
In addition, the investors received 100,000,000 Binance Coin (BNB) tokens issued on the Ethereum blockchain which have now been migrated onto Binance’s native chain. In this case, the ICO price for 1 BNB was USD 0.115 per coin.
Binance has experienced growth since its launch and this can be attributed to its user-friendly interface and capability to handle large transactions.
Binance offers a user-friendly interface that is ideal for all crypto traders. The easy-to-use interface particularly makes it simple for Binance users to understand and navigate through the services being offered.
Key Features and Functions
Binance offers several features and functions for both amateur and professional crypto users. All these features are offered via Binance’s official website, mobile application, as well as clients and other options resulting from future technological developments.
Binance is one of the leading cryptocurrency exchanges that provide a platform for trading various crypto exchanges. In fact, it operates the largest Bitcoin and altcoin crypto exchanges in the world by trading volume.
> What is Binance’s Exchange-based token?
Binance Coin (BNB) is a cryptocurrency token created and used by Binance exchange since 2017. Previously, Binance conducted an Initial Coin Offering (ICO) before creating the token. Initially, Binance Coin started on the Ethereum blockchain before migrating to Binance Chain. BNB powers the Binance ecosystem and has multiple use cases such as paying trading fees, participate in token sales, and paying for goods.
> Is Binance exchange safe for trading?
Binance exchange has introduced a number of security measures and services that are reliable and convenient for crypto users. These include making use of 2FA, AI-risk control solutions, quick response to security threats, and SAFU insurance for covering extreme loss cases.
>How do I open a Binance account?
Users can easily open an account on Binance.com. To start, simply go to https://www.binance.com and select Register. Also, follow the simple instructions including their KYC onboarding requirements.
>What are the payment methods accepted in Binance?
Users can make payments on Binance using a credit card (Visa and MasterCard), debit card, and cryptocurrency. Only USD and EUR are permitted when buying Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH/BCHABC), or Ripple (XRP.On Binance US, users can utilize their debit cards to directly transfer USD from their bank accounts into their exchange account via ACH or wire transfer.
>Does Binance accept fiat-to-crypto trading?
Binance is a crypto-to-crypto trading exchange only. However, Binance users can buy cryptocurrencies using the supported fiat currencies on Binance. After that, they can trade their crypto to any other cryptocurrency of their choice.
Finally, get the latest news about Binance exclusively on CoinQuora’s Binance News section.