What is Binance

Binance is currently one of the largest exchanges for digital currencies and is very popular among cryptocurrency traders. The platform has a large assortment and is suitable for both starting and experienced traders. It has all the papers and permits to operate. Binance is a cryptocurrency exchange that is located in two places Tokyo and Malta. At this exchange you can sell, buy, trade and even store your crypto. Like most cryptocurrency exchanges, Binance has strong security, is superfast and is user-friendly.

Binance Coin (BNB)

Binance has its own coin, also known as the BNB coin, but this coin does not resemble Bitcoin at all. It is a coin that is actually only used internally for the purchase of the coins; this is the reason that it is special that the coin is so high in the rankings. As the Binance exchange is becoming increasingly important, it is important to learn more about this.

The Binance Coin is the coin that was issued during their own ICO. The currency can be used to pay costs and it will also be included in their future plans to create a Decentral Exchange where it will be one of the most important base currencies. The purchase of the Binance currency itself looks like a good investment for the future, since the exchange plans to use their profits to buy back and destroy part of the coins every quarter: this reduces supply, which as a result ensures a higher rate.

How to use Binance

To be able to use the exchange, users must first create an account. The process behind this is fairly simple; you do not have to check your account for level 1 (maximum 2BTC daily withdrawal limit).

For level 2 (max 100BTC daily recording limit) you must upload a photo ID and wait until you are approved. There are even higher limits, but you must contact the team directly to arrange that. The time for verification may vary depending on how busy the site staff is at that time, so make sure you plan ahead if you want to withdraw larger amounts.

Binance is designed to appeal to as many new users as possible. The exchange is easy enough for beginners to use and offers enough coins and features to keep expert traders happy. The only users who have difficulty using Binance are the people who have never bought a crypto coin. These users are unlikely to possess any cryptocurrency and may not understand how the basic principles of crypto trading work.Binance offers its users a large selection of coins and market information that you will not find anywhere else.

Binance Safety

Is Binance safe? Binance is one of the newest platforms for trading crypto0currencies, but they soon succeeded in achieving a high level of trust among its customers. However, the stock market offers users insufficient information about how funds are protected, but we are happy to believe that safety is taken seriously. Two-factor authentication is available, this is very pleasant. It is well known that the platform offers a multi-tier and multi-tier system architecture.

Check out our article about trading bots on Binance here