Binance is a cryptocurrency exchange that is the largest in the world in terms of daily cryptocurrency trading volume. It was established in 2017 and is based in the Cayman Islands. Changpeng Zhao, a developer who previously designed high-frequency trading software, launched the company.
Throughout its existence, the firm has introduced two cryptocurrencies:
- Binance Coin (BNB) and Binance USD (BUSD). BNB was established in June 2017 as an Ethereum token and later migrated to Binance Smart Chain (BSC), launched in September 2020.
- BSC was later merged with the older Binance Chain and relaunched as the BNB chain. BNB Chain employs “Proof of Staked Authority,” a hybrid of proof of stake and proof of authority.
What is Binance?
Binance Exchange is a significant cryptocurrency exchange created in Hong Kong in 2017. It focuses primarily on cryptocurrency trading. The exchange provides crypto-to-crypto trading in over 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance Coin (BNB).
The marketplace is a jack-of-all-trades platform that offers users everything crypto-related in one place. The company makes it easy for new traders to sign up and begin trading, but advanced users may go as sophisticated as they want with advanced charting, trades, and bespoke API keys.
How Does It Work?
The exchange is best known for crypto-to-crypto trading. It offers one of the lowest transaction costs among cryptocurrency exchanges. In addition, it has high liquidity and discounts those who pay in BNB cryptocurrency tokens.
Like other cryptocurrency exchanges, it provides services related to trading, listing, fundraising, and de-listing or withdrawing. The marketplace can be used by cryptocurrency enthusiasts who want to develop their tokens to raise capital through initial coin offerings (ICOs). In addition, many traders and participants use it to exchange and invest in various cryptocurrencies.
What Makes It Unique?
Binance provides a relatively safe and adaptable platform for investing in and trading cryptocurrencies. It may be intimidating to both new and seasoned traders. Their fees are lower than those of many other cryptocurrency exchanges.
Binance P2P
The P2P company is a cryptocurrency exchange that has gained millions of consumers’ trust. P2P stands for “peer-to-peer,” which means that the trade occurs directly between the purchasing and selling parties.
There is no need for third-party mediation because the exchange assumes that role, ensuring the safe conduct of every transaction. In addition, the platform’s procedures protect users from fraud by not allowing any trade to occur until both parties certify that the underlying terms have been met.
The procedure is similar to that of an exchange, in which users trade one money for another.
Supported Wallets
MetaMask, MathWallet, and Binance Chain Wallet are all practical browser extension wallets. MetaMask, MathWallet, Trust Wallet, and SafePal are smartphone apps available for iOS and Android. They are decentralized, and your private key is stored on your device. SafePal also provides a cold storage hardware wallet for those seeking the utmost level of security. All the crypto wallets described are free to use except for the hardware version.
How to Register the App?
With a few clicks, you can register for an account using your email address, phone number, or Apple/Google account on the Binance App. Below are the steps to register in Binance:
- Launch the App and select [Sign Up].
- Choose a registration method. Sign up with your email address, phone number, and an Apple or Google account.
- Enter your email address/phone number in the [Email] or [Phone Number] fields. Then, for your account, make a strong password.
- A 6-digit verification number will be sent to your email or phone. Within 30 minutes, enter the code and press [Submit].
- Congratulations! You have created an account successfully.
