What is Binance: What you need to know

In the cryptoasset market, there is no need for intermediary financial institutions during transactions. However, despite the non-obligation, it is much riskier to send and receive securities.

To solve this security problem in the purchase and sale of crypto assets (coins and tokens), exchange companies emerged .

If you are interested in diversifying your investment portfolio and entering the cryptocurrency market, you should choose a reliable exchange company.

Among the main options available, Binance stands out for being the largest exchange in traded volume; about $2 billion a day.

To learn more about this global platform, we invite you to continue reading this content.

In the following lines we will clarify all your doubts about what Binance is, how Binance works and the advantages that this platform has to offer for those who want to sell and buy cryptocurrencies.

 

What is Binance?

We can define what Binance is as a cryptoactive stock exchange . Created in 2017 by Chinese Changpeng Zhao.

It is a global exchange in charge of intermediating, with security and practicality , people interested in buying and selling cryptocurrencies .

On Binance, you have access to a platform that allows you to trade over 100 crypto currencies, including the main one, which is Bitcoin.

Binance also has its own cryptocurrency: Binance Coin (BNB).

Do you really want to definitively understand what Binance is and how to use this cryptocurrency buying and trading platform?

How does Binance work?

Binance aims to provide a secure platform capable of facilitating the buying and selling of cryptoactive transactions, ensuring that both parties meet their obligations in the negotiation.

To better understand how Binance works, think about the stock market. But, instead of shares of publicly traded companies, cryptoassets are traded.

Binance has its own order book. This means that the value of coins or tokens may vary compared to other brokers due to the fees and terms imposed by each of them .

However, the market value of cryptoassets cannot be changed by Bianance or any other exchange; What determines this is the relationship between supply and demand .

Cryptocurrency values ​​are held in custody until you decide to transfer them to your wallet on the blockchain.

On Binance, you have the possibility to exchange your Bitcoins for other cryptocurrencies, which add up to more than 100.

What are the main advantages of Binance?

Now that you know what Binance is and how this exchange works, it's time to consider some of the main advantages that Binance offers users of the platform.

1- Accept fiat currencies

The first great advantage that puts Binance ahead of other exchanges is the possibility of making deposits in fiduciary currency, which are those issued by the Central Bank of each country (Dollar, pesos, Euros, etc.).

Therefore, you can start your investments directly on these platforms, without having to buy cryptocurrencies elsewhere.

In addition, it is also possible to make withdrawals and deposits in local currency.

2- Simplified version for beginners

You don't need to be an expert to enter the cryptoasset market through Binance. That's right, everything is very intuitive.

To make sure beginners do well, the company offers a simplified version of its platform for beginners, allowing you to invest even with little money and even less experience.

Over time, you can activate more advanced features as you become more familiar with the cryptocurrency platform and market.

3- More accessible rates

Another advantage of Binance is the friendlier and more affordable fees practiced on the platform.

Transactions carried out on Binance have rates that can vary from 0.04% to 0.1% , which is a point to highlight among its competitors. Additionally, the company offers special conditions if transactions are made with Binance Coin (BNB).

Additionally, there are no deposit fees and the amount charged for withdrawals depends on the market price at the time of withdrawal.

So, is it clear to you what Binance is and how this global exchange platform works?

The company constantly reinforces its security measures to guarantee the greatest possible protection of its users' data.

So if you want to invest in the cryptoasset market, Binance is a good option.

Anyone who wants to get started in the practice of buying and selling cryptocurrencies or even specialize in this type of investment needs to know the subject very well.

Edit This Article