Simply put, Binance is an online cryptocurrency exchange, which users can visit to trade in different cryptocurrencies. The name is a combination of binary and finance – the binary part coming about because it only works with currency pairs. Binance also has its own cryptocurrency, known as Binance Coin, currently trading, and gathering a lot of traction online.
Obviously, being a cryptocurrency exchange, you can find Binance online, specifically at www.binance.com. Now, it’s clear that the company is a Chinese company, and is predominantly designed for the Chinese market, but the site allows English as well as Chinese languages. And, with plans to introduce Korean, this is an exchange most definitely targeting international users.
All cryptocurrency exchanges go through vigorous vetting processes, and Binance is no different. Their multi-tier, multi-cluster system architecture makes for a safe and secure environment. The site boasts a strong, experienced team, state-of-the-art technology, and proven products, making it one of the safest and most secure exchanges online. You can read more about this by poring over their privacy policy.
So how do you use Binance? Well, this is something you need to understand before you can start using it. You can actually enter the exchange, where you will see it is currently dealing in around 10 different coins or tokens. With a trading volume of around $4 million daily, this is quite impressive. They have a Pro Exchange’ mode, with the same functionality, but a little more user-friendly. There’s a buy and sell menu that you can click on to start trading. There’s also a Launchpad feature, where you can find out more about blockchain projects.
If you’ve used currency exchanges in the past, you’ll be aware that they come with fees attached for every transaction. Now, thankfully, Binance actually has very reasonable fees, just 0.1% for every trade transaction – very low compared with a lot of others. Deposits are, as you would expect, free, while withdrawals fees can adjust according to the blockchain.
Binance also has a referral program, which you can find out about in more detail on their site. In simple terms, this is a program you can benefit from by introducing your friends to Binance. You can generate referral links, and get your friends to sign up using them – as a reward you will receive 20% commission. So this is definitely something you’re going to want to be proactive about!