What is Binance, How to Use It? What is Binance Used For?
Binancefounded in 2017 by Changpeng Zhao (CZ), is a globally recognized and leading cryptocurrency exchange platform in the cryptocurrency market. Headquartered in Hong Kong, Binance has grown rapidly, reaching millions of users worldwide and offering a wide range of services in cryptocurrency trading, trading and investment transactions. Binance offers a wide range of options for investors by offering the opportunity to trade with traditional fiat currencies as well as cryptocurrencies.
How to Use Binance?
Creating an Account
1. Registration: To create a Binance account, go to the official website and click the “Register” button. Enter your email address, password, and referral code (if any). After completing the registration process, activate your account by clicking the email verification link.
2. Identity Verification: To increase security, you may need to complete the identity verification process. In this context, this is done by uploading your personal information and identity document. Identity verification protects your account from malicious activity and increases your transaction limits.
3. Two-Factor Authentication (2FA): To make your account more secure, you should set up two-factor authentication. You can choose either Google Authenticator or SMS verification. This provides an extra layer of security when logging into your account.
Deposit and Withdrawal
1. Deposit: To your account crypto money or to deposit fiat money, go to the “Wallet” tab and select the “Deposit” option. From here, select the currency you want to deposit and transfer it to the wallet address provided by Binance. You can use bank transfer or credit card options to deposit fiat money.
2. Withdrawal: To make a withdrawal, go to the “Wallet” section and click on “Withdrawal”. Specify the currency and amount you want to withdraw. Make sure the withdrawal address is correct and confirm the withdrawal. Withdrawal transactions are usually completed within a few minutes, but may take longer depending on the volume.
Making Transactions
1. Market Selection: Binance supports various cryptocurrency pairs, such as BTC/USDT, ETH/USDT, BNB/USDT. To select the pairs you want to trade, go to the “Market” tab and find the relevant cryptocurrency pair.
2. Buy-Sell Order: To place a buy or sell order, go to the “Buy-Sell” section. Here, you can choose the order type (limit, market, stop-limit) and specify the trade amount. A limit order allows you to trade at the price you specify, while a market order trades at the best available price.
Technical specifications
Security
1. Two-Factor Authentication (2FA): Binance uses 2FA to protect user accounts. In this context, this allows you to enter an additional security code when logging into your account and prevents malicious logins.
2. Anti-Phishing Codes: Binance ensures that users are protected against phishing attacks. Users can set a unique anti-phishing code to be used in Binance emails and other communications.
3. Cold Wallets: Additional security against cyberattacks is provided by using cold wallets that store crypto assets offline. This method ensures that digital assets are kept more secure.
Transaction Fees
Binance stands out with its low trading fees. The standard trading fee is 0.1%, but this rate can be reduced for users with high trading volume. Also, Binance Coin You can enjoy additional discounts on trading fees by using (BNB). BNB is Binance’s native token and users can get discounts on transactions made with BNB.
Supported Cryptocurrencies
Binance, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano It supports over 350 cryptocurrencies such as (ADA), Ripple (XRP) and Polkadot (DOT). In this context, this wide range offers investors the opportunity to trade with various digital assets.
Tools of the Trade
1. Advanced Charts and Tools: Binance offers advanced charts and analysis tools to help you perform technical analysis. These tools help traders follow market trends and make strategic decisions.
2. Bots and Automation: Binance offers support for trading bots and auto-trading systems. These systems help users save time and effort by automatically executing certain trading strategies.
Mobile Application
Binance offers a mobile app for both iOS and Android platforms. The app allows users to manage their cryptocurrency transactions on the go. The mobile app stands out with its user-friendly interface and ease of trading, which allows traders to constantly monitor the markets.
