Binance is an exchange with its own cryptocurrency

There are not many crypto-currency exchanges and a trader of any level of experience needs to deal immediately with several trading floors. As practice shows, not all of them are able to work stably and for a long time, and therefore, in order to diversify, it will not be superfluous to distribute their assets to different exchanges. An excellent option for such security measures may be the Binance Exchange, which is confidently breathing in the back most TOP-rated competitors. What kind of exchange is this and what is different from the others - this is the key topic of this article.

Binance - Exchange of TOP

The cryptocurrency market is in utter chaos, not just for coins but also for the exchanges they're used for trading. A few months ago, the well-known and beloved "Polyn" was dethroned, and before we could even recover from Poloniex's less-than-successful and less-demanded performance, disaster struck from an unexpected source. Just recently, Bittrex and Bitfinex suspended new user registrations, and Bittrex is even making withdrawals extremely difficult. In such a situation, one inevitably considers finding a more reliable trading service, so many users began searching for an alternative. They didn't have to look far; a noteworthy exchange was found right at the top.

Binance, the exchange whose official website is located at www.binance.com , is relatively new, but its popularity is rapidly growing. It's no wonder the trading platform attracts attention – it has its own unique selling points, which Binance can easily boast of, as other exchanges lack it in many ways. But let's not get ahead of ourselves – let's take things one step at a time.

Today, Binance ranks third in daily turnover, exceeding $ 3 billion. It's hard to believe the exchange achieved this success in just a few months of operation – its official launch took place in the spring of 2017. The exchange's unconventional launch, conducted through crowdfunding in the form of an ICO , played a significant role in the exchange's widespread attention . Investors took notice and expressed their confidence in the project, investing over $ 15 million in Binance coins. Incidentally, some of these investors were quite large, and these companies continue to support Binance today.

Binance.com's success was predetermined by the project's strong team from the start. Specifically, the trading platform is still managed by a certain Changpeng Zhao, who has ties to such renowned giants as Bloomberg, where he previously worked, and Blockchain.info. Zhao has reportedly also worked with exchanges—previously, he worked for a platform called OKCoin. Indeed, working on such well-known and successful projects suggests he has considerable experience in the blockchain industry. Another key figure in Binance.com's management is Yi He, a former co-founder of OKCoin.

Why is it that some unknown exchange has managed to break into the top three in terms of daily turnover? Honestly, it will not be very surprising if this young and ambitious playground chooses the palm tree of its more difficult colleagues altogether. And all because Binance has the lowest commission and can offer lightning operations for its users.

Among the reasons for the popularity of Binance:

• Low commission, which is only 0,05% -0,1%. Most other exchanges charge 0,2% -0,25% for the operations of their users.
• The transaction speed reaches 1,5 million per second.
• 216 for crypto currency pairs is available for trading.
• The management of the exchange is positive about young coins, especially after ICO, and therefore often projects for the first time put their tokens into the world on Binance.
• It is convenient to work with Binance: there is a clear interface, all the necessary tools for analysis and trading, and a functional personal account. There is even a Russian-language version of the site (albeit a little clumsy), in a word - it will not be difficult to understand the Binance pages.
• You can use the exchange without passing verification - if you are not going to display more than 2 PTS per day, then you will not need it.

But Binance also has a significant drawback - the exchange does not work with the currencies. This can create a certain inconvenience for the user in the form of the need to change funds for crypto currency, but such a small disadvantage of the site can be safely forgiven. In the future, Fiat support can be added, but then the verification rules and limits can be tightened significantly, since the fight against money laundering will become topical for the Binance administration. In the meantime, we have practically unlimited freedom of action and extensive opportunities for trading.

Binance: registration and work with the exchange

To begin working with the Binance exchange, create an account using the "Register" button on the main page.

The next step is to fill out the registration form. A lot of talk about yourself will not have to, because to create an account you will only need a minimum of information. Register in the fields have to login and double-enter the password. Finally, it remains to adopt the rules for using the exchange (if you agree with the terms of the offer, then tick) and click the "Register" button.

When authorizing on the site, in addition to specifying the data to enter, you will need to undergo an original anti-bot check, which is a substitution puzzle. To do this, move the slider to the right, as shown in the screenshot.

At the first login, you will be prompted to establish two-factor authentication. This is necessary for your safety, so do not ignore such rational requirements of the system. There are two options: authentication from Google or confirmation by SMS - but since SMS only reaches the people of China, we have nothing to do but download the application for the smartphone.

Verification on Binance

A verified email address allows Binance.com users to withdraw up to 2 BTC per day. This is the first level of verification, which is where most users stop. At current Bitcoin prices, not every trader is planning to withdraw $ 30 per day, so subsequent verification levels are of little interest to many. If you're one of the lucky ones for whom two BTC per day isn't enough, you'll have to take the trouble and complete the second verification stage.

If you are ready to tell the administration of the exchange about yourself and back up the story with documents, then click on "Submit Verification Documents" in your account.

On the opened page we provide the following:

1. Scan the passport - you need 1-i and 2-th pages.
2. Selfi with an unfolded document in his hands and a sheet of paper with a certain inscription.

Successful passage of the second level of verification will make it possible to deduce unrealistic amounts up to 100 PTS per day. Those few users who wish to exceed this limit may undergo the third stage of verification, which is an interview with the support service.

How to fund your account Binance and withdraw funds?

So, you have a Binance account, but that doesn't make you rich yet. To profit from trading, you must first fund your account. You can deposit money on the exchange through the "Funds" section by selecting "Deposits & Withdrawals" in this tab.

Opposite the coin that you want to throw on the Binance, select the function "Deposit". You will be presented with the address of the cryptocurrency, which will require a transfer. Please note that input in fiat money (i.e., dollars, rubles, etc.) is not on the exchange, and you can send only the type of cryptocurrency that you specified to the generated address - by sending a broadcast to a bitcoin address you simply lose your coins.  

The conclusion is carried out in a similar way. In the same section called "Funds" you will need to select "Deposits & Withdrawals", and then, opposite the desired cryptocurrency, click "Withdrawal". After that, enter the amount and the address of sending the coins.

How to trade on Binance.com?

Trading on Binance is done through the "Exchange" section. If you've traded on other platforms before, you'll easily understand the trading section's functionality. Beginners may initially find the process a bit confusing, but getting comfortable with the exchange isn't difficult. For example, if you want to purchase coins, follow these steps:

1. Select the direction of exchange in the right column - if, by scrolling through the list, you did not find the desired pair, then you can search by ID.
2. Below on the page you will see two types of orders, here everything is as usual: "Buy" - to buy, "Sell" - to sell.
3. It remains to specify the amount and number of coins, and then - to confirm the order.

Binance Coin - exchange currency crypt

During ICO The Binance exchange sold its coins called Binance Coin. Currently, these coins are used inside the system, for example, when buying coins for BNB Faucet The user pays a reduced commission, which is only 0,05%. But besides internal functions, Binance Coin has turned into a good speculative tool, as it shows stable growth. Currently capitalization BNB Faucet exceeds 454,5$ million, and the weighted average rate for it is 4,6$. Thanks to of mining a token is not provided, and at certain intervals the exchange redeems a part of the coins and burns them, the Binance Coin must actively grow in the future.

Binance Exchange - feedback on the site

Binance can literally be an alternative to exchanges that currently have limited user experience. At the same time, this is an excellent option for diversifying funds, because a large number of coins are presented on the exchange, both well-known and on the start line. The very fact that the site has not worked for a year, but has already hit the top three, speaks volumes. And although it is impossible to predict anything in the cryptocurrency world, I would like to note that the prospects for Binance can be very bright, because by its parameters it seems to be an almost ideal place for trading.