How does Exchange Binance work?

Nobody is a mystery the incredible rise experienced by the vast majority of cryptocurrencies today, this means that every day there are thousands of people who are interested in entering the world of cryptocurrencies and trading. It is important that everyone interested in this business knows what an Exchange is and, above all, that he knows of the existence of one of the most popular, which is called Binance.

What is Binance?

Binance comes from the binary and finance words, is the most recent and popular Asian exchange in recent months, created by Changpeng Zhao (CEO of Binance, founder of BijieTech and cofounder of OKCoin), whose vision is to build a platform for secure exchange, With a global and decentralized scope, this exchange system would be oriented only to cryptocurrencies.

This exchange has gained great importance today, this due to the wide variety of cryptocurrency that can be marketed, such as Bitcoin, ethereum, Ripple among others, but certainly one of the main advantages is that it includes other cryptocurrency not found in traditional exchanges.

Binance is one of the fastest growing exchanges in the cryptocurrency market, the growing popularity of Binance is due to multiple factors, from restoration to multiple languages, having a clean user interface and most notably, extremely high performance ( data processing speed).

Binance not only stays in exchange but also is an incubator and / or accelerator of blockchain-related projects that seek funding through an ICO, where you can invest, if desired, with the Binance tokens, known as the BNB

What is Binance Coin (BNB) and what is it used for?

Binance is probably the first exchange to create its own tokens, in this case, BNB or Binance Coin. BNB allows you to pay different rates within Binance exchanges that include:

Trading Commissions (fees incurred for buying and selling coins)

Withdrawal fees

List of commissions

When using BNB currencies to pay the previous rates, a significant discount of 50% will be obtained in the first year, each year this discount percentage is reduced. In a nutshell; the platform rewards for using its tokens in transactions.

Binance Characteristics: Why is it preferred by cryptocurrency investors?

Like most platforms that are responsible for exchanging cryptocurrencies, Binance offers security, usability and robust performance. In addition to the aforementioned, some of the most notable features of this platform are the following:

Security and stability: Binance uses a multilevel system architecture and several clusters.

Compatibility with several devices: it is compatible with web browsers, Android, HTML5, WeChat and other platforms.

High performance: can process 1.4 million orders per second.

High liquidity: Binance offers strong liquidity in several pairs of cryptocurrencies.

Multiple Currency Compatibility: Accepts transactions in a variety of currencies, including BTC, ETH, LTC and BNB, among others.

Strong team: Binance is led by Changpeng Zhao. In general, the company claims that its team has extensive experience in both Wall Street and crypto finance, along with a track record of successful startups.

Tested products: the underlying Binance platform has been implemented in more than 30 exchanges. The platform supports all devices and multiple languages, offering a perfect user experience.

Superior technology: uses a compatible certified engine capable of processing millions of orders per second, making Binance one of the fastest exchanges in the market.

Currencies that can be exchanged on the platform

Binance has a wide selection of currencies, currently some of the currencies that support and with which users can perform operations are: Bitcoin, Ethereum, Litecoin, Tether, Binance Coin, among many others.

Why should a Binance account be opened?

Binance is growing at an amazing speed, and if this continues, it will be one of the largest cryptocurrency exchanges based on trading volume. In addition, many new currencies that had just had an ICO would have a greater tendency to appear in Binance compared to other large exchanges.

Steps to open an account

Go to the Binance website , if it is not in your language you can change it, selecting in the top right the language of your preference.

Click on the "Register" button in the upper right corner of the web page.

Fill out the form, it is important to enter a long and arbitrary password that will make it more secure.

Then you must verify the email by clicking on "Verify Email" in the email.

The first time you log in, a pop-up window will appear on the screen, to add authentication. You can use Google or a text message for verification. It is recommended that you do this for safety.

Once all these steps have been done, you can deposit, withdraw, buy and sell cryptocurrencies in Binance.

For more information you can visit the official site of Binance .