Binance is the world's largest cryptocurrency marketplace where you can buy, sell, and store your crypto assets, such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and many more. Note that, for the U.S. market, you need to download the US app.
What is Binance?
Binance is a global company running the largest cryptocurrency exchange worldwide in terms of daily volumes. Founded in 2017 by Changpeng Zhao, a developer who worked on high-frequency trading software, the service skyrocketed in only a few years and now provides the most easy-to-use and very profitable environment regarding investment in cryptocurrency. No matter you are a professional trader or a newcomer in this world, you have a full range of features to buy, trade, and invest in cryptocurrencies. Icing on the cake, they even provide a debit card with cashback capabilities. Binance is also the company behind Trust Wallet.
What are the key features of Binance?
- Supported cryptocurrencies: With Binance, you can buy Bitcoin, Ethereum, Link, Tezos, Cardano, Binance Coin, and 200 other cryptocurrencies.
- Buy and sell: Buy, sell, and exchange cryptocurrency with Binance app by simply adding your bank card to your account.
- Earn interests: Earn money from your crypto assets and keep an eye on the highest interest rates that beat traditional savings accounts.
- Notifications: Set alerts when the price on certain coins moves to always keep updated about daily prices and trends.
- Two modes: Depending on whether you are a beginner or a pro in crypto, you can switch between Lite and Pro interfaces with just a tap.
- Recurring buy: Want to purchase crypto on a regular basis? Set up the recurring buy option and choose how much you want to buy and how often.
- Send, receive, and spend Bitcoin: Send and receive crypto from friends and family, use the Binance card to spend your Bitcoin or BNB at various merchants, and more.
- Multilingual support: If you experience problems while using the app, you can contact customer support 24/7 and have a live chat with a specialist in one of 8 languages, including English, Chinese, Russian, Spanish, Portuguese, Turkish, Korean, and Vietnamese.
How to use Binance?
Binance works both as the largest crypto marketplace and as a personal crypto wallet. You can use it to store, exchange, buy, and sell your crypto assets, as well as analyze the market and current interest rates.
- To start using the app, simply create an account, and complete the identity verification. After you submit your details, the security system will take some time to verify you.
- How long does Binance verification take? It normally takes 1 hour, but in peak times can take up to 36 hours.
- When the process is completed, add a debit or credit card and start to buy and sell crypto. If you are a beginner, choose the Lite mode or stick to the Pro if you are familiar with Binance crypto exchange, Binance wallet, etc.
How to buy Binance Coin?
Even though you will find many ways from third parties to buy Binance Coin (BNB), you may consider it more appropriate to buy those tokens from the official website following the guide the company created for it.
Is Binance free?
Binance is free to use, but it charges you some fees when you perform operations. Those fees depend on some factors like the kind of operation, your daily volume, whether you hold Binance coin or not, etc. Check the Binance US fees here.
Is Binance safe?
Yes, Binance is very safe to use as they have deployed reliable, trustworthy, and proven security measures in the past years. Also, they have established what is called Secure Asset Fund for Users (SAFU Funds), where a small part of the platform fees go and can be used in case of a financial loss to users. Even though Binance revealed in 2019 that it had been the victim of a complex and large-scale security breach using phishing, it fully reimbursed its customers and drastically reinforced its measures.
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