Choosing the best platform for cryptocurrency trading is always a big challenge for cryptocurrency users. Knowing the reliable exchanges in this field can be very useful. Binance is the most famous and largest digital currency exchange in the world. In this article, we will learn about the Binance exchange and its features.
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What is the Binance exchange?
Binance is a dedicated cryptocurrency exchange that allows users to buy, sell and exchange digital currencies in a safe and fast platform. At first, exchanges between users in Binance were done only using digital currencies, and common currencies such as dollars and euros did not have a place among them, but today the situation is completely different.
The Binance exchange was born in 2017 in China, but its rapid and astonishing development over the past years has quickly made the Binance exchange the largest cryptocurrency exchange in the world. In the continuation of getting acquainted with the Binance exchange, you should know that since there are strict rules regarding digital currencies in China, the founding team of Binance migrated to Japan very soon.
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Changpeng Zhao, who is known by everyone as CZ, is the founder of Binance, he has a lot of experience in the platform of exchange systems, which is one of the reasons for the development of Binance in a short period of time.
When was Binance exchange started?
Before Binance officially started its work, its creators raised the necessary capital through an initial coin offering (ICO). Due to the ICO, it was possible for investors to invest in the project using digital currencies, these investors earned more shares and more profit than normal users in the continuation of the project. In this coin offering, Binance collected a figure equivalent to 15 million dollars. Instead, Binance presented a digital currency unique to this network, namely Binance Coin, as a reward to investors, which is one of the most profitable digital currencies known in the world today. It is considered cryptocurrencies.
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Benefits of Binance exchange and its features
You have probably become familiar enough with the Binance exchange by now. Now, to get to know the Binance exchange and check its benefits, we will check more information about Binance. The Binance platform, like other platforms in this field, has advantages and disadvantages that we will learn about in this section.
Support for altcoins
All digital currencies born after Bitcoin are considered altcoins. One of the reasons for the popularity of Binance is the support of various digital currencies, so that Binance supports more than 200 known coins. For comparison, it is enough to know that Coinbase, the largest digital currency exchange in the world, supports only 25 coins in terms of the volume of coin exchanges.
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In trading between cryptocurrencies on Binance, transaction fees are very low, which creates a competitive position. So that customers pay about 0.1% commission on each purchase. There is one more point and that is that depositing in Binance is always free and without any fees. That is, you do not need to pay a fee to receive digital currencies and store them in your Binance account. In Binance, calculations are made in terms of bitcoins.
Prize giving to Binance users
Even normal transactions in Binance will be subject to receiving rewards by users, these rewards change frequently, but in most cases free digital currency is the reward that Binance considers for users.
Listing digital currencies immediately after completing the IPO is one of the things that is done on Binance. This issue proves that Binance is a reliable source for most cryptocurrency development companies.
High security in Binance
Another important advantage of Binance is the high security of this platform. Since Binance attaches great importance to security, it generally requires users to activate two-step authentication for their account after registration. This form of authentication is the most secure form of protecting user accounts by creating a strong barrier and additional layer.
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High volume of cryptocurrency exchanges
As we said in the introduction to the Binance exchange, Binance is the largest and most popular cryptocurrency exchange in the digital world, which is why most coins and tokens are bought and sold and exchanged there. We see a high volume of transactions in Binance every second. The mass of users on this platform guarantees the high speed of requests. This issue makes the chance of quick sale of digital currencies high for the user.
Binance exchange is designed in such a way that it is possible to carry out exchanges for both beginners and professional users, and Binance has recently entered into cooperation with several companies that provide the possibility of buying through bank cards and using fiat currencies. It has provided for users, which can be the best reason to use it in cryptocurrency exchange and transactions.
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