What is Binance? Reputable Crypto Exchange for Beginners [Part 2]

What is Binance? Why are so many people mentioned? This article is part 2 of the series of crypto knowledge for beginners. Now let’s learn about this.

What is Binance

1 – What is Binance?

Binance is a Crypto exchange founded in 2017 by Canadian Chinese-Canadian CEO Changpeng Zhao. At the time of 2021, this exchange is still considered the most prestigious and largest crypto exchange in the world.

Most of the people involved in crypto investing around the world use the this exchange to buy / sell cryptocurrencies. In addition, this exchange has the ability to process more than 1.4 million orders per second.

If you are a newbie who is looking to invest in crypto to make a profit, this Binance exchange cannot be ignored. You can register right HERE.

If you do not know how to register, you can check out this article:

>> How to create a Binance account and how to trade Bitcoin

2 – Transaction fees

The trading transaction fee on Binance is 0.1%, but if you use BNB crypto, the fee will be reduced to 0.075%.

3 – Advantages

Support for trading over 200 different cryptocurrencies.

High liquidity.

Multi-language support interface.

The system is stable, safe and secure.

Cheap transaction fee.

4 – The reason why novices in crypto investing should choose Binance

According to statistics from coinmarketcap, this is the top 1 crypto exchange in the world with more than 14 million unique visitors. So if you are a newbie you can completely rest assured using to invest in crypto.

What is Binance

5 – Tips for use

5.1 – Tip 1: Use BNB to reduce transaction costs

BNB is the Crypto of the Binance exchange, if in the process of buying and selling other cryptocurrencies that you use BNB to pay the transaction fees, you will receive a 25% discount.

To install BNB as default, do the following:

You click on your account icon and choose your email name as shown below.

What is Binance

You scroll down to see the button to turn on “using BNB to pay for fees”. If the button is off then you turn it on, if the button is on then leave it as default.

What is Binance

5.2 – Tip 2: Safe account security

Before trading crypto you need to make sure your account is 2 layers secure and the tips below to avoid the risk of losing money:

Don’t let strangers know your username and email password.

Do not send your identification information to strangers.

Do not check strange mail, spam of unknown origin.

Do not access fake links.

Always make sure you have 2-layer security (2FA) installed for your mail and Binance accounts.

6 – Frequently asked questions

6.1 – Who can sign up?

You are 18 years of age or older and already have identification documents such as driver’s license, passport, …

6.2 – Is the Binance exchange scam?

This is an exchange used by crypto investors around the world, since 2017 there have been no fraud cases. In addition, Binance also has a SAFU fund to protect users. So, you are completely secure to buy and sell crypto.

6.3 – Is it difficult to withdraw money?

Because this is the largest exchange in the world, it is optimized for simple and intuitive deposit / withdrawal operations. Your operations take a few minutes.

6.4 – Does Binance support multiple languages?

Investors around the world use Binance to trade crypto, of course this exchange has to develop a multi-language platform to help the investment community to use more easily.

6.5 – What country is the Binance exchange of?

As mentioned above, this was founded by ChangPeng Zhao, a Canadian citizen of Chinese descent. However, Binance’s current headquarters are not located in China, but in Malta.

7 – Detailed User Guide

Below is a list of detailed instructions on how to use, you can read all the articles below.

>> How to verify a successful Binance account
>> How to set up 2FA on Binance safely to trade crypto
>> How to add money to Binance wallet using visa/mastercard and how to buy crypto
>> How to withdraw money from Binance to bank account.
>> How to buy and sell crypto on Binance for Beginners

8 – Conclusion

So you understand what Binance is, right? If you still have any questions, please comment below, cryptocurrencyin4.com will reply to you as soon as possible.

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