Binance Review

BNB Overview

Binance is a cryptocurrency exchange company with the largest volume of crypto exchanges in the world. It provides a crypto wallet for buying, trading, and holding over 600 cryptocurrencies. Binance users also enjoy additional services such as earning interest and cryptocurrency transactions. Founded by Changpeng Zhao, a Chinese-Canadian developer, in 2017, Binance started in China and is currently headquartered on the Cayman Islands. Binance launched its native currency, Binance Coin (BNB), as well as Binance Smart Chain (BSC) in 2020. Binance initially catered to a global audience, but due to regulatory reasons, Binance US was created as an alternative for US residents after the United States banned Binance in 2019.

How to Register on Binance

You can register on Binance using your email address or mobile number. Here's how:

Registering with an Email Address

If using email registration, ensure you have a valid email address dedicated to your Binance account:

1. Open a web browser and visit Binance.com.
2. Go to the "Sign Up" page by clicking "Sign Up" in the top line.
3. Enter your email address and a strong password.
4. Enter a referral ID if applicable.
5. Click "Next" and confirm your email by clicking the "Confirm" link in the email received.

Registering with a Mobile Number

If using mobile number registration:

1. Open a web browser and visit Binance.com.
2. Go to the "Sign Up" page.
3. Enter your mobile number and a strong password.
4. Confirm the phone number.
5. Enter the received pin code to activate your account.

Setting Up 2-Factor Authentication on Binance

Enabling 2FA provides added security to your account:

1. Log in and go to the account tab in the top menu.
2. Choose the option to set up 2FA and follow the instructions.

Depositing Funds to a Binance Account

There are various options to deposit funds:

• Bitcoin (BTC) or Ethereum (ETH)
• USDT or BNB
• EURO credit card
• Exchange with other altcoins

For example, to deposit BTC or ETH:

1. Click "Funds" and "Deposit" after logging in.
2. Choose the deposit option and get a wallet address.
3. Deposit BTC or ETH to the provided wallet address.

Buying and Selling Cryptocurrency on Binance

There are three methods to buy cryptocurrency on Binance:

1. Credit/debit card
2. Cash balance
3. P2P trading

Selling cryptocurrency is straightforward:

1. Go to the cash balance section.
2. Click "Sell Crypto" and choose the cryptocurrency to sell.
3. Enter the amount and select the preferred fiat currency.
4. Confirm the transaction.

What is Binance Coin (BNB) and How to Buy It?

Binance Coin (BNB) is the native coin for Binance Blockchain. It has various utilities, such as trading fee discounts and more. It can be bought on Binance and other platforms.

Is Binance Suitable for Beginners?

Binance is more suitable for advanced traders, but beginners can use Binance Lite and Binance Academy to get started.

Binance Fees and Security

Binance charges transaction fees for withdrawals. Security measures include 2FA and other features for protecting accounts.

Cryptocurrencies Available on Binance

Binance offers a wide range of cryptocurrencies for trading, with more than 600 options. However, the availability varies based on regions.

Pros and Cons of Binance

Pros:

• Wide range of crypto available
• Low fees
• Diverse features

Cons:

• US limitations on cryptocurrency options
• Not beginner-friendly

Final Thoughts Binance is a top cryptocurrency exchange platform with numerous advantages. It offers a secure, low-fee environment for trading various cryptocurrencies. While it might be intimidating for beginners, Binance Lite and Binance Academy can help ease the learning curve.