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You can compare an exchange with a foreign currency exchange bureau where you can exchange one cryptocurrency for another to make a profit. In recent years, Binance has grown into a platform where you can do almost everything that has something to do with crypto.
They offer dozens of different services and new services are added regularly. The Binance offer is very wide, but not all cryptocurrencies are available on this exchange. At the moment there is no exchange where you can buy all cryptocurrencies in the world, because there are simply too many cryptos in circulation and not all projects are equally safe or legit.
On top of that dozens of cryptocurrencies are created every day and it is impossible to show them all on one exchange. The offer of Binance is regularly expanded and this is often accompanied by a nice competition where you can win free tokens based on trading volume. Binance also launches IEOs where new projects coins can launch their coin. Binance started as an exchange-only, but offers nowadays more and more services. You can use the platform for cryptocurrency staking , saving, lending, future trading and more.
For beginning users it can be quite complicated to buy cryptocurrency, especially on an exchange like Binance. For this reason we made several tutorials and instructional videos to explain it as clearly as possible.
Creating a new account is very easy. You only need an email address and password. After you register your account you can open positions and place orders.
Keep in mind that you are exchanging cryptocurrency for another cryptocurrency on this exchange. Therefore, you need cryptocurrency to start with. We will explain how to do that. After your order is executed you successfully traded Bitcoin for your chosen coin with a limit order is it even possible that your order has been partially filled. When you want to sell your coins you can use the screen next to it. We also wrote an in-depth how to trade on Binance guide.
Binance is a good practical example to see that an ICO has worked out well and that the associated Binance Coin is getting an increasingly favorable value. Most crypto investors know him, because he is very active in the crypto space. Check out his Twitter here. During the first phase you could buy BNB tokens for 1 Ethereum. Binance is doing its best to let users hold the BNB token. You will get discounts on fees, a higher commission and you need the token to invest in IEOs.
There are a lot of use cases for this token, and we can imagine that in the future there will be a lot more. Binance is developing new services at a rapid speed, launching one service after another. It is almost impossible for us to highlight all services in this Binance review. Binance works with various third party platforms that can convert fiat to crypto. This makes it easy to pay with a fiat currency using credit card or other payment methods and your crypto is automatically sent to your Binance wallet.
Keep in mind that you often have to perform a KYC with the third party platform and that the fee is often higher than when you buy crypto via your local broker. By using Binance Earn you can generate extra income using the crypto you are holding and not using for trading.
With Flexible Savings you can flexibly stake your crypto, which means that you can withdraw it at all times. The annual return is visible behind each crypto. Using Locked Savings or Staking you will lock your crypto for a specific period. The debit card is linked to your Binance wallet and you can spend your crypto immediately. You get this paid in Binance Coins. Read more about the Binance Card.
There is also a special futures derivatives environment for professional traders. Keep in mind that this is only for experienced traders. To use Futures trading you must give your consent separately and you must transfer your funds from Spot to Futures. Binance has developed Binance Launchpad, where new crypto start ups can easily do their token sales.
Binance does the full background check and verifies if the company meets all the requirements. This is also called an Initial Exchange Offering and is very popular among investors. Binance arranges everything from the research to listing the currency on the exchange. Because Binance approves the new project, it instills a lot of trust within the community.
To participate in an IEO you must be verified. A major struggle for users is that on many exchanges you have to provide a lot of personal data and it usually takes a very long time before the verification process is completed. It is completely free to register an account at Binance, but of course they have verifications and limits from a legal point of view.
After registering your account you are Level 1, unverified. For most people an unverified account is more than enough. The following limits apply at Binance:. Chad Farmer. Pay Now Buy Later. It only takes 15 seconds and it's free.
Alternatively sign up with email. Already have an account? Zero-Days without blockchain Interests in anything related to blockchain, crypto and bringing decentralised services to the masses. We pay the tips from our rewards pool. Chad Farmer 22 hours ago 7 minute read. What Are Stablecoins? What you need to know. LiquidAttic 21 hours ago 5 minute read.