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What is Binance?

What is Binance? How to use Binance exchange for newbies (2022)

What is Binance? How to use Binance for Crypto newbies, safe and reputable? Instructions for buying and selling bitcoin, ethereum easily.

Binance is the largest cryptocurrency exchange in the world, always in the top 3 in terms of trading volume. In terms of adjusted volume on Coinmarketcap, Binance is currently at the top. In particular, in the list of exchanges with real volume published by Bitwise, Binance is also a name that appears on that list!

Sounds interesting right?

If you are a newbie, still struggling to know where to start buying, selling, and trading coins/tokens, Binance is the right choice for you.

In this article, Idol Meta will provide you with all the details about Binance exchange from basic to advanced. Consists of:

  • What is Binance? Evaluate the advantages and disadvantages of the floor.
  • Various products in the Binance ecosystem.
  • Instructions for using Binance exchange: Registering an account, setting up security, depositing and withdrawing, trading crypto on Binance Spot & Binance Futures and more.
  • Answers to some frequently asked questions.

Now let’s get started!

What is Binance?

Binance is a crypto exchange (cryptocurrency/cryptocurrency) founded in 2017 by Changpeng Zhao in China. Currently, Binance is the world’s largest cryptocurrency exchange in terms of trading volume with over 1000 trading pairs.

The head of Binance is Changpeng Zhao (aka CZ). He is the former manager of the Development Department at Blockchain.com, the co-founder and technical manager of the once famous exchange – OKCoin.

In early July 2017, Binance raised capital through the form of ICO. Thanks to the CEO’s huge profile, the Binance exchange project quickly gained attention from the community.

Binance’s ICO round, which lasted from July 1 to July 21, 2017 raised $15 million and had over 20,000 signups in its early days.

You must be wondering which country’s binance exchange, right?

At its inception, Binance exchange was based in China. However, as the billion-dollar nation tightened regulations on cryptocurrencies, the exchange moved offices to Hong Kong and Japan. Unfortunately, Binance is still in legal troubles in Japan. So, in March 2018, the Binance exchange left Japan and moved to the island nation of Malta.

To better understand, here are some basic information about the Binance exchange:

  • Name: Binance.
  • Form: Crypto exchange (cryptocurrency/cryptocurrency).
  • Established year: 2017.
  • Founder: Changpeng Zhao (CZ).
  • Head office: The island nation of Malta.
  • Website: http://www.binance.com

One more information for you, according to SimilarWeb statistics, the peak traffic of Binance exchange is up to 250 million users/month. That’s quite a small number, isn’t it!

Review of Binance exchange

Advantages

Some advantages of Binance exchange are:

  • There are more than 1000 trading pairs available: This is a huge number. Almost the Altcoins that you want to trade are available on the Binance exchange.
  • Multi-language support: In particular, Vietnamese is one of the earliest languages developed by the exchange. Besides, Binance has a team and a Telegram channel dedicated to supporting Vietnamese. Make it easy to use Binance exchange, no language barriers.
  • Up to 40% commission bonus program: In fact, Binance is the pioneer exchange that rewards refs for you. As a result, you will have a fairly large passive income if you invite many other people to join the floor.
  • You can withdraw up to 2 BTC/day without KYC: Unlike other exchanges that require KYC to withdraw money (like Poloniex,…), you can use Binance for small transactions. without providing too much personal information.
  • Vast cryptocurrency ecosystem.
  • User Asset Protection Fund (referred to as SAFU): 10% of trading fees on the exchange will be transferred to this fund to insure your assets.
  • There are many types of transactions for you to skin in the game: Trade spot, margin, OTC or P2P on Binance.

Defect

Because it is a popular cryptocurrency exchange in the world, Binance is also a very high target of hacking attacks.

In 2018, the Binance exchange had some unfortunate incidents. Specifically, in July, an anonymous coin had a transaction of up to 96 BTC. This case is expected to be hacked by hackers or possibly because Binance itself took advantage of the price.

Binance’s Vast Ecosystem

If before, Binance was merely a cryptocurrency exchange, now Binance’s ecosystem has been expanded, including:

  • Binance CEX: Sàn giao dịch tập trung các tài sản tiền điện tử và Blockchain, với nhiều hình thức giao dịch như Binance Margin, Future, P2P…
  • Binance Institutional: Allows VIP traders to access professional OTC trading and exchange services. Binance’s experienced team works closely with many other market participants.
  • Binance DEX: Decentralized Exchange.
  • Binance Research: Specialized in market analysis and reporting.
  • Binance Academy: Provides all knowledge about Crypto and Blockchain market.
  • Binance Charity: Charity Foundation.
  • Binance Labs: Investment Fund.
  • Binance Broker: The brokerage program includes: Widget broker, API broker and exchange broker
  • Binance Cloud: Helping businesses build their own exchange.
  • Binance Launchpad: Platform for issuing tokens.
  • Trust Wallet: Binance’s official crypto wallet.

 

Instructions to register for Binance exchange

First, you access the Binance registration section at: https://www.binance.com

First, go to the Binance registration section at: Then select English in the top right corner for your convenience!

Enter the following information: Email, password and referral code (if any). Then click on “I agree…” and click “Create account”.

Note: You must type directly, but cannot copy-paste into these information boxes. Password must be at least 8 characters long and contain a capital letter.

1. Open the Binance App and tap [Log In/Register].

2. Tap [Register]. Enter the email address and password you’ll use for your account, and the Referral ID (if any).

Check the box next to [I Understand Binance’s Terms of Use] and tap [->].

Note:
  • Your password must contain at least 8 characters, including one uppercase letter and one number.
  • If you’ve been referred to register on Binance by a friend, make sure to fill in the Referral ID (58387384).

3. Drag the slider to complete the Security Verification puzzle.

4. You will receive a verification email in your inbox. Please enter the verification code within 10 minutes. If you can’t find the email, click [Send Code] to get another email.

Note:
For your own account security, we highly recommend you to enable two-factor authentication (2FA). Binance supports both Google and SMS 2FA.
*Before you start P2P trading, you need to complete Identity Verification and 2FA authentication first.

Instructions for depositing and withdrawing money on Binance exchange

How to Withdraw USD via SWIFT

1. Log in to your Binance account and go to [Wallet] – [Fiat and Spot].

2. Click [Withdraw].

3. Under the [Fiat] tab, select [USD] – [Bank transfer (SWIFT)] and enter the withdrawal amount. Click [Continue] to create a withdrawal request.

4. Enter the account details (Your name will be filled automatically on the [Receiver Name]).

5. Check the details and confirm the withdrawal.

Once confirmed, please wait patiently. It might take up to 4 business days for your withdrawal to reach your bank account.

 

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