How does Binance Exchange work? Is it Safe?
The incredible rise experienced by the vast majority of cryptocurrencies today, attracts a lot of attention from the media and every day there are thousands of newcomers who are interested in entering the world of cryptocurrencies and trading.
It is really important that everyone interested in this business knows what an cryptocurrency Exchange is and, above all, the ones that are safe to use.
What is Binance?
Binance comes from the words binary and finance, is the most recent and popular Asian cryptocurrency exchange of recent months, created by Changpeng Zhao (CEO of Binance, founder of BijieTech and co-founder of OKCoin), whose vision is to build a secure exchange platform, with a global and decentralized scope and oriented only to cryptocurrencies.
Sounds Good but Is Binance Safe?
Binance exchange has obtained great attention at the moment, due to the great variety of cryptocurrencies that can be commercialized, like Bitcoin, Ethereum, Ripple among others, but undoubtedly one of the main advantages is that it includes other cryptocurrencies that are not so popular at the moment and can't be found in the traditional exchanges.
Binance exchange is one of the fastest growing exchanges in the cryptocurrency market, the growing popularity of Binance is due to multiple factors, from restoration to multiple languages, having a clean user interface and most notably, extremely high performance ( data processing speed).
“Binance is one of the fastest growing exchanges in the cryptocurrency market, being the 10th biggest crypto exchange in only 5 months.”
Binance not only stands as a normal cryptocurrency exchange but also as an accelerator of blockchain-related projects that seek funding through an ICO, where you can invest, if desired, with the Binance tokens, known as the BNB.
“BNB is also a deflationary currency as Binance will use 20% of profits to buy back BNB from the open market and destroy them, therefore reducing the overall supply of BNB. This will, in turn, increase the prices of BNB assuming there is steady or greater demand for a lesser supply of BNB.”
What is Binance Coin (BNB) and what is it used for?
Binance is probably the first exchange to create its own tokens, in this case, BNB or Binance Coin. BNB allows you to pay the different rates within Binance exchanges that include:
- Trading Commissions (fees incurred for buying and selling coins)
- Withdrawal fees
- Listing Fees
When using BNB currencies to pay the previous rates, a significant discount of 50% will be obtained in the first year, each year this discount percentage is reduced. In a nutshell; the platform rewards for using its tokens in transactions.
That's not all the most important aspect is that you can use BNB to invest in new ICO's listed on Binance.
Binance Characteristics: Why is it preferred by cryptocurrency investors?
Binance offers security, usability and robust performance. In addition to the advantages mentioned above some of the most important features of this platform are the following:
- Security and stability: Binance uses a multilevel system architecture and several clusters.
- Compatibility with several devices: it is compatible with web browsers, Android, HTML5, WeChat and other platforms.
- Extremly High performance: can process 1.4 million orders per second.
- Multiple Currency Compatibility: Accepts transactions in a variety of currencies, including BTC, ETH, LTC and BNB, among others.
- Strong team: Binance is led by Changpeng Zhao. In general, the company claims that its team has extensive experience in both Wall Street and crypto finance, along with a track record of successful startups.
- Binance technology has been successfully implemented in more than 30 exchanges. The platform supports all devices and multiple languages, offering a perfect user experience.
Binance has a wide selection of currencies, just to mention a few: Bitcoin, Ethereum, Litecoin, Tether, Binance Coin, among many others.
Why should you open a Binance account?
Binance is growing at an amazing speed, and if this continues, it will be one of the largest cryptocurrency exchanges based on trading volume. In addition, many new ICO's would have a greater tendency to appear in Binance compared to other large exchanges.
