Coin for beginners: Binance [Update 2021]

What is Binance?

Binance is a cryptocurrency exchange, according to the current ranking, Binance is in the top 1 largest and best cryptocurrency exchange today.

Binance has a very high trading volume and liquidity, according to an estimate that the volume of transactions per day of Binance is nearly four times that of the second largest cryptocurrency exchange in the world.

On average, according to Similiar Web, binance has 26 million visits per month, while the second largest exchange only has 3 million visits. Speaking of which, you can see that Binance is not only the best exchange in terms of trading volume, but also accounts for more than 50% of the transaction volume of the entire cryptocurrency market.

The founding team of Binance

Binance was established in July 2017 by its founder, Changpeng Zhao (hereinafter referred to as CZ). Binance has raised $ 15 million in capital during its inception, and since then. This exchange is statistically worth up to tens of billions of dollars.

                                       CEO Binance – Changpeng Zhao

CZ is a founder, but unlike the other founders, he is very active on the social media twiter, and is even the latest news anchor on Binance and can answer. and answer questions directly on social networks. So many people have to admit that CZ is one of the "free" CEOs on the internet.

Revenue from the Binance floor can be said to be a desirable number for large companies today. According to estimates, the revenue in 1 period of Binance is even higher than the top banks in the world. Typically, Deutsche Bank of Germany only has $ 145 million, and Binance exchange is up to $ 200 million.

Binance Overview:

Below are the Binance floor parameters so you can have a more detailed look

• Binance is currently the TOP 1 cryptocurrency exchange in the world
• Currently, the floor has an average of 26 million visitors per month, many times higher than the 2nd floor
• Average daily trading volume from $ 1-4 billion (depending on market volatility)
• There are a total of more than 1000 thousand coins traded on this exchange
• 24/24 support team with any questions you have about the trading floor
• Currently, Binance has supported almost all countries in the world including the US, one of the most demanding countries

Why should you use the Binance exchange?

• High liquidity : The volume of transactions on Binance is extremely large, you can buy and sell coins in large quantities at any time.
• Cheap transaction fees : Binance exchange charges extremely cheap fees of only 0.1%, much lower than other exchanges, Especially : When you use Binance coin (BNB) to trade, the fee is reduced to only 0.075% .
• Extremely fast transaction speed : If you have traded on Binance, you can see extremely fast transaction processing speed, just press "BUY" / "SELL" is almost instant execution. Binance can process 1.4 million orders per second.
• Supports multiple coins : Binance currently supports a lot of coins and tokens, you are free to choose the coin you like to trade.
• Safety and Security : Binance has a team and a high-level security processing system, with state-of-the-art security technology, you can rest assured when keeping your money on Binance's wallet. I have been using it for more than this year without any problems.
• Issue a private exchange Coin : It is Binance Coin (BNB), when you use it, you will get a discount like I mentioned above, and BNB coin is also a coin worth investing.
• There is a trading app on Mobile : You can trade coin with Binance on your phone, the Binance app has both iOS and Android versions.
• Intuitive interface : Binance has a very good looking interface and is especially easy to use for newbies
• Multi-Language Support : Binance supports many languages.
• Good support team : Binance floor is quite large, they have many headquarters in many countries around the world and each country has its own support team.

Binance has a vast cryptocurrency ecosystem

In addition to a centralized exchange, Binance has a decentralized exchange Binance DEX , has its own Blockchain, Binance Chain, with the base coin Binance Coin (BNB).

In addition, Binance also has an official mobile wallet, Trust Wallet, where Binance Labs invests and supports projects.

And it is impossible not to mention the Binance Launchpad platform that opens the sale of IEO tokens leading the market trend.

Another advantage is also thanks to a strong ecosystem. That is the utility of BNB coin. BNB is used in many Binance products, such as using BNB to reduce transaction fees on the exchange, buying IEOs .

Binance has User Asset Protection Fund (SAFU for short)

10% of transaction fees on the floor will be transferred to this fund to insure your property.

Fees on the Binance exchange

Fees at any exchange are crucial to choosing whether or not to choose it. Every transaction that happens between the seller and the buyer has a transaction fee paid to the exchange. If this fee is cheap, it will be very beneficial for traders because if you trade a lot and often, the amount saved will be huge.

Binance transaction fees compared to other exchanges

How is the transaction fee on Binance platform calculated?

Similar to other exchanges, Binance will have 3 types of fees as follows:

• Trade fee : 0.1% (There are ways to reduce more, I will talk below)
• Deposit fee : Free
• Withdrawal fee : Depending on each coin, the fee will be different (See below)

1. Fee to buy / sell (trade) on Binance

By default, the trading fee on the Binance exchange will be 0.1% , but you can lower this fee in two ways:

Option 1 : Use Binance Coin (BNB) to trade, that is, instead of using Bitcoin, Ethereum or USDT, you use BNB coin, the fee will be reduced by year:

Year	First year	Second year	Three years	Year 4	Year 5
Reduction rate	50%	25%	12.5%	6.75%	No reduction

 

It is currently the 2nd year, so if you use BNB to trade, you will receive a 25% discount .

Method 2 : Upgrading to VIP, Binance has a new policy of reducing transaction fees based on your 24-hour trading volume

The " General " level is the basic level, the fee is still 0.1% (not using BNB) when using BNB, it will be 0.075% like the last two columns you see above. The fee will decrease when you upgrade to VIP from 1 - 8. For example, to get to VIP 1 you have to trade ≥ 100 BTC and ≥ 50BNB. Explain a little bit about Maker and Taker .

• Maker is the one who makes the orders, whether buying or selling
• Taker is the person matching the buy / sell order, that is, the buyer / seller based on the orders of the creator (Maker)

2. Deposit / withdrawal fee on Binance

• Fee for depositing into Binance floor , I mentioned above is Free regardless of any coin you deposit
• Withdrawal fees from Binance will be calculated based on each different coin

You can see more withdrawal fees of other coins and the complete fee schedule on the Binance exchange here  (must be logged in to Binance).

Is Binance exchange hacked, crashed, buggy, scammed (Scam)?

It is quite normal for the Binance exchange to be hacked or any other exchange to be hacked, the issue here is how to be hacked, whether users are harmed or not, and how do they handle it? This is a problem that many people when using the floor worry. Since the launch, Binance has been attacked 2.3 times, but according to me, no users have been damaged and they are handling it very quickly without affecting investors.

And sometimes the floor gets faulty, for example, can't login, cannot place orders, cannot withdraw money, .. most exchanges have suffered, with Binance no exception, but usually only within 24 hours are them. done.

I see a lot of people on the Crypto community saying Binance is a scam ??? WTF ??? Binance has never been involved in any fraud, I think this is because they withdraw or deposit money while the Binance exchange failed and led to failure to execute, then did not contact the exchange's support and said " Binance scam "always :). For me, Binance floor is the best floor I have ever used, you are also completely assured when trading and storing coins on Binance's wallet.

The main functions of the Binance exchange

In this section, I will talk more about some of the main functions of the Binance exchange so that you can take full advantage of these features and make money from the Binance floor effectively.

1. Trading on Binance

Needless to say, we know that Binance is used for trading. Called an exchange, the above will gather all the coins, the traders buy and sell. Sellers can use this feature to exchange between your favorite coins such as from BTC to ETH, ETH to BTC or sell BTC, ETH, BNB to USDT, ...

2. Binance Future Features

This is a way of trading on the Binance exchange that uses leverage up to x100. With this feature you can multiply your account many times but at the same time have the potential to lose huge money. 

The leverage period here is that Binance Future is only for those with in-depth knowledge, not recommended for beginners.

3. Binance Launchpad (IEO), Binance Lending, Binance Vote

These are 3 great features of Binance that help you make money from Binance itself.

• Binance Launchpad allows you to buy projects that are newly opened for sale on the Binance exchange for cheap and profitable when the project is officially launched.
• Binance Lending allows you to borrow money from the Binance exchange (USDT. USD) and mortgage with coins such as (BTC, ETH, BNB, ...)
• Binance Vote is where you will vote for your favorite coin on the Binance exchange, in exchange you will receive a normal share from this vote.

Frequently asked questions when trading coin on Binance

Should I trade on Binance?

In my opinion, brothers should trade on Binance.

For brothers new to the market, Binance exchange is easier to use than other exchanges.

Besides, Binance is always in the top 5 exchanges in terms of trading volume.

In terms of adjusted volume on Coinmarketcap, Binance is currently at the top with more than $ 1.2 billion traded per day on the exchange.

Brothers participating in the market for a long time can still choose Binance for coin liquidity.

As I observed from the orders, you can comfortably buy and sell from 2 - 50 BTC on the Binance.

Is Binance safe and reputable? Is Binance a scam?

Compared to other exchanges, Binance has a relatively young age, having only been established since July 2017.

But, the fact that Binance can quickly rank among the most popular exchanges is due in part to its reputation.

Furthermore, Binance deducts 10% of transaction fees on the exchange to keep it in the SAFU Fund.

This is the insurance amount, in case you lose your property on the floor. Therefore, you can feel secure about safety issues on the Binance floor!

However,...

I often advise you not to store all the coins on the exchange.

Therefore, to be sure, you should only keep enough coins to trade on Binance. The rest of you should withdraw to your wallet to keep it safe!

Has the Binance exchange been hacked?

In fact, the Binance floor has not been hacked directly, but the floor has encountered the problem of the API portal.

Specifically, in early July 2018, users discovered 1 SYS coin was traded for 96 BTC on the Binance floor.

Through the work, the exchange team discovered the error coming from the API portals.

Hackers have adopted APIs associated with insecure third-party applications to attack the Binance exchange.

After that, Binance announced a system-wide maintenance to reset the API port. Since then, Binance has not experienced any more similar incidents.

Through this incident, I think that if it is not urgent, you should not use the API. Or, if necessary, use only services with high reliability.

Does Binance exchange often suffer from maintenance errors?

The last time Binance maintained it on March 12, 2019, it lasted 8 hours. During this time, you will not be able to deposit, withdraw or trade coins on the exchange.

Maintenance activities like this are indispensable for exchanges. Neither is Binance! They often maintain to upgrade the system, maintain operations.

Usually, prior to any maintenance, Binance will notify users through official channels.

Where is Binance Exchange located?

As I mentioned at the beginning of this article, Binance was first established in China. CEO CZ and team members in the early days were predominantly Chinese.

Then, because Beijing authorities tightened regulations on cryptocurrencies, Binance moved to Hong Kong and Japan.

However, Binance still has legal trouble in Japan, as the Japanese government wants to protect more domestic exchanges.

Consequently, Binance moved its office and legal registration in the European island nation of Malta.

Besides, Binance has offices in many countries such as Singapore, UK, Hong Kong, ...

Since expanding internationally, Binance's staff is also much more diverse.

At least Binance has a customer support team in the specific countries in which it operates.

What is Binance Coin?

On July 1, 2017, the Binance exchange sold Binance Coin (BNB code) to raise capital through the ICO form.

BNB is an ERC-20 token, built on the Ethereum Blockchain.

• ICO price: 1 BNB = 0.1 USD
• The highest listing price: 1 BNB = 25.42 USD
• Highest ROI: 25,320%
• The total supply of BNB is: 189,175,490 BNB
• Number of BNB currently in circulation is: 141,175,490 BNB

In particular, Binance has a policy to burn (burn) coins quarterly to reduce the total supply, thereby pushing the price of BNB up.

With the launch of the Binance Chain Mainnet, BNB from the standard ERC-20 token on the Ethereum platform has been transferred to Binance Chain with the BEP2 standard.

With BNB ERC20 coins, you can still load into your ETH wallet so that the exchange will automatically switch to new tokens.

Binance Coin (BNB) is very "have land" in the Binance cryptocurrency ecosystem.

You can use BNB to reduce transaction fees, use BNB to buy IEOs on Binance Lauchpad .

It's not just the Binance ecosystem that uses BNB. You can use Binance Coin with other services:

• You can use BNB to pay for restaurants and hotels when traveling through TravelbyBit.
• You can use BNB to make purchases in the game store of your XPOS, through PundiX.
• If there is a certain store business, you can accept payment in BNB through Coinify.
• ...

And there are many other cases of using BNB, you can see more here

What is Binance Launchpad?

Binance Launchpad, or also known as the IEO Binance, is a function of Binance that allows potential project owners to open to sell shares, raise capital and at the same time buyers are possible investors. participate in buying these shares.

The shares offered in the cryptocurrency market are their own coins. For example, if you have a project A that functions as an education system manager, you will offer to sell your coin called A-token on the Binace floor, where investors will use it. Other coins such as Bitcoin , Ethereum , Binance Coin to buy your A-token and you get Bitcoin, Ethereum or Binance Coin.

Up to this point, almost projects offered for sale on Binance are bringing in profits from x2, x3, or x10 to investors, because approved projects for sale on the Binace floor are moderated by the Binance team. thoroughly and fully researched.

Normally, to use Binance Lauchpad you need to reserve a certain amount of Binance Coin, a minimum of 50 coins to be able to join Binance Launchpad.

So where can you buy and sell BNB?

Not only Binance, BNB is also listed on Bitmax , Gate.io, HitBTC, ... With many such exchanges, the liquidity of BNB is also understandable.

Is KYC required to withdraw funds from the Binance exchange?

With the Binance exchange, you do not need KYC to withdraw 2 BTC / day.

This is an ideal policy for those who are trying out the floor, or trading in small quantities.

However, I always recommend KYC and 2FA security for better account protection.

There is one thing you should keep in mind, when you buy IEO on Binance Launchpad you are required to KYC lv2.

What is the deposit and withdrawal limit on Binance?

With a non-KYC account (rated lv1), brothers can withdraw up to 2 BTC per day.

With KYC (lv2) accounts, the maximum number that you can withdraw per day is up to 100 BTC.

For organizations (such as businesses, corporations), the limit may be higher if the organization provides more information as required by the exchange.

Does Binance exchange have apps on Android, iOS?

On December 9, 2017, Binance released mobile applications for iOS and Android platforms.

What is Binance Lending?

Binance Lending is a form of loaning to the Binance exchange for the coins you own and in exchange Binance will pay a certain interest in that coin for you.

The coins that Binance often need to borrow are: Bitcoin, Ethereum, Binance Coin, USDT, BUSD, ...

The interest rate you lend to Binance usually ranges from 5-10% / year and Binance often borrows you for a short period of a few weeks or a month.

How to use Binance Lending

1. Sign in to Binance
2. On the top menu, choose Wallet -> Lending Assets -> select via Lending tab
3. Click the View more button to see all Lending coins running
4. In the running coin list, which coin you want to Lending in that coin (eg Bitcoin) then press the Subcribe button.
5. Binance will automatically take the Bitcoin in your Binance wallet and use it, after a while they will refund the amount of Bitcoin and the corresponding interest.

Subcrible into a coin that participates in Binance Lending

What is Binance Vote?

Binance Vote is a function of Binance that aims to list a particular coin through the opinion of users who have registered for an account in Binance.

More specifically, out of a total of hundreds of crypto projects that want to be listed on the Binance exchange, they must submit their project documents to the Binance team. The Binance team will take over those projects and filter out the 2 most prominent projects. These 2 most outstanding projects will be voted into the Vote round (Binace Vote). At this time, all accounts registered on Binance will participate in the voting process between these 2 projects, the project with the higher votes will win and be listed on the Binance floor.

Participants in the vote will receive a certain reward. The reward is usually the number of the winning project's tokens with a small amount of Binance Coin

Conditions to be able to participate in Binance Vote

To be able to participate in Binance Vote you need the following conditions:

• Registered a Binance account
• Registered account has been verified KYC
• Hold at least 50 Binance Coin

How to use Binance Vote

1. Sign in to Binance
2. Visit this link: https://www.binance.com/en/vote
3. Vote for the project you love
4. After voting, within 1.2 days you will get results and receive rewards

The Binance Vote round of voting has ended

Summary

The Binance exchange is a name that is all too familiar to the brothers in the crypto market.

Binance can quickly be popular in the community because it is a pioneer in activities: issuing the first exchange coin or leading the IEO sale.

In particular, you should hold a little BNB in ​​your account to receive incentives, at least to reduce 25% of transaction fees.

I hope this article can help newbies learn about the Binance exchange in the easiest way to understand, as well as longtime brothers understand some of the new features of the exchange.

If you have any questions about Binance, leave a comment at the end of the article!