A Brief Introduction to Binance cryptocurrency exchange
Binance is a brand name, the crypto industry leader, and an ecosystem in the world of cryptocurrencies and blockchain technology. Binance exchange is the most dominant, top-rated, high volume based crypto exchange like Coinbase, Houbi Global, Bittrex, and OKEx, etc.
Coinmarketcap has listed Binance as the top-rated cryptocurrency exchange from volume and number of users’ point of view. Binance has gone through various experiences, hard times, and ultimately evolved to be the best, more secured, and reliable crypto exchange. Binance exchange is thoroughly introducing new features, upgrading the existing ones, addressing users’ requirements, and consistent innovation in blockchain technology.
Recently, on users’ demand, the company announced its services in the Arabic language to better serve its users from the Middle East and North African countries.
Binance Support for Trading Pairs
The central Binance.com provides crypto to crypto exchange and traders can withdraw up to 2 bitcoin daily without undergoing KYC. According to Jan 4th, 2021 Coinmarketcap data, Binance offers active trading of more than 1000 markets, 319 various coins including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), etc. Binance exchange offers trading support for 46 fiat currencies including AED, AUD, and ARS.
Binance Jersey Cryptocurrency Exchange
Binance Jersey was simply one of the recent franchises of Binance. Binance Jersey was dealing in fiat to cryptocurrency trading. Binance Jersey used to provide fiat currency GBP and EUR based trading versus bitcoin and altcoins as cryptocurrencies.
Registration and KYC process was mandatory due to strict cryptocurrency regulations and its dealing in fiat currencies. However, the Binance Jersey exchange ceased its operation on 31st December 2020, and the users are requested to contact the customer support center in case of issues.
Binance Florida Cryptocurrency Exchange
From August 25th, 2020, Binance.US will permit Florida based cryptocurrency users to register for its platform utilization.
Binance.US is a registered and regulated cryptocurrency exchange, and users will pass through KYC checks and will be required to provide valid government-issued documents.
WazirX Cryptocurrency Exchange
WazirX is a cryptocurrency exchange based in Mumbai, India. Binance acquired WazirX in late Nov 2019. The exchange provides more than 80 digital assets to be traded at the platform. The users can deposit and withdraw the native currency called Indian Rupee (INR) via P2P USDT.
The platform has launched its token WRX via the Binance chain to provides sustainability to its ecosystem and discount to its holders during trading at the platform.
Binance Australia Lite Cryptocurrency Exchange
Binance Lite Australia, launched in March 2019, is a regulated franchise of Binance and provides an easy and most secure way of buying Bitcoin either through an online banking system or by cash at a nearby newsagent. Recently, the franchise announced a joint partnership with Blockchain Australia, a prominent organization in Australia that works for the promotion of the blockchain-based industry.
Binance Turkey Cryptocurrency Exchange
On September 2nd, 2020, the company launched Binance TR to attract the rapidly growing Turkish market. The Binance TR offers crypto-to-crypto and fiat-to-crypto exchange services in the Turkish language. The new platform provides support for direct bank deposits, withdraws, and trade support for native currency TRY. Binance CEO Mr. CZ stated that “Turkey is not only one of the leading countries in blockchain adoption but also a key bridge market for the global economy, which connects Asia to Europe”.
Binance Launched Bundle App for Africa
Binance launched an innovative application called Bundle, to target the African market. The application provides an easy method to send and receive digital-assets and cash. Y Bademosi, the founder of the application expressed his opinion as,
“We built the Bundle with the digitally native African user in mind. They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick-and-mortar bank branches. We decided to build a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app,”.
The company opened a dedicated fiat gateway for users from South Africa (SA). The users can now deposit, trade, and withdraw the local currency, Rand. The SA users can trade in Rand against BTC, ETH, USDT, BNB, and BUSD.
Margin Trading at Binance Exchange
On July 11th, 2019, Binance, launched its Margin Trading platform. “This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof,” said CEO of Binance, CZ (Changpeng Zhao).
Fiat vs Crypto Currencies Trading Support at Binance
Binance provides the facility of fiat versus crypto trading in EUR, GBP, and USD.
Payment Gateways at Binance Crypto Exchange
Binance provides the facility to buy Bitcoins and many other crypto-assets via direct bank transfer, Visa, and Master cards. Binance is the only platform, that nearly provides the facility to everyone to buy cryptocurrency with ease. Following are the various methods to buy cryptocurrency at Binance.
Bank Deposit at Binance
In this method, users can select the desired currency, and the system automatically popup a recommended financial service based on the user’s country of residence. Further, users’ payment data is requested to complete the deposit. Currently, this service is available to seventeen different fiat currencies.
Binance Credit/Debit Card
Binance provides the opportunity to buy cryptocurrencies and stable coins via Visa and Master card services.
Binance P2P Methods
Binance’s P2P platform provides users an opportunity to acquire Bitcoins, Eth, and other altcoins with user native currencies at 0 fees. On Binance P2P, users have the choice to choose their preferred payment service like Transferwise, Revolut, etc.
Cash Balance at Binance
Binance accepts various fiat currencies including USD, Euro, GBP, etc., and many stable coins like Tether (USDT), True USD, Binance USD (BUSD), PAXOS (PAX), and Coinbase USD Coin (USDC) to by crypto.
Third-Party Payment Method
Binance also provides third parties payment procedures to buy the cryptocurrency at the Binance platform. The listed third parties payment methods are Sepa, Simplex, Banxa, and Ideal.
The Finance section of Binance is composed of different subsections including, Binance Earn, Binance Pool, Binance Visa Card, Crypto Loans, and Liquid Swap.
Binance initiated a new feature called “Binance Earn” where users who want to remain as long-term HODLers, have the possibilities to earn on their crypto assets. The Binance earn is a one-stop solution, where HODLers may explore various crypto growing opportunities. The Binance earn is organized into three categories of Flexible Terms, Fixed Terms, and High-Risk Products.
Flexible Terms earning is composed of Flexible Saving, Launchpool, and BNB vault. Fixed Terms earnings are consists of Fixed Savings, Stakings, Activities, and many more earnings options. High-Risk Products includes Defi Staking, Dual Investments, and Liquid Swap, etc.
Binance Pool is an excellent crypto-mining service launched by Binance under the Finance Suite. The service aims at enhancing the income of crypto miners by offering a stable and trusted mining environment.
The Binance Pool aims at the following main features of the mining pool,
Secure and Transparent
Binance pool portrays real-time based Hashrate to the miners and protects their crypto assets.
To maintain stable earnings of miners, the FPPS model, and timely settlements is the best approach.
This service aims at optimizing the gap between mining and trading values to enhance miners’ income.
Binance smart Pool provides support for the SHA256 algorithm and offers the users the facility to auto-switch hash rate to mine various cryptocurrencies e.g., BTC, BCH, and BSV. Very recently, the Binance Pool initiated the service to mine Ethereum using the ETHASH algorithm.
For better and easy understanding, the Binance Pool portal is organized into various categories including Statistics, Workers, Earnings, Dual Saving, Pool Savings, and Sell crypto. For further understanding of the Binance mining pool, a set of the desired FAQ is developed to understand the mining process.
Binance Crypto Loans
Binance provides an opportunity for its registered users to get crypto loans following some defined conditions. According to the defined rules, the crypto borrower will deposit its collateral/assurance crypto assets to the Binance platform after making a loan request.
Once the user repays its loan and the agreed interest, user collateral assets will be reimbursed. The Binance platform provides several cryptocurrencies that can be borrowed by users. Various issues like interest rates, time for borrowing crypto assets, and other related issues are discussed in detail on the site.
Binance Desktop Application
Besides Binance mobile application for iOS and Android operating systems, the company recently launched its desktop applications. Currently, the desktop app is freely available for macOS, for all versions of Windows, Linux deb, and Linux rpm operating systems.
Binance Ecosystem and Binance Evolution
The Binance ecosystem objectives are far more than the Binance Exchange. The Binance ecosystem is consists of many pillars with each having a specific task and goals. Binance ecosystem is composed of Binance Exchange, Binance Academy that provides free education regarding blockchain technology and cryptocurrency, Blockchain charity foundation, cloud, DEX (a decentralized crypto exchange), Info, Labs, Launchpad (used for launching various tokens), Research, and Trust wallet.
In April 2020, Binance acquired the pioneering crypto news platform known as Coinmarketcap and recently launched its corresponding android and ios App.
Binance Labs was established with the aim to develop innovative projects, applications, and assist the industry in cutting-edge blockchain projects. The labs work comprehensively from providing project guidelines to generating initial funds, required for any new startup. The labs’ holistic approach means to contribute to grand-scale blockchain adoption and digital currencies.
Binance Labs aims to uniformly and fairly develop and assist in projects around the globe. The labs intend to work in Africa and Latin America from developing stable coins, payment, and trading platforms perspective. Similarly, in Asia, the US, and the EU, the Labs’ goals are to contribute to the projects related to the Public Blockchain, Wallets, and Applications.
The Binance ecosystem, being a strong advocate of blockchain technology adoption, provides support for various projects in terms of suggestions, finances, and platform. Similarly, the Binance launchpad provides the token launching facility to some projects that already have a solid background, team, desired product, plan, and require only the use of the Binance platform to attain high reach and fundraising.
The Binance Launchpad is an esteemed, secure, and easy-to-use platform for blockchain industry projects.
The launchpad platform plays a significant role in supporting various cryptocurrency projects and maintaining its desired services and goals. The research group of the platform helps in providing data analysis-based insights to various projects.
Since the Binance exchange is considered the global leader in the crypto industry, and this makes it one of the most reliable sources of trusted APIs, big data, and industry news. The Binance Info pillar plays a prominent role in providing the most updated and real-time information.
The Binance Info provides real-time prices of digital currencies, institutional-grade research reports about data analysis, and Ratings. Binance Info is integrated into CoinmarketCap, the flagship information portal of cryptocurrency, and a part of the Binance ecosystem.
Blockchain technology can efficiently help human beings in various aspects of life and can eventually improve life quality and standards. The Binance ecosystem aims at practically using blockchain for human social welfare by establishing the Blockchain Charity Foundation (BCF).
The charity foundation has established a joint partnership with various donors including, organization and blockchain industry leaders, etc. The prominent partners include Tron, Blockchain Association of Uganda, The Malta Community Chest Fund, crypto savannah, the United Nations Development Programme, and many more.
By now, the BCF has raised up to 1109.97 BTC and has benefited more than a million needy people. The BCF is currently raising funds for projects “Crypto against COVID” to counter COVID-19 spread, “Binance Launch for Kids” and support for the victims of the “Beirut Explosion Relief”. The BCF sends the crypto donations to the wallets of verified needy people.
Trust Wallet of the Binance Ecosystem
The Trust wallet was initially founded by Viktor Radchenko in the year 2017 to efficiently deal with the ERC20 tokens transactions. In July 2018, Binance acquired it and became an integral part of the Binance ecosystem. The Trust wallet is now an official cryptocurrency wallet of the Binance ecosystem.
The wallet does not store the users’ private keys for safety and security reasons. The Trust wallet provides support for thousands of coins/tokens including, ERC721 and BEP2, and many other mainstream blockchains in the domain of the Ethereum ecosystem.
Furthermore, the Trust wallet has introduced the features of DApp to access or deal with decentralized applications. The Trust wallet has developed its mobile application and is available in the App Store, Google Play, and Android.
Binance Visa Card for Instant Cryptocurrency Use
The Binance Card introduction is another addition to the Binance Ecosystem. The Binance Visa Card is powered by Swipe, linked to the user’s Binance account, and an alternative to any debit card issued by banks. The Binance crypto Card is instantly recharged through Binance Card App, using digital assets e.g., BTC, BNB, SXP, and BUSD.
The Binance Visa Debit Card is then ready to use for daily life payments. The Binance does not charge any processing fee for using the Binance Visa Card. All the funds at Binance Visa Debit Card are covered by the Binance SAFU funds that make the card more authentic, trusted, and user-friendly.
The Binance Visa Card provides the facility to HODL and instantly converts crypto to fiat around 60 million locations globally. This facility removes the intermediaries that are used to facilitate converting crypto to fiat currency and takes time during the process. On Sept 20, 2020, the company launched the Binance Visa Card in Eurozone, and everyone in this region can acquire it.
FAQs about Binance Exchange and Binance Ecosystem
The following set of frequently asked questions can further explore the properties and functionalities of Binance exchange and Binance Ecosystem,
what is Binance?
Binance is a cryptocurrency exchange that offers a platform for trading different types of cryptocurrencies. According to Coinmarketcap, Binance is one of the largest cryptocurrency exchange by trading volume in the world. Binance was established by Changpeng Zhao in July 2017 and currently, its headquarter is based in Malta.
where is Binance based?
Binance Headquarters is based in Malta and Binance Jersy is operating in Jersey under the protection of the Jersey Financial Services Commission.
What is the Binance fee structure?
Binance charges a fee of 0.1% for all trades made on the Binance platform. Binance also offers a 50% discount on fees for trades performed using Binance Coin BNB. (Jan 28, 2020)
Is KYC mandatory to trade on Binance?
Users can trade and withdraw at the most 2 BTC per day (per 24 hours) only by email confirmation, however for higher than 2 BTC trading or withdrawal, KYC is required.
For margin trading on Binance, and access to many other products and services, KYC is mandatory.