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Exchanges

What Is Binance? Cryptocurrency Exchange

Binance is currently the biggest cryptocurrency exchange on the market. It was founded in 2017 and quickly gained a ton of popularity among the community.

Where do I find the Binance exchange?

Binance has their own website which is the preferred way to access the exchange. They do also have an app for Android and IOS devices. Beware of phishing sites when using the exchange, it’s a great idea to bookmark the website binance.com.

How to deposit USD or EUR to Binance?

Binance is a cryptocurrency only exchange, which means that you cannot deposit, withdraw or trade any fiat money such as USD or EUR on the Binance exchange. To fund your Binance account, you have to buy cryptocurrency from another source such as Coinbase. After purchasing Bitcoin, Ethereum or Litecoin, you can send it to the corresponding wallet on your Binance account, and you will then be able to trade.

What about USD or EUR on Binance?

Because many trading strategies involve liquidating your cryptocurrencies to dollars or euros, Binance has created pairs against the cryptocurrency Tether (USDT) which is pegged to the US dollar. This means that traders can sell their cryptocurrencies for Tether which is designed to be worth $1 in order to profit from price fluctuations.

Will I be able to deposit fiat money to Binance in the future?

Just recently, Binance announced that they are planning on creating a fiat to cryptocurrency exchange based in Malta. This means that you, in fact, will be able to deposit us dollars or euros in the future exchange. Whether this expansion will be a part of the current Binance exchange or is going to be a separate exchange isn’t known yet.

What is the current Binance volume?

At the time of this writing, Binance’s total trading volume is approximately $1,500,000,000 in the last 24 hours. When the entire cryptocurrency market changes, the trading volume of Binance follows. To see the current trading volume click here.

What are the most traded coins on Binance?

The most-traded coins by 24-hour trading volume on Binance are as follows

  1. Bitcoin (BTC) – 24 hour trading volume: $300,000,000
  2. TRON (TRX) – 24 hour trading volume: $195,000,000
  3. Ethereum (ETH) – 24 hour trading volume: $136,000,000
  4. Binance Coin (BNB) – 24 hour trading volume: $71,000,000
  5. QLINK (QLC) – 24 hour trading volume: $56,000,000
  6. EOS (EOS) – 24 hour trading volume: $51,000,000
  7. ICON (ICX) – 24 hour trading volume: $42,000,000

Values as of time of writing. 

What are the fees on Binance?

Trading fees are 0.1%. This means that 0.1% of any successful buy or sell order is paid to the platform. If you cancel the order before someone fills it, you won’t be charged anything. Binance has created its own ERC20 token for fee payments, the Binance Coin (BNB). If you buy this token on their exchange and simply hold it in your account, you will receive a 50% discount on trading fees. This brings the trading fee down to 0.05%.

There is no fee for depositing any cryptocurrency, it will only cost you the network fee for sending from one wallet to your Binance wallet.

Withdrawal fees for different cryptocurrencies can be found on their fee page here.

Does Binance have a referral/affiliate program?

Yes, when you have created your Binance account just go to this page, on there, you will find your own referral link. When successfully referring someone, you will 20% of the fees they pay. An example of this would be if an affiliate of yours, buys $1000 worth of Bitcoin and pays 0.1% in fees. Binance earns 0.001*1000=$1 on that transaction of which you get 20%, which equals to 0.2*1=$0.2. The following is useacoin.com’s referral link, you can use it if you wish to support the site: https://www.binance.com/?ref=11966263

Does Binance have a mobile app?

Yes, the Binance app is out both on the Google Play store and the App Store. You can find the IOS version here and the Android version here.

How to join Binance?

To join Binance and start trading a wide range of cryptocurrencies and tokens, simply click here and create a free account. The only way to fund your account is with cryptocurrencies, so you have to buy some elsewhere and transfer it to Binance. A recommended method is through Coinbase. Buy some Bitcoin, Ethereum or Litecoin on there and send it to the corresponding wallet on Binance. If you, for example, buy Ethereum on Coinbase, you should only send it to your Ethereum wallet on Binance.

Who is the creator of Binance?

Changpeng Zhao is the founder and CEO of Binance. The following is his official Twitter account: https://twitter.com/cz_binance

Binance social media

Binance updates their users and the community on several major social media platforms

Twitter: https://twitter.com/binance

Facebook: https://www.facebook.com/binanceexchange

Telegram: https://t.me/binanceexchange

Instagram: https://www.instagram.com/binanceexchange/

Reddit: https://www.reddit.com/r/BinanceExchange/

Steemit: https://steemit.com/@binanceexchange

Medium: https://medium.com/binanceexchange

 

useacoin.com is not a financial advisor and does not provide legal or financial advice. Always do your own research and invest responsibly.

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