Binance Coin (BNB)

Binance Review

BNB Overview

Binance is a cryptocurrency exchange company with the largest volume of crypto exchanges in the world. Binance provides a crypto wallet for its users to buy, trade, and hold more than 600 cryptocurrencies. Binance users also enjoy additional services to earn interest and transact with cryptocurrencies.

Changpeng Zhao, a Chinese-Canadian developer, founded Binance in 2017. Before that time, the Binance CEO had developed high-frequency trading software. Binance started in China, but its headquarter is currently on Cayman Island.

In 2017, Binance launched Binance Coin (BNB) as the native currency of the company's blockchain. BNB was initially based on the Ethereum blockchain. In 2020, Binance launched Binance Smart Chain (BSC). BSC is a Proof of Staked Authority.

Binance started as a crypto exchange platform for everyone around the world. But, for regulatory reasons, the United States banned Binance in 2019. So, the company started Binance US, a Binance alternative for US residents.

How to register on Binance

You can register on Binance with your email address or mobile number. See an explanation of each method below:

How to register on Binance with an email address

If you are using the email registration on Binance, be sure you have a valid email address, and it is not an email address you use for other accounts.

This is how:

• Open any web browser and visit Binance.com.


• Navigate to the "Sign Up" page by clicking on "Sign Up" on the top line.


• Enter your email address in the "Email" line.


• Next, enter your password. Be sure to choose a strong password.


• Enter a referral ID (if any)


• Click on the "Next" button.


• Once you click on "Next," you will receive an email asking you to confirm your email address.


• Click on the "Confirm" link in the email.

Congratulations, you now have a Binance account.

How to register on Binance with a mobile number

If you are using the mobile number registration on Binance, please use a phone number that you can access. This is how:

• Open any web browser and visit Binance.com.


• Navigate to the "Sign Up" page by clicking on "Sign Up" on the top line.


• Enter your phone number in the "Mobile Number" line.


• Next, enter a password. Be sure to choose a strong password.


• Click on the "Next" button.


• Confirm the phone number you used. Otherwise, you will be required to choose another phone number.


• Click on "Next." Once you click on "Next," you will receive an SMS asking you to activate your account.

If you have previously used Binance mobile app, then you will receive an SMS with a pin code.

• Enter the pin code in the Binance mobile app or the website.

If you are activating your account for the first time, enter the email id on the website, and the pin code will be sent to you. Enter the pin code on the site or in the Binance mobile app to complete the activation process of your Binance account.

Once your account is live, you want to ensure it is secure. The fastest and easiest way to secure your Binance account is to set up 2-factor authentication. This is how:

How to Set Up 2-Factor Authentication on Binance

Binance 2FA provides an extra layer of security to your account. It will prevent hackers from accessing your account if your password is compromised.

To enable 2FA on Binance,

• log in to your account and go to the account tab in the top menu bar. There you will see the option to set up 2FA.


• Click on it and follow the instructions to enable 2FA on Binance.

Now that your account is secure, it's safe to deposit funds. Here is how.

How to deposit funds to a Binance account

There are multiple options to deposit funds to your Binance account. You can use any options below to deposit funds into your account.

Note: If you are from a restricted country, you cannot directly deposit funds to your account. You will have to deposit it to your wallet first and then deposit it to your Binance account.

Methods to deposit funds to your Binance account

1. BTC or ETH


2. USDT or BNB


3. EURO Credit card


4. Exchange with other Altcoins

Deposit BTC or ETH:

Binance is one of the best Bitcoin exchanges for "BTC." If you want to deposit funds to your account, you can use BTC or Ether to deposit BTC to your Binance account. Click on the "Funds" tab on the top left side panel and click "Deposit." You will see all the options and methods of depositing funds to your account on the next page.

Select any one of the options, and then you will be given a wallet address. Copy the wallet address and paste it into your BTC or ETH wallet.

You can deposit BTC or Ether in your Binance account, and you will receive BTC and ETH in your Binance account.

If you want to deposit BTC, then you can go with the fiat currency pairs and deposit BTC.

You can buy BTC or ETH and then exchange it for other cryptocurrencies.

How to Buy and Sell Cryptocurrency on Binance?

Binance is one of the best cryptocurrency exchange platforms. Aside from the fact that there are many options to buy and sell crypto, the exchange has been designed well, and you will quickly understand the steps.

There are three methods to buy cryptocurrency on Binance in three ways:

• Credit/debit card


• Cash balance


• P2P trading

Notes: You need to verify your account to buy or sell cryptocurrency on Binance.

Follow these steps to buy crypto with a credit/debit card:

• Log in and click "Buy Now" on the homepage


• Select your preferred fiat currency; like US Dollars, Euros, or British Pounds


• Enter the fiat amount you want to spend


• Confirm the amount of crypto you can in exchange for the fiat amount. The system automatically calculates the figure based on the current market value.


• Choose your preferred payment method. Visa or Mastercard, for example. Click continue


• Input your card information and click "Add card."


• Select the card and click "continue."


• Click "confirm order."


• Follow the on-screen guide to complete OTP verification.


• Check your Binance Spot wallet to see the purchased crypto.

Read how to buy crypto with a cash balance or P2P here.

How to sell Cryptocurrency on Binance

Selling your crypto on Binance is straightforward.

• Go to the cash balance section


• Click on "sell crypto."


• Select the cryptocurrency you want to sell:
  
  
  
  • Enter the amount
  
  
  • Select the FIAT currency of your choice
  
  
  
  

The system will display the amount fiat receivable for the value of the cryptocurrency you want to sell.

• Click the Sell button.

You will receive a message confirming your request. Your transaction is processed after you confirm the request, and the money will be transferred to your local currency wallet.

You can also sell your crypto in Binance through P2P (peer-to-peer) trading. Here is how:

• Move your crypto to your P2P wallet.


• Click P2P trading


• Hit the sell button


• Select the value of the coin you want to sell


• Choose your preferred payment method and click continue.

This will intimate your request and advertise your sale to P2P traders online. The transaction will show "pending" until a buyer makes payment. After confirming that the buyer has paid, click "confirm" to deposit the crypto to the buyer.

What Is Binance Coin (BNB) And How To Buy It?

Binance Coin (BNB) is the native coin for Binance Blockchain. According to the market cap, BNB is among the top 10 cryptocurrencies.

BNB started in 2017 as a utility token. Back then, users only used BNB as a discount on trading fees on the exchange. The overall success of Binance led to the coin's rapid increase in popularity among crypto enthusiasts.

BNB is now used on Binance for a wide range of utilities. For instance, it is used on Binance Launchpad to avail free tokens of new projects.

In addition, BNB is a suitable payment method for hotel and travel bookings, online shopping, entertainment services, and financial service.

If you are using the Binance Smart chain, you can seamlessly use BNB to cover the transaction fees.

Aside from Binance, BNB is available on other exchange platforms like KuCoin, Bithumb, and Poloniex.

Is Binance suitable for beginners?

Binance is most suitable for advanced traders. However, it has several features that make it easy for beginners to buy, sell and hold crypto. For instance, people who use Binance on the mobile app can switch to Binance Lite for a straightforward experience.

Aside from that, beginners can also visit Binance academy to learn the A-Z of crypto trading and how to use Binance.

What are Binance Fees?

All crypto platforms charge transaction fees, and Binance is no different. Binance charges fees for withdrawals alone. Deposit and other transactions are free.

There is no exact amount for withdrawal fees. Crypto withdrawals, for instance, fluctuate based on network congestion. And aside from that, each coin has unique withdrawal fees.

However, what is certain is that you will enjoy a 25% discount if you trade or pay with Binance Coin (BNB).

How Safe Is Binance?

Binance is a safe exchange platform. Aside from a significant hack that saw the company lose Bitcoins worth up to $40 million in 2919, the company has no other records of security bridge.

Following the event, Binance added an extra layer of security, froze all hacked assets, and committed to recovering all losses through its insurance fund. Changpeng, Binance CEO, often describes the insurance fund as "SAFU," which means Secure Asset Fund for Users.

To strengthen your account, Binance advises all users to set 2-factor authentication. Aside from that, address whitelisting, device management, and the ability to restrict device access are extra security features available on Binance.

Which Cryptocurrencies are Available on Binance

On Binance's exchange, more than 600 cryptocurrencies are available for trading, but just 65 or so are available in the United States. It also accepts several fiat currencies for overseas customers, including USD, EUR, AUD, GBP, HKD, and INR. Binance offers a wide range of cryptocurrency pairs based on your region.

Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network are some of the cryptocurrencies accessible on Binance U.S. (MATIC). Binance also accepts several prominent coins, including:

• Bitcoin (BTC)


• Cosmos (ATOM)


• Litecoin (LTC)Cardano (ADA)


• Dash (DASH)


• Compound (COMP)


• Ethereum (ETH)

Pros and Cons of Binance

Pros

• Wide range of crypto available: Binance offers more than 600 coins giving crypto traders many options. Even in the US, where Binance is not entirely in operation, users trade 65 currencies.


• Low fees: Binance trading fee is competitive. Compared to exchange platforms like Coinbase, Binance users save at least 0.50% transaction fees.


• Diverse features: Binance offers various trading options and order types, including peer-to-peer trading, spot trading, and margin trading. Limit orders, market orders, stop-limit orders, stop market orders, trailing stop orders, post-only orders, and one-cancels-the-other orders are all available. Some of these alternatives, such as margin trading, are not available to consumers in the United States.

Cons

• Binance provides hundreds of cryptocurrencies for trading internationally, but the US version is more limited. However, Binance.us, the company's portal for US consumers, has fewer features. Furthermore, Binance.US is only accessible in 44 states.


• Not beginner-friendly: While Binance's diverse set of services and trading choices is exciting, it can also be scary. The sheer number of possibilities available may daunt even seasoned traders.

Final thoughts

Binance is one of the best cryptocurrency exchange platforms. The platform provides an easy and secure platform for trading cryptocurrencies. It also has a huge number of cryptocurrencies listed on it. It also has very low fees, making it one of the cheapest platforms for trading cryptocurrencies.

The exchange provides a great variety of cryptocurrencies, and you will get the best deal on all the cryptocurrencies you want to buy. The exchange has a mobile app, and you can use the mobile app to buy crypto.

Although Binance is not the most beginner-friendly exchange platform, beginners can still trade easily with Binance Lite and learn the ropes in Binance academy. To conclude, if you are a beginner at trading cryptocurrencies and want to start trading on a secure and low-fee platform, Binance is the perfect platform for you.