- Buying Bitcoin
The Binance cryptocurrency exchange is currently one of the world’s largest cryptocurrency exchanges, where over 200 digital currencies are available for purchase. This exchange is considered one of the most stable and secure. Binance is characterized by very high liquidity, which often cannot be observed on other (smaller or younger) European platforms for trading and exchanging digital currencies. Binance was clasified on the top od the best cryptocurrency exchanges in the World in 2020 and 2021.
Initially, the seat of this Binance exchange was Shanghai, then it was moved to Hong Kong and now its headquarters is in Malta. Although it is only less than 3 years old, it has gained the trust of several million users around the world during this time. Its turnover reaches billions of dollars. Unfortunately, Binance only allows you to exchange cryptocurrencies for other digital currencies. In other words, to start using this exchange, you must first buy Bitcoin (BTC), Ether (ETH), Tether (USDT) or Binance Coin (BNB) on another cryptocurrency exchange (e.g. BitBay), and only then, with these electronic currencies you will be able to buy other interesting cryptocurrencies and tokens from all over the world.
For some time the Binance exchange has also been developing the option of buying digital currencies with credit card. You can buy in several dozen different traditional currencies and sell in several major currencies.
Set up today for free and start trading cryptocurrencies:
In our opinion the Binance exchange offers great opportunities for buying cryptocurrencies and subsequent trading, although it is slightly less transparent and more difficult to use than the European BitBay exchange. However, for people who are looking for a big exchange of encrypted electronic currencies this is definitely the best choice.
Continuous development of this platform is also visible. In recent months the Binance exchange underwent a “facelift” and now using it has become much simpler and more convenient. Recently it also announced the acquisition of one of the Indian stock exchanges, and thus it opened up to another large market.
Of course, there are many different foreign cryptocurrency exchanges, e.g. Cryptopia (New Zealand), HitBTC, KuCoin, Bittrex, Bitfinex, Coinbase and OKEx and many others. It is worth to be careful when choosing the right cryptocurrency exchange, because you often entrust a large portion of savings to them. In the latest ranking of the world’s best cryptocurrency exchanges – the Binance exchange took 8th place!
The Binance exchange uses advanced mechanisms to improve the security of the exchange, users and transactions concluded on it, such as:
CTF – Counter Terrorist Financing
KYC – Know-Your-Customer
AML – Anti-Money Laundering
By creating an account you provide personal data, which includes contact details (email address, name and password). You can also add a phone number to your SMS or Google Authenticator account, which will be used for 2FA verification to increase security.
The Binance Marketplace monitors and collects tracking information related to usage, such as date and time of access, device identification, operating system, browser type and IP address. This service usage data supports Binance ensures that the interface will be available to users on all platforms, and can help in case of criminal investigation.
For all personal and corporate user accounts the Binance exchange collects transaction information including deposit snapshots, account balances, trading history, withdrawals, order activity and distribution history. This transaction data is monitored for suspicious commercial activities to protect against user fraud and to resolve legal matters.
Binance uses the collected information to protect the platform, user accounts and archives. It uses IP addresses and cookie data to protect against automatic abuse such as spam, phishing and DDoS (Distributed Denial of Service) attacks.
Binance exchange analyzes trading activities to detect suspicious behavior to early prevent potential fraud and loss of funds for bad entities.Therefore buying Bitcoin (BTC) in this way does not give full anonymity to criminals and provides law enforcement authorities the opportunity to track suspicious users.
The appearance of cryptocurrency price charts on various platforms usually does not differ much in the basic layout. The differences appear when it comes to PRO charts. Here it happens that some cryptocurrency exchanges stand out from the others. Some of them do not allow trading via a mobile application. The Binance exchange offers very interesting and wide possibilities of access to charts and the use of technical analysis tools.
It is worth to remember, that there is specific software used on many platforms. The so-called bots connect to the exchange through the API plug-in and perform various commercial transactions. Another important issue for many users of Binance cryptocurrency exchange are so-called affiliate programs that reward you for referring more users.
Binance is one of the leaders among the global cryptocurrency exchanges. Its offer consists of over 600 coins and is based on market commission fees, while guaranteeing users easy and intuitive operation of the panel.
Account registration provides similar ease. The whole operation will take a few minutes. All you have to do is to enter the official Binance website and click “Register” button, which you will find in the right part of the top menu of the site.
A window will pop up in which you need to enter your email address and password. Make sure that your password is strong enough, what will reduce the risk of hacking by unauthorized person. You can also enter the referrer ID. Finally, accept the regulations and click “Create Account”. At the end Binance Market will verify that you are not a bot by displaying a simple puzzle to solve.
After completing the registration process on Binance you will receive a verification email.
Verify it by clicking the appropriate link in the message you received and activate your account. After creating and activating your account, you should complete your data and verify your identity. You can do this by sending a scan of your passport, ID card or driving license. After choosing the document you have to send your selfie. Binance will compare it with the photo on the document and allow us to verify our identity.
The Binance exchange provides the ability to easily and quickly deposit and withdraw funds. All you have to do is complete a short form in the ‘Withdrawal’ tab in the user panel and enter there the wallet address for cryptocurrency transfer. In case the “Network Congestion Withdraw delay” message appears after entering the wallet address, wait until address maintenance is completed and try again later.
The Binance exchange allows you to pay only cryptocurrency. It is not possible to withdraw FIAT currencies – e.g. EUR, GBP or USD. You should always be very careful when withdrawing and depositing funds, especially when entering your wallet address.
You can make a cryptocurrency deposit on Binance from the user panel in the ‘Funds’ tab. In the menu select the ‘balance’ option and then select the Deposit button on the cryptocurrency, that you want to deposit into your account. Then log in to your wallet and make a transfer to the address displayed in Binance.
In addition, for the sake of our security, we should always set up two-step account verification 2FA. It should also be remembered that deposits of some cryptocurrencies require an additional code that will allow you to link your transaction on the Binance exchange with the completed transaction. The mechanism is intended to provide users with greater security of operations.
A good idea that will allow you to marginalize the stress of transferring a large amount of funds is to make a test transfer to your wallet for the smallest amount possible. We can perform a similar operation by transferring funds to our own account on the Binance exchange.
In addition to the above, there are many other large foreign cryptocurrency exchanges, e.g.
GDAX (Digital Currency Trading and Exchange Portal – Coinbase based in the United States)
Bitstamp (US / Luxembourg / England cryptocurrency market)
Kraken (one of the first Bitcoin exchange in the US)
An important argument is certainly a large selection of electronic currencies including many of the best cryptocurrencies.
According to the Coincapmarket.com website the Binance cryptocurrency exchange is currently one of the largest (in terms of turnover) Bitcoin exchange in the world, i.e. the turnover is the highest on it.
At the time of writing this article the second-largest Bitcoin trading exchange is Bitfinex, which allows trading in traditional currencies is a very good alternative to other foreign cryptocurrency trading platforms. Unfortunately, Bitfinex only trades in US dollars and of course in pairs with other digital currencies
Now you’ve got complete information and you can compare the largest European bitcoin exchange – Binance with other electronic currency trading platforms.
Is Binance the best cryptocurrency exchange in the world? We leave the answer to this question.
Remember that trading digital currency is extremely risky. Make every effort to ensure that all your investment decisions are well thought out. The final decisions regarding the choice of the cryptocurrency exchange remain with you. Unfortunately, due to the anonymity of cryptocurrency transactions, they are susceptible to use by criminals and are often attacked to take over funds from the stock exchange or customers. Until now however (thankfully), the Binance stock exchange has not suffered any major problems of this type and if they appeared, it would come out with a “defensive hand”. That is why we devoted so much time to it and set up our own accounts there.
We wish you many successful investment decisions and informed choices on this difficult and risky market. Still, it’s worth getting interested in the digital currency market. This is an extremely exciting market. Blockchain technology is developing very dynamically through a wide variety of projects. The growing use of cryptocurrencies means that more and more investors want to be in possession of digital currencies.
This is facilitated by, among others, the Binance cryptocurrency exchange.
In many of our articles we write which projects are the most interesting, what happens with them or how their prices develop. In this way we try to provide you with as much information as possible, so you can make the best investment decisions. This is what we all wish you again and we keep our fingers crossed for it.
It is one of the largest global cryptocurrency exchanges offering a very wide selection of encrypted electronic currencies with the possibility of buying for traditional currencies or exchanging for other cryptocurrencies.
Yes. If you want to be able to buy and exchange cryptocurrencies, you must confirm your identity by submitting verification documents.
Yes. Keeping an account on this exchange is completely free. The fees are charged at the time of making the transaction and they are commissions on the performed trading operations.
How to create an account on Binance?
Just go to binance.com and fill out the registration form to create a free account.
If not the greatest, it is definitely in the forefront. Both in terms of the amount of cryptocurrencies held and the total turnover on the exchange.
As with most exchanges, we have three main ways. First is an active, short term cryptocurrency trading. The second is a medium or long term cryptocurrency purchase and waiting for an increase in value and then reselling the cryptocurrency with a profit. The third way is the most universal and less stressful than the previous two. It’s about earning money by recommending the exchange with referral links and earning a chunk of the exchange commission from your friends trade.
Currently, the company is registered in Malta, although the seat has been changed several times before. Previously, it was Shanghai and Taiwan.
This cryptocurrency trading and exchange platform is owned by Binance Holdings Ltd.
The founder is Chinese Zhao Changpeng.
Most of the approximately several million users express rather flattering opinions about Binance and the solutions used on it. Good opinions about Binance also apply to a large selection of electronic currencies and the high liquidity of individual markets.