Binance is a cryptocurrency exchange.
That means that you can deposit cryptocurrency, and exchange it for another cryptocurrency they offer on their site.
How does it work?
You make an account, verify your email and go to your balance to deposit coins.
After depositing your coins you can exchange it for another cryptocurrency that they have available on the market. To see what coins they offer to click here.
Binance is currently the biggest exchange worldwide with the most liquidity on the market.
This means that even when you purchase large amounts of cryptocurrency you won't influence the market.
Features
Binance rocks a couple of features that are interesting to keep an eye on.
First off I recommend you start using 2FA on Binance. With 2FA your account is much safer since a hacker cant access your account without having access to your 2FA codes, which is pretty much impossible. You can use Google Authenticator or Authy for the verification.
Second, you should take a look at BNB (Binance Coin).
BNB is a cryptocurrency made by Binance which reduces trading fees on the platform.
The more BNB you hold, the more reduced fees. This is very important for day traders because fees easily stack up and become unmanageable if you want to make a profit on small margins.
When you trade on Binance with BNB in your account, you have the option to use BNB for the fees. You can disable or enable this feature in your profile settings.
The first year you use BNB you get 50% discount on the fees.
The second year 25%, third year 12.5% and the fourth year you get 6.75% discount on the trading fees.
If you hold a lot of BNB you also invest in the future of Binance, since the exchange buys the coins back every quarter with 20% of their profits. Time this right and you can make a decent profit.
Also, since Binance has plans to go decentralized in the future, you might want to hold BNB since it will be used for the decentralized exchange.
Third, if you are new to trading the site offers you to learn at their academy called Binance Academy.
This section of the website has various topics that explain to you how everything works on an exchange and make you more knowledgeable about cryptocurrency.
With topics such as "what is liquidity" and "what is crypto jacking" you get a good understanding of how various parts work of cryptocurrency and this helps you make good investment choices. There is always a part of uncertainty when investing, but you can minimize the risk this way.
Binance also has a Lab, which invests in cryptocurrency projects which they think has potential in the future. This is a great way to get an early look on new projects and try to follow the Binance investment team in their choices.
The last and one of the most important things Binance can offer you is their Trust wallet.
Since Binance is a big site and you want to keep your funds safe if you want to use exchanges fast you need a reliable wallet for cryptocurrencies such as Bitcoin and altcoins.
Compared to other wallets the Trust wallet is very secure, because you are the only one who can access your private keys, and the trust wallet is completely anonymous.
They have an app for Android and iPhones. ERC20 tokens and Dapps are supported and you can add new ones if you feel the need to.
If you want your coin listed on Binance use their contact form.
All fees from the listing are donated to charity.
So far, Binance has always let me deposit and withdraw very fast, altho the fees can be pretty high.
Make sure to do your own research on what coins you should invest in on Binance since there have been problems in the past with a few cryptocurrencies that had a pump and dump on the exchange (Digibyte).
Do you use/used Binance? What is your experience?
