How does Binance work?

If you are involved in what cryptocurrencies are, you can use everything that Binance can offer you to achieve greater profitability and fluidity in this whole world. If you don’t know it, we’ll tell you what it is.

Everything that has to do with cryptocurrencies is something that for some may even sound like another language, since many people do not even understand very well what is being talked about.

But for those who are just starting out in this whole world or who already have some experience, there are tools by which you can go one step further and use them to try to maximize the entire investment.

Today we are going to talk about a cryptocurrency exchange, which is nothing more than a meeting point where cryptocurrency exchanges are made in exchange for fiat money or other cryptocurrencies.

In these online exchange houses is where the market price of cryptocurrencies is generated, based on supply and demand.

That is where Binance comes in. If it doesn’t sound familiar to you or you’ve only heard about it, this may be a perfect opportunity to break down what we’re talking about and how this tool can help you in everything related to cryptocurrencies.

What is Binance?

This is the cryptocurrency exchange platform with the largest number of users in the world.

It was released in 2017 thanks to an ICO that financed the development of the exchange. This fact is differentiating with many others, since it does not depend on venture capital companies.

The CEO and founder of this exchange is Changpeng Zhaoan expert in trading software architecture who, before creating this company, already had extensive experience in Bitcoin.

Binance launched its ICO on July 3 of that year 2017, putting up for sale a total of 100 million ERC20 tokens named BNB (Binance Coin). In just 3 minutes he managed to raise the 15 million dollars he had planned.

Several days later, specifically on July 14, he already made his exchange available to users, getting a impressive access volumeeven collapsing its infrastructures and all its predictions.

Today Binance is valued at more than 2 billion dollars, the largest in the market.

Sign up for Binance

To be able to register on Binance, you just have to go to its website and at that moment it will ask us for certain information such as email and a password, that is, as on any page that has a registration system.

At first you will be assigned a basic account, but there are other types as well.

• basic: This account allows the deposit of cryptocurrencies without limit and the withdrawal of a maximum of 2 BTC per day. The rest of the functions of the exchange can be used without problems.
• Intermediate: The first thing we must do is carry out an identity verification process. Once our identity and deposit have been verified, we can reach a limit of $50,000 per day or $500,000 per month. In addition, we will be able to claim a VISA card and we will have access to LPD and OTC.
• Advanced: we will have to perform the same checks as in the previous case, but even with some more. It is the same as the Intermediate, except that we can withdraw or deposit up to 200,000 dollars a day and up to 2 million dollars a month.

What can be done on Binance?

Binance allows us to execute certain tasks, offering us more possibilities than the traditional trading that exists in other platforms that are the same as this one.

We will be able to do the following:

• Buy cryptocurrencies: this is the most normal in this type of platform. Customers will be able to purchase cryptocurrencies. Within Binance we can do it by credit or debit card (we can acquire cryptocurrencies, tokens and stablecoins), through P2P exchange (purchase from platform users) or buy from others such as Simplex, Koinal or TrustToen.
• Exchange: Within Binance we have different types of markets, including one for beginners or for those who already have a lot of experience. In addition, you can find different systems such as Spot, Margin, Savings and Pool Account.

Protect Binance account

Once you already have an account in Binance and you have already carried out some operation, it may be a good time, if not before, to protect our account as much as possible, since we are talking about investments and money that, after all, They are ours and should not be endangered.

You should, if you haven’t already, use the strongest password you can. Nothing of a simple password, but quite the opposite.

Official bodies, including the FBI itself, advise passwords in which there is about 15 charactersamong which are uppercase, lowercase, special letters and numbersall of them without an apparent order and without mentioning something obvious.

That is, if our email is Pablo235, do not put in the password neither the name nor those numbers in that certain order.

In this way it will be very complicated that we could have any type of incident with the password.

We should also use the two-step authentication system, since with this we will create another layer of additional security, by which we further complicate a possible attack on the credentials of our Binance account.

Another security measure that we can implement is to add a anti phishing code to our Binance account.

This means that in each email that you send us, you will present a code in the upper right part. You will already know this code beforehand, and it will be formed letters and numbers. When you see this code in any message sent to you from Binance, you will be certain that it is theirs and not an imitation.

This is done because it has been detected enough phishing With respect to this type of tool, therefore, the determination is made that all messages from the platform must carry said code and thus not have the slightest doubt.

We hope we have helped you better understand what Binance is like, how it works and what it offers you if you are interested in this type of platform that brings us closer and helps you to operate with cryptocurrencies.