Knowing what Binance is could bring you closer to several investment options that have changed the lives of thousands of people around the world thanks to cryptocurrency trading.
It is no secret to anyone that the diversification of income and investments is crucial to building wealth.
In this sense, you should investigate the best applications, exchanges and investment platforms that currently exist on the market, and especially in the world of digital currencies.
Why everyone is talking about Binance:
The only way you haven’t heard about this financial ecosystem is if you live under a rock (or almost :D).
Actually, most of the people linked to the world of investments know what Binance is, and are even already taking advantage of its full financial potential.
Therefore, if you want to invest in cryptocurrencies through a safe, friendly, and intuitive ecosystem, you need to familiarize yourself with Binance as soon as possible.
What is Binance and why should you know about it?
If you want to know what Binance is, or why it is so attractive and innovative throughout the world, we invite you to continue reading. In simple terms, Binance is the leading cryptocurrency exchange on the planet , in terms of trading volume. (Click here to sign up for free on Binance)
Through its application, or platform, you can invest in different types of cryptocurrencies such as the ones we list below:
- COME ON
Although it is important to mention that it allows you to access a large investment portfolio, since it supports the commercialization of more than 350 digital assets.
Likewise, it allows you to trade without problems, in real time and from the same ecosystem, which is versatile, modern and practical.
The vision of this cryptoactive environment is to increase the freedom of money on a global scale.
Since it was launched on the market, it has been in charge of perfecting its infrastructure, since its mission is to become the main service provider in the blockchain ecosystem.
Without a doubt, if you are interested in cryptocurrency investments, and you want to democratize your operations in this regard, it is imperative that you know what Binance is and why it could bring you closer to your financial prosperity.
How does Binance work?
Knowing what Binance is is not enough. The most important thing is to understand how it works.
That way you could determine if their services are capable of meeting your needs and become a successful investor.
Below we will share, step by step, how the largest cryptocurrency exchange in the world works:
1. Register an account
You can do it online, from the Binance mobile app, or from their desktop app (click to start).
2. Complete identity verification
You must upload a photograph of your personal identification, take a selfie from the platform or app itself and follow some basic instructions.
3. Deposit your cryptocurrencies
In case you have cryptocurrencies in another wallet or virtual wallet, you can deposit them in the Binance one to trade, and even to obtain profits or passive income through the “Binance Earn” services.
To perform this step successfully you will need to locate the deposit address of your Binance wallet. So you should do the following:
- Access the “Wallet” option
- Click on “Summary”
- Enter in “Deposit”
- Choose “Deposit crypto”
- Choose the currency you want to deposit, as well as the network you will use.
- Copy and paste the address of the wallet from which you are making the withdrawal, and then complete the transfer to your Binance wallet .
4. Make the purchase of cryptocurrencies
Once you understand what Binance is, it is very likely that you will be excited about using this exchange to buy cryptocurrencies from wherever you are.
In this case, you need to know how to carry out these transactions, and above all, be clear that they do not have any cost under the Peer to Peer model, or Person to Person (P2P).
To access Binance P2P services you need to verify your identity, set up text message authentication, and add your payment methods.
So when you have completed the three steps above you will be ready to place your trades in a matter of seconds. To make purchases you need:
- Access the “Buy with cash” option. (It is available on the home page of the app).
- Click “Buy” on the P2P page.
- Go to the filter icon that is shown in the upper right part and choose the payment method, as well as the currency that interests you.
- Choose the cryptocurrency you want to buy.
- Select the offer that interests you the most.
- Select “Buy” and then enter the amount you need to buy.
- Choose the payment method.
- Choose “Buy”.
5. Sell cryptocurrency
This is the procedure to follow to sell cryptocurrencies through Binance P2P:
- Go to “Wallets” and choose “P2P”.
- Select “Transfer”.
- Choose your local currency.
- Click “sell”.
- Choose a cryptocurrency.
- Select an ad.
- Press “Sell”.
- Define the quantity to sell.
- Choose the payment method and select “Sell USDT”.
Main features of this exchange
Now that you know what Binance is, we will share its main features:
1. P2P transactions are free of charge.
2. It allows you to trade in real time.
3. Its interface is friendly and easy to use.
4. It allows you to increase your earnings through its leverage system.
5. It offers access to a wide range of crypto-derivative products.
6. Through Binance you can make instant payments to third parties.
7. Binance Earn offers you exclusive solutions for your investments.
8. You can invest in NFTs.
9. It allows you to request loans instantly that are guaranteed by crypto assets.
10. Facilitates trading.
11. Enables P2P trading with more than 100 assets.
12. It allows you to buy or sell cryptocurrencies from a trusted ecosystem.
Regulations of this virtual currency platform
Although this exchange has operated without licenses from regulators, and without centralized offices since 2017, this company recently decided to do a 180-degree turn.
Indeed, the pressure exerted by the regulators of several countries, including Chile, Italy and the United Kingdom, have motivated this exchange to respect some regulatory compliance.
Consequently, some of its new objectives consist of preventing money laundering worldwide, as well as ensuring that “taxes are paid where they are due.”
According to a Fortune media publication, this exchange has already established alliances with some regulatory financial services firms, such as CM-Equity, in Germany.
The CEO of Binance, Changpeng Zhao, expressed that with these measures they seek to “have clear records of the ownership of the interested parties.”
He also said that they need to take care of “the transparency and risk controls of the operations” that are carried out through this exchange.
In addition, it is important to note that any investment of money involves risk, and investors should ensure that they exercise caution and strategy so as not to unnecessarily overexpose themselves.
Take advantage of the benefits of Binance
At this point you should already be more clear about what Binance is . Therefore, you could feel a greater interest in its operation, advantages and benefits.
However, make sure you understand this exchange very well before trading, or buying and selling cryptocurrencies.
In the same way, you can ask for specialized advice on its use, risks and operation so that you can make better investment decisions.
Finally, remember that this exchange is not yet regulated and that blockchain technology is totally decentralized, so you must invest with strategy and intelligence.