What Is the Binance Exchange?
Binance Exchange is one of the popular cryptocurrency exchanges that offers trading in more than 45 virtual coins including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB).
As a cryptocurrency exchange, Binance enables users to trade over 100 digital currencies for other assets. This business model, which is also referred to as a digital currency exchange, or DCE, allows customers to acquire other digital currencies by trading cryptocurrency. While gaining recognition and rising to power as a crypto to crypto exchange, Binancerecently launched a new exchanged called “Binance Jersey” that allows users to trade in fiat currencies for digital currencies. Allowing users to buy and sell cryptocurrencies with euros and pounds expands the cryptocurrency exchange market, and provides a fiat onramp for new users.
Just within a few months of its launch, Binance skyrocketed in popularity. It became so popular for a number of factors, primarily due to its availability in multiple languages and its very neat user interface, not to mention the friendly CEO and low trading fees. Furthermore, with a matching engine that is able to process around 1.4 million orders every second, Binance is one of the fastest exchanges on the cryptocurrency exchange market.
Advantages of Binance: Additional Services
In addition to exchange-specific services, Binance also offers other tools, platforms, and services for supporting the overall blockchain ecosystem.
Binance has a blockchain technology incubator called Binance Labs, which focuses on nurturing promising pre-ICO stage projects. It helps deserving cryptocurrency project teams by providing necessary funding for development, advisory resources, and a launchpad for any necessary listing and fundraising exercises.
Binance also offers a site called LaunchPad for hosting new and emerging blockchain projects. One can also create APIs, which stands for application programming interfaces.
It launched its own Binance Coin (BNB) cryptocurrency through an ICO in July 2017. BNB has gained popularity and actively trades with a market cap of around $2.5 billion as of September 2019. It is set to become the native currency of the decentralized Binance exchange.
Why should I open a Binance Account?
Since its launch in August 2017, Binance keeps growing and leading the cryptocurrency ecosystem.
While most exchanges report fake volume amounts, Binance had been always reliable on reporting the exchange’s volume. As of writing these lines, Binance is safely leading in measures of the real-adjusted trading volume.
Binance is constantly developing – after launching its own Binance blockchain, run by its native token – BNB, Binance had successfully launched its decentralized exchange and launchpad for new projects’ launch.
How do I open a Binance trading account?
Step 1: Go to Binance Website
Click here to go to Binance; the link will open in a new window so you can still follow this guide.
Bookmark this page, as many phishing sites are precisely similar to the actual site. You should always examine the website URL and check for the Secure Certificate, which will authenticate the original site.
Step 2: Complete the Sign-Up Process
Click on the ‘Register’ button, which is present in the right corner of the webpage and provide all the required information. For Password, follow the guidelines and make a strong password. Finally, retype your password and then click the ‘Register’ button. Check your email account inbox, where you will get an email for confirmation of the new account.
Step 3: Enable 2-Factor Authentication (2FA)
When you log in for the first time, a pop-up will show up and ask you to enable the 2FA, which will help in increasing your account security. If you are new to 2FA, you’ll need to download the Google Authenticator app and then scan the QR (or enter the secret key) in order to get a 1-minute changing code.
After completing these three steps, you are done with setting up your account.