What is Binance? Is Binance a scam?

What is Binance?

With the rise in the price of Bitcoin and many other cryptocurrencies, the global virtual currency market is increasingly thriving. This is also good news for coin investors and those who are intending to learn about this market. Besides researching trends and coin prices, you also need to find reputable, low-cost, and safe exchanges. In this article, Trade Fund will introduce you to the best nominee - Binance. So, what is Binance? What are the benefits and how to trade on this electronic exchange? All will be shown in the article below.

1. What is Binance?

Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 types of cryptocurrencies. Founded by Changpeng Zhao in 2017, as of January 2018, Binance is considered the largest cryptocurrency exchange in the world by trading volume, with a market capitalization of $1.3 billion.

Binance continues to maintain its No. 1 position thanks to its advantages of secure safety features, the lowest transaction fee of just 0.1% per trade; 0.05% per trade with BNB; credibility and stability.

2. Binance Ecosystem

In addition to the definition of what Binance is, you need to know that Binance offers a diverse user ecosystem, including:

• Binance Futures: A platform for trading futures contracts.
• Binance JEX: A platform for standard trading and derivatives trading acquired by Binance from JEX.
• Binance Margin Trading: Margin trading (supports you in opening accounts as well as how to margin trade).
• Binance DEX: A decentralized exchange (meaning direct trading between two parties without the presence of an intermediary, ensuring maximum safety in each transaction).
• Binance Lending: A form of cryptocurrency lending.
• Binance Launchpad: A token launch platform for blockchain projects.
• Binance P2P: A peer-to-peer cryptocurrency trading platform.
• Binance Cloud: Building a crypto exchange simply and quickly.
• Binance Options: Trading American-style options contracts, helping to seek profits by predicting price movements.
• Trust Wallet: A decentralized cryptocurrency wallet.

3. Outstanding features of Binance What is Binance? Binance is highly rated for the advantages it offers to users

Security and Safety Binance employs a robust multi-layered architecture and the best current electronic security technologies, with two layers of login encryption: password and secret code. This helps manage cases such as forgetting passwords, recovering passwords, reporting lost passwords, and ensuring the owner’s security.

At the beginning of 2019, Binance partnered with Identity Mind, a risk management and anti-money laundering platform, through identity verification (KYC). This ensures the safety of each customer's transaction with eDNA monitoring technology.

As of now, Binance is one of the most secure and safest exchanges.

Excellent User Support Transactions are conducted 24/7 with a support team available at all times. Binance operators have announced that they have a team with experience in both Wall Street and crypto finance, along with a successful startup track record. Any issues will be quickly resolved by this highly experienced and professional team.

Multilingual Support Binance currently supports over 30 languages with 30 different interfaces, including Vietnamese. This maximizes user support in reading, understanding, and using the platform.

Diverse Range of Currencies In addition to popular coins such as BTC, ETH, USDT, XRP, Binance currently has over 150 cryptocurrencies and 446 trading pairs. This means most Altcoins are available on this exchange.

User-Friendly Binance provides an intuitive interface for users, with advantages like fast loading speeds, easy operation, and mobile support on the CHplay (Android) and Appstore (iOS) applications. This makes it convenient to download and use on different devices and environments.

Transactions are executed in one step, with quick transfer times.

High Liquidity As the largest cryptocurrency exchange in the world, the ability to quickly cycle cash flow is very high. Profits from coin transactions are realized within minutes to hours, depending on the market and bank policies.

Stable Trading

Transaction Limits and Network Congestion On Binance, there are no limitations on placing orders or network congestion when many transactions occur simultaneously. You can quickly execute purchases without worrying about the number of transactions being carried out on the same coin. Binance can process 1.4 million transactions per second, which is more than enough to ensure users do not face any frustration while trading.

Low Binance Transaction Fees As of now, Binance has the lowest fee structure among exchanges, with only 0.1% per transaction. Additionally, the advantage of its own currency – BNB – and using it as a tool for fee calculation allows users to reduce transaction fees by up to 25% when using BNB.

Deposits are free, and withdrawal fees are quite low, contributing to a large user base for Binance.

4. Disadvantages of Binance Binance does not support fiat deposits and withdrawals.

The exchange does not support buying coins with PayPal, Visa, MasterCard, etc. If you want to purchase coins with a bank card, you can refer to and use Remitano.

Users are not provided with detailed guidance when joining the exchange, which can be quite challenging for beginners.

Although Binance has good security, it is also a target for many cybercriminals and economic criminals due to its massive user base and large amounts of virtual currency. You need to be cautious in every transaction to avoid malware redirecting your transactions.

5. Binance Fee Structure The general transaction fee on the exchange is 0.1% per transaction.

For VIP accounts (≥ 100 BTC & ≥ 50 BNB), the fee is reduced to 0.09% – 0.02%.

If you have BNB coins in your exchange wallet, you can choose BNB to reduce transaction fees by up to 25%.

You can refer to the detailed transaction fee table below

6. Guide to Registering on Binance Quick Steps to Register a Binance Account:

Step 1: Visit Binance.com and click on Register.
Step 2: Choose to register via email/phone.
Step 3: Enter your email address or phone number.
Step 4: Enter the referral code 581993321 for a fee rebate.
Step 5: Enter the verification code from your email.
Step 6: Enter your password and click Next.
Step 7: Successfully create a Binance account.
Step 8: Complete KYC for your account and start trading.

Registering a Personal Account on the Binance App:

1. Open the Binance app and tap [Register / Login].

2. Click [Create Binance account].

3.Select [Continue with Google]. You will be prompted to log in to Binance with your Google account

4: Enter the email you will use to register your account. The default referral ID is the Trade Fee Reduction ID, leave it as default and click Next.

5. Read and agree to the Terms of Service and Privacy Policy. Check the box to confirm and click [Next].

6. Congratulations! You have successfully created a Binance account.

If you were referred to Binance via a referral link, the referral code will be auto-populated and you will see a green check mark and [Linked] next to it.

Click [Next], then you will be redirected to complete identity verification. For more details, please visit How to verify identity for personal accounts.