Binance: Everything You Need to Know

Last Updated: May 10, 2022 By

A cryptocurrency is a form of digital currency that has been designed to operate as a sort of exchange medium through computer networks. Cryptocurrency does not rely on a central authority to uphold it, such as banks or governments and this puts more power in the hands of the currency holder. In recent years, cryptocurrency has skyrocketed and become increasingly popular. Some people see it as a get-rich-quick scheme while other are embracing a digital currency that is believed will replace fiat currency. When it comes to cryptocurrency exchange, Binance is currently the largest in the world where daily trading volume is concerned. Binance has low fees compared to other exchanges and this currency is easy to use for beginners which adds to its popularity. There are sites available that will list and review all the best Binance automated tools however if you want to learn more about this popular digital currency, this article has you covered.

900% increase in 2 years

If you purchased your BNB for $10 000 in 2019, it would be worth a whopping $100 000 today. This jump is a good indication for investors to know how much these tokens can grow in the future. Binance is known as more than just a crypto exchange, it is now considered a thriving ecosystem with many competitors. The company also provides investors with education and they are taught by Binance how to use products that are more complicated and investors are also informed about all of their risks.

Buying and selling on Binance

Binance makes it easy to buy and sell on crypto, whether you are buying the dip or cashing in your profits. If you want to sell your crypto, you need to head over to the cash balance section and then select “sell crypto”. After selecting the crypto you want to sell, enter the amount and then choose fiat currency. Next, hit the “sell” button and you’re done. Your profits can be withdrawn to your account or you can convert them and keep it in your Binance fiat wallet.

Liquid Swap

A liquid swap refers to a liquidity pool that has been developed according to the Automatic Marker Maker (AMM) principles. These liquidity pools contain many liquid assets and digital tokens and you can earn flexible interest as well as transaction fees when providing liquidity. Additionally, you can swap as many as 2 digital tokens for fiat assets in these pools. Liquid swaps can be classified as innovative investments or stable investments.

Deposit process

You can deposit up to 50 different currencies with Binance. You can use bank transfers to deposit fiat currency or you can use credit card payments. You can expect to start purchasing cryptocurrency and begin trading roughly 24 hours after making your deposit. Overall, the deposit process on Binance is easy and convenient.

No headquarters

Binance has more than 2000 employees across the world even though the company does not have a headquarters. The company believes that no borders should exist in crypto and according to Zhao, it is not a requirement for cryptocurrency organizations to have an office that is typical for traditional businesses. While many people might find it fishy for a company not to have a headquarters, the fact that Binance does not have one is a positive thing in the scope of crypto. The reason for this is because cryptocurrency was founded on the concept of decentralization but also accessibility and we can see how Binance captures that by the way that they approach regulation.

When thinking about cryptocurrency many people automatically think of Bitcoin, however, Binance is currently the largest cryptocurrency exchange in the world and this company has made the crypto process easy and convenient for beginners and veterans alike. If you’re wondering why you should invest with Binance, the fact that they have had a 900% increase in 2 years is motivation enough for many investors. It’s also easy to buy, sell and deposit on Binance and their Liquid Swap is seen as an innovative and stable investment. As much as this is a massive company with over 2000 employees worldwide, Binance does not have a headquarters which shows their support of the decentralization and accessibility principles that crypto represents to many.

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.