What is the Binance Exchange?
Binance is a really famous cryptocurrency change and token. Its fulfillment is fueled with the aid of pace, low expenses, and sheer number of transactions. If quite a few human beings are using a platform, meaning it’s smooth to find buyers and dealers for the foreign money you’re after - called liquidity.
When people purchase and sell cryptocurrencies on an change, velocity is key. The price of forex fluctuates so speedy that any long delays may be costly. That’s in which Binance shines.
What is Binance?
Binance is a famous cryptocurrency alternate that launched in 2017. Its explosive increase is attributed to the aggregate of low trading fees and fast transactions. Binance additionally has its personal token, Binance Coin (BNB). The call Binance is a mashup of the phrases ‘binary’ and ‘finance’.
Who created Binance?
Changpeng Zhao and He-Yi co-founded Binance in 2017. Zhao is the contemporary CEO and appeared on the duvet of Forbes only some short months after Binance became released. After emigrating to Canada from China within the 1980’s, he put his computer technology degree to use for the Tokyo Stock Exchange and Bloomberg. Then he went on to work for crypto groups like Blockchain.Data and OKCoin before co-founding Binance.
Did you know?
CEO and co-founder Changpeng Zhao has a tattoo of the Binance logo on his forearm, which he says is a sign of his commitment.
A brief history
- July 2017 – ICO raises $15 million
- March 2018 – Announces relocation to Malta
- July 2018 – Acquires Trust Wallet - a mobile crypto wallet
What’s so special about it?
Fast – Binance claims to process 1.4 million orders per second.
Low fees – It charges 0.1% in transaction fees, and even less if you pay in Binance Coin.
Liquidity – The high volume of people buying and selling on the exchange means it’s easy to sell at close to market price.
Choice – Binance offers hundreds of different cryptocurrencies.
How is Binance Coin produced?
Binance Coin (BNB) is an ERC-20 token built on Ethereum. Binance issued 20 million Binance Coins at its ICO, and will eventually buy back half of them and destroy them. This ‘burning’ process helps maintain the token’s value. Binance Coin can be bought on the Binance exchange using another cryptocurrency, or it can be bought on several other exchanges.
How does Binance Coin work?
Binance Coin can be bought or sold on Binance’s own exchange, or a handful of other exchanges that offer it.
What can you do with Binance Coin?
Binance Coin may be used to pay buying and selling costs at the Binance change. For example, in case you alternate every other cryptocurrency for bitcoin on the alternate, Binance will fee you a zero.1% buying and selling fee. That’s how the corporation makes money. However, in case you use Binance Coin to pay the charge, they may reward you by charging a decrease charge. That has helped growth call for for the alternate’s very own currency. Binance Coin also can be used to buy different cryptocurrencies on the trade. Additionally, some real-world outlets accept it – which includes all stores at Brisbane Airport in Australia.
Does Binance have live support?
Binance brought live 24/7 customer service in December 2018. We to begin with launched this in Chinese, to check the operational talents of this selection. In April 2019, having secured the operational necessities to speak stay to the world, we released 24/7 customer support in English.
How do I complain to Binance?
How to file a Binance complaint?
Click on the 'File Binance complaint' button.
Describe your complaint in detail, and suggest how Binance should resolve it.
Submit your complaint directly to Binance and mention that you posted your complaint on Complain.biz.
Is it safe to leave coins on Binance?
In a nutshell, this is a vital security principle in cryptocurrencies like Bitcoin and Ethereum. Your coins are safe because they're hidden in a brain-meltingly large range. If you've received funds before, you'll be familiar with public addresses, which are also strings of random-looking numbers.
How safe is Binance?
Security: There have been no reported breaches at Binance.US, but the global Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $40 million at the time. The company said it paid the losses in full to affected users.
