Introduction to Binance

Perhaps Binance doesn’t need an introduction, but then again, it can be useful to remind how Binance became the leader among crypto exchanges. For most companies, a path to success was difficult. The same doesn’t apply to Binance — two years after ICO, it has left all competition behind.

Let’s look at the beginning. On 13 June 2017, Binance team decided to create an exchange and chose July 14 to be the date of ICO. In the following month, the team created a whitepaper and build a foundation for the future giant. ICO was an instant success, gathering $15 million thanks to Bitcoin bull run, which happened in the second half of 2017.

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At first, Binance had little success. Tokens listed crashed instantly, it was known as «Binance kiss of death». Although, it didn’t stop exchange from dominating the majority of the market. Their formula was simple — offer a simple, intuitive, and fast interface which works 24/7.

Before Binance, exchange users suffered from suspicious, badly programmed exchanges with low liquidity. Many exchanges came and went — along with users’ money. Coinbase was a light in the darkness, at the time, but coin variety was lacking, causing riskier traders to create accounts on mysterious foreign exchanges using Google Translate.

Binance emerged, and everything changed. Previously unavailable altcoins suddenly became easily available on the exchange, which has real support and a high-performance trading engine. Although, it’s not all that Binance brought to the table. Exchange’s native token — Binance Coin (BNB), has reached the stars.

Binance has given traders an opportunity to pay fees in BNB — this allowed to significantly reduce fees. Token addition was also supported by innovative tokenomics, which will be explained later.

You can’t discuss Binance without mentioning Changpeng «CZ» Zhao, the charismatic and honest CEO. Every exchange has problems, but not every exchange has «CZ».

Binance world conquest was facilitated with expansion to various regions with dedicated websites: Binance Uganda, Jersey, and Singapore — all in addition to global service. Although, instead of focusing its efforts on one centralized exchange, Binance works on the decentralization of its services through the creation of its own blockchain Binance Chain and decentralized exchange (DEX) called Pancake Swap.

Now, that you are familiar with Binance ecosystem, let’s get to know the exchange closer.

Creating an account

Creating a new Binance account is very easy. Binance team well understands that most people who use their services are new to trading and investing. Thus, Binance went through several redesigns, to make its interface as simple as possible


To get an account, you need to proceed to and press ‘Register’ in the top right corner of the screen. If you are USA citizen, you can’t do this. Instead, you need to go to Binance.US.

If you are not a resident of USA — you can enter your e-mail address and password, then press ‘create account’. You will get an email with a link to verify a new account, which you can click with no concern, and that’s it, you are ready to work.

The first thing you’ve got to do is to enable 2FA authentification on your account. Binance strongly suggests all users do this. Use Google Authenticator or any other 2FA app of your choosing. Additionally, Binance will send you emails every time you wish to withdraw funds from an account. To confirm the withdrawal, you’ll need to click on a link in an email. And lastly, you can activate the anti-phishing code from your Binance account. This will allow you to create a code, which will appear in all Binance emails — this will let you know that the email came from Binance team and not from some scammers.

To start using your Binance account, simply proceed to the deposits page and find an asset you can transfer. Again, always re-check the wallet address before sending anything. It will save your money and psyche from unexpected losses.

When your wallet is funded, you are ready to trade. Binance has several trading modes depending on your needs: ‘classic’ and ‘advanced’. After choosing the one that suits you more, it’s time to trade.


Features and services

Binance is definitely the richest exchange in terms of the variety of services offered.

  • Launchpad — Binance supported the growing IEO (Initial Exchange Offering) movement through the creation of Launchpad, a platform for incubation and hosting IEOs. Before, investors had to investigate ICOs themselves, before investing in them. With Launchpad, investors still have to do some research, but they can rest assured, that Binance is confident about the project. Because Launchpad is an elegant platform for investment, the simplicity of making an investment has increased tremendously compared to how it began.
  • Margin trading — margin trading allows for making leveraged trades, increasing profits and risks.
  • Scalability — Binance users are used to the fact, that except for planned maintenances, services never stop. Even when BTC trading volume is off the charts, the exchange works flawlessly. All because it was designed for 1,400,000+ transactions per second. With an average daily volume of more than $1.2 billion, Binance is a financial hub, which has no equals.
  • Binance Chain — Binance strives to move from centralized governance, and moves in strides. Binance Chain is a decentralized blockchain project, which also supports a decentralized exchange (DEX). Binance DEX supports most of the same currencies that CEX does, and also some on top of that. New currencies are added after community voting. In the future, Binance Chain is slowly becoming a direct competitor to Ethereum.
  • Binance Savings — flexible savings account is a simple way to participate in a loan market and earn interest. Binance savings accounts allow you to deposit and withdraw funds at any moment. The approximate annual interest rate for assets placed on Binance is between 2 and 56%.

Binance Coin ($BNB) and fees

Binance uses an original system for the calculation of trading fees. Simply speaking, you can pay your fees fully or with a discount if you buy and hold BNB, and pay fees with it. Without BNB, your fees will be equal to 0.1% of each deal. Using BNB, fees for each trade would be just .075%.

Although, it’s not the only application for BNB. You can buy and hold BNB to participate in Binance Launchpad lotteries. It will give you a chance to be among the first to invest in new coins. Considering that most coins released on Binance Launchpad IEOs have grown more than 400%+, having some BNB in your wallet won’t hurt.

And, one last thing, at the end of each financial quarter, Binance uses 20% of quarterly profits to buy BNB for the market price — and then burns them. It is performed to regulate the number of tokens and make them more scarce as the demand goes up. As the number of uses and products around Binance ecosystem grows, demand for BNB grows also, affecting the price.


Binance uses the latest AI developments and security technologies to protect the exchange and make it safe for users. Of course, to uphold security you need not only technology but also good tech support. Binance, thankfully, has both.

Sometimes, depending on the problem, Binance can provide real-time support. This is rare in the crypto world — especially if you are used to trading on low liquidity exchange, where tech support is non-existent.

The best part of Binance security is their SAFU program. SAFU means Secure Asset Fund for Users, it is a unique insurance fund for Binance users. Binance directs 10% of profits from fees to the fund to cover any losses tied to unpredicted losses, such as hacker attacks.

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