Binance is the world’s largest and most popular cryptocurrency exchange platform. It is a very young exchange platform that was founded in 2017 by Changpeng Zhao.
Binance rose to success after a very successful Initial Coin Offering (ICO) in 2017, the great response towards Binance coin has given the platform a great lead in the cryptocurrency market. At the time of the ICO, 1 single Binance coin was selling for $0.10, now at the time writing this, 1 Binance coin is valued at $27 each. The team behind Binance ICO was good and that has made the company gain highly in the industry from early.
Binance is a cryptocurrency exchange for both inexperienced and experienced traders. It is an easy platform to trade digital currencies to make a profit. The most common method is to exchange Bitcoin, Ethereum, Binance Coin, and USD Tether (stablecoin), etc. for one of the cryptocurrencies that Binance offers. Binance offers a wide range of digital currency but not all cryptocurrencies are available in this exchange, which is common among all exchanges. Binance is very picky with the digital currency they choose to offer to their users, knowing that scams are very common in the crypto space.
Depositing cryptocurrency is completely free and no fee is charged on the platform. However, to send and to withdraw funds from the platform a different fee is charge per coin, a list is available on the website. To exchange cryptocurrency though a standard fee 0.1% is charged. A nice addition to Binance is that you get a 25% discount on the fee if you use Binance Coin, and when you create an account, this discount is ticked by default in your dashboard.
In 2019, a Binance hack took place in which criminals stole more than 7047 BTC from the exchange. The community was fully informed and all losses were reimbursed from the so-called Secure Asset Fund for Users (SAFU). Due to good communication and compensation for the losses, the crypto community took a very positive approach. To prevent Binance hack in the future, the company has taken various measures to keep user’s currency safe.
Overall, it is a great platform to trade cryptocurrency and profit.