History of Binance
Binance exchange was opened in 2017 July by Changpeng Zhao which is the owner of the company called Beijie Technology. Through his company Zhao managed to create an ICO where he raised more than 15 million dollars in order to create the platform that today we call Binance.
Changpeng Zhao, the developer of Binance was previously hired as a technical director for one of the biggest crypto related websites called blockchain.com and also his company works with more than 30 online platforms providing them with different trading services.
Binance services
Binance offers a long list of services for both traders and investors. Some of them are :
Spot trading and margin trading are Binance's main trading platforms. You can choose between 3 different interfaces, depending on how experienced you are.
Binance savings allows users to invest their cryptocurrencies on a fixed period of time, generating passive income for them
Using Binance staking users can earn passive income by investing in Defi coins. The best part about this is that you don't need to have any knowledge about staking.
Using Binance smart pool miners can join a bigger mining group and use their hash power to mine profitable cryptocurrencies.
Using Binance loan service you can get loans in USDT or BUSD while paying with BTC or ETH as collaterals. This way you would avoid the taxes and fees required for an eventual selling of your cryptocurrencies.
Binance crypto card
Binance offers a service that allows people to convert and spend their cryptocurrencies anywhere in the world using Binance Visa card.
The best part about this Visa card is that Binance doesn't require any administration, subscription or conversion fees. All transactions made in EUR are free of charge, however third-party fees may apply if you spend money in other currencies.
How can I deposit on Binance?
Initially, only cryptocurrencies deposits were allowed on Binance and there was no opinion to deposit using fiat. In total there are around 200 cryptocurrencies available for deposits, withdrawals and trading on Binance.
In 2019 Binance closed a partnership with Simplex, a service which allows you to buy cryptocurrencies using your Visa/Mastercard debit or credit card. The fees for using this service are 3.5% plus a flat fee for each trade.
In 2020 Binance closed a partnership with Clear Junction, a service which allows you to make deposits on Binance via wire transfers. You can either deposit EUR using SEPA or GBP using Faster Payments.
What fees does Binance have?
Binance fees are much lower than on other exchanges. They have a flat fee of 0.1% for every trade you make, which is low considering the average trading fee on exchanges is about 0.25%.
Using Binance VIP levels the trading fees can go even lower than 0.1% depending on your trading volume and the amount of BNB you hold in your account. You can check your VIP level in the table below :
The fees for cryptocurrencies withdrawals are different for each coin in particular and they always adjusted depending on the market.
The fees for fiat withdrawals are 1.5€ for EUR and 2£ for GBP.
What limits does Binance have?
Binance only imposes limits for withdrawals. Clients that have have a level 1 verified account can withdraw maximum 2 bitcoins daily while clients that have a level 2 verified account can withdraw a maximum of 100 bitcoins daily.
A level 1 verified account means you don't have to complete a KYC and therefore your limits are smaller.
If you want your account to be verified to level 2 you will need to complete a KYC verifying your real identity and adress.
What is Binance.us and Binance.je?
Binance.us is a different exchange opened by Binance that is only available for people living in the US. The platform is similar to normal Binance but the number of cryptocurrencies available is lower and the deposits/withdrawal methods are different.
Binance.je is a different exchange opened by Binance that is available for people living in Europe. Binance.je is about to completely shut down at the end of November as all the services available there have been integrated into the original Binance platform.
What is Binance coin (BNB)?
Binance coin is the official token of Binance exchange platform. It was launched back in 2017 when the ICO of Binance took place. The ICO raised in total around 15 million dollars and each investor received a fair share of Binance tokens .
The initial price of Binance coin was 0.1$ during the ICO stage. Today BNB is ranked in top 10 cryptocurrencies on Coinmarketcap with a price of 28$ per coin.
Binance Refferal Program
Using Binance refferal program you can earn up to 50% commissions from the fees of your refferrals transactions.
If you have less than 500 BNB in your wallet, you will receive up to 20% commissions.
If you have more than 500BNB in your wallet, you will receive up to 40% commissions.
Additionally if you become a Binance affiliate you can earn up to 50% commissions.
If you want to share the commissions you receive with your reffered user you can use Refferal kickback and give your friends or users up to 20% of the commissions you receive from them
How to open an account on Binance?
Go to Binance official website https://www.binance.com/, register an account, verify your mobile phone and email and you can start trading. KYC is not mandatory unless you want to trade or withdraw more than 2BTC daily.
Binance also has a mobile app available now so if you want to trade easier from your phone, you can download their official app from here: https://www.binance.com/en/download
If you are from US, visit https://www.binance.us/ and follow the same steps as above.
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just pay attention on where or to whom you transfer through them, I got scammed with a transfer with Binance of $250 USD and I couldn t get them back, so I cannot say I have a great relation with Binance, also there were several news of scamming through them for a value of over $10 mil USD this summer.
