How does Binance work?
Want to know how does Binance work? Learn here!
Popular in the crypto-to-crypto trading industry— trading between cryptocurrency pairs— the Binance exchange has become popular thanks to its high liquidity, low transaction fees, and discounts when users pay in the native BNB tokens.
Based on the Island of Malta, Binance was launched in the year 2017. The company claims high standards of security and safety with multi-clustered and multi-tier architecture as well as delivering high-processing throughput and the capacity to process at least 1.4 million orders a second.
The exchange services support trading in over 150 coins including the popular ones such as Litecoin, Ethereum, Bitcoin as well as its own native BNB coins.
Like the standard exchange, Binance offers services around listing, trading, fundraising, withdrawal, and de-listing of cryptocurrencies.
In addition, fans of cryptocurrencies who are willing to launch their own crypto coins can use this platform to raise funds via ICOs or Initial Coin Offerings. Binance is also used by a huge number of participants and traders for investing and exchanging various cryptocurrencies.
In order to trade, users will need to complete the required KYC requirements. Once the trading account is created, users can then add funds to their wallet addressthrough Binance and start trading.