The History of Binance
Binance is a popularly known cryptocurrency exchange among cryptocurrency aficionados and traders who are seeking to deal in a wide range of cryptocurrencies at comparatively low fees. This exchange was originally established in China in the year 2017 by businesspeople Changpeng Zhao and Yi He. The company is, as of now, based in Malta and has offices in Taiwan and Japan. Before moving on to develop their cryptocurrency exchange, both Zhao and He worked at OKCoin.
Binance is currently among the fastest developing exchanges in the cryptocurrency industry, ranking as the tenth-greatest cryptocurrency exchange in only a matter of 5 months after its launch. The company’s rising popularity is owed to multiple factors; one being that it supports many languages, the second, it possesses a streamlined user interface, and lastly, it has an impressively high data processing speed.
Being a crypto-to-crypto exchange, Binance can only be used for cryptocurrency trade. Hence, anyone interested in trading must invest in some before beginning trading with Binance.
Binance’s many features include the following:
High Trading Volume
Binance allows for the trade of over 180 different cryptocurrencies. This places it among the most significant altcoin exchanges, having one of the best ranges of tradable assets.
Binance – with the help of cash balance, money cards, or other payment options – enables the instant purchase of bitcoin as well as other tops 15 cryptocurrencies and 40 commonly used fiat currencies. Traders can also choose to sell them for supported national currencies as well.
Competitive Trading Fees
The trading fees for Binance are some of the recorded lowest in the crypto industry.
Multiple Platform Compatibility
Binance can be reached via its website, its desktop clients (for Windows and macOS), and its mobile applications built for iOS and Android devices (and Android supported APK).
High Margin Trading
Binance supports margin trading through Binance Futures. It offers leverage of up to 125x as well as margin trading with leverage of up to 3x. It enables the trade of cryptocurrency contracts along with assets having leveraged positions for higher sums of capital.
24/7 Customer Support
Binance has a help center where users can get in contact with the support team that answers queries and troubleshoots issues. It also has starter guides with thorough explanations for all kinds of exchange functions.
All Binance customers can take part in its IEOs (Initial Exchange Offerings) which are some of the most lucrative in the crypto industry.
Binance also endorses crypto lending or staking as well as other possible methods where users can earn income passively from their owned crypto assets.
Depositing and Withdrawing EUR with SEPA
The SEPA (Single Euro Payments Area) is an initiative started by the European Union that allows users to carry out fast, safe, and inexpensive Euro transfers between bank accounts located within the SEPA.
For EUR withdrawing and depositing, users can go with SEPA as an option because Binance offers a variety of fiat-enabled methods. These methods allow its users to choose the relevant channels concerning the regions they reside in and the currencies they use.
Normally, transfers through SEPA take 1 to 3 days, depending on the user’s bank. The SEPA Instant Transfers usually take under 30 minutes. However, some banks do not support SEPA after Brexit.
Creating a Binance Account
Users are required to make an account on Binance to use the exchange. The process is quite simple, starting at the Binance homepage, where users can easily locate the “Register” option. Moving forward, they have to enter their email and choose a strong password to ensure their account’s security. Users do not have to thoroughly verify their accounts for level 1 in the platform’s 2-factor authentication process, which has a daily withdrawal limit of 2BTC (Bitcoin).
For level 2 that has a limit of up to 100BTC a day, users must provide a photo ID of themselves and wait until they are approved. For much higher limits, users are expected to reach out to the team directly to take care of that.
The verification time usually relies on how busy the website support agents are. As such, if users need to withdraw large amounts, they need to plan and make sure their account has been approved.
Binance Visa Card
The Binance Visa Card is a crypto card that Binance launched in a limited number of European nations in September 2020.
The card is known to support cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), Binance USD (BUSD), and more.
During transaction times, Crypto assets are converted into fiat currency in real-time. Users can also choose to top up their Binance fiat wallets.
After ordering and verifying the Binance Visa Card, users can convert and spend cryptocurrencies at upwards of sixty million merchants across 200 different regions globally. To do so, users simply need to transfer cryptocurrency from their spot wallet onto their card wallet.
The Binance Card also offers a cashback system that offers users up to 8% cash back on select purchases. The cashback is processed in Binance Coin (BNB).
Ordering the Binance Visa Card
Binance users residing in any country supported by the platform can apply for a Binance Card in the following ways:
- Follow this link: binance.com/en/cards.
- Navigate to “Finance,” then on to Binance Visa Card located in the Binance.com header.
- Navigate to “Card” located at the footer of the website.
Users can then move on to the ordering process, which is to be carried out as follows:
- To apply for a Binance Card, users need to log in to their Binance account and have their KYC (Know Your Customer) level 2 approved. They also need to be informed of whether the Binance Card option is available in their country.
- Moving on to the Binance Card page, select “Order Card,” begin filling in the application, and follow the next steps.
- Once the ordering process is completed, Binance issues a “Binance Virtual Card,” which stays valid until the physical card is finally activated.
All in all, Binance is one of the most promising exchanges in the crypto industry. The platform provides users with an easily navigable interface meant for all kinds of traders. In addition to that, it is also safe and reliable.