What is the Binance platform?
Date of its establishment
If you are interested in the field of digital currencies, you have certainly heard or read a lot about the Binance platform, which specializes in buying, selling, and trading these currencies. The Binance platform is one of the most famous digital currency trading platforms in the world.
Since its founding in 2017 and up to the present day, this platform has been able to attract millions of users to it, to the point that it has become the largest platform of its kind, in terms of trading volume and number of users.
In light of this, we will try through our article today to provide a comprehensive guide that includes explaining the Binance platform in detail. Therefore, if you are interested in trading in digital currencies, we advise you to read this article to gain a comprehensive overview of one of the best exchanges that you can rely on; To buy and sell these currencies.
But before we discuss the explanation of the Binance platform, let us take a quick look at what the platform is and the history of its founding.
What is the Binance platform?
Binance is a platform specialized in digital currency trading, providing trading services in more than 350 digital currencies, including Bitcoin, Ethereum, and others.
The Binance platform defines itself on its official website as a world-leading Blockchain system that provides products and services related to digital asset trading, and aims to provide basic infrastructure services to regulate the world of cryptocurrencies and promote financial freedom globally. To contribute to improving the lives of many around the world.
Binance is trusted by millions of traders around the world, and offers a very wide range of services, which will be discussed in detail in a later part of this article.
Date of its establishment
The Binance platform was founded in 2017 in Hong Kong, by the Chinese-Canadian entrepreneur, Changpeng Zhao, known as CZ, who has founded a large number of successful companies.
As a blockchain expert, Zhao built Binance into a leading blockchain ecosystem offering diverse services. Trading operations on Binance began in July 2017, and in just six months the platform has grown to become one of the largest digital currency exchanges in the world.
It is worth noting that CZ spent his youth working in burger restaurants, before joining McGill University in the Canadian city of Montreal.
In 2015, he resigned from his role as head of the Bloomberg Tradebook Futures Research & Development team and moved to Shanghai to start working at Fusion Systems.
Shortly thereafter, he learned about Bitcoin, and decided to join the world of digital currencies after realizing his great passion for it, which led him to found the Binance platform, and he currently became its founder and CEO.
Binance platform currency â BNB
Binance has its own cryptocurrency, BNB. BNB was launched during an ICO in July 2017, with a cap of 200 million coins.
20 million BNB tokens were offered to angel investors, 80 million tokens to the founding team, and the remaining 100 million tokens to various participants during the ICO process.
This currency was initially run on the Ethereum blockchain with the ERC 20 standard, but since 2019 it has become the native currency of the Binance blockchain.
This currency has many use cases, through which it can pay trading fees on the Binance platform, and pay for goods and services online and in stores.
Best of all, users can get a special discount if they pay the fees using BNB on Binance. According to the Binance platform, the price of BNB at the time of writing this article was $314.92, while its market capitalization reached $49.72 billion.
What services does the Binance platform provide?
Although the Binance platform was initially established to be an exchange for trading digital currencies, over time, the services and products it offered to users increased, until it became an infrastructure services provider for the entire blockchain system.
Below we monitor the most prominent services provided by the Binance platform to its users:
Cryptocurrency trading
Cryptocurrency trading is one of the most prominent and important services provided by the Binance platform.
Through this platform, you can buy and sell more than 350 digital currencies.
Below is a list of popular currencies on the Binance platform:
BNB coin âBinanceâs proprietary currencyâ
Bitcoin currency
BUSD currency
Ethereum currency - Ethereum
Dogecoin currency
Solana coin
Polygon coin
Binance Academy
The official website of the Binance platform includes an educational section under the title: Binance Academy. This educational section aims to educate users about digital currencies and blockchain, through hundreds of articles published in it, translated into more than 30 different languages.
It also includes a large collection of free courses and educational programs through which users can learn a lot about digital currencies and all the modern technologies associated with them.
Moreover, this academy includes a large collection of articles aimed at explaining the Binance platform to new users.
Trading non-fungible tokens â NFT
The Binance platform includes a market for trading digital assets ânon-fungible tokens â NFTsâ. Through this market, users can buy and sell tokens, and make a profit from them.
Binance Bay â Binance Bay
The Binance platform offers its users Binance Pay, a secure payment technology using digital currencies. Through this service, users can shop and pay using more than 70 digital currencies.
Trust Wallet
The Trust digital wallet is one of the most prominent products of the Binance platform. Through this digital wallet, users can store or save digital currencies and other encrypted assets.
This wallet achieved great popularity after it was launched by the Binance platform, with the number of its users reaching more than 25 million users.
Binance Charitable Society
This non-profit organization works to promote philanthropy and efforts through blockchain. This institution uses Blockchain; To support the United Nations Sustainable Development Goals.
Explaining the Binance platform for beginners.. How can I get started?
Below is a step-by-step explanation of the Binance platform in Arabic:
First step: Create an account
You can create an account on Binance from the platform's website or app, using either your email or phone number. All you have to do to complete this step is enter the required data, and your account will be created in a few minutes.
Step Two: Verify the account
You can then complete your account verification procedures; To access all Binance services and products. This process requires entering some additional personal information and submitting some identification documents. This step takes about seven minutes.
Please note that you should never share your account password, private keys, two-factor authentication codes, or other security information with anyone.
Step Three: Deposit digital currencies
If you already have cryptocurrencies in any other wallet, you can deposit them to your Binance account.
Step Four: Buy digital currencies
The Binance platform provides you with three options through which you can purchase digital currencies, which are as follows:
Deposit approved local currencies
You can deposit more than 50 supported local currencies to your Binance account, via bank transfer or bank cards. Once these local currencies are deposited into your account, you can use them to purchase digital currencies directly.
Buy digital currencies using debit or credit cards
You can buy cryptocurrencies directly using debit or credit cards on the Binance platform.
Buy cryptocurrencies using peer-to-peer trading â P2P
You can also buy cryptocurrencies through peer-to-peer trading methods. This allows you to buy cryptocurrencies directly from collectors.
Step 5: Explore Binance services
After obtaining your first cryptocurrency, you can then explore the services offered by the Binance platform. One of the most prominent of these services is instant trading, through which you can trade hundreds of digital currencies.
Trading volume on the Binance platform
The term trading volume refers to the number of units traded in the market, during a specific period of time, whether it is a day, month or year.
As is known, each transaction involves a buyer and a seller. When they reach an agreement at a specific price, the value of the transaction is counted within the trading volume.
Binance updates the trading volume on the platform on a daily basis. The trading volume on the Binance platform at the time of writing this article reached about 38 billion US dollars. Binance comes in first place on the list of the largest digital currency exchanges in terms of trading volume.
Trading fees on the Binance platform
Basic trading fees on Binance typically range from 0.02% to 0.1% for makers, and 0.04% to 0.1% for buyers.
Trading fees on Binance are low, compared to the fees charged by many other exchanges. This fee is adjusted based on trading volume over a 30-day period, as well as BNB holdings. If you trade using BNB, you will get a 25% discount.
Is the Binance platform available in all countries of the world?
Despite the great popularity of the Binance platform, it is unfortunately not available in all countries of the world.
Many governments have accused the Binance platform of lack of regulation and transparency and harming local economies, which has led to the imposition of many restrictions on it and its ban in many countries.
Below is a list of the most prominent countries in which the Binance platform has been banned:
China
Afghanistan
Iraq
Serbia
Malaysia
Iran
Libya
Sudan
Eritrea
Cote d'Ivoire
Advantages and disadvantages of the Binance platform
First: The features of the Binance platform
The Binance platform has many features that made it rank first on the list of the most famous digital currency exchanges in the world.
Below we monitor the most prominent features of the Binance platform:
More than 350 tradable currencies: The Binance platform offers its users more than 350 tradable digital currencies, which gives traders and investors many options.
Low trading fees: Trading fees on the Binance platform are the lowest compared to other platforms, which helps users save more expenses.
Multiple Trading Options: Binance offers many trading options to users, including peer-to-peer trading, spot trading, and margin trading.
Multiple services: As we previously mentioned, Binance platform services are not limited to digital currency trading only, but include many other services such as trading in non-fungible tokens, Binance Pay, Trust Wallet, and others.
Security: Binance has a high degree of security; This is thanks to the strict protocols and technical procedures it follows.
Speed: The Binance platform is characterized by speed in conducting transactions, as it does not take a long time to complete trades, compared to other platforms.
Providing educational content: The most prominent feature of the Binance platform is the educational content provided by its academy, which aims to enrich knowledge and raise awareness of digital currencies and associated emerging technologies such as blockchain technology.
Available on multiple systems: Binance provides its services across multiple systems, as you can trade via desktop devices through the website, or via mobile devices through the application available for Android users - Android and iOS.
Round-the-clock support: Binance provides its customers with chat support, 24 hours a day, 7 days a week.
Second: Disadvantages of the Binance platform
Despite the many advantages that the Binance platform has, it unfortunately has some disadvantages.
Below we monitor the most prominent disadvantages of the Binance platform:
Limited Editions: Although the Binance platform offers its users more than 350 digital currencies to trade, some versions do not include all of these currencies.
For example, the USA version includes trading in only 150 digital currencies.
Difficulty of use: Trading on the Bayance platform is not easy, as the trading process is complex, especially for beginners.
Although the many trading options offered by the Binance platform are considered an important advantage, they may cause confusion and confusion for many users.
Lack of a built-in digital wallet: While the majority of exchanges have built-in digital wallets, Binance does not, as the Trust wallet supported by the platform is not integrated with it.
Regulatory problems: The Binance platform has faced and continues to face many regulatory problems in many countries around the world, to the point that it has been blocked in some countries.
â€ïžAbu Omar Al-Masryâ€ïž
