What Is Binance Exchange? and how its work?

What is Binance ? and how its work? complete guide step by step

what is binance and how its work

Binance is the world’s largest cryptocurrency exchange, ranking number two globally with over 1 billion US dollars in daily trading volume and over $7.6 billion in the past few hours. The founder of this cryptocurrency is changpeng zhao he launched Binance digital currency in January 2017 and now in 2021, his net worth is estimated at $1.9 billion.

It serves as a platform that allows individuals and institutions to trade, exchange, in another word you can say that Binance is a platform of cryptocurrency exchange where individuals can buy and sell the currency and the store of digital assets is like Bitcoin, Ethereum, and Litecoin.

What are Bitcoin and Ethereum?

Bitcoin and Ethereum are the world’s first and second-largest cryptocurrencies. They are both considered digital cash and can be sent by anyone around the world.

What is Litecoin?

Litecoin is one of the more recent cryptocurrencies in the marketplace. It was launched in October 2011 and is currently ranked number eight in terms of market cap.

Step-by-step guide for beginners

Download your free Binance app from the app store or apple store. Log in and click “Verify” on the Basic Account Display on the left-hand side of your home page. Enter your valid Binance account information such as your full name, date of birth, passport/driver’s license number/ID number, and address (physical or online) as instructed on the verification page. Click “Continue”. Next, you will be prompted to upload a photo of yourself holding a valid passport/driver’s license, as well as a selfie/portrait of your face. Click “Submit” to proceed with the verification process. A pop-up will appear on your screen confirming the photo and selfie details you provided. After entering all of the details you’ve provided, click the “Submit” button.

How to register

With your identity verified, you are now ready to register for an account on Binance. The following steps are required:

Login to your Binance account. Click on the “Account” tab, then click the “Reset Account Verification.” Enter your account information, which includes: your name

valid email address

number (the same number as your credit card)

confirm account name (same as your account name)

date of birth

gender

date of account creation

photo ID (same as your account number)

Note: The date of account creation refers to the date that you opened your Binance account.

That’s it. Now, you can go ahead and start trading. To create an account, enter your email address and select the country from which you are a citizen (US/BTA is not an option) before entering a password.

Conclusion

Binance Exchange is a legitimate and relatively stable exchange that has been featured in popular media. You can access it at the following link: https://coinmarketcap.com (Binance is currently ranked # 9 globally, with a market capitalization of $7.6 billion USD).

Binance is a flexible exchange that enables you to trade in 14 different cryptocurrency pairs in a matter of minutes. The best thing about Binance is that it does not operate on a centralized platform. Moreover, the platform is highly scalable and reliable, with a wide variety of trading pairs (not all exchanges offer this feature). At the time of publication, Binance has the highest trading volume on CoinMarketCap.

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *