What is Binance? | Updated Guide 2022

Binance is a platform that allows users to easily and securely buy and sell cryptocurrencies using fiat currencies.

Binance has a wide variety of coins listed on it, with the most popular being Bitcoin (BTC) and Ethereum (ETH). Other popular coins include Litecoin (LTC), Ripple (XRP), Dash (DASH), IOTA(MIOTA), NEO(NEO), and others.

What is Cryptocurrency?

Cryptocurrency is an emerging digital currency that uses cryptography to secure transactions. It is also known as cryptocurrency, digital currency, or cryptocurrency.

What is Cryptocurrency

Cryptocurrency has a lot of benefits over traditional currencies such as stability, anonymity, and faster transactions.

It is also used to make payments online and in stores by avoiding the need for a bank account and credit card. There are different types of cryptocurrency available such as Bitcoin, Ethereum, Ripple and others.

What is Bitcoin?

Bitcoin is a digital currency that has been around since 2009. It was created by an anonymous person or persons and they have no record of who they are. This has led to its popularity among the people and its value is currently around $40,000 per coin.

Bitcoin

Bitcoin is not just a currency but also a payment system that can be used to buy anything from food to cars.

How To Use Binance?

Step 1: Register Account

Register a Binance account from the Binance App, website, or Desktop App with using your email or phone number.

Make sure to use a Binance Referral Code in order to get a discount on trading fees!

Step 2: Complete Verification

You can complete Identity Verification on your Binance account to unlock the fiat deposit and withdrawal limits.

This process typically takes a few minutes to complete, which includes verifying your basic account information, providing ID documentation, and uploading a selfie/portrait.

Be sure to secure your account – while Binance does everything to keep your account secure, you also have the power to increase the security of your Binance account.

Step 3: Deposit Crypto

If you already hold crypto in another wallet, you can deposit them into your Binance Wallet.

Step 4: Buy Crypto

Deposit Fiat 

Depending on your country, you can deposit up to 50+ fiat currencies, such as EUR, BRL, and AUD to your Binance-account using bank transfer and bank cards. Once deposited, you can use them to buy crypto directly.

Buy Crypto Using Debit/Credit Card 

You can also buy crypto directly using your credit/debit card on the Binance website or the Lite Mode on the Binance App easily.

Buy Crypto Using P2P (Peer-to-Peer)

You can buy crypto with P2P methods, too. This allows you to buy crypto from other crypto enthusiasts like you directly.

Step 5: Explore Binance Products

Spot Trading 

After getting your first crypto, you can start exploring Binance’s versatile trading products. In the Spot market, you can trade hundreds of crypto, including BNB.

Binance Earn

If you are not interested in trading but still looking to increase your crypto holdings, you can try Binance Earn. It offers a complete suite of financial products for you to grow your passive income, including Flexible Savings, Locked Staking, Launchpool, Binance Liquid Swap – just to name a few.

 

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