What is Binance for? Is it a secure place to enter the crypto world?

Published on 20 August 2022



To be able to operate with cryptocurrencies, it is necessary to have tools that allow you to enter this fabulous world.

Either to buy the assets, earn them, or receive them from other people.

Currently, there are different exchanges that will allow you to buy your first cryptocurrencies, store them, exchange them for others, sell them and many more functions.

When choosing a reliable exchange, it is necessary to carry out an investigation to determine the degree of security and transparency to determine that the site to which you will be entrusting your assets will not leave you with bad surprises.

Binance, a centralized exchange

Exchanges can be divided into centralized and decentralized. The first are those generally created by companies that provide the service and they are in charge of maintaining their operations and guarding the clients’ funds.
On the other hand, the decentralized ones (DEX), are exchanges that work autonomously, without an entity that controls the operations.

Binance is a centralized exchange, it has been in the market for over 5 years and is the largest in the world according to the number of users, volume, and operations that are executed daily.

It currently has more than 600 crypto assets available to operate and more than 90 million registered users.

“Binance.com” vs “Binance.us”

One of the main doubts when opening an account in Binance appears when two possibilities are found. Although the brand is one, the regulations of the countries have caused different exchanges to be created.
Binance.us is an exchange that operates under the regulations of the United States of America. Most US residents who trade with Binance do so on Binance.us.

In contrast, Binance.com is a global platform that operates worldwide and is not specifically regulated by any country. However, the regulatory processes of the countries are leading Binance to manage local licenses to provide regulated services in different countries.
Binance.com has more assets and users than Binance.us.

Is it necessary to register on Binance with real data?

To open an account for personal use in Binance it will only be necessary to provide an email. It will then ask you to validate your identity by providing your country of residence, name and date of birth, and address. Depending on the country of residence, it will ask you for a screenshot of your ID or passport.
It will also be necessary to register a personal phone number.
This process is known as KYC (Know your customer), through which Binance makes sure to know the customer’s data and thus comply with the current and future regulatory processes of the different countries.

Is the Binance account free?

The opening and maintenance of the account in Binance are completely free. However, it is necessary to pay commissions for the sale of assets, or transfers. The commissions are among the lowest in the market and it is even possible to obtain discounts if the account is opened with a referral link or if the commissions are paid with Binance’s own cryptocurrency called BNB.

Pros and cons

Pros:

Cons:

 

Conclusion

Binance is the most used exchange in the world and has an availability of more than 600 assets for trading. It not only allows you to buy or sell cryptocurrencies, but also allows you to trade futures, person-to-person (P2P) operations, earn remorse for having your cryptocurrencies deposited, and much more. It allows to obtain loans and, depending on the country, to operate with payment systems.
It also allows you to buy and deposit Non-Fungible Tokens (NFT).
Binance has an emergency fund to protect users against eventualities. This fund is called SAFU (Secure Asset Fund for Users) and has made millions of users trust the company.

Published on 20 August 2022