How to use the Binance platform?

What is Binance?

Binance is a global platform that involves trading cryptocurrencies by storing, trading, buying, or reselling them. Today, it brings together more than 100 different cryptocurrencies, with the possibility of exchanging them with each other or against fiat currencies (euros, dollars, etc.). Binance even launched its own cryptocurrency in 2017, Binance Coin (also called BNB), which is now in third place on the cryptocurrency podium in terms of valuation behind Bitcoin and Ethereum.

Which countries use Binance?

From Canada to Cameroon, via Russia and Morocco, countries that can use Binance travel the world and can now buy cryptocurrency directly by Visa credit or debit card from anywhere on the globe. However, to access it from the United States, it is necessary to use the adapted version, namely Binance US, which is a lighter version but the only one to work for this geographical area.

What are Binance Chain and Binance Smart Chain?

The Binance Chain, designed in 2019, is the Binance Coin blockchain (BNB), known for its very fast and decentralized transactions, whose most important decentralized application is Binance DEX, very easy to use. However, the programming aspect of Binance Chain is not very flexible, the Binance Smart Chain appeared in order to correct the shortcomings of its predecessor, whose programming tools are complete.

Binance Smart Chain (BSC) has been designed to be compatible with Binance Chain so that we can combine the best aspects of both blockchains but not only; it is also compatible with the Ethereum Virtual Machine (EVM).

Why trade with Binance?

Binance is one of the few platforms to offer leverage. Leverage is a way of increasing your investment capital, also allowing in a risky way to generate additional gains, which can ultimately lead to a substantial loss. This consists of borrowing capital based on the starting capital on a short or long term trading platform. This leverage is therefore the factor by which the initial capital is multiplied; if this was € 50 and the leverage is x5, then the invested capital is finally € 250. If the cryptocurrency changes by 8%, then the gain or loss (depending on the change) will be 8% x 250 = 20.

Binance functions

The platform offers multiple operations, including:

Buying and Selling with Binance

it is easy to buy and sell cryptocurrency with the platform thanks to many payment options such as bank transfer, cash, credit card, online wallets (PayPal, Neteller or Skrill) etc. There are multiple currencies accepted; euro, dollar, pound sterling and many others are eligible. It is also possible to use other cryptocurrencies such as BTC, BNB, BTH etc. as a bargaining chip. Although Safemoon is not present on Binance, note that recently, the Shiba Inu coin (SHIB) has appeared there as well as the Dogecoin and the new ElonGate cryptocurrency token.

Pay with Binance

Binance Pay was created by the platform in order to be able to pay and get paid in cryptocurrency around the world safely. All users can access it after a simple identity verification on the site. More than 30 cryptocurrency currencies are supported and transactions are done instantly, but the funds received can only be used 24 hours later.

Trade with Binance

The platform is suitable for both beginners and experienced thanks to the proposal of two different platforms, one for beginner traders which is a simplified version, the other for the more advanced and therefore more complete.

Mining with Binance

Binance has set up Binance Pool, a platform designed to help cryptocurrency miners gain more power in the world at competitive prices. It offers miners a direct link to Binance financial products (trading, Binance loans etc.).

Binance Lite, a simplified version

Binance Lite was designed to simplify the cryptocurrency market as much as possible, its goal being to combine speed and ease of use in order to make the purchase of cryptocurrency easy and accessible to everyone. This version is very useful for newcomers to the world of crypto, wishing to understand quickly without finding themselves helpless in the face of graphs of all kinds or complex information.

Binance Lite is highly recommended for users who want to trade easily and for new users who want to start easy. For professional traders and experienced users, it is better to use the professional, more complete version.

Binance or Coinbase?

• Coinbase is also an interface for performing cryptocurrency transactions, and easy to use for beginners. However, the commissions taken by the platform are a little high (between 1,5% and 4%) and the site easily saturates when it is too busy, which can be disturbing in the event of an immediate purchase or resale wish. .
• Kraken has very low fees but is one of the most complicated to use, with a long registration process. It tends to saturate easily when demand is too high, as does Coinbase.
• eToro is very present in digital communication on board social networks, in particular by offering to invest in Bitcoin, but the platform does not have any and only allows you to bet on its variations.
• Coinhouse has a very clean, quality and easy to use interface, but the transaction fees are very expensive, ranging from 4% to 5%. However, the platform offers the possibility of attending training sessions and even of physically changing the currency at the Maison du Bitcoin located in Paris.

Binance is easy to use, for beginners as well as experts, supporting its large number of users and offering attractive prices, being one of the cheapest platforms. However, high demand sometimes results in a temporary inability to register.

Download Binance

It is possible to download Binance on a multitude of platforms which are as follows:

• On mobile or tablet: Apple Store, Android, Google Play
• On pc: macOS, Windows, Linux

Learn more about the Binance Exchange

The Binance Exchange cryptocurrency platform is one of the largest in the world. You have been able to learn a lot of things about this platform, in particular about its functions (buy, pay, trade and mine).

The advantages of the Binance Exchange cryptocurrency platform

The Binance platform has become the largest cryptocurrency exchange in the world. This is due to its many benefits. Indeed, the Binance cryptocurrency platform has extremely low transaction fees. In addition, the platform is very intuitive and very easy to use, even beginners in cryptocurrency can easily navigate it. On Binance, you will even find more than 150 different cryptocurrencies. If you want to learn even more about this platform, do not hesitate to consult the binance reviews on the internet.

Stay up to date with the latest news

Cryptocurrency is a very complex market. Indeed, the value of cryptocurrency can vary from day to day. It is therefore necessary to invest at the right time. Bitcoin is arguably the most famous cryptocurrency in the world. Many traders invest in bitcoin. Stay up to date with bitcoin news with the Mon Livret website. So you will know when it is safe to invest.