What Is Binance?
Binance has quickly become the number one stock exchange in the world, with a daily trading volume of more than $6 billion. Binance, like many exchanges, also has its own currency called Binance Coin BNB. It is mostly used to pay fees, but can be traded like any other cryptocurrency.
- — Binance Coin is a digital currency issued by the Binance exchange. The cryptocurrency has the symbol BNB.
- — Unlike other cryptocurrencies like Bitcoin, BNB cannot be mined. All tokens were previously mined by Binance at its inception.
- — The payment of fees is the main purpose of the BNB token. But it can also be used to invest participating in the Binance Launchpad program. Once the ICO is completed, these new tokens are automatically included in the Binance exchange creating a seamless marketplace between the ICO and the exchange.
How Does Binance Work?
As an exchange, Binance is not so different from similar platforms. The exchange itself does not buy or sell anything; it only matches offers from people who want to buy or sell coins by charging a fee for its service and therefore making money. Most of these fees are paid through BNB and not through BTC or ETH.
Compared to other platforms, Binance is popular due to its wide selection of altcoins, plus it has a fast matching and execution capacity of about 1.4 million trades per second. Having so many users also makes Binance both rich in liquidity and able to match competitive prices, not only when it comes to BTC, ETH, or LTC, but also with other altcoins.
Binance supports fiat currencies, allowing you to make deposits even in your local currency to start trading. It is available in many different languages and has very low trading fees; each trade charges a 0.1% commission with no deposit fees. If you decide to pay the fees in BNB instead of other currencies, you can halve them during your first year. From the fifth year onwards, as the discount decreases year by year, there is no longer any incentive to pay in BNB. Withdrawal charges vary by currency and are fixed rather than percentage-based.
Binance was founded in 2017 by its CEO Changpeng Zhao, along with co-founder and CTO Roger Wang. Changpeng, who is also known as CZ in the crypto community, previously founded and served as CEO of BijieTech, a cloud-based crypto trading service provider.
Binance Labs is a Binance incubation program. Its goal is to support the best startups in the early stages and help them implement their ideas. In particular, Binance Labs invests in projects and expands opportunities for entrepreneurs, projects, and communities using blockchains and cryptocurrency.
The goal of Binance Chain is to enhance the transfer, purchase, and sale of crypto active assets through its blockchain. This will make Binance a decentralized exchange, which will in turn become a new chain of blocks on which its Binance Coin BNB coin will be based, making its cryptocurrency fully native.
How to use Binance Coin (BNB)
A long-term investment in BNB with the expectation of it increasing in value. You can safely store your BNB in Guarda Wallet.
Exchange Binance Coin
Instantly exchange Binance Coin with the best BNB exchange rates. We offer many trading pairs for Binance Coin trading through our exchange partners.
Send Binance Coin
Guarda allows you to easily buy Binance Coin online and send it to anyone and anywhere with their Binance Coin address.
Stake BNB Tokens
You can easily stake NOW token on Binance Chain for ~25% APY.
Receive Binance Coin
Receive Binance Coin from anyone instanteniously through your web browser, mobile phone or desktop app.
Learn more about Binance Coin
You can read more detailed articles about Binance Coin and blockchain as a whole in our Academy.
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