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Binance Review & Tutorial 2020

Binance Exchange Review 2020: Beginners Guide

Written by LouiseElizabeth

9th September 2020

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If you’re looking for an exchange to trade a variety of different cryptocurrencies Binance Exchange is one of the most popular platforms. Binance Exchange supports more than 100+ coins with 240 trading pairs. Since early 2018, Binance is considered one of the biggest cryptocurrency exchanges in the world, in terms of the trading volume.

However, Binance is no longer just an exchange. In this Binance review, I take a look into what Binance offers on its exchange. Including the likes of Binance Lending, Binance Academy, their own stable coins BUSD and location-specific platforms they are becoming a one-stop-shop for all things crypto.

Binance Exchange

Binance.com is an online platform where you buy and sell cryptocurrencies using digital assets such as Bitcoin and Ethereum founded in China by Changpeng Zhao.

Although initially founded in China, they moved their servers and headquarters out of China to Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017. Binance have since opened offices in Malta after stricter regulations in Japan and China.

Sign-up to Binance exchange Bitcoin

Back in July 2017, Binance raised $15 million dollars in an Initial Coin Offering (ICO) for its ERC20 BNB token. As of January 2018, it was the largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.

Binance BNB Coin

Binance Coin (BNB) is an Ethereum-based token that allows you to receive discounts on the services of the Binance platform. Users of Binance can receive a 25% discount on trading fees, by paying with Binance’s BNB token.

How to convert Binance Dust

When trading with cryptocurrencies there is sometimes a small fraction of that cryptocurrency left over. This is known as “dust”. Within Binance you can convert this dust into their BNB coin.

Binance Jersey

In January 2019, Binance Jersey was announced as an independent entity from its parent Binance.com. Binance Jersey allows its users to trade with Fiat to cryptocurrency pairings, including Euro and British Pounds.

Binance Jersey Review

New to Binance Jersey? Sign-up using this link

Binance US

For those from the U.S. it’s been recently announced that Binance has updated their terms of use and have stated that “Binance is unable to provide services to any U.S. person”. Effective on Sept. 12, 2019, “users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com”

Binance US Review

However, Binance also announced recently that they are formally expanding to the U.S. via a dedicated platform Binance.us. 

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Binance Stable Coin

Working in partnership with Paxo, Binance are launching a dollar-backed stable coin. The upcoming stable coin, which is dubbed as Binance USD (or BUSD) will be pegged 1:1 to the US dollar. They have also received the blessing of the New York Department of Financial Services (NYDFS).

BUSD Binance Stable Coin

When its launched, verified Paxos customers will be able to purchase BUSD tokens directly through the company’s wallet using either US dollar or PAX (which is their own stable coin). Binance users will also be able to trade BUSD for Bitcoin Binance Coin or XRP.

Binance Lending

In late August 2019, Binance launched their lending platform on a subscription-based service which was on a first come, first service. Its a value added service to Binance users who hold idle digital assets.

How does Binance Lending Works

What is allows, is for Binance users to grow their funds by earning interest income for lending out their holdings over a specific period of time.

They’ve split this across phases. Phase 1 of the lending launch included a 14-day fixed term for BNB, USDT, and ETC. And Phase 2 (released 4th September 2019) included 14 and 28 days fixed terms and included Cardano, BTC as well as the above.

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Binance Mobile App

With the Binance mobile app, you can trade Bitcoin and cryptocurrencies from the palm of your hand. The app is available for download for Andriod or iOS. By installing on a mobile device, you can also make use of the built-in security features such as a face or fingerprint technology to secure your assets.

Margin trading is now available on selected Altcoin trading pairs

Binance Mobile App

Binance & Brave Browser Widget

In Brave’s latest desktop update (version 1.8), Brave Browser has now released the Binance widget into its privacy-based browser. Meaning that millions of users can now seamlessly trade and manage crypto without ever having to leave their browser. 

Trade on Binance Directly in Brave Browser

Binance Liquid Swap BSwap

Binance has now created its own centralized version of an automated market maker pool, named BSwap or Binance Liquid Swap. Set to rival the likes of UniSwap, their decentralized exchange allows users to token swap, plus provide liquidity in return for an annual percentage yield and get a share of the protocol’s trading fees.

Binance Liquid Swap is an automated market maker (or AMM) pool product, the first of its kind in a centralized exchange. AMMs work by automating the trading process, so that no 2 traders ever have to wait to find each other. Instead, trades are executed via smart contracts, and private reserves are replaced by voluntary liquidity pools.  The benefits of using their AMM will give users lower fees, stable prices, and instant liquidity. Plus trading fees for the first month will be as low as 0.04% 

Binance DeFi BSwap

They’ve initially launched with 3 crypto assets for trading which are Binance USD (BUSD), Dai (DAI), and Tether (USDT). Users can deposit these and start earning interest (plus a cut of the transaction fees) in return for pooling your tokens. 

Binance, like many other centralized exchanges, are being forced to adopt DeFi tokens, or else risk being left behind. By providing the convenience of being a few clicks away from their centralised exchange, plus having the security and userbase of Binance, they hope to bring some of their users back to their platform and encourage more growth in the DEFI market.

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