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What is Binance? | RateCity
Binance (sometimes called the Binance exchange) is a decentralised cryptocurrency exchange platform through which you can buy, sell, swap, and hold cryptocurrencies. Launched in 2017 by Changpeng Zhao, it is one of the largest crypto exchange platforms in the world in terms of daily trading volume, facilitating over a million transactions every second. According to its website, there are over 600 cryptocurrencies listed on Binance and about 90 million registered users on the platform.
BNB (Build and Build) is the native cryptocurrency of Binance. It was formerly called Binance Coin. BNB was launched on the Ethereum blockchain network in 2017 through an Initial Coin Offering (ICO). In 2019, Binance developed its native blockchain, and BNB was migrated over from the Ethereum network. You can purchase BNB via the Binance platform or any other crypto exchange platform that lists it.
How to use the Binance exchange platform?
Using Binance is quite straightforward and works similarly to other crypto exchange platforms - you create an account on the exchange, deposit fiat currency into it, and trade listed cryptocurrencies.
To open an account on Binance:
- Register for an account through the website or the Binance app
- Complete the identity verification process
- Choose a payment method to deposit funds and transfer fiat currency (like AUD, EUR or USD) into your account
Once your account is active and you have transferred funds into it, you can explore cryptocurrencies listed on Binance and buy them. Your Binance account is also a wallet; any cryptocurrency you buy is stored in your Binance account.
Cryptocurrencies you hold can be sold for fiat money or exchanged for other cryptocurrencies at any time through your Binance account. You can also transfer cryptocurrencies you hold in different wallets to your Binance account and vice versa.
Do you need to pay anything to use Binance?
Binance charges a transaction fee on every trade (buy, sell or swap) and a withdrawal fee on every transfer (from Binance to any other wallet or blockchain). You can use fiat money or BNB coins stored in your wallet to pay fees on Binance.
The trading fee is generally discounted if you use BNB coins to pay instead of using fiat money. To know more about the transaction and withdrawal fees, you can go through the Binance fee guide. You might also want to compare other crypto exchanges to analyse their fees, features and benefits to pick an exchange that suits your investment style.
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Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD, NZD
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Fiat Currencies Accepted: AUD
Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.
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Product database updated 19 Apr, 2024
