What is Binance? Binance Exchange Registration, Products Explained in One Go [2024 Latest Tutorial]
Binance Exchange Introduction (Data source: CoinMarketCap, currency unit: USD. Last updated: 2024/9/12)
Table of Contents
- What is Binance?
- Binance Advantages
- Is Binance Secure and a Scam?
- Binance Scam Methods
- Is Binance likely to Close Down and is it Laying off Employees?
- Binance Registration Tutorial
- Binance Deposit
- Binance Withdrawal
- How are Binance Fees Calculated?
- What are Binance's Features and Products?
- Binance Platform Coin BNB, What is Binance Coin?
- Binance Exchange Frequently Asked Questions Q&A
- Binance Reviews on PTT, Dcard, and Other Forums
- CZ Will Be Released from Prison at the End of the Month, Can He Retake the Helm of Binance?
- Binance Appoints Grant Thornton as Global Accounting and Tax Advisor
- Binance CEO: Company Financials Are Healthy, No IPO Considered, No Interest in the U.S. Market
- Binance and Founder Changpeng Zhao Face New Lawsuit Involving Stolen Cryptocurrency Money Laundering
- Recent Binance News Roundup (Updated to 2024/9/12)
What is Binance?
Binance is currently the most well-known and widely used cryptocurrency exchange. Binance has a user-friendly interface, supports multiple languages, and offers a variety of products to meet the needs of different types of users, allowing them to participate in the cryptocurrency market in various ways.
Binance's founder is Changpeng Zhao, a Canadian Chinese engineer. In 2014, he invested all his funds in Bitcoin, and later became the co-founder and Chief Technology Officer (CTO) of OK Coin, the then largest Bitcoin exchange in China. In July 2017, he founded Binance and issued Binance Coin (BNB) for his own platform.
Binance founder CZ Changpeng Zhao
Binance Advantages
- Currently the largest cryptocurrency exchange globally
- High recognition
- High security
- Low transaction fees
- User-friendly and simple interface
- Numerous trading pairs and coins
- Rich product offerings
- Multiple deposit and withdrawal methods
- Easy access to information
- Online customer support
Binance features a user-friendly trading interface, supports multiple languages including Traditional Chinese, and supports multiple coins with frequent listings of new coins. You can use credit cards to purchase cryptocurrencies for deposits, and you can also use Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and USDT (USD stablecoin) to purchase other cryptocurrencies, which is quite convenient.
📢 Register now through Zombit's referral link, or enter the referral code B927G19G in the referral code field to get extra transaction fee discounts!
Is Binance Secure and a Scam?
User Security First
Binance has put a lot of effort into security. For general users, they offer multiple protection features to ensure user information security, such as:
- Two-Factor Authentication (2FA): Authenticator, phone or email verification
- Email Notifications: Users are notified by email about any activity on their account.
- Account Activity Management: Users are notified if their account has been logged in from a different location or using a different device.
- Passphrase and Biometric Authentication (the latest verification methods)
Industry Reputation, Ranked First
Binance ranks first on all data platforms. Over the years, Binance has developed beyond just an exchange, branching out into various products such as BNB Chain, Binance Research, Binance Launchpad, Binance Academy, etc.
SAFU User Asset Security Fund
SAFU, often emphasized by Binance, refers to their practice of storing 10% of all transaction fees in an asset security fund to protect a portion of user funds. If Binance faces unforeseen events, this fund can be used to help with the situation.
Proof of Reserves (PoR)
Binance specifically set up a webpage where users can check how many assets Binance currently holds in reserve, guaranteeing that users can redeem their assets 1:1. For example, as long as a user deposits one Bitcoin, Binance's reserves will be reduced by at least one Bitcoin to ensure user assets.
Based on Binance's current position as the industry leader and its various mechanisms and features to protect users, we can currently conclude that it is not a scam exchange. However, Zombit still wants to remind readers that a great reputation doesn't mean everything! The FTX fiasco is a lesson we cannot ignore. Proper asset allocation, not putting all your eggs in one basket, is paramount.
Binance Scam Methods
Binance itself is not a scam, but scam groups often use Binance's name to carry out scams. The following are two common scam methods that the author encounters:
- Phishing Websites Phishing websites use extremely similar URLs to deceive users into entering information on fake websites, stealing their account credentials. For example, the correct Binance URL is https://www.binance.com/, and they can just add an extra "e" in the middle to make it https://www.bineance.com/ (a friendly reminder not to click, the author doesn't know what this URL leads to). People who are not sensitive to URLs may easily overlook the difference and fall victim. Therefore, when using any website requiring you to enter your account credentials, you need to double-check the URL to ensure it is correct!
- Fake Customer Service Contacts (Telegram, Email or any other means of contact) Fake customer service refers to scam groups using the official customer service name to contact users. They will usually have a seemingly legitimate reason for contact, and they will add a sense of urgency. For example, they may say that there is a security issue with your account and ask you to provide some personal information, or they may say that you have won a prize and must provide account information within a certain time frame to claim it... These are all fake reasons to trick users into giving away their account information. Never fall for it!
- Fake Prizes or Information and Links that Benefit Users In addition to the fake customer service mentioned above, there are also many fake prizes or empty investment information. The links they provide are usually intended to arouse people's greed, encouraging you to easily give away your personal information or click on the links. Remember, there is no free lunch in this world, always verify the authenticity of everything before taking action.
- Dating App Romance Scams Today, people are very busy, and many use dating apps to meet new friends in their spare time. This expands our social circle, but also increases risks. Many scam groups disguise themselves as users. Initially, they will chat with you and socialize like normal people. Soon, they will start to shift the conversation towards "investment", saying how much money they have made through this, and wanting to bring you in. Then, they will drop a fake website, a fake exchange asking you to deposit money, or asking you to buy fake USDT, etc. Once you hand over the money, there is no way to recover it.
These methods are actually quite common. Scam groups use all kinds of names to deceive users into falling victim. Therefore, be extra cautious when encountering any information or clicking on any links. Always remember not to be "greedy", so you don't lose your assets.
✅More information about cryptocurrency and virtual currency scams
Is Binance likely to Close Down and is it Laying off Employees?
Is it possible for Binance to close down? This is a concern for many, especially after the collapse of FTX. Recently, with the cryptocurrency market in a bear market, Binance has indeed been rumored to be laying off employees. Coupled with recent regulatory issues, users are even more worried.
Is it possible? The author's view is: It is possible, nothing is impossible, but in terms of probability, it is lower than other exchanges. There is no concrete evidence to confirm that Binance is facing a risk of closure. But as mentioned above, the FTX example tells us that nothing is too big to fail. Instead of worrying about Binance closing down, it is the truth to manage your own risk allocation.
Read more ✅Binance's Resilience Amid the Regulatory Storm: Data Reveals the Real Impact on Market Reaction
Binance Registration Tutorial
Create Account
Binance can currently be registered with an email or phone number. ➡️Register now using Zombit's referral code⬅️, or enter the exclusive referral code B927G19G in the referral code field to get extra transaction fee discounts!
Verify Email / Phone Number
Binance's registration process is very straightforward. Simply follow the steps, continue and complete password setup to complete verification and open your account.
KYC (Know Your Customer) Verification
Once you have created a basic account, Binance will guide you through KYC verification. It is almost mandatory to complete KYC as you cannot use all the exchange's features without it. The verification process is simple, just follow Binance's instructions and provide the required information to complete it.
If you encounter any problems during the process, you can contact Binance online customer service!
Use 2FA Immediately to Strengthen Account Protection!
Remember the two-factor authentication (2FA) we mentioned earlier? Do it now while you remember! Just go to your account settings and you'll find the account security section, where you can start setting up the method you want to use.
Binance Deposit
Binance deposits are simple, mainly done through two methods:
- Already have cryptocurrency assets: Directly deposit to your Binance account address.
- No cryptocurrency assets: You can use Binance to purchase cryptocurrencies using fiat currency (credit cards, Apple Pay, Google Pay).
Binance Withdrawal
Binance withdrawals are simple, mainly done through two methods:
- Withdraw to a non-Binance account or address: Directly withdraw from your Binance account to the specified address.
- Sell cryptocurrency assets: You can sell cryptocurrencies through Binance.
How are Binance Fees Calculated?
Binance fees refer to transaction fees charged on the exchange, which vary depending on the product and trading type, as well as the user's level. Notably, Binance's platform coin BNB can also be used to offset transaction fees.
Factors influencing transaction fees:
- Trading product type
- User level
- Whether to use platform coin BNB
You can refer to this page and check the transaction fees based on your needs.
| Level | 30-Day Trading Volume (BUSD) | And/Or | BNB Holdings | Maker/Taker | Maker/Taker (BNB 7.5% Discount) | |---|---|---|---|---|---| | Ordinary User | <1,000,000 BUSD | Or | ≥0 BNB | 0.1000%/0.1000% | 0.0750%/0.0750% | | VIP 1 | ≥1,000,000 BUSD | And | ≥25 BNB | 0.0900%/0.1000% | 0.0675%/0.0750% | | VIP 2 | ≥5,000,000 BUSD | And | ≥100 BNB | 0.0800%/0.1000% | 0.0600%/0.0750% | | VIP 3 | ≥20,000,000 BUSD | And | ≥250 BNB | 0.0700%/0.1000% | 0.0525%/0.0750% | | VIP 4 | ≥100,000,000 BUSD | And | ≥500 BNB | 0.0700%/0.0900% | 0.0525%/0.0675% | | VIP 5 | ≥150,000,000 BUSD | And | ≥1,000 BNB | 0.0600%/0.0800% | 0.0450%/0.0600% | | VIP 6 | ≥400,000,000 BUSD | And | ≥1,750 BNB | 0.0500%/0.0700% | 0.0375%/0.0525% | | VIP 7 | ≥800,000,000 BUSD | And | ≥3,000 BNB | 0.0400%/0.0600% | 0.0300%/0.0450% | | VIP 8 | ≥2,000,000,000 BUSD | And | ≥4,500 BNB | 0.0300%/0.0500% | 0.0225%/0.0375% | | VIP 9 | ≥4,000,000,000 BUSD | And | ≥5,500 BNB | 0.0200%/0.0400% | 0.0150%/0.0300% |
*Actual figures are subject to the official Binance website.
📢 Register now through Zombit's referral link, or enter the referral code B927G19G in the referral code field to get extra transaction fee discounts!
What are Binance's Features and Products?
The menu at the top of the website shows Binance's rich features and products
As a leading exchange, Binance has a vast array of features and products. Below is a list of some of the main features and products, allowing readers to quickly understand what services Binance offers.
Spot Trading
Spot trading is the most basic function of an exchange, allowing users to buy and sell cryptocurrencies on the exchange at the current price and actual amount.
Futures Trading
Futures trading is a derivative trading method, which allows users to participate in asset price fluctuations without actually owning the physical assets (coins). This allows users to adopt more flexible trading strategies, including going long (bullish) and going short (bearish).
Leveraged Trading
Leveraged trading allows users to trade with funds larger than their actual capital, thereby amplifying potential profits. For example, you can trade with 5x leverage using 1 USDT, which becomes 5 USDT. It is important to note that while this amplifies potential profits, it also amplifies losses, increasing risk considerably.
Options Trading
Options are a type of derivative trading that allows users to buy or sell a specific asset at a predetermined price at a future point in time.
Grid Trading
Grid trading is an automated trading strategy aimed at helping users make automatic trades in volatile markets and achieve better cost averaging effects.
The basic principle of grid trading is to divide the asset's price range into multiple grids, setting buy and sell trading orders within each grid. When the market price enters a specific grid, the trading system automatically triggers the order, buying or selling. This way, regardless of whether the market price rises or falls, it will trade in different price ranges, reducing risk and increasing potential profits.
Recurring Buy
Recurring buy is an investment strategy that allows users to purchase a specific cryptocurrency at regular intervals according to a specified time frame and amount. This is very practical for investors who are busy with their daily lives, effectively averaging the cost of buying.
Trading Mining
Binance Trading Mining is a new product under Binance's financial business. It allows users to earn extra BNB trading rewards when trading specific cryptocurrencies in trading mining.
DCA Trading Bot
Dollar Cost Averaging (DCA) is a long-term investment strategy suitable for most people. Investors divide their funds into smaller portions, combined with a regular investment plan, to buy assets at regular intervals. DCA allows investors to make investment decisions without being affected by short-term market fluctuations. Even if you buy at a high point, you can use a long-term investment approach to lower your average holding cost in the future. When the market starts to enter a bull market, the benefits of DCA will be highlighted.
✅Learn more about Binance DCA Trading Bot: Start formulating your bear market layout strategy, use Binance "Recurring Buy" to easily implement DCA plan Binance Exchange Launches "DCA Trading Bot", Different from Your Perception of "Recurring Buy"!
Leveraged Tokens
Leveraged tokens are a special type of cryptocurrency product that allows users to participate in price fluctuations with leverage without holding actual assets. Binance leveraged tokens are usually leveraged trading on a specific cryptocurrency or other financial asset.
Binance Finance
Binance Finance allows users to deposit their cryptocurrency assets into specific financial products for higher returns. These financial products are usually launched by Binance in collaboration with other institutions or projects.
BNB Earn
Binance BNB Earn is a financial product offered by Binance, aimed at allowing users to earn extra returns by depositing BNB (Binance Coin).
Liquidity Mining
Liquidity mining (Liquidity Mining) aims to attract users to provide liquidity while earning corresponding rewards. This is a way for users to participate in providing liquidity for trading pairs and earn extra rewards in BNB.
Binance Pool
Binance Pool integrates mining pools with exchanges, allowing miners to trade their earnings on the spot market, C2C, etc. In addition, it provides miners with exclusive financial product services.
Staking Mining
Staking mining (Staking) is an activity that participates in the consensus mechanism of the blockchain network. By staking specific cryptocurrencies on Binance, users can participate in the consensus mechanism of the cryptocurrency they are running, helping to verify transactions and maintain the security and stability of the blockchain network, earning extra rewards.
ETH Staking
Staking mining (Staking) service for Ethereum (ETH). By staking your ETH on Binance, you can participate in the consensus mechanism of Ethereum 2.0, which is PoS (Proof of Stake). Under the PoS consensus mechanism, staked ETH is used to verify transactions and maintain network security, rather than through mining as in the traditional PoW (Proof of Work) mechanism.
Asset Launch Platform Launchpad
Binance Launchpad is a platform launched by Binance that is specifically for project fundraising and the issuance of early tokens. It provides new cryptocurrency projects with an opportunity to conduct token sales, attracting community investors to participate in the project.
Tokens sold on Binance Launchpad are usually considered promising new projects by the exchange, which are often in their early stages and not yet listed on the exchange. Therefore, investors are often interested in these tokens, hoping to earn high returns during the project's growth and development.
Dual Investment
Dual investment gives users the opportunity to buy or sell cryptocurrency at a desired price at a specific future date, offering the chance to profit regardless of market trends.
NFT Trading Platform
Binance's own one-stop NFT trading platform, allowing you to buy and sell NFTs directly through your Binance account.
Binance Platform Coin BNB, What is Binance Coin?
BNB was issued through ICO (Initial Coin Offering) in 2017 and listed on Binance Exchange 11 days later. The token's initial trading price was around $0.1, reaching nearly $700 during the 2021 bull market peak. BNB is primarily used in Binance's platform services and the BNB Chain (BNB Chain) ecosystem:
In terms of Binance platform services:
- Transaction fee deductions, holders can activate BNB discounts on the platform to get transaction fee discounts.
- Used on Binance NFT platform, financial products or financial services.
- Used for payments and donations, such as using the token to consume in online or physical merchants and platforms that support BNB.
- Participate in Binance Launchpad's token sales and Launchpool's new coin mining.
In terms of BNB Chain usage:
- As the Gas token for BNB Smart Chain (BSC), Layer 2 solutions opBNB and zkBNB, transactions on these blockchains and hundreds of applications running on them are denominated in BNB.
- Participate in BNB Beacon Chain governance.
- Used in various on-chain applications, such as staking or lending BNB on BNB Smart Chain ecosystem lending protocols.
You can refer to this page for more information about BNB.
Binance Exchange Frequently Asked Questions Q&A
- Is Binance a scam?: No
- Is Binance secure?: Yes
- Does Binance provide deposit and withdrawal methods?: Yes
- Does Binance have risks?: Yes, but relatively low
- Will Binance collapse?: Not impossible, but the current probability is low
- Registration requirements: Basic registration, KYC (Know Your Customer) verification, security features such as 2FA
Binance Reviews on PTT, Dcard, and Other Forums
We believe that when searching for information, many of you will refer to mainstream forums like PTT or Dcard for user feedback. Let's take a look at what users on these forums have to say about Binance!
PTT Users' Reviews and Discussions about Binance
- Binance is already too big to fail.
- Asking if Binance will collapse is like asking if TSMC will collapse.
- Just put your money on several exchanges. If they all collapse, crypto will have no value anyway.
- After FTX was exposed by CZ, articles bashing Binance have become a monthly, then weekly, routine. You know what I mean.
Dcard Users' Reviews and Discussions about Binance
- Binance is the largest exchange globally because it has the most users. If there were too many security concerns, it wouldn't be the leader today.
- The "More" section on the Binance "Home" page, including "Trading" and "Binance Finance", will likely be the sections you use the most.
- All sorts of fake Binance apps are appearing online. Some directly modify your wallet address, some launch fake events, all with the purpose of deceiving users into depositing money.
From the above discussions, it can be seen that PTT users are more concerned about whether it will collapse and how to diversify risks, while Dcard users are more focused on scam-related topics, showing that security and risk are the main concerns of most users.
✅The following are recent Binance-related news✅
CZ Will Be Released from Prison at the End of the Month, Can He Retake the Helm of Binance?
Binance (Binance) has imposed a lifetime ban on its former CEO, Changpeng Zhao (CZ), prohibiting him from managing or operating the company. However, as a major shareholder, CZ still has considerable influence.
(2024/9/6)
Binance Appoints Grant Thornton as Global Accounting and Tax Advisor
Binance announced that it has appointed leading business and professional services firm Grant Thornton Singapore to provide global accounting and tax advisory services in preparation for future audits of its global operations.
(2024/9/4)
Binance CEO: Company Financials Are Healthy, No IPO Considered, No Interest in the U.S. Market
Richard Teng took over the leadership of crypto giant Binance after founder Changpeng Zhao was forced to step down after reaching a multi-billion dollar settlement with the U.S. government. In the nine months since taking over, Richard Teng has been working to transition Binance from a founder-driven company under CZ's leadership to a board-led organization.
(2024/8/22)
Binance and Founder Changpeng Zhao Face New Lawsuit Involving Stolen Cryptocurrency Money Laundering
According to a report by Cointelegraph, cryptocurrency exchange Binance (Binance) and its former CEO, Chang
