Binance US | What is Binance & What Does It Do?



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  • Binance US | What is Binance & What Does It Do?

    Binance is a digital currency exchange that allows users to trade between cryptocurrencies. Binance has recently released their Binance US trading platform for the U.S. market, which supports both crypto-to-crypto and fiat trading pairs and offers an ICO (Initial Coin Offering) platform known as BNB Launchpad. BNB coin is Binance's native token and can be used to pay fees on the site, similar to how you would use cash or your credit card at another crypto exchange such as Coinbase or GDAX. All transactions made on Binance are immutable, meaning they cannot be altered by anyone once settled -- this protects Binance users from any fraudulent activity on the exchange. Binance is run by Binance Labs B.V., a company registered in the Netherland Antilles ( BVI ).

    Binance was created in 2017 by co-founders Changpeng "C.Z." Zhao, Yi He, and Da Hongfei, who met while working for Binance's system is capable of processing 1.4 million orders per second, which puts it among the fastest cryptocurrency exchanges available today.

    The BNB coin is an Ethereum token that can also be traded against other cryptocurrencies such as BTC or ETH using Binance's proprietary trading platform. The BNB Token functions similarly to Binance's how you would use your Binance account to trade; however, BNB is not used as a deposit or withdrawal method. Binance's BNB token can be used in two ways:

    Incentivizing user activity (such as creating an account on Binance)

    Depositing BNB in the Binance exchange and receiving discounts on trading fees.

    The BNB coin functions more like a discount card than a currency; users who hold BNB coins receive 50% off all trading fees on the Binance platform when paying with BNB instead of Bitcoin, Ethereum, or any other cryptocurrency supported by the exchange. While this does limit users from using their favorite alt-coins when purchasing BNB Coins on Binance, it does also have several advantages:

    These BNB coins can either be purchased with BTC or ETH on Binance using the BNB/BTC or BNB/ETH trading pairs, then used to receive up to a 50% discount when trading fees are paid using BNB. Allowing you to keep your favorite alt-coins while still getting a 50% discount from regular priced fees!

    Depositing BNB into Binance is similar to how you would use an ERC20 token on another platform such as IDEX. Instead of those tokens being frozen until you withdraw them, they become available for use immediately. This allows users who purchase BNB early to get more out of their BNB coins much quicker than those who purchase BNB towards the end of a run-up in BNB's price.

    Binance recently announced they are releasing Binance US for the U.S. market; this will be Binance's first fully regulated crypto exchange and is similar to Coinbase Pro or GDAX in functionality (as it allows users to trade between ETH, BTC, or LTC). This platform is available now and offers users two options:

    Using Binance's new "Fiat Currency Deposit" method allows supported currencies such as USD, EUR, GBP, or RUB to be changed into either Bitcoin or Ethereum, then used to trade for BNB coins other cryptocurrencies supported by Binance. This deposit method uses Binance's BNB-Bridge technology which allows Binance to provide instant deposits and withdrawals in the USD currency pair. Like Coinbase, Binance offers a matching service for users who decide to purchase BNB using their native cryptocurrency (BTC, ETH, or LTC) and will automatically buy BNB coins with whatever they spend on fees exactly.

    The BNB Coin provides several benefits over traditional credit cards when purchasing cryptocurrencies from an exchange such as Binance. Binance offers competitive fees across all trading pairs while simultaneously offering a 50% discount when paying those fees with the BNB coin; this discount is available to anyone holding the B token, BNB users who pay with BNB regularly receive a 50% fee reduction in addition to Binance's normal discount. Binance also offers the BNB Token as part of their "Launchpad" service, and each token is available on Binance's exchange for purchase using BTC or ETH; this allows anyone - even those without an account at Binance - access to trade for BNB and uses it for the discounted trading fees.

    The final option offered by the Bitcoin Exchange is through their launchpad platform, which allows ICOs to place their coins up for sale directly on Binance's trading platform. This has several benefits over ICOs simply using Binance as a marketplace to buy their coins. Binance offers trustable & reliable listing for new ICOs and guarantees liquidity for those who purchase these coins through Binance Launchpad. While Binance does charge the ICO or token issuer a fee for added trading pairs, it's still far cheaper than what most exchanges would require an ICO to pay for a listing. Binance also allows any user with BNB Coins on their platform to vote on which tokens should be listed, allowing BNB holders to use their coin as a proxy to promote and support the projects they want to be listed.

    Using BNB Tokens instead of BTC or ETH when purchasing Binance Coin-Which can be used much quicker than waiting for Binance's BNB Borrowing Market to add or remove BNB from Binance. Those with BNB loaned out will not be able to use the discounted trading fees or vote on new tokens because their BNB has been lent out, but this should only affect a small percentage of Binance users who actively participate BNB lending market.

    Binance continues to cut down on costs by charging lower fees than most exchanges; combined with their 50% BNB discount and the ability to use both BTC & ETH interchangeably between all markets - they are doing a great job at providing value for your money. As a bonus, claiming your "VIP Tier" account status is free until September 2018 while Binance implements a new account tier system. This will allow new Binance users to try out the platform without spending any coins during their initial learning period, making it an even better & cheaper option than Coinbase Pro or GDAX.

    Binance has released Binance Coin (BNB) as part of their own centralized exchange and now offers BNB loan options that reduce trading fees by 50%. Binance charges 0.1% per BTC transaction as well as a flat 0.001 BTC withdrawal fee. This means that BNB holders can use their BNB to pay for reduced transaction costs - effectively allowing them to trade on Binance for free if they have enough BNB available; any leftover BNB will be sent back to Binance's BNB Borrow market - which can be used to earn interest or use as collateral for BNB loans. Binance also offers voting options using BNB Coins; those who own BNB can vote on new token listings, ICOs, and other aspects of the exchange, including adding fees (which will increase the value of BNB), listing tokens & setting customer support tickets price with BNB.

    Binance Coin is currently holding a 1.36 Billion dollar market cap, ranking it as the world's 19th highest valued cryptocurrency at the time of writing; Binance also provides an option to purchase crypto directly using U.S. Dollars (USD) through their sister website "Binance US" which allows anyone in any country to access Binance's trading platform & BNB Borrowing Market - although by default Binance US is set to facilitate purchases using BNB. Binance only charges a 0.1% fee when buying crypto with USD instead of BNB; however (like Binance), there are no fees for selling crypto on Binance US. This means that if you need to convert your purchased crypto back into BTC or ETH, then you would pay a 0.05% fee when transferring out of Binance US. Still, users who plan to simply hold onto their purchased coins wouldn't pay any fees when withdrawing from Binance US - allowing greater flexibility in how people spend their money while still maintaining an account at the same centralized exchange. Binance also offers BNB Borrowing Market with BNB as collateral, allowing users to borrow BNB without having BNB coins available to use on Binance (which can save money when trading and increase the amount of Binance Coin accessible for voting on new projects). The interest rates offered will vary based on how much BNB is currently being loaned out, which should change with demand & supply.

    Binance recently conducted their trading fee "Burn" event where they burned 986,000 BNB Coins - lowering their total coin supply from 200 million down to 191 million. Each year that Binance conducts this Burn Event, it causes an inflationary event where the price of each Binance Coin increases due to the Binance Coin supply decreasing. Binance's BNB Burn Event is similar to Ethereum's "Proof of Stake" Casper/Casper FFG system, in a sense that BNB coin owners will (eventually) earn interest on their BNB coins based on BNB coin burn events (similar to staking ETH). Binance's BNB Coin currently pays out 50% Annual Interest per year, which should increase as the market capitalization increases and the total number of Binance Coins decreases each year. The more demand for Binance Coin there is - relative to the current supply - the higher the value should rise; this is due to limited supply creating increased demand & inflationary events making it more likely Binance Coin will be used instead of BNB for Binance Borrowing Market loans. Binance Coin becomes more scarce each year relative to Binance's total market capitalization, making it increasingly valuable (as well as less available for BNB Borrowing Market) due to inflationary events.

    Binance is also offering incentives, and they have a referral program where users can earn 20% of their referrals trading fees by simply sharing their referral link on forums, social media accounts, etc.; this means that if you join Binance using your friend's referral code then your friend will receive 20% of the trading fees you generate from trades and they won't have to pay any fees either! This creates a situation where Binance gets new users, and Binance Coin holders can earn BNB coins by referring Binance to their friends, essentially earning BNB coins while your friends trade. This makes Binance's referral program very popular amongst the crypto community, but it doesn't stop there. Binance also launched a bounty campaign in which they are offering up to 500 BNB per task completed & later changed this to 50% of each bounty task's value when received through their built-in wallet called "Issued Assets" (issued assets are tokens with a variety of functions on Binance).

    Binance has a positive reputation based on its' Founders: CEO Changpeng Zhao (C.Z.) is highly respected within the cryptocurrency industry, Binance has been consistently listed in Coinmarketcap's Top 10 exchanges since Binance launched, and Binance has grown to a market capitalization of $1.11 Billion (with BNB valued at $6.84) - making Binance one of the largest cryptocurrency exchanges available on the market today. Binance also offers BNB Token Rewards for holding BNB coins in your accounts, unlocked via 50% Annual BNB coin interest paid directly to user's Binance wallets & proportional to their account balances, C.Z. & team has stated that they will be adding more features involving their "Issued Assets" wallet system over time as well, including listing new assets/tokens to add value to their ecosystem and users who want BNB Borrowing Market loans will need Binance Coin to participate in Binance Borrowing Market loan offerings (Binance Borrowing Market is used by BNB coin holders who want to profit from trading but don't want the hassle of being a trader or holding their own assets/securities). The Binance BNB system allows users to increase their profits by reducing their risks; this means that Binance currently offers one of the best value-to-risk ratios on the cryptocurrency market today.


    Binance is a cryptocurrency exchange that offers trading in pairs of cryptocurrencies. It has been designed to provide users with more than 190 crypto coins on the platform, and it can be accessed by using Bitcoin or Ethereum as payment methods. In addition to this, it also provides an API connection for any coin's smart contract, which may offer tokens not yet available on the site itself.