What is Binance? Is Binance Safe?

The increasing popularity of cryptocurrencies brings questions to cryptocurrency enthusiasts such as how to use Binance, is  Binance safe, or how much Binance fees cost. The cryptocurrency exchange Binance, which is popular for its extremely useful and fast transaction speed, is known for its wide range of solutions. Let’s answer many of the curious questions about Binance now.

Briefly What is Binance?

Binance is a cryptocurrency trading platform that has gained popularity in the world, has a high trading volume, and where crypto coins can be bought and sold. Binance, known for its variety of trading solutions, reliability, and high altcoin diversity, is frequently mentioned in many more subjects.

In short, Binance is a platform where Bitcoin and altcoins can be bought and sold, with both simple and advanced transaction options. You have the opportunity to browse many cryptocurrencies and directly analyze your investments through Binance.

When Was Binance Founded and Who Owned It?

Binance was founded on July 1, 2017, by Changpeng Zhao, known as CZ in the crypto community for short. Although Binance entered the sector late, it succeeded in surpassing many exchanges with its trade volume and it has been mentioned frequently.

What Does Binance Do, Is It Useful?

As we mentioned above, Binance is a cryptocurrency exchange. It stands out with its high trade volume, easy-to-use interface, reliability, and service quality. You can buy and sell other cryptocurrencies, especially Bitcoin, on Binance. You can also access different cryptocurrency trading tools through Binance.

How to Register on Binance?

You can complete the registration process quickly and easily by clicking the “Register” button on the top right of Binance’s homepage and entering your e-mail and password.

You can quickly become a member of Binance by continuing here.


After completing the membership process, you are ready to trade cryptocurrencies. It is very important for your account security that you activate double factor authentication (2FA) after registration.

How to Use Binance?

In order to purchase Bitcoin or any other cryptocurrency from Binance, you must first open a new membership or log in to the system if you have one. Then, in order to deposit money, you must load your account with Papara or alternative methods.

The only and most important thing to know for a money transfer to be made with Papara is; The account holder and the Binance account holder must be the same person. After checking the buyer’s information, the payment is made. Bitcoin (BTC) or other cryptocurrency is selected from the buy-sell section and the purchase is made by entering the amount. The same method is used when selling.

Binance Fee Rates

Binance’s fee rates are highly variable and the commission rates applied to vary according to membership types. 

Commission rates, 30-day cumulative trading volume, and 24-hour average balances are automatically calculated every day at 3.00 (TSI). The user’s VIP level and commission rates are updated every day as of 05.00 (TSI).

What Are the Advantages and Disadvantages of Binance? Is Binance Safe?

Binance, which has its own cryptocurrency, brings both advantages and disadvantages. For example, if you frequently buy and sell cryptocurrencies, you only need to have some Binance Coin (BNB) in your account to pay fewer commission fees. BNBs will ensure that the commission fee is lower (this option must be activated in the account settings.)

The answer to the question ‘is Binance safe’ is yes. They pay close attention to security. With the importance it attaches to security, the stock market reaches more and more users every day. Binance, which is among the reliable crypto money exchanges, is one of the largest cryptocurrency exchanges in the world with its high trading volume. It is among the advantages of the exchange that it allows you to trade with API Key and offers low transaction fees.

Such a large exchange has some disadvantages. While these disadvantages vary from user to user, you can make your own assessment by browsing cryptocurrency and complaint sites.

SEE ALSO: What is Tether Wallet?

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Caroline Tetra

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