QUICK TAKE:

• Binance is the leading cryptocurrency exchange by daily trading volume.
• Established in 2017 by Changpeng Zhao (CZ), Binance offers diverse crypto services.
• Despite CZ’s legal issues and resignation, Binance remains central to the crypto ecosystem.
• Services include trading, staking, futures, options, DeFi, NFTs, and educational resources.
• Users must be 18+, complete KYC, and can enable 2FA for security.

Introduction to Binance

Binance stands as the world’s largest cryptocurrency exchange by daily trading volume, offering a comprehensive platform for buying, selling, trading, and staking a wide array of cryptocurrencies. Founded in 2017 by Changpeng Zhao, known widely as CZ, Binance quickly ascended to a pivotal position within the cryptocurrency market. Despite CZ’s subsequent criminal conviction and resignation as CEO, Binance continues to be a cornerstone of the crypto industry.

The Genesis and Evolution of Binance

Since its inception, Binance has played an instrumental role in shaping the cryptocurrency landscape. The platform’s rapid growth and innovative offerings have attracted millions of users worldwide, making it a household name in the crypto community. CZ’s vision and leadership were crucial in the company’s rise, although his legal troubles and departure have tested Binance’s resilience. Nevertheless, the platform remains robust, continuing to lead the market in trading volume and user engagement.

Comprehensive Services Offered by Binance

Binance’s array of services caters to both novice and experienced crypto enthusiasts. Here’s a closer look at what the platform offers:

1. Trading Services:
   • Spot Trading: Users can directly trade a multitude of cryptocurrencies.
   • Margin Trading: Allows trading with borrowed funds for greater exposure.
   • Futures and Options Trading: Offers advanced trading options for hedging and speculation.
2. Financial Products:
   • Binance Earn: Users can earn interest through savings, staking, and other yield-generating products.
   • Crypto Savings Accounts: Available in flexible and fixed-term options.
3. Fiat On-Ramps:
   • Purchasing Crypto: Users can buy cryptocurrencies directly using bank transfers, credit cards, and other fiat options.
4. Token Launch Support:
   • Binance Launchpad: Facilitates new token launches and Initial Exchange Offerings (IEOs).
5. Decentralized Services:
   • Binance Smart Chain (BSC): Supports decentralized finance (DeFi) applications.
   • Binance DEX: Enables peer-to-peer trading.
6. NFT Marketplace:
   • Creating, Buying, and Selling NFTs: Users can engage in the booming non-fungible token market.
7. Educational and Developmental Resources:
   • Binance Academy: Provides extensive educational materials on blockchain and cryptocurrency.
   • Binance Labs: Invests in and supports blockchain startups.
   • Binance Charity: Uses blockchain technology for philanthropic initiatives.
   • Binance Cloud: Offers infrastructure solutions for launching digital asset exchanges.

Requirements for Opening a Binance Account

To join Binance, users must meet the following requirements:

• Be at least 18 years old (age requirements may vary by jurisdiction).
• Provide an email address or mobile phone number.
• Complete identity verification (Know-Your-Customer, KYC), including submitting personal information, a valid ID (passport, driver’s license, or government-issued ID), and a selfie. Address verification may also be required in some regions.

Users can add payment methods to purchase crypto with fiat directly through Binance. Additionally, enabling two-factor authentication (2FA) is recommended for enhanced security.

Understanding Binance’s Fee Structure

Binance accounts are free to create, and there are no fees for depositing or storing cryptocurrencies. However, fees vary depending on the type of transaction and payment method used:

• Fiat Deposits: Fees depend on the chosen method and currency; some methods are free, while others incur charges.
• Crypto Withdrawals: Fees are dynamic, reflecting blockchain network conditions and the specific cryptocurrency being withdrawn.
• Trading Fees: Spot and margin trades start at a base rate of 0.1% per trade. Discounts are available through the VIP status program, which considers users’ BNB holdings and their previous 30-day trading volume.
  • Futures Trading: Maker fees start at 0.02% and taker fees at 0.05%, with discounts based on VIP status.

BNB vs. Binance Smart Chain (BSC)

BNB (Binance Coin) and Binance Smart Chain (BSC) are integral components of the Binance ecosystem, serving distinct purposes:

• BNB: Originally created as a utility token for the Binance exchange, BNB is used to pay for transaction fees, participate in token sales on Binance Launchpad, and more. It has evolved to serve multiple functions within the broader Binance ecosystem.
• Binance Smart Chain (BSC): A blockchain network running parallel to Binance Chain, BSC enables the creation and execution of smart contracts and supports various DeFi applications. It is designed to provide high-speed, low-cost transactions.