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What is Binance?

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When buying cryptocurrencies, the easiest thing to do is go to an exchange. An exchange is a web page, in which, once registered, you can trade cryptocurrencies, and this includes buying and selling. There are hundreds of exchanges, but one of the most famous is Binance. Let’s see what are the strengths and weaknesses of this exchange.

Binance is the largest cryptocurrency exchange that exists and one of the most complete platforms on which to trade digital currencies.

First, Binance offers more than 600 cryptocurrencies. This is important, since one of the main differences between exchanges is the number of cryptocurrencies that they offer, and they are usually limited to the most popular ones. At Binance you can buy the most famous ones (Bitcoin, ETH, Cardano…) but minority cryptocurrencies are also offered.

The cryptos that are purchased on Binance can be stored in the wallet offered by the platform or sent to a private one, be it a physical or virtual wallet. In addition to storing cryptocurrencies, in Binance you can also store fiat money (euros, dollars, etc…) obtained from the sale of cryptos.

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But apart from the classic trio of buying, selling and cryptocurrency wallet, Binance has many more options; purchase and sale of NFTs, staking options, participation in ICOs, different investment alternatives, learning courses, etc… which makes it a platform valid for both beginners and veteran users.

Binance also has its own official currency called BNB, which also works within its own blockchain network called BNB Chain. BNB has been one of the best performing recent cryptocurrencies on the market.

Despite all this, Binance also has its cons compared to other exchanges. One of them is its ease of use. While Binance is not an overly complicated platform, its sheer number of options can be disorienting for novice users, and when compared to, say, Coinbase, Binance is much more complicated to understand.

On the other hand, although Binance’s commissions are not excessive (0.10% for trading operations and 4.5% for card purchases), it is possible to find other large exchanges with lower fees, such as Kraken, whose commissions they can drop to 0% at certain levels.

The fact that Binance is the largest crypto company globally is certainly a sign of confidence, but one only has to look at the FTX crash to see that no company in this industry is entirely safe. And this is something to keep in mind when it comes to where to put our money. Although, for now, it seems that the stability of Binance is a fact.

Definitely, Binance is a very complete platform; It has a wide range of cryptos and covers both basic operations and more complicated options. Still, it’s not the ultimate exchange, and users may find features on other exchanges that suit their style better.

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