Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
Cryptocurrency exchanges are online platforms where you can buy, sell or trade cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, they will likely need to use an exchange that requires them to verify their ID and open an account.
If you just want to buy Bitcoin or other cryptocurrencies and hold them, you can use a “wallet” like Coinbase or Gemini.
Binance is good for bitcoin because it is one of the largest exchanges in the world by volume and it has a lot of features that make it attractive to users. Some of these features include:
-A user-friendly interface: Binance has a very user-friendly interface that is easy to navigate. Even if you are not familiar with how exchanges work, you should be able to figure out how to use Binance without any problems.
-A wide variety of coins: Binance offers a wide variety of coins that you can trade on their platform. This includes popular coins like Bitcoin, Ethereum, Litecoin, and more.
-Low fees: Binance charges very low fees compared to other exchanges. For example, they only charge 0.
1% on each trade that you make. This is much lower than what other exchanges charge (which can be up to 3%).
-Fast withdrawals: Binance allows you to quickly withdraw your funds from their platform. This is important if you need to access your money quickly (for example, if you need to make a purchase).
Overall, Binance is a great option for those looking for a large and user-friendly cryptocurrency exchange. While there are some risks associated with using any exchange (such as hacking), Binance has taken steps to minimize these risks.