14.5 C
New York
Friday, September 24, 2021

Buy now

Binance: How does the exchange platform for cryptocurrencies and other digital assets work? – The newspaper

  • Since April 2020, the platform of Chinese origin included the bolivar (VES) in its system to be able to carry out P2P operations (directly between people). It currently allows trading with more than 100 digital assets. Photo: Getty Images.

The world of cryptocurrencies is becoming wider and more relevant. This is one of the main reasons why Binance is such a useful tool today. It is a exchange that has incorporated a large number of payment options, between fiat money and crypto assets; In addition, part of its fame is due to the low commissions of each transaction compared to other platforms of this style.


The Digital Currency Exchange (DCE) –Cambio de Moneda Digital, in Spanish–, or simply exchange, is a business in which two or more people can exchange digital currencies (cryptocurrencies) for other assets, including fiat money (dollar, euro , among others).

This project officially started in July 2017 in China, with Changpeng Zhao, a Chinese-Canadian businessman, as the founder. The start was achieved thanks to a funding of $ 15 million that he was able to raise from multiple sources.

However, that same year the Chinese government banned the commercialization of cryptocurrencies, so Zhao decided to move, together with his company, to Japan, where he continued with his operations.

In March 2018, Binance became the platform for exchange with the highest number of transactions worldwide (a feat that it still maintains). And today it has expanded to other territories and has alliances with Taiwan, Bermuda, Israel, Malta and several European countries.

Binance: How does the exchange platform for cryptocurrencies and other digital assets work?
Cryptocurrencies | Photo: Getty Images.

Does Binance work in Venezuela?

Through the platform, users can buy or sell cryptocurrencies such as bitcoins and ethereum using bolivars through bank transactions or with the use of mobile payment. Binance offers a digital wallet where the user can deposit their crypto assets.

Coins on Binance

In addition to the dollar, whose nomenclature on Binance is USDT (TetherUS) and the euro, there is a wide variety of currencies. Some of the popular cryptocurrencies that are available on Binance are: Bitcoin (BTC), Ethereum (ETH) and the same currency of the platform called Binance Coin (BNB). The platform offers the purchase, sale and exchange of more than 100 digital currencies.

In April 2020, Binance reported that bolivars (VES) were added to the page’s system to make P2P operations possible and to be able to exchange them for cryptocurrencies such as BTC, BNB, among others.

“Binance is looking for local P2P merchants who have a stable source of cryptocurrencies and VES (bolivars). Merchants can benefit by offering VES and cryptocurrency operations, enjoy personalized benefits including zero security deposit, zero transactions and advertising fees, VIP discounts and exclusive customer support, ”the company reported in the statement.

Another option offered by the platform is to carry out operations of trading (invest in the market, planning through calculations and probabilities to later make a profit).

All Binance transactions can be made through its Android and iOS app.

How to register with Binance

To register with Binance, you must go to its website https://www.binance.com and select the option to register. An email or mobile phone number must be provided there. In both cases it is necessary to enter a password and accept the terms of service. Then a box will appear with a puzzle simple, which works like captcha, where the user will have to complete to continue with the process.

Binance: How does the exchange platform for cryptocurrencies and other digital assets work?

Once completed, the account verification page will appear, where you must enter the code that will have been automatically sent to the email or telephone number with which the registration began.

Security recommendations that Binance provides when creating the account

– Never give your password to anyone.
– Never call any phone number of someone claiming to be Customer Support or Care.
– Never send money to anyone claiming to be a member of the Binance Team.
– Enable Google Two Factor Authentication (2FA).
-Locate www.binance.com and use https://www.binance.com/en/official-verification to verify the domain you are visiting.

After completing these steps, the person will already have their Binance account active and the system will redirect them to another page, “Your first steps in Binance”, where the platform indicates some fundamental procedures to guarantee a good experience and performance within the herself.

“Enter the world of cryptocurrencies”, “Deposit cryptocurrencies to start trading” and “Buy cryptocurrencies with your credit card” are the main options to start on the platform. It is also possible to look for the option “Buy cryptocurrencies on Binance P2P”.

Binance: How does the exchange platform for cryptocurrencies and other digital assets work?

Improve Binance Options

After being registered on the platform, the user will see the option “Verify your account” on the main page. When you click on it, another page will appear where the first thing to do is enter the country of region or residence.

Three types of verifications will be displayed in the central part of the same page: basic, intermediate and advanced. This is sequential, that is, you must first do the basic to access the intermediate and finally the advanced; However, none of these are mandatory, but offer significant improvements within the platform, such as increasing the purchase limit of digital assets.

Basic verification is the fastest and easiest to do, as only a few personal details need to be filled in. The maximum review time by Binance is one day and upon approval it will offer: unlimited cryptocurrency deposit, in addition to a daily withdrawal – also of cryptocurrencies – of 2 BTC.

Once the person has the basic verification, they can choose the intermediate one, in which in addition to indicating all the basic requirements, they will have to enter their national identity document and a photograph where their face can be seen. The team will take a maximum of 10 days to review all the data and respond. If the latter is positive, the user can deposit the equivalent in fiat to $ 50,000 per day and withdraw $ 500,000 per month. It will not have a limit of P2P transactions and the withdrawal of cryptocurrencies will increase to 100 BTC per day.

With these two verifications approved, there will be one last to be done. For the advanced, all the data of the intermediate will be needed, in addition to a proof of address of your residence. The review time can be extended up to 10 days to receive a response and if approved, the user may deposit a maximum of $ 200,000 per day and withdraw two million dollars per month (equivalent to fiat money), apart from keeping all the benefits of previous verifications.

How to deposit or withdraw funds?


In the Wallet option of the platform, you can access the catalog to make deposits or withdraw money from the accounts. To do this, it is necessary to select “Fiat and Spot” in the drop-down menu. Then, in the “Fiat” tab, choose the currency with which it will be deposited.

Fiat money. It is all legal tender approved and backed by a government; This means that all national currencies are fiat, as well as those foreign that are made official within the country’s financial system.

Subsequently, you must write the amount of the deposit and press “Continue” to generate a deposit request. Finally transfer the funds to the account credentials in “Payment Information”.


To withdraw money, you must also select the option “Fiat and Spot”> “Withdraw”> select the currency> “Bank transfer (SEPA)> place the withdrawal amount>” Continue “> enter the account information (the name of the recipient will be displayed automatically)> confirm that all the information is correct and click on “Confirm”.

Binance and some cryptocurrencies it covers | Photo: Courtesy.

What does Binance offer besides exchanges?

In the Exchange section, you can choose to exchange currencies, but you can also observe the analysis of the cryptocurrency market in real time. For its part, Academy allows people to learn and expand their knowledge about the cryptocurrency market and related topics, such as blockchain.

Blockchain. Technology with informational data structure grouped in blocks and backed by cryptography, which guarantees the security of the systems that use it.

In Info you can check prices of virtual currencies, the percentage of changes, the increase or decrease in their value, among other market information.

On the other hand, the company also provides studies through the Careers section. And the Support area is to receive solutions from the technical team, answers to common questions, among others.

Binance also has projects that raise funds for charities or donations; this information appears in BCF. In News all the news of the company are shown, as well as those related to the “crypto world”.

Related news

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Latest Articles