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What is Binance and how to use it?

There are many exchanges that you can use to exchange cryptocurrencies, one of the most famous is Binance.

In Indonesia itself, there are actually a lot of exchanges that we can use and support withdrawals and deposits through local banks, for example, Indodax.

However, the amount of cryptocurrencies we can trade on Indodax is quite small compared to external exchanges like Binance.

Well, for those of you who don’t know what Binance is, just read the full information below.

What is Binance?

Binance is an exchange or place to measure and buy and sell cryptocurrencies like Bitcoin, Ethereum, XRP and others.

Unlike Indodax, which is based in Indonesia and is regulated, Binance is an international exchange that can be used by everyone in the world.

However, Binance is only regulated in a few countries and, unfortunately, it is not yet regulated in Indonesia.

Therefore, Binance does not support direct deposits and withdrawals with rupiah like Indodax.

But if you want to buy Biitcoin or Altcoin, you can still use Binance without problems and without hassle.

In addition, Binance currently has a feature called P2P (Peer-to-peer) that allows you to make deposits or withdrawals using the services of people registered with Binance.

With this feature, you can deposit or withdraw directly through a local bank account or an e-wallet such as OVO, Gopay, Shopee Pay and LinkAja.

This feature will make it easy for you to deposit and withdraw funds on Binance, there is no need to transfer them to Indodax if you wish to withdraw funds.

There are also many compatible banks, almost all banks in Indonesia are compatible with Binance P2P, starting with BCA, Jenius, BRI, BNI, CIMB Niaga and many more.

Binance is currently the world’s largest exchange by transaction volume.

How to register on Binance

To register with Binance, open a browser and visit the binance.com website or via the link below:

  1. Then enter your email address and password. Make sure the email you enter is an active email.
  2. Not only using email, friends of Androbuntu can also register on Binance using a mobile phone number. Tap the Create Account button.
  3. After that, confirm the registration by clicking on the link that Binance sent to your email or mobile phone number. Registration is now complete.
  4. To fully activate your account, perform KYC verification.
  5. If you can’t always use a computer or laptop, download the Binance app for Android and iOS so you can trade anywhere, anytime.

What is Binance Coin (BNB)?

Binance also has its own currency, namely Binance Coin or commonly abbreviated as BNB.

You can use BNB to get discounts when you pay for Binance’s services, e.g. cryptocurrency trading fees.

Androbuntu friends will get a 25% discount rate if you pay with BNB. Isn’t that great?

You can buy BNB directly on Binance using USDT or other cryptocurrencies.

Binance Coin was originally a token that ran on top of the Ethereum blockchain. But recently Binance created its own blockchain to run Binance Coin.

Advantages of Binance

The following are some of the advantages of Binance compared to other exchanges:

  • The verification process is relatively fast, less than 1 day, usually the verification will be processed immediately;
  • Comprehensive functions that make it easy for us to trade;
  • A large selection of cryptocurrencies that can be traded, ranging from Bitcoin, Ethereum, XRP, BNB, BAT and many more;
  • An easy to understand interface for novice and experienced users;
  • Cross-platform apps are available on Android, iOS, Windows and Mac;
  • Low trading fees (one of the cheapest among the others.

Disadvantages of Binance

  • Not only does it have advantages, but these are also some of the disadvantages of Binance:
  • Mandatory verification if you want to trade; otherwise, many features cannot be used;
  • It is not yet regulated in Indonesia, so there is no guarantee for us as users;

Anything to add?

That’s all about Binance. We hope that our readers will find it helpful. Drop your comments below, we would be happy to hear from you!

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