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What is Binance and how does it work?

Binance is a cryptocurrency exchange platform that allows users to buy, sell, and trade a wide variety of digital assets. The platform operates through a decentralized exchange business model, meaning there is no centralized intermediary overseeing transactions. Instead, this exchange uses an order matching system to connect buyers and sellers quickly and efficiently.

How is verification done on Binance?

To register on Binance, users must provide their email address and create a password. Once the email address has been verified, users can start trading on the platform. However, to make fiat currency deposits and withdrawals, users must complete an identity verification process that includes presenting a valid ID document, such as a passport or driver’s license.

What are the security measures on Binance?

Binance has implemented a series of security measures to protect its users and their funds. These include two-factor authentication, which requires users to enter an additional verification code before they can access their accounts. The exchange also uses SSL encryption to protect user information and has a dedicated security team that actively monitors the platform for potential threats.

What cryptocurrencies can be traded on Binance?

Binance offers a wide variety of cryptocurrencies for trading, including Bitcoin, Ethereum, Ripple, Litecoin, and many others. The platform also allows users to trade tokens issued on its own blockchain, Binance Coin (BNB).

What are the fees?

Binance charges trading fees of 0.1% for each transaction made on the platform. Additionally, the platform charges a withdrawal fee that varies depending on the cryptocurrency withdrawn. The exchange also offers a discount on trading fees to users who maintain Binance Coin balances in their accounts.

What is Binance Launchpad and how does it work?

Binance Launchpad is a fundraising platform that allows cryptocurrency projects to raise capital by issuing tokens on the platform. Interested investors can participate in the token sales by purchasing said tokens with Bitcoin, Ethereum or other accepted cryptocurrencies. Once the token sale is completed, the purchased tokens are distributed to investors according to their contributions.

What is the affiliate program?

Offers an affiliate program that rewards users for referring new users to the platform. Affiliates receive a commission of 20% of the trading commissions generated by referred users, allowing them to earn additional money by promoting this exchange to their network.

How can funds be secured?

Binance offers several additional security measures to help protect user funds. These include the option to enable two-factor authentication for withdrawal transactions, as well as the ability to set up whitelists of approved withdrawal addresses. The company also keeps most of its funds in offline cold wallets to protect them from potential cyber attacks.

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