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Binance

Binance is a centralized crypto exchange. People can use it to buy and sell crypto and trade with other users.

Last updated • 2 min read
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What is Binance?

On a centralized crypto exchange, a company manages the trading platform. You open an account and usually have to verify your identity first.

Binance brings buyers and sellers together in an order book, which lists buy and sell orders. A market order lets you buy or sell at available prices. With a limit order, you choose a price limit, but execution isn’t guaranteed.

If your crypto is on Binance, the exchange typically manages the private keys. These are secret details that provide access to crypto. Trading and withdrawals may involve fees. Services and availability vary by country.

An example of Binance

Someone has 100 USDT in a Binance account and buys bitcoin using the trading pair BTC/USDT. Once the trade is complete, the account holds bitcoin, minus any fees.

USDT is a token that aims to track the value of one U.S. dollar. It isn’t a dollar bank balance.

Why is Binance important in crypto?

Crypto exchanges like Binance bring together many buyers and sellers. As a result, they play a role in crypto market prices. For example, news may cover tokens being added to or removed from the platform.

News about Binance may also cover security, the custody of customer assets, and rules for crypto businesses. Assets held on an exchange carry counterparty risk: you depend on the company’s security, operations, and availability.

You can withdraw crypto to your own crypto wallet. Always check the address and network. A wrong address or unsupported network can lead to a loss. Also, news about BNB or BNB Chain isn’t automatically about Binance itself.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.