Here’s a brand-new chapter of Binance FAQs. Binance has many features and users. Hence, there are also many questions to answer.
Have a look at our first Binance FAQs and follow the links to all other articles. But first things first, here are 5 new questions.
.@cz_binance is back answering some of your burning questions on our FAQ series.
This time: what can we expect for the future of CEXs and DeFi solutions?
Full blog ⤵️https://t.co/W3O3f8nlMU
— Binance (@binance) September 24, 2022
Which Binance Coin to Buy
Binance has not only coins to buy. More on this shortly. What I’m trying to get at, is that they have various token standards. For example, BEP-2, BEP-20, and even wBNB. We already wrote a dedicated article on what BEP-2 and BEP-20 tokens are. You can also find their utility explained there.
Depending on what chain you are using, you need to use a specific token. For instance, for the Binance Chain, you need to use the BEP-2 token. This means that you can use BEP-2 tokens only on their DEX since they built this on the Binance chain. You can use the BNB token as a BEP-2 on both their CEX and DEX, to pay for transaction fees.
On the other hand, you can use the BEP-20 token on the BNB Smart Chain. You can also use this token everywhere else in the Binance ecosystem. This BEP-20 token standard can deal with smart contracts. Consequently, it can also deal with dApps.
Now, as for BNB and wBNB (wrapped BNB). BNB doesn’t conform with the BEP-20 standard. However, wBNB does. So, if you have wrapped BNB, you can use it on the BNB chain. This means that with wBNB, you can trade directly with altcoins. Here’s the Binance explanation on how to buy wBNB.
— Binance (@binance) June 20, 2022
Which Binance Coin to Buy Today
Binance has plenty of coins for sale. For a newcomer, this may be a bit intimidating. How do you know which coin to buy? Well, there’s good news! Binance has a few website pages that help you find the right coin for you.
For starters, you can look at the market cap rank of coins. Binance has a list of coins, ranked by market cap. See the picture below. This market cap is the value of all minted or mined coins. Per coin, that is! This gives you a good idea how stable a coin or token is. The higher this rank, the more stable that coin most likely is. There is still volatility possible, even for Bitcoin. On the other hand, with a small market cap, a coin can have bigger profits, or losses. The page that Binance has, also tells you how to buy each coin. Just click on a coin that piques your interest.
Once you take an interest in one of the coins that you find this way, you can start your own DYOR. That means ‘Do Your Own Research’. Now you can dig deeper into the coins that you singled out.
Source: Binance website
Why Binance Is the Best Exchange
Currently, Binance is the most popular exchange around. But what makes it so popular? There are a few reasons for this, and we will explain them.
- Low fees — They have some of the lowest fees in the industry. In case you use BNB to pay for the transaction fees, you earn a 25% discount as well. On BTC and ETH, Binance and Binance.US offer zero trading fees on selected pairs.
- A good safety record — Binance suffered a hack once, in 2019. All the $40 million that got stolen, Binance refunded to their owners. According to CZ, it was only 2% of their total holdings. They use SAFU for this. A ‘Secure Asset Funds’. Every fee Binance takes, they keep part to cover losses like a hack.
- They are the biggest — Binance offers 358 coins and 1464 trading pairs. Furthermore, they offer all the bells and whistles. You have a wide variety of different earning options. Their ecosystem is also top-notch. It’s also easy to convert fiat into crypto.
We already wrote a dedicated article on why Binance is the best CEX.
Tough choice. Pick one. pic.twitter.com/2fQe5VrU8k
— Binance (@binance) September 4, 2022
Binance With PayPal
PayPal allows their users to buy, sell, and hold crypto since October 2020. However, it’s not until June 2022 that they allow their users to transfer their digital assets. Now they can transfer them off their platform into another wallet or exchange.
For Binance.US, this means 4 coins;
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
However, for P2P trading, Binance offered PayPal as a payment method since August 2020.
Aiming for mainstream crypto adoption, @PayPal announced the launch of Checkout with Crypto.
PayPal customers with cryptocurrency holdings in the U.S. will be able to check out with crypto seamlessly at millions of global online businesses.
— Binance (@binance) March 30, 2021
Binance With Credit Card
Binance allows you to buy crypto with your credit card. They only accept Visa and Mastercard. However, they charge around 2% for doing so. Binance.US charges up to 4.5% on credit card payments. On the other hand, bank transfer deposits are free, but they can take a while to process. The same goes for your crypto wallet, no deposit fee, but it can take time.
Binance allows you to add up to 5 credit cards. Here is how you can buy crypto with a credit card on Binance.
— Binance (@binance) January 31, 2019
Here you have the answer to another 5 Binance FAQs. By now, we answered 50 different questions. We hope you enjoyed this Binance FAQs series and that they were useful to you.
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