5 Things You Need To Know Before Trading On Binance

The cryptocurrency market has become increasingly bustling lately, with crypto interest growing. Investors are constantly looking for opportunities. If you are starting to invest, in this article, let’s learn 5 things you need to know before trading on Binance! Let’s find out together.

What is Binance?

Binance was founded by CEO Trieu Truong Bang. First, Binance was based in China, but then, Binance moved its headquarters out of China due to China’s strict regulations on Cryptocurrencies.

What is Coin? What are tokens?

The coin is a cryptocurrency, when it works on the blockchain where transactions like Bitcoin happen, Neo works on its own blockchains so it is called Coin. Tokens can also be referred to as electronic coins but that is not entirely correct due to many differences.

In essence, the Token created on the Blockchain is already available thanks to the creation of smart contracts such as Ethereum. The token of the Token built on top of the usual Ethereum platform is ERC-20.

What is P2P Transaction?

P2P transactions can be called peer-to-peer transactions or C2C transactions between customers and customers. In Binance P2P trading, investors will directly trade with partners, trade fiat assets off-platform, and confirm cryptocurrency transactions online.Binance’s P2P platform will also play a role in facilitating trading by providing a platform where sellers and buyers can post their offers. At the same time, at Binance, there are digital asset escrow services that help ensure the safety and timely distribution of digital assets, during transaction execution.

How will P2P investors be protected?

All online transactions are protected by an escrow service.  When an ad is posted, the cryptocurrency for sale in that ad is automatically reserved in the merchant’s P2P wallet. This means that if the seller tricked you into refusing to unlock the crypto, the customer support team will unlock the cryptocurrency for you from the reserved funds.

Investor’s Guide to Getting Started Using Binance P2PBefore making the first transaction on Binance P2P, investors need to register and verify their identity. Investors are required to verify their identity on Binance. By verifying your P2P user identity, Binance adds an extra layer of security to your transactions by Kiến Thức NFT.

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