What is Binance?

Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands . Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

What is Binance’s Burn mechanism?

Binance introduced the burn mechanism to improve the trading experience after a proposal from the LUNC community. According to Binance, all LUNC burns will not affect LUNC spot and margin trading fees. The exchange caps trading fee rates at 0.1%.

How does Binance coin work?

Binance Coin can be used to pay trading fees on the Binance exchange. For example, if you trade another cryptocurrency for bitcoin on the exchange, Binance will charge you a 0.1% trading fee. That’s how the company makes money. However, if you use Binance Coin to pay the fee, they will reward you by charging a lower fee.

Is Binance a crypto exchange?

Fiat to crypto – Binance is largely known as a crypto to crypto exchange. That means that you can’t trade fiat money (like the US Dollar) on the platform for cryptocurrencies. You first need to use another platform like Coinbase that specialises in fiat to crypto exchange, then bring that cryptocurrency to Binance.