Binance Exchange is an online platform that allows users to trade various cryptocurrencies. As per [[1](https://www.investopedia.com/terms/b/binance-exchange.asp)], it supports hundreds of the most commonly traded cryptocurrencies. The exchange provides a crypto wallet for traders to store their digital assets.
To use the Binance Exchange, you first need to create an account. This can be done by visiting the Binance website and registering with your email address and a strong password. Once you have created an account, you will need to complete the verification process by providing some personal information and identification documents.
After verifying your account, you can deposit funds into your Binance wallet. Binance supports various deposit methods, including bank transfer, credit/debit card, and cryptocurrency transfer. Once you have funded your wallet, you can start trading by selecting the cryptocurrency pair you wish to trade and placing a buy or sell order.
Binance charges a trading fee of 0.1% for each trade, as mentioned in [[2](https://decrypt.co/resources/binance)]. However, you can use Binance Coin (BNB), a utility token that powers the Binance ecosystem, to pay for trading fees at a lower rate. BNB can also be used to pay for goods and services online and in-store.
Binance also provides a decentralized exchange (DEX), where users can trade cryptocurrencies without the need for a central authority. The Binance DEX is built on the Binance Smart Chain (BSC), a high-performance blockchain network that enables fast and cheap transactions.
In summary, Binance Exchange is a popular online platform for trading cryptocurrencies. To use it, you need to create an account, verify your identity, deposit funds into your wallet, and start trading. Binance charges a trading fee of 0.1%, but you can use Binance Coin to pay for fees at a discounted rate. Binance also provides a decentralized exchange on the Binance Smart Chain.
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