Binance NFT Marketplace

NFTs have become a real breakthrough in the crypto industry, expanding the opportunities to earn and invest several times over. Several serious NFT exchanges appeared, trading only NFT tokens. Binance also joined the new trend and introduced three platforms at once:

• NFT event

  Events dedicated to releasing new collections or releasing their NFTs by prominent people or companies, such as football clubs. Users receive low-activity NFT tokens as part of the events offer, which can then be sold profitably.

• Binance NFT marketplace

  Binance NFT marketplace is a classic NFT token exchange in an auction format. Transactions are executed in BUSD.

• Mystery Boxes

  Mystery Boxes is a tempting offer. For a fixed amount, the user buys a case with unknown content. Usually, it is equal to the cost of boxing. With some probability, unique or legendary NFTs can be caught, the sale of which at auction could yield a very high profit.

How Binance works

The crypto exchange operates with a focus on a balance between the security of client funds and their mutual anonymity and the ease and efficiency of using the company’s services. Full-fledged work with Binance starts after identity verification. Personal information is stored in encrypted form on media not connected to the network. The info is only used to resolve disputes on the platform itself. Information is not transferred to third parties and structures. As for assets in cryptocurrencies, most of them are being withdrawn to cold storage to avoid being withdrawn in case of hacking.

Transactions are almost instantaneous except in P2P, where the transfers are made manually by the participants in the transaction. The average registration time is 4 minutes. Trading is made with funds deposited in accounts in the respective trading pairs. In addition, the necessary coins, for example for investments or payment of goods, can be exchanged directly via the Binance exchange machine. After the transaction is completed, the funds are available for withdrawal, investment, or other transactions. For everyone who is going to spend a lot of time on crypto trading, training has been organized and a lot of material has been collected about margin trading and complex transactions.

Binance Wallet

It supports all cryptocurrencies traded on the exchange as well as fiat funds with which there are trading pairs. Cryptocurrencies are accepted from all addresses and for each specific sender you can generate your receiving address for the same wallet for anonymity.

The Binance Wallet is split into Spot Wallet and Margin Wallet:

• Spot

  A wallet where all the money from transfers and transactions is credited is responsible for most of the operations;

• Margin wallet

  A margin wallet is a special wallet to which you need to manually transfer funds to trade. This account is a collateral of money against a loan on the cryptocurrency exchange. This form of trading is considered very risky and is only suitable for experienced traders after sufficient preparation.