Binance

Binance operates the world's leading cryptocurrency exchange in daily volume and transactions (1.4 million per second).

Changpeng Zhao, better known as CZ, is the founder and CEO of Binance, the cryptocurrency exchange that became the largest on the planet in just under 180 days. This Chinese-Canadian programmer, seasoned in developing high-frequency trading systems for Wall Street flash boys, knew how to redirect his experience in this field and apply it to the emerging crypto environment.

Is Binance legal in Mauritius?

First things first. The Financial Services Commission of Mauritius considers cryptocurrencies regulated as Digital Assets under the Financial Services Act 2007. While it cautions investors they are not protected by any statutory compensation agreements, they are legal. Therefore, Mauritius does not explicitly prohibit cryptocurrency and digital asset exchanges like Binance. However, it's important to note that the regulatory landscape for cryptocurrencies and digital assets is rapidly evolving and may change over time. Therefore, it's always best to check Mauritius's latest laws and regulations and consult with a local legal or financial advisor if you have specific questions or concerns.

The Binance EcoSystem

Beyond being the largest cryptocurrency exchange by volume, Binance offers multiple products and services; its core objective is to build a broad ecosystem in the blockchain sector. In this regard, this ecosystem consists of numerous variants. But, of course, the cryptocurrency exchange stands out among them and the wallet services for its users, crypto laboratories (to launch new tokens), charity, information, and education, among many others.

Binance recently announced Binance Pay, a contactless, borderless, secure cryptocurrency payment technology. It allows users to pay and receive crypto payments from friends and family worldwide and is available to all Binance users.

Also, they have launched Binance Smart Chain, one more step towards achieving their decentralization goal.

Binance Crypto Offering

If you want to go ahead and buy Bitcoin, Ethereum, Cardano, or even Binance Coin, it's easy. However, you are probably searching for low cap altcoins, supposedly the ones with a higher potential (Disclaimer: This is not financial advice, it is indeed the riskiest possible financial move, so beware and take care of your capital). If this is the case, Binance divides the coin offering into sections to make the search more accessible, so whichever "group" of coins you are interested in, you may filter them from the sea of available tokens.

Categories are:

DeFi: DeFi is short for "decentralized finance," an umbrella term for various financial apps in cryptocurrency or blockchain geared toward disrupting financial intermediaries. The most popular DeFi coins by Market Cap are Uniswap (UNI), ChainLink (LINK), Terra (LUNA), PancakeSwap (CAKE) and Aave (AAVE)

Innovation: This is the group of new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens. The most popular tokens in this group are Sushi (SUSHI), 1inch (1INCH), and Bitcoin Cash ABC (BCHA).

POS: With Proof of Stake (POS), cryptocurrency miners can mine or validate block transactions based on the number of coins a miner holds. Top POS coins at Binance are BNB (BNB), Cardano (ADA), and VeChain (VET).

Polkadot: Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. The top Coin is (by far) Polkadot (DOT), followed by Kusama (KSM) and Reef Finance (REEF).

NFT: Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique. The top NFTs are Chiliz (CHZ), Decentraland (MANA) and Enjin Coin (ENJ).

POW: Short for Proof of Work, is an algorithm used within a Blockchain network to achieve trustless and distributed consensus. In short, what started the Crypto revolution? In this group, you find the big boys: Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, etc.

BSC: Binance Smart Chain (BSC) is a blockchain network running smart contract-based applications. BSC runs in parallel with Binance's native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC. In this group, you will find every token which runs in the Binance ecosystem.

Storage: These tokens provide an economic incentive to distributed cloud storage networks. The top coins in this group are Filecoin (FIL), BitTorrent (BTT) and Holo (HOT).

How to Open a Trading Account with Binance from Mauritius

Opening a Crypto Trading account with Binance from Mauritius is a process that is completed online and requires the following:

1. Register, and upload an ID through the Platform's App.

2. Once their administration team approves your account, it's time to deposit funds. The depositing and withdrawing money methods are usually Credit Cards (through Third Party Services like BANXA or Simplex), Bank Transfers, or, if you already hold Cryptos on other platforms, you may transfer them as well.

3. Once Binance applies your funds or crypto assets to the account, you are ready to trade.

Is it easy to trade with Binance?

Binance allows crypto trading straightforwardly through an optimised trading app. Designed in a way that the investor can learn and start trading very quickly, without the need for much prior knowledge, to buy, for example, Bitcoin, or the vast amount of available altcoins, you have to:

1. open the trading account as explained before,

2. deposit money,

3. Search for "Bitcoin" or "NEO" (Or whichever token you wish to acquire) on the Binance Trading platform, and

4. Press the "Buy" button.

And, done, you are officially trading in crypto assets with Binance.

Binance Minimum Deposit in Mauritius

Binance does not require a minimum deposit amount; you can start trading with 1 US Dollar. Regarding the depositing commissions, if you are going to deposit with a Credit Card, fees range from 2 to 3%. Cryptos can be transferred without incurring depositing fees. 

Binance does offer deposits in Mauritian Rupees (MUR) in Mauritius, although they should be converted to either cryptos or another currency (like USD or Euros). Binance supports multiple deposit methods, including bank transfers, which can be used to add funds to a Binance account in MUR.

Bottomline

Binance, an international, reliable and robust crypto trading platform, provides you with live access to crypto markets quickly and straightforwardly. Good luck, and trade safely.