Binance Exchange
Binance is the largest cryptocurrency exchange platform by trading volume. The platform is especially known for its high-speed trade execution thanks to a software system for matching orders for high-speed traders.
Binance is mainly used for cryptocurrency trading, peer-to-peer trading, and crypto-to-crypto trading. Changpeng Zhao or CZ is Binance’s public face and a good one at that. He has instilled user confidence in Binance through many of its past hazards. He is one of the leading voices in the cryptocurrency industry. Binance reported massive growth in 2017 when the cryptocurrency market went bullish.
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Cryptocurrencies Offered
The Binance exchange offers more than 50 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Chainlink, Litecoin, and Bitcoin Cash. Traders can also access hundreds of altcoins listed on the platform.
The exchanges charges a flat rate of 0.1% on all trades, which is way lower than what is charged on other platforms. For traders in a hurry, the platform also offers a 0.5% Instant Buy/Sell fee. An additional fee of 4.5% is charged on all debit card transfers. There are no fees charged on cash deposits and withdrawals by ACH bank transfers, while a $15 fee is paid on all bank wire transfers.
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Security
Binance has not reported any breaches since the 2019 hack of its parent company that led to the loss of 7,000 bitcoins valued at $40 million at the time. The company compensated all affected users in full.
All assets deposited in Binance are held in a custodial bank account and covered by a comprehensive insurance policy of up to $250,000. That said, Binance is not regulated by Securities Investor Protection Corporation like normal stock brokerages are. The Securities Investor Protection Corporation protects up to $500,000 in total cash and securities loss in case of theft, unauthorized trading, and stock brokerage failure.
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Other Features
Mobile App
In December 2020, Binance released updates on its mobile app, including features such as automating recurring buys and live price tracking, among other customizable features. The app has most of the features on the web-based platform.
Users can buy cryptocurrencies on Binance using three channels:
- Credit/debit cards
- Local vendors
- Third-party payments
Some advantages of using credit/debit cards include fast transaction speed, low fees, and convenient payment. Local vendors are simply people who sell cryptocurrencies in the secondary market. Third-party payments are used in areas where there are no normal financial or banking services.
Binance allows members to trade different assets with good liquidity of major cryptocurrencies and hundreds of stablecoins.
Binance offers different types of wallets, each tailored to each product;
- Spot Wallet
- Margin Wallet
- Future Wallet
- P2P Wallet
- Saving Assets
- Pool Account
Binance’s other sections include finance, staking, Binance Pool, and debit card. Binance savings allows users to earn yields on their crypto savings and has two types of savings accounts; the flexible savings account and the locked savings account.
Users also earn rewards for simply keeping their assets in staking accounts. The staked tokens are used for various governance activities on the platform.
Binance Pool is Binance’s mining blockchain and improves the income of validators. This feature keeps Binance secure, transparent, decentralized, assuring the user of a steady income. In addition, Binance has a comprehensive suite of tools and features to enable miners to improve their income, close the gap between mining and trading, and provide a one-stop mining atmosphere.
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Trading on Binance
Binance has various levels of trading as per user trading experience and level of knowledge in cryptocurrencies. Basic trading is the easiest and is used by the majority of new traders. Classic traders use an interface with an order book well-partitioned into buyer sections and seller sections with the equilibrium price in between.
Classic traders can trade limit orders, market orders, and stop-limit orders. For limit orders, users can set a price they want to buy at and only complete the transaction when the cryptocurrency attains the selected price. A market order means that you are taking the prevailing market price.
Advanced traders have access to a full range of trading tools and features charting and technical analysis. Technical analysis is done to predict the future price and market movement. Other features include trade-automating bots that allow traders to automate their buying and selling.
Binance has a well-arranged order book displaying the buying side, the selling side, and the market price. Users can also set a limit on cryptocurrencies they intend to use, which gives them better management of their assets.
Binance users can also trade future, but they require prior trading experience due to the high level of risk involved. The platform also offers leverage of up to 125X.
Conclusion
Binance offers a wide range of cryptocurrencies to trade in and offers some of the lowest fees in the industry. In addition, the platform has a feature-rich yet easy-to-use interface that serves traders with different trading knowledge and skills.
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