Binance exchange is one of the leading and well-recognized cryptocurrency exchange platforms. This platform was established in the year 2017 and is headquartered in Hong Kong. Binance deals in all types of cryptocurrency and mainly alternative coins such as Litecoin, Dogecoin, Ripple, and others. You can begin your trading journey by choosing bitcoin motion as your trusted trading platform.
On the Binance platform, users can easily perform crypto-to-crypto trading in more than 600 cryptocurrencies and digital tokens including Bitcoin, Ethereum, Litecoin, Dogecoin, and many others. What’s interesting is that Binance has its token too, known as Binance Coin (BNB).
What is Binance Exchange?
The Binance exchange platform is known widely for crypto-to-crypto trading. It allows its users to trade between two cryptocurrencies. People majorly prefer it due to its lowest transaction charges for exchanges and trading. Moreover, the Binance exchange offers high-level liquidity and provides promotions and discounts to users who pay in the native token of the Binance exchange.
When you hear Binance, you must relate it to Bitcoin. You are not wrong, this word Binance is the mixture of two speared terms Bitcoin and Finance and hence called Binance. When talking about safety, none can beat the Binance platform.
Binance has multi-tier and multi-clustered architecture and provides high processing outputs. Furthermore, Binance has a processing capacity of more than 1.4 million orders per second. It also supports more than 600 coins for trading, selling, and purchasing purposes.
How to Trade On Binance?
Just like many other crypto exchanges, Binance offers services around trading, listing, fundraising, and withdrawal of cryptocurrencies. People who are interested in crypto trading can also launch their customized tokens through the Binance platform to raise funds through initial coin offerings (ICOs).
Binance is used by a large population that includes traders and participants for exchanging and investing purposes in crypto assets.
To initiate the trading process, users need to complete the mandatory Know Your Customer (KYC) step. Once your account is successfully created, users are then allowed to add cryptocurrency funds to their public wallet address that is provided by the Binance platform to initiate the trading.
The Binance exchange supports three distinct types of orders, limit, and market and stop-limit orders. Limit orders are performed only at the limit value set by the traders. Market orders are done immediately to the best available market value and top limit orders are only valid when the price reaches a particular level.
Additionally, Binance facilitates four types of orders for crypto derivatives. The trade orders are:
- Stop Market Order
- Trailing Stop Order
- Post Only Order
- Limit TP/SL Order
For fund deposits, no fee is charged. But for withdrawals you have to pay a transaction fee, the transaction fee depends on the crypto you are withdrawing as well as the amount.
Overview of Binance Coin (BNB):
Binance Coin (BNB) is the platform’s native token. It is used to enable cryptocurrency trading on the Binance exchange platform. It was launched in 2017 July during an Initial Coin Offering (ICO).
Binance platform offered around 20 million Binance Coin tokens to investors, 80 million tokens to the team, and the remaining 100 million tokens to several users by ICO process. Half the funds collected throughout the ICO processes were proposed to be utilized for Binance branding and promotions. And one-third was to be used to develop the Binance platform and upgrades to the entire network of Binance.
Binance coin was initially used to operate on the Ethereum blockchain with the ERC-20 standard token. In 2019, the Binance coin became the internal token of the BNB Chain. In July of 2022, one BNB token was valued at around $237. Today, it is listed as one of the top five valuable blockchain-based tokens according to the market cap which is almost $3.9 billion.
Final Verdict:
Binance is an online exchange platform where crypto enthusiasts can easily trade, invest, sell and purchase cryptocurrencies. It supports over 600 cryptocurrencies. Binance also offers a crypto wallet for traders to store their digital funds and assets.
Binance exchange also supports services for users and participants to earn good gains on cryptocurrency holdings. For miners, this platform is a huge benefit as it offers various programs for them. Lastly, the Binance platform has its blockchain-based internal token, known as Binance Coin (BNB).