Binance: a global multi-feature crypto exchange
Since the launch of Bitcoin, the world has seen many changes along the way. It had an open-source code that encouraged other developers to develop similar projects that rely on blockchain technology during transactions. Therefore, BTC’s maker Satoshi Nakamoto became the pioneer of the crypto space. Cryptocurrencies function like fiat but in a digital and more decentralized manner. They can be traded for fiat through exchanges or traded between two people. Binance is the world’s leading crypto exchange in daily transaction volume, making it necessary for crypto enthusiasts to learn how to use it.
1. Binance
Binance Overview
Binance was founded in 2017 by its current CEO, Changpeng Zhao. Zhao is a software developer and began the exchange in China. Even though it is a leader in offering crypto services, Binance has faced sanctions in different countries, including the US. Some have even banned it for offering ‘risky financial services’ without legal clearance.
Binance offers hundreds of cryptocurrencies to its customers, differentiating it from its US counterpart Binance.us which only offers 65 cryptos. It serves many people since it offers more services, including staking, spot, and futures trading.
Which Cryptos and Crypto Services Does Binance Offer?
Binance has listed over 365 cryptocurrencies for the global market but only allows 65 to trade to American nationalists due to the strict financial rules of their financial watchdogs. It is a good tool for pro crypto traders as it offers real-time charts with moving averages and exponential moving averages. Users can access it through the mobile app, official website, and desktop app.
Additionally, it offers different order types, including stop orders, limit orders, trailing stop orders, stop market orders, and stop-limit orders. It also allows users to choose different trading views ranging from classic to OTC and margin views. However, Binance.US lacks most of these features to prevent risky trading practices.
It also has a maker/ taker fee structure that varies according to trading volume and Binance Coin balance. The system is optimized to charge lower for higher-volume traders. It also offers free discounts for the following:
- Using Binance coin (BNB) in trades
- Referrals
- Hitting VIP status for trading a set amount of assets
How to Open a Binance Trading Account
Opening an account with Binance is easy but subject to rules that are meant to control financial foul play.
- Press the ‘get started’ button on the top right-hand corner and fill in the required information on any official Binance platform. The registration process requires Binance to verify the provided information for a few minutes.
- Enable the 2-factor authorization method
- Link the available payment method in your location
- Deposit funds to be ready for trading
How to Trade Cryptocurrencies Using Binance
Binance offers different methods of trading cryptocurrencies. You could buy and sell your holdings through the normal systems or P2P system. Below is a procedure for buying crypto from Binance using a credit/ debit card.
- Login to the Binance platform and click the (BUY NOW ) button on the homepage.
- Choose the desired cryptocurrency
- Choose the preferred payment method
- Follow the given instructions while entering card details and wait for the card to be loaded
- Check the payment details and confirm the order within a minute, after which market prices will be corrected.
The Selling Process is much simpler as you only need to tap the trading button and press the sell option. Then choose the number of coins to sell for a selected coin. Enter the payment details, confirm the transaction, and wait for the trade to complete.
Conclusion
Binance is the world-leading crypto exchange in daily transaction volume as it allows different modes of trading. It is one of the safest crypto trading sites that have incorporated AML/ KYC systems. It also has an ever-present customer service team and a well-detailed FAQ section to guide users through almost any problem they can encounter. Its functionality makes it important for crypto enthusiasts to learn how to use it.
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