Being a recognized leader among all crypto exchanges available on the market, Binance is not only the most widespread, but in fact – the most convenient platform for trading cryptocurrencies. The number of cryptocurrency pairs, a wide range of trading instruments, as well as the trust of millions of users play in its favor, which is especially important in the crypto market.
Contents
- What is Binance?
- Trading tools
- Additional tools
- Key benefits
- Financials of the Binance cryptocurrency exchange
- Commissions
- Coins available on Binance
- Conclusion
What is Binance?
In simple words, Binance is a place where you can sell and buy cryptocurrency, but in reality, the functionality of the site is much more diverse. Today, the marketplace is a self-sufficient ecosystem, with a portfolio of instruments suitable for both beginners and big traders.
The history of the exchange dates back to 2017, when Chinese entrepreneurs Changpeng Zhao and Yi Hee founded it. That same year, they managed to raise over $15 million dollars by launching the native Binance coin (BNB) in an ICO (Initial Coin Offering).
An interesting fact is that BNB was originally based on the Ethereum blockchain.
Binance is a centralized platform (CEX), which means that the platform is managed by its parent organization, while the platform itself acts as an intermediary between traders.
Already in 2018, the exchange is breaking into first place in terms of trading volume and has kept this bar right up to this day.
Trading tools
Despite the fact that the exchange is positioned as a platform for cryptocurrency trading, its functionality is not limited to spot trading. In addition to it, the platform offers:
- Cryptocurrency loans.
- Margin trading
- Cryptocurrency Staking
- P2P transactions
- Liquidity swap
- Leveraged trading
- Fiat to crypto exchange
Additional instruments
In addition to a wide range of financial tools, the exchange also offers users:
- Interesting cryptocurrency storage solutions.
- The Binance Academy, where users can learn a wide selection of materials about blockchain technology, cryptocurrency trading and more
The key advantages
Distinctive features of the exchnage site are:
- High transaction speed;
- Low commissions for trading and withdrawals;
- A wide range of trading instruments;
- Reliable protection algorithms;
- More than 400 available cryptocurrencies;
- Possibility to add fiat currencies to your account;
- Simplified version for beginners – Binance Lite.
But despite the wide range of advantages, it is important to recall the disadvantages. Thus, on the exchange, users are required to undergo KYC procedure to access the main trading instruments, as well as on Binance very often errors occur during active cryptocurrency trading periods, such as during the growth of Bitcoin or Ether, which can lead to loss of funds.
Financial performance of the Binance cryptocurrency exchange
When choosing an exchange for cryptocurrency trading, you should pay a lot of attention to the numbers, because they are the most objective indicator of the demand for the exchange, as well as the trust of its users. In our case we have the following values (according to CoinMarketCap):
- 24 hours trading volume: ~$10bn
- Average liquidity: 775
- Number of visitors per week: ~ 29 mln
Commissions
An important advantage of the site is the low commission rate, which is achieved due to the unusually high daily trading volumes.
The base trading rate on the exchange is 0.1%, which is one of the lowest on the market. At the same time, the rate can be reduced if you have a certain amount of BNB in your account.
But it is important to mention that the rate on the cryptocurrency exchange Binance is floating, which means that while each cryptocurrency rate is calculated separately. You can find more details about Binance rate on the cryptocurrency you are interested in by following link – https://www.binance.com/en/fee/schedule.
Coins available on Binance
As said before the exchange has more than 400 cryptocurrencies available, which is one of the best rates on the market. The most popular currencies on the exchange are:
- Tether USD (USDT).
- Binance USD (BUSD)
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance coin (BNB)
Conclusion
To summarize, we can only note that the exchange is rightfully considered one of the best platforms for trading cryptocurrencies, even despite some of its shortcomings. The figures speak for themselves – the exchange is far ahead of its competitors, both in the number of active users and the volume of trading in the application. At the same time, the exchange is not only at the forefront of financial performance, but is also the most recognizable platform for trading cryptocurrencies and surpasses other platforms in the number of followers on Twitter, Instagram and Facebook.
If you haven’t decided on a cryptocurrency trading platform or want more trading tools, Binance is your choice.
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