The Binance Exchange
What is the Binance Exchange?
The name “Binance” is based on a combination of the words binary and finance.
Binance Exchange is a platform, a very popular cryptocurrency exchanges that offers different trading packages of Cryptocurrency Assets like Bitcoin, Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and has also Blockchain based Tokens like their Binance Coin(BNB) etc. Among these Tokens are stablecoins which are pegged to other Cryptocurrencies or to fiat currencies.
Introduction to the Binance Exchange
Primarily known for crypto-to-crypto trading, that is, trading between two cryptocurrency and/or token pairs, Binance exchange has gained immense popularity because of its low transaction fees, high liquidity, lots of discounts high matching algorithms and top notch platform security.
Binance is based in Cayman Island. Its exchange services were launched in 2017. It claims highest security standards with multi-tier and multi-clustered architecture. It delivers high processing throughput with a capacity of up to 1.4 million orders per second with a trading of 0.1% of the amount. This trading fee can be cheaper if you trade with their native coin, BNB, or if you register with some referral links like mine which has 20% discount on your trading fees
It is a standard exchange which offers services in trading, listing, fundraising, and delisting or withdrawal of cryptocurrencies. She has Future trading, Spot trading, Margins trading and P2P trading, Asset Management (including Staking, Borrowing and Lending).
Since they are used by a large number of traders and participants for exchanging and investing in various crypto assets, this enables Crypto-Enthusiasts willing to launch their own tokens to use the Binance platform for raising funds through Initial Coin Offerings (ICOs) which Binance and others call Initial Exchange Offerings (IEOs).
To start trading, users do not need to complete their necessary KYC requirements but this will limit you to a maximum of 2BTC a day. Once you have successfully opened a trading account, you can add fund your different types of trading accounts with the variety of Crypto Asset of your choice.
The easiest way to fund your account is to send a list crypto asset which you own and has been listed on Binance to you the wallet address of the asset on Binance. Else, you can send you fiat to the platform and the exchange to the asset you want to hold. There is no fee charged for Crypto Asset or Fiat deposits, though withdrawals come with a transaction fee that varies.
Binance currently supports three types of trade orders: limit, market, and stop limit orders. Limit orders are executed only at the limit price set by the trader, market orders are executed immediately at the best available market price, while stop limit orders become valid orders only when the price reaches a specified level.
Additional Services of Binance
Binance a wide range of services other than the exchange services. They have tools, platforms, and services for supporting the overall blockchain ecosystem and these we will explore more in future articles.
Binance has an incubator called Binance Labs for Blockchain Projects. It focuses on nurturing, funding, advising, and can launching promising pre-ICO stage projects.
Binance has a site, Blockchain Academy. where Blockchain and trading concepts are taught.
They has Open APIs, which stands for application programming interfaces for high frequency traders.
It launched its own Binance Coin (BNB) through an ICO in July 2017. BNB has gained popularity and actively trades with a market cap of about $2.3 billion in August 2020 with the 8th position on CoinMarketCap. It is set to become the native currency of the decentralized Binance exchange.
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