September17 , 2021

Binance and its Ecosystem

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Binance.com Exchange is a platform for exchanging and trading cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many others. In January 2018, Binance was the largest cryptocurrency exchange worldwide with a market volume of $ 1.3 billion. Binance exchange has also launched its currency Binance that is known as Binance coins or BNB tokens. These BNB tokens are often offered to buyers and purchasers as a reinforcement reward as well. Binance is an active cryptocurrency exchange that deals with more than 140 forms of digital currency.

The successful journey of Binance

Changpeng Zao, the founder of Binance, is a software developer who built up highly efficient trading software. Initially, the company was founded in China. In September 2017, it had to move to Japan due to strict regulations posed by the Chinese Government on the exchange of cryptocurrency.  

Binance experienced various scandals due to litigate usage of cryptocurrency online. When China and Japan banned the Binance exchange, its headquarter was moved to Malta. In 2018, a Memorandum of Understanding (MoU) was signed between Binance management and the Government of Bermuda. A similar memorandum was also signed in collaboration with the Malta stock exchange. The goal behind the memorandum was to build up a security platform for cryptocurrency exchange.

Further, Binance Jersey was launched as an independent entity. The business hub aimed to increase the influence of the company in Europe. Binance Jersey offers to trade in fiat to cryptocurrency pairs as well. Till now, Binance has been serving the investors and traders superbly with its promotional discounts and offers.

Services offered by Binance

Binance exchange like other currency exchanges offers services including trading, listing, delisting, and fundraising. Additionally, it also facilitates with drawl of cryptocurrencies.

Let us have a look at its distinctive services:

  • Initial Coin Offerings ICOs

Group of Traders can raise funds through ICO on the platform of Binance exchange. This method is called crowdfunding. The users receive blockchain-based tokens for immediate use or future usage as well as the fundraiser gets money for further fund development.

  • Free of charge services: The users of trading account get free of charge services on fund deposits and dealing in cryptocurrency. However, the company charges some transaction fees withdrawal of digital currency. The transaction fee depends upon the type of digital currency you want to withdraw.
  • Binance labs: An additional feature that keeps Binance distinctive from other exchanges is the Blockchain network. Blockchain technology is supervised by Binance labs. Binance labs aim to provide funds for advisory resources and the development of the network.
  • LaunchPad: Binance Launchpad deals in the latest Blockchain projects.  Traders can also additionally create APIs (Application Programming services).

Binance.com after its existence created its digital cryptocurrency named Binance coin (BNB) in 2017.  

Why do traders prefer Binance?

Binance exchange is popular among traders due to the benefits it offers to the customers. The digital trading hub offers impressive discounts and services to traders on investing in cryptocurrency.

Binance initially got fame for exchanging crypto for crypto. Later on, it continued fiat to cryptocurrency exchanges as well in various parts of the world. Binance exchange is the favorite one for the digital currency holders due to:

  • High liquidity: High liquidity refers to the ability of a company to pay short-term debts. The companies with high liquidity are often more reliable to invest and to deal in various matters. Binance features with high liquidity keep the investors and traders satisfied as companies with high liquidity are less prone to bankruptcy.
  • Low transaction fee: Binancecharges a lesser fee on transactions of cryptocurrency as compared to other crypto exchanges. The digital currency has been growing and developing day by day. It is the reason that famous digital exchanges, unlike Binance, charge high fees on transactions or trading of crypto coins.

Besides, Binance offers additional discounts to the customers on selling, purchasing, and investing through this digital platform. The additional discounts are often offered in the form of BNB tokens that is proprietary to Binance.

How Binance exchange work?

Binance visitors have to fulfill KYC (Know your customer) requirements to start trading through this platform. Traders initially create a trading account by providing necessary profile information. To start trading, the account users add cryptocurrency funds to a public wallet address.

Traders can select out of five types of trading orders that are:

  • Limit order: The users can place an order by specifying the price.
  • Market order: In this order, the user’s order is matched with the best price order available in the market.
  • Stop limit order: This order features a limited time frame along with a stop price and limits price option.
  • Stop market order: This order is similar to stop-limit order with the additional feature of market price available.
  • Trailing stop order: It allows traders to set up an order at a specific percentage other than market price.  

Binance Exchange offers various options for traders and investors. Traders can buy cryptocurrency through credit and debit cards, P2P trading, bank deposit, and third-party payments. Additionally, various levels of trading are open to traders like classic, advanced, and P2P. these levels of trading give access to the traders to various trading tools and options. On the whole, the high profile security and high liquidity of the business keep it on the top among digital currency holders.

Bottom-up

Binance Exchange is among the leading and top-class digital exchanges. Binance ecosystem seems simpler to define but carries complex features to facilitate the users. Binance has an integrated blockchain ecosystem.

The special rolling out feature in the Binance ecosystem drives the general public to sell and purchase the digital currency. Binance works on facilitating the traders and investors to keep the cryptocurrencies in flow globally.

This article revealed basic features and working of the Binance exchange. Sign up to Binance.com and become a participant in digital trading and experience crypto world. The world is rapidly moving to the digital exchange of money and Binance is a reliable and verified platform for beginners.

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