When you talk about a crypto exchange platform that is reliable, large in scope, large in the number of coins available coupled with a low trading fee, only one platform comes to mind – Binance.
The Binance exchange is undoubtedly the most popular cryptocurrency exchange platform in the globe. Not only the most popular, but the largest.
In this article, I will be explaining in detail all you need to know about this popular exchange platform.
Firstly, what is the Binance Exchange?
According to Investopedia, Binance Exchange is one of the popular cryptocurrency exchanges that offers trading in more than 45 virtual coins including the major coins and its native coin, BNB.
Short History of the Binance Exchange
Binance was launched in 2017. The name “Binance” was gotten from the infusion of two words, “binary” and “finance”.
Furthermore, in July 2017, it launched its native coin, Binance coin (BNB) through an ICO (initial coin offering).
And as at March 2010, its market value was calculated to be around $36.4 billion. This made it the cryptocurrency exchange with the highest market cap.
Key Features of the Binance Exchange
- Launchpad: This gives users access to crypto exchanges to stay ahead of the market. Here, you can review the whitepapers, the timelines, staking and other project details.
- Wallets: Binance offers users with a variety of compatible wallets to hold their different coins.
- Derivatives: In here, traders can trade with USDT futures, coin futures and leveraged coins products.
- Interactive Charts: This gives users access to a select indicator to carry out technical analysis. And, it is strongly supported by TradingView.
- Finance: Binance gives out awards for users who stalk or deposits their coins with them. It also offers loans secured crypto.
- Binance Visa Card: This enables you to convert and pay crypto anywhere in the world.
- Deposits and Withdrawal: Binance supports the deposit and withdrawal of both fiat and crypto.
- Trade: This represents the marketplace of the exchange. It provides different platforms where you can trade or invest in crypto. And this includes; Basic, Classic, Advanced, Margin, OTC and P2P.
- Research: Binance provides you with information on institutional analyses and reports. The information is to guide you through the process of acquiring good and profitable coins.
- Mobile Trading: Binance is compatible with mobile devices and it is available on Google play store, App store and IOS
- Support Centre: Binance Exchange provides a well-detailed library of articles that helps you to query and navigate the platform seamlessly. And, you can also chat with the support center in case you need help. Furthermore, Binance guides you on the coins to buy at any given time. It does this through, “Learn Selection.”
Haven’t explained the key features of the exchange. Let’s now look at the countries where Binance is accepted.
Countries Where Binance Exchange is Accepted
The following countries allow Binance to operate in its full capacity. They are:
Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein. Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Russia, Slovakia. Slovenia, Spain, Sweden, UK, and Ukraine.
Countries Where Binance Exchange is Accepted but “pay with Bank card” option is disabled
The following countries accept Binance but the “pay with card” feature is temporarily disabled. They include:
Argentina, Brazil. Colombia, Hong Kong, India, Indonesia, Israel, Kazakhstan, Kenya, Malaysia, Mexico, Nigeria, Peru, Philippians, Singapore, South Africa, South Korea, Switzerland, Taiwan, Turkey and Vietnam.
Now, we will be looking at the trading fee in the Binance Exchange,
Trading Fee in Binance Exchange
In Binance, when you trade with BNB, you get a 25% deduction off your usual trading fee.
Generally, Binance charges a low trading fee of 0.1%. But not all transactions are being charged the same. You can be charged lower than this depending on your status in the exchange.
The breakdown of the status and the fees allocated to them are:
- VIP 1 – 0.0675%
- VIP 2 – 0.0600%
- VIP 3 – 0.0525%
- VIP 4 – 0.0525%
- VIP 5 – 0.0450%
- VIP 6 – 0.0375%
- VIP 7 – 0.0300%
- VIP 8 – 0.0225%
- VIP 9 – 0.0150%
How is status allocated to users in Binance?
Your trading volume determines your status. And the amount of BNB held by you also determines your status.
So, the higher you trade and the higher the BNB you have, the lower you are being charged.
Let’s now look at the payment methods in Binance Exchange.
Payment Methods in Binance Exchange
The various payment method in the Binance exchange are:
- Bank Deposit: In countries where Binance accepts cash transfer, you can deposit into the exchange through the bank.
- Credit/Debit Card: You can make a deposit and withdraw through a credit or debit card.
- Crypto deposit: You can transfer cryptocurrency from other wallets to compatible wallets in the Binance exchange.
- P2P: This is used in countries where cash deposit and withdrawal to their designated fiat is disabled. It has over 60 different modes available to carry it out.
- 3rd Party Payment: This can be done via banxa and Simplex.
We will now be looking at the available trading platforms in the Binance Exchange6
Trading Platforms in the Binance Exchange.
The Binance Exchange provides the following trading platforms to cater for the needs of both amateur and experienced users. They are:
- Basic
- Classic
- Advanced
- Margin
- OTC
- P2P
1. Basic
This is the easiest platform to trade on in the Binance Exchange. It appeals more to the crypto novice. And, the good thing is that you can trade hundreds of coins including Bitcoin, Ethereum, and BNB in minutes.
To access the “Basic” platform, go to the “Trade” icon at the down menu of your screen and click “Basic”.
After that, you can simply select the coin you wish to trade on and the amount. After which you preview the transaction and complete it.
2. Classic
It is a standard trading platform not as simple as “Basic” and not complex as “Advanced.” It provides a more traditional outlook for trading.
This platform allows users to be able to use stop limits and OCO and also, trade by the limit offer.
On this platform, you have access to various crypto pairings. For example, Eth/XRP, TRX/BNB, USDT/CAKE etc.,
Additionally, you can buy and sell crypto here,
Also, you have the option to trade under Isolated 10x.
Unlike Basic, in Classic, you can be able to view your:
- Open orders
- Trading History
- Order histories
- Funds summary
3. Advanced
The Advanced trading platform is like the “Classic.” However, it provides additional trading tools on the charts that enable you to carry out technical analysis and trade.
Apart from this, the only difference between the advanced and classic platforms is the user interface.
4. Margin
The Margin platform helps you to earn more on your trades by using margins.
And, with the Margin trading platform, you can borrow funds to carry out leverage trading.
In addition, the Margin platform supports both Cross Marginal and Isolated Marginal Modes.
Now, let’s, look at Cross and Isolated Margin Modes:
Cross Margin Mode
Here, you can only open one cross margin account. And all trade pairs are available.
Furthermore, assets inhere are shared by all positions. But one limitation is that one liquidation can liquate all the positions.
Isolated Marginal Mode
Unlike the cross-margin mode, each trading pair has an isolated margin account.
And, it does not support all the crypto coins available on the exchange, only a few specific ones can be transferred in it, held, and trade.
For example, in an ETHTRX isolated margin account, Only ETH and TRX can be accessed.
Additionally, positions are independent in each trading pair.
However, unlike, Cross Margin, where your account is fund automatically when it becomes empty. It is not so in here for you must fund it manually. It won’t be automatically be done for you.
And, when one position gets liquated, it does not affect the other positions.
5. OTC
OTC is a personalized way to trade large block sizes of crypto quickly and securely. Normally, the order book cannot accept large transactions. If it is forced to, it may cause big wicks on the chart, thereby tipping off other traders.
It is usually done between two parties without the supervision of an exchange. Normally, one of the parties is usually a firm, known as an OTC desk.
The transactions could either be “crypto to crypto,” or “crypto to fiat.”
Transactions settled within the Binance ecosystem are usually completed in minutes.
Additionally, you don’t need to create a new wallet, nor do you have to wait for blockchain transactions.
Advantages of the Binance OTC platform are:
- There are no added fees; the price is all-inclusive.
- There are no drastic wicks on the chart, as it uses algorithms to unwind any trade that has no significant impact on the markets.
- It often offers better prices.
6. Peer to Peer (P2P)
For countries where cash payment is disabled, P2P can be used to effect transactions.
Peer to Peer is a transaction between two verified traders which is supervised by the exchange. Normally, every P2P transaction is given 15 minutes to be completed.
It has added 62 payment methods in the Peer to Peer platform which include Western Union, PayPal, SWIFT, and so many more.
The only thing amount this platform is that before trading with any merchant, first check its rating. It is risky to trade with any merchant below 80%.
Additional Provision of the Binance exchange
Balance and Trading History
Binance provides users with comprehensive historical information of all orders, loans, and savings history. They include:
- Spot orders
- Margin orders
- Dual currency orders
- Saving orders
- Loan history
- OTC history
- P2P orders
- Buy crypto History
As stated above, Binance provides a full detailed log of each breakdown. In addition, users can cancel or lockdown orders or trades.
Consequently, to access this breakdown, you must go to the “Orders”. It is a dropdown menu located at the top right-hand side of the user interface on your screen. There you will see all the options displayed. You can then select any.
Additionally, you can be able to view locked assets here.
Charts
The Binance exchange provides traders with interactive and detailed charts to support their investment and trading activity.
The charts formats come in three forms:
- Original
- TradingView
- Depth
To access the “Charts,” go to the “Trade page.” Then, you can select the crypto pairing from the drop-down menu located on the right-hand side of the “trade page”.
And, users can make the chart’s history more helpful by including indicators. This can be done by clicking on the icons below the charts. Additionally, users can adjust timer intervals. And, can include technical drawings to make it easier for themselves.
Charts are available on the Classic, Advanced margin, and Derivatives trading platforms.
Binance Labs
Binance Labs is a blockchain Technology in the Binance ecosystem that focuses on nurturing promising pre ICO stage projects.
Additionally, it helps deserving crypto projects teams a=by proving necessary advisory resources, funding, and launchpad.
It also goes ahead in organizing fundraising exercises.
LaunchPad
LaunchPad is a site offered by the Binance Ecosystem used for hosting new and emerging blockchain projects and API.
42 projects have been launched as of March 2014
Advantages of the Binance Exchange
- It is highly secured.
- 24/7 customer support system.
- Allows users to earn more profits by staking their coins.
Limitations of the Binance Exchange
- The more advanced trading platform can be complicated for novice
- KYC Laws does not support the anonymity of traders.
Conclusion
If you are a crypto enthusiast who wants to go into trading, I strongly recommend you start up with this app. It is reliability is top-notch.
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