![]() ![]() While this huge variety of services might seem a bit overwhelming to you, worry not, because Binance simplifies all these processes with its user-friendly interface. The program features investment solutions, reward programs, liquidity farming and staking options, and so much more.Īdditionally, Binance has a LaunchPad for new crypto initiatives the Binance Card and Binance Pay program for those who want to use crypto as a regular payment method and it even provides crypto loans. Talking about other services offered by Binance, for one, it has the Binance Earn program, which allows users to earn passive income using their crypto assets. This means that all transactions that take place on Binance happen very fast. Now, it's also important to mention that Binance has a high processing throughput of roughly 1.4 million orders per second. The most common order types on the Binance spot market include market orders, limit orders, stop-limit orders, one-cancels-the-other (OCO) orders, and trailing stop orders.Īs for futures trading, in addition to limit, market, trailing stop, and stop-limit orders, Binance also allows traders to make stop market orders, post only orders, and limit TP/SL orders. Speaking of order types, there are different options traders can choose from. Since the Binance order book is regularly updated throughout the day, it only reflects the most recent information as well as the real-time intent of buyers and sellers. In essence, order books represent the interests of buyers and sellers. An order book is simply a price-level-organized electronic list of purchase and sell orders for a certain asset. Now, if you're wondering how Binance works from the technical side, it utilizes an order book to keep all orders that happen on the exchange intact. As for trading, in addition to the traditional spot trading option, Binance also provides users with margin trading, P2P trading, futures trading, OTC trading, and so on. In terms of purchasing crypto using fiat, Binance supports all the biggest fiat currencies ( EUR, USD, GBP, and much more) as well as various payment methods ( bank deposits, credit / debit card, Apple and Google Pay, etc.). This includes crypto-crypto trading, purchasing crypto using fiat, derivatives trading, various earning tools, and so much more. How Binance Works?īinance is a centralized crypto exchange that offers all services that every top-notch crypto exchange should. However, before jumping into a step-by-step guide of opening an account, let's also discuss how Binance works. Now you know what it is, and you’re ready to learn how to use Binance! Once you have cryptocurrency, you can use it to trade with around 750 fiat + coin and token pairs on Binance. Examples include the Japanese Yen (JPY), the US Dollar (USD), and the British Pound (GBP). ![]() Note: Fiat currencies are the official currencies of governments around the world. Table: Some general stats of the Binance cryptocrrency exchange ![]() What kind of fiat currencies are accepted in a certain cryptocurrency exchange. If you don’t already own some cryptocurrency, then you’ll need to buy some with fiat money, first, before you can start trading. This means that users can trade cryptocurrencies and fiat money, interchangeably. At certain points in time, it's not uncommon for more than $1.4 billion worth of cryptocurrency to be traded on it.īinance allows users to trade both crypto-crypto, as well as crypto-fiat. Note: An initial coin offering (ICO) is an easy way for crypto businesses to raise money without using more complicated methods like bonds or stocks.īinance is often hailed as the biggest crypto exchange on the market. Discounts are offered to traders who use BNB to pay trading fees ( which I will explain in detail a little later!) ![]() The exchange used an initial coin offering of Binance Coin (BNB) to raise $15 million worth of funding in July 2017. Moving further, note that Binance has its own cryptocurrency, called Binance Coin (BNB). However, it then opened a subsidiary company - Binance.US - to provide US-based traders with an exchange that complies with all regulations. In 2019, Binance was banned in the United States due to the strict US regulations regarding cryptocurrencies. Currently, Binance is based in the Cayman Islands. It has since had offices in Japan, Taiwan, and Malta. The company was forced to leave China in September 2017, after the Chinese government banned cryptocurrency trading. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |