Binance is an online platform, founded in 2017, which provides an opportunity for trading of different cryptocurrencies. There are three types of trading, which are available on the platform, such as spot, margin and future trading. 500 plus cryptocurrencies are available for trading on Binance, these comprise such popular ones as Bitcoin and Ethereum. However, only about 50 of these cryptocurrencies are provided for United States’ customers.
Binance offers such trade orders, as limit orders, market and stop ones. The former can be done only at the specific price limit, which the trader oneself sets. Market orders’ distinguishable fact is that they can be executed straightway at the best possible price, which is available in the market. Finally, stop limit orders can come into effect only at the point when price arrives at the designated level.
In order to use this platform for trading, users need to fill in the necessary “Know Your Client” requirements and when the account is created, it becomes possible for users to add funds to their wallets, which Binance provides, in order to start the trading process on the platform. On Binance, there is no set fee, which platform levies for deposits, however withdrawals cause transaction fees, which depend on such factors as cryptocurrency type and specific amount.
Special Binance characteristics:
- There is a blockchain incubator, which is called Binance Labs. It focuses on providing promising projects with funding and other helpful resources.
- There is a cryptocurrency, called Binance Coin, which is owned by Binance itself.
- In the case if the user pays with Binance Coin, this user can use special discounts.
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