Binance exchange guide: All you need to know

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Are you getting started on crypto trading? Starting in one of the well-known exchange platforms is always the safest bet. Binance is not just an esteemed trading site but it is also considered as one of the leaders in the market.

That said, you should always find out if the crypto exchange is the most suited platform for you. Before you start trading, learn all there is to know about Binance exchange at BTC Post.

Binance: How it all started

Binance is a crypto exchange that supports trading for a wide range of crypto tokens and altcoins. Based on trading volume, it is the largest licensed exchange platform in the world. Since 2018, it has a market capitalization of $1.3 billion.

It was founded by Chinese-Canadian developer Changpeng Zhao (known as CZ) in China. However, it was later moved to Malta due to the Asian country’s crypto crackdown.

Years before the actual founding of the Binance exchange, CZ was already an expert in the exchange sector. In 2005, he founded Fusion Systems, a Shanghai-based group that built high-frequency trading systems for brokers.

It was in 2013 when CZ made the move to the blockchain industry. He joined before he worked as the chief technical officer (CTO) at OKCoin, a platform for spot trading between fiat money and digital assets.

In early 2017, Binance was officially launched in Hong Kong. However, by June of the same year, the Chinese government became a lot stricter with its control over cryptocurrency. Due to this, CZ resolved to move out of China and into Japan in September of that year.

During an Initial Coin Offering (ICO) crowdfunding event, it launched the BNB token. The total supply of BNB tokens is set at 2 billion coins. It is a native utility token that allows flexibility in trading pairs, as well as discounted rates in paying service fees.

After crypto laws became stricter in Japan, Binance settled in Taiwan and Malta in 2018. In the same year, it raised $32 million with three other major exchanges for a stable coin project to offer crypto without the known volatility of the virtual assets.

Binance made headlines after a large scale security breach on May 7, 2019. 7,000 BTC with the market value of $40 million at that time was stolen in the hacking attack. This pushed the firm to improve its safety standards more. It also pledged to reimburse affected users through its emergency insurance fund called SAFU.

Be that as it may, Binance always places in the top three most trusted exchange platforms in terms of the 24-hour trading volume. In 2020, it made records with a 24-hour trading volume of $4 billion and a 30-day trading volume of $139.7 billion. Both of which are considered the highest in the world!

Binance exchange services

A wide range of Binance exchange services is behind the success of the platform. It allows users to exchange fiat money for a variety of crypto tokens and altcoins. You can buy crypto in many ways such as:

  • Peer-to-peer (P2P) Trading – It connects crypto buyers and sellers directly with many kinds of payment options for the users’ preferences.
  • Credit/debit card option – With its partnership with Simplex, you can buy up to 31 crypto coins with a debit or credit card such as Visa and Mastercard. It also comes with a premium that can get as high as 3.5% fee.
  • Single Euro Payments Area (SEPA) and/or wire transfers – It allows you to buy crypto directly with fiat money using your bank account.
  • Brave browser trading – It is a widget integrated with the privacy-focused browser to buy and trade crypto, as well as view and manage your crypto portfolio on a web browser.

As a trading platform, Binance also offers an impressive crypto selection for trading in conjunction with the Bitcoin, Ether, BNB, XRP, and Tether trading pairs. You can choose from the different trading options available in this exchange:

  • Spot trading – It allows buyers and sellers to come together to exchange cryptocurrencies almost instantly.
  • Margin trading – It allows you to trade with leverage of up to 10x on some crypto coins. There are two kinds of margin trading you can take on:
    • Cross margin – It puts your entire margin account balance on the line.
    • Isolated margin – It limits your potential losses to a single trading pair.
  • Binance Futures – It allows you to speculate on the price of known crypto coins such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. It also has leveraged trading of up to 125x to multiply your profits.
  • Binance derivatives – Known as Leveraged Tokens, it supports UP and DOWN contracts betting on the price of a certain digital asset for a leveraged exposure without the risk of liquidation.

Moreover, the latest Binance exchange services feature financing options such as:

  • Binance savings – It allows you to make a return on idle funds through flexible or locked account types.
  • Binance staking – It allows you to earn returns on proof-on-stake and DeFi coins without the need of expertise to stake the coins themselves.
  • Binance Smart Pool – It allows you to take part in a bigger mining group to split rewards from the most profitable crypto to mine at the time.
  • Binance Visa Card – It allows you to spend their crypto holdings that only accept fiat money through a debit or credit card.
  • Crypto loans – It grants loans in forms of BUSD and USDT which are collateralized with BTC or ETH.
  • Binance Liquid Swap – It is an automated market-maker (AMM) platform where you can trade coins with less slippage or offer their liquidity for a share of fees.

Binance exchange fees have a flat rate of 0.1% which is advantageous for those who do not need immediate fiat liquidation. It also has lower futures trading fees starting from 0.02% to 0.04% for makers or takers.

There’s no denying that Binance has come a long way to be on top of the exchange platform competition. It has become an institution in the crypto market, synonymous with crypto investing.

With the rapid rise of crypto, the exchange is bound to continue its success. Stay up to date on the latest Binance news, updates, and trends at BTC Post!

Cryptocurrency Market Capitalization
  • bitcoinBitcoin (BTC) $ 43,897.00 0.24%
  • ethereumEthereum (ETH) $ 2,349.16 0.39%
  • tetherTether (USDT) $ 1.00 0.09%
  • bnbBNB (BNB) $ 239.64 0.84%
  • xrpXRP (XRP) $ 0.659568 4.04%
  • solanaSolana (SOL) $ 72.65 4.7%
  • usd-coinUSDC (USDC) $ 1.00 0.04%
  • staked-etherLido Staked Ether (STETH) $ 2,344.97 0.39%
  • cardanoCardano (ADA) $ 0.588607 5.87%
  • dogecoinDogecoin (DOGE) $ 0.100237 1.2%

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