Binance Exchange Review
Binance is a centralized exchange that occupies No. 1 on Guru InvestingExchange Tracker. Binance has trading volume US$9,829,270,695 in the last 24 hours and $4.92 trillion. in the last 7 days.
Currently Binance has 402 cryptocurrencies, eleven paper currencies and 1591 markets (cryptocurrency trading pairs). Most popular trading pair on Binance: BTC/USDT.
You can read the full expert review of Binance here: Binance Review.
Compare Binance next to other exchanges here: Exchange comparison tool.
Binance is a centralized cryptocurrency exchange (CEX). Cryptocurrency exchange Binance, founded in 2017, offers trading on spot, margin, futures and options markets, using both fiat money and cryptocurrencies. Binance cryptocurrency price charts are constantly updated to reflect changes in all trading markets.
Binance trading services are not available in the US. Instead, clients can trade on Binance.US, which is a separate centralized exchange. Due to regulations, Binance cryptocurrency exchange services may also not be available in other regions.
Markets
Futures exchange became available alongside spot trading on Binance in 2019. By 2022, there were approximately 1,500 Binance trading pairs in the spot market, and 250 pairs were available in the perpetual and quarterly futures markets.
Traders on the Binance cryptocurrency exchange can use leveraged tokens in both the futures and spot markets. This allows clients to access certain leveraged positions without the risk of liquidation. There are several fees for Binance cryptocurrency, including trading, subscription, redemption, management, and funding fees.
Binance trading pairs can be set up using two crypto assets or one cryptocurrency and one fiat currency. This does not facilitate trading between two fiat currencies. The platform also acts as escrow for P2P trading. Market makers pay a 0.1% exchange fee to Binance on their orders, while takers do not charge a transaction fee.
Binance cryptocurrency exchange supports over-the-counter (OTC) trading for large-scale transactions valued at more than US$200,000. It uses agency execution algorithms to optimize low liquidity orders without causing major market impact.
Special transaction fees apply to certain trading pairs and user levels. Some stablecoin and fiat BTC coin pairs do not incur any Binance exchange fees. There are also no manufacturer fees for BUSD pairs. VIP users of all levels pay lower maker/taker fees depending on their BNB balance: from 00750%/0.0750% for VIP 1 to 0.0150%/0.0300% for VIP 9.
other services
Over the years, the Binance cryptocurrency exchange has expanded the range of services it offers. Although it mainly offers cryptocurrency trading, it has added new features such as liquidity pharming and staking, brokerage services and digital wallet. Users can make deposits in US Dollars, Euros, Australian Dollars or some other currencies.
Binance Lending Service allows users to take out loans for trading or betting. Available loan terms are set to 7, 14, 30, 90 or 180 days. According to the platform, there are no additional Binance cryptocurrency fees applied to transactions. Clients can use various cryptocurrencies as collateral.
Earnings on Binance The program provides an opportunity for passive income. It supports more than 180 cryptocurrencies. Blocked rate allows users to lock their funds in a wallet to earn interest over time. BNB Vault is a platform profitability aggregator.
Clients can also open Binance Savings Account invest flexible or locked savings and earn interest over time. His Auto-Invest The feature allows clients to automate their investments to generate passive income.
Liquidity farming enabled on Binance Liquid Swap. Users can choose between sustainable and innovative agriculture. Binance Smart Pool also allows clients to earn a stable income in Bitcoin (BTC) by mining one of the available cryptocurrencies. Brokerage services are available through Binance Link Program.
The Binance cryptocurrency exchange is just one part of the entire Binance ecosystem. The network has its own BNB token, hosts a launch pad for blockchain projects, provides educational content, and supports charities. Clients can also access decentralized exchange Binance (DEX) on Binance Smart Chain.
Binance Launchpad is a platform for issuing new tokens and supporting the development of blockchain projects. Binance Academy offers a Learn & Earn program that allows users to earn cryptocurrency by taking various digital courses. Binance Research focuses on providing insight and analysis into the crypto industry based on real data.
Binance allows you to make cryptocurrency purchases using a debit or credit card. Binance fee for using this service is 2% per transaction. In July 2020, the platform launched its own Visa debit card known as Binance card. It automatically exchanges cryptocurrency for fiat currency in real time.
Binance clients can access their assets using Trust wallet, a decentralized digital storage platform. It supports both cryptocurrencies and non-fungible tokens (NFTs). In 2021, cryptocurrency exchange Binance launched its own NFT marketplace, hosting various collections, mystery boxes, and themed events. It also supports special fan tokens.
Binance provides API services, including test networks for Binance spot and futures trading. The Binance API is compatible with popular programming languages such as Python and Java. API trading services provide access to spot, margin, futures and options markets.
The company has also developed contactless and borderless cryptocurrency payment technology known as Binance Pay. It allows users to make near-instant cryptocurrency payments using over 200 assets. Transactions do not incur any fees for Binance cryptocurrency. It requires KYC compliance for security.
About company
Binance was founded in 2017 Changpeng Zhao, better known as CZ, and Yi He. The company was originally founded in China and briefly moved to Japan in September 2017. Binance is currently registered in the Cayman Islands. The company’s name is short for Binary Finance, indicating its focus on the digital currency market.
A few months after the launch, in July 2017, Binance held an initial coin offering (ICO) for the BNB token. which grossed $15 million. In less than five months, Binance has become one of the three largest cryptocurrency exchanges in the world.
By the beginning of 2018, the Binance cryptocurrency exchange market capitalization exceeded $1.3 billion., making it the largest platform of its kind at that time. The same year, the company launched the Binance Labs investment fund, the Binance Academy educational platform, as well as Binance Research and Binance Charity.
Trading volume on Binance is often considered one of the largest in the market. In 2020 Binance spot trading reached a record high of $15 billion. As of 2022, Binance’s average daily volume is 2 billion transactions.
CZ is a Chinese-Canadian entrepreneur and the current CEO of Binance. Early in his career, he interned at the Tokyo Stock Exchange and worked at Bloomberg Tradebook, where he developed FinTech-based software. Before founding Binance, Czech was the CTO of OKCoin, another centralized cryptocurrency exchange.
Yi He is the Chief Marketing Officer of Binance. Yi is one of the most prominent female entrepreneurs in the DeFi space, having worked at OKCoin alongside CZ. Before getting into blockchain technology, she was part of the team at Chinese live streaming startup YiZhiBo.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
