Binance is one of the most promising virtual currency exchanges with the main emphasis on crypto-to-crypto trading. Due to its amazing coin offerings and impressive reduced fees of trading, this platform has begun to gain much popularity in the world of the Blockchain.
With its offices in China, this crypto exchange offers the users an endless access to a rich set of security features, charts as well as trading tools. After the successful ICO campaign that it had back sometime, this exchange started live trading in the month of July 2017.
One thing that sets Binance apart is the fact that it provides both Advanced and Basic exchange interfaces. This makes it easy for those who are new in this market to carry out simple trades. The more experienced and professional traders aren’t left behind either. They will also enjoy some of the most advanced options such as margin trading and a host of others.
Using Binance: How Much Does It Cost?
It is entirely free to download a mobile application for Binance or even creating an online account. It is also free to make deposits in any of the supported currency with Binance. Users might only incur certain fees whenever they are withdrawing funds from this exchange. It is, however, imperative to remember that the fees would range based on the currency that is being used.
On each trade that is made on Binance exchange, the users will be charged a 0.1% fee. At the moment, Binance has made effort to introduce its own token that is known as BNB. This token can help those who pay any type of fees they have incurred on the exchange.
The best part about using this token is that it lowers the fees of the transaction on trades by a certain amount. During the first year of usage, the BNB token will lower the traders’ transaction fees by 50%.
During the second year of usage, the token will reduce the trading fees by 25%, and it would come further down to the years that follow. Since Binance’s main token is tradable on the exchange, its value fluctuates with time.
Can You Purchase Bitcoin Using Binance?
At the moment, Binance does not provide fiat to virtual currency pairings, as it only deals with the Cryptocurrencies. Purchasing Bitcoin or other digital coins using the Euros, US dollar, or any other fiat currency is not supported in this platform. In fact, Binance has made it clear that it does not plan to include the support of fiat trades in the list of its operations.
Binance’s Future
Based on the information provides on this exchange’s whitepaper, the future seems bright ahead. The whitepaper entails plans for the launching of other extra features.
Whereas the exchange has not issued an official timeline to when all these will occur, Binance’s vision includes the support of the following: margin trading, spot trading, decentralized or on-chain exchange, anonymous instant exchange as well as plans for new futures.
Summary
Binance is one of the best crypto exchanges because it offers support to about 100 digital assets all over the world. It has high liquidity and the powers of processing 1.4 million operations just within a second. These are some of the things that make it the favorite for most traders.
