Binance exchange is generating major news nearly every week. Recently Binance has launched its own decentralized exchange in Mainnet ahead of schedule. Trading on the new platform is said to begin in the next few days. Their DEX has a solid chance to follow the lead of its parent company Binance and become a leader in its domain. Their main product is the largest crypto exchange in terms of everyday users and adjusted volume on Coinmarketcap. In today’s article, we will revise what made the relatively young exchange a major figure on cryptomarket.
Intro to Binance
Binance platform became available for users in September 2017. At the start, the company was headquartered in China, but since then moved the main office in Taiwan and has opened offices around the world. Binance was the first exchange to launch its own cryptocurrency, BinanceCoin (BNB), with Market Cap surpassing $3 billion as at the moment of writing.
How to Start Trading?
No KYC procedure is required to start trading on Binance. You only need to provide an email, choose a secure password and you are all set up. Binance has a friendly interface and a wide suite of tools. Both casual traders and pros will enjoy trading on Binance and won’t lack technical tools for analysis.
The exchange provides more than 400 cryptocurrency pairs for trading. A trader may also be pleasantly surprised with a wide range of currencies BTC, ETH, USDT, TUSD, USDC, BNB and PAX as quote currencies. BTC and ETH are traded against 150 and 140 currencies accordingly. So, the majority of coins you’re holding most certainly will be available for trading on Binance.
One of the numerous things that attract traders to Binance is its low fees. The regular trading fee is 0.1%. You can even get a 25% discount on it if you use BNB coin to pay commission. For large volumes, the commission may go down to as low as 0.015% for Makers and 0.03% for Takers. Tip: If you have some coins that have a total balance lower than Binance minimum trade amount, you can convert them into BNB and use them to pay commission for your future trades. Even 10 cents worth of altcoin that can’t be traded with regular orders will bring value.
Deposit and Withdrawal Fees
Binance exchange doesn’t charge any fees for deposits. Moreover, they have recently added expanded deposit opportunities by adding credit card deposits via Simplex.
Withdrawal fees are different for all cryptocurrencies. Consult with the exchange for the latest data. Bitcoin withdrawal fee is 0.0005 BTC, for Ethereum the fee is 0.01 ETH as at the moment of writing. The amount you can withdraw daily depends on the verification level of your Binance account. You can increase the withdrawal limit by providing them with the personal information requested.
Additional tools for Binance
Once you make yourself comfortable with the platform, you may start exploring opportunities that may, on one hand, simplify, on the other hand, make your trading more efficient. They have open API access which that many companies successfully used in developing new trading services.
One such tool that may significantly enhance your trading experience are automated trading bots, that place orders according to your strategy 24/7. For example, check out free trading bot service from TradeSanta. They allow you to choose from available strategies and set up an unlimited amount of bots for as many pairs you want. Bots help you automate routine as well and will take care of your trading even when you are away from the monitor. Once you set up a bot, you will never miss on a trade.
In short, Binance attracts new adopters every day by providing low fees, a variety of cryptocurrency pairs and smooth onboarding. It is well-suited for both beginners and professional traders.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com