Binance Exchange, a relatively new digital global exchange has quickly risen to the top ten cryptocurrency exchanges by trading volumes, and is expected to be one of the top three exchanges in a year’s time. The mission of Binance is to enable traders to trade on their own in-house altcoin and Futures trading platforms.
This will enable them to trade using Cryptocurrencies instead of traditional currencies. Binance is currently operated out of China, Hong Kong and Singapore. Binance currently has over one million traders worldwide.
With Binance users can either just buy or sell tokens, or they can trade coins on margin within Binance’ Futures trading section.
ICOs with Binance
ICO, or “ICO” stands for “Initial coin offering”. Unlike most ICO’s which are typically speculative trading opportunities, with Cryptocurrency exchanges you are able to even get coins for free from new projects, in so-called airdrops. Such are being features on Binance from time to time.
This is because Binance is the most popular and successful altcoin exchange in the world and new projects always try to get their coins listed with them first. This exchange is among the largest in the world and has a lot of volume. They currently handle over one-hundred and sixty million dollars each day in currency exchange.
Binance Deposit Options
If you are planning on investing into Cryptocurrency, Binance will likely be your first choice. If you are not familiar with Binance and the platform, it is important that you familiarize yourself with the various deposit methods available. Some of the more popular deposit methods include: transferable Deposits, non-transferable deposits, pooled investments, mini accounts, direct deposit, debit cards, online bill payments by check. These methods generally all include some form of fees. The amount of these fees will vary from exchange to exchange.
Many brokers will also offer Cryptocurrency as a service. This is done through the same methods that they would provide to clients that are interested in trading other stocks or other commodities. When opening a trading account, you should make yourself familiar with the respective trading “fees” of the platform. Fees are basically the rate at which you exchange your money for Binance coins. The fee varies from broker to broker, but you’ll usually get an idea of what you’ll be charged before you proceed with opening an account.
Unique Trading System
Like other decentralized exchange (DEX) projects like Metatrader and Trade Smart, Binance makes use of a unique model where trades are executed between traders instead of between brokers. Unlike most existing forex trading software, trading on Binance does not entail the need for installation of any special software. This allows investors to execute all types of trades, be it buying and selling of tokens, trading in their own portfolio, or trading in another investor’s portfolio.
Binance trades are settled through the use of an “interbank” service. Since there is no physical address for every transaction, the protocol that Binance uses for settlement is a four-party one. To add to this, all trades on Binance are settled after they have been authorized by one or more banking institutions. Because of this added level of security, many people who want to try out trading on this virtual platform do so with relative ease, since they do not need to provide any type of financial information to the bank which they wish to trade in.
BNB – Binance Token
Binance uses its own unique token, which is known as BNU (pronounced “bial-yoo”). The purpose of this token is to act like both a security or a credit, but instead of lending it out, traders provide bids to purchase or sell Binance tokens. Once a trader buys a Binance token from another trader, the trader will be charged a fee for that trade. This fee structure was designed to discourage spam and to reward genuine buyers and sellers of ERC20 tokens.
Binance token works much like a stock on the exchanges. With ethereum being the backbone of the project, investors in Binance can trade or invest in ether and bitcoin. As per their roadmap, Binance investors can convert their ether into bitcoins. In this process, investors can also convert their bitcoins into Binance tokens. This process is called “bartering.”
Tezos – One of the Hot Markets
One of the altcoins supported on Binance is Tezos, of course. Tezos belongs to the class of securities in the world of crypto projects. They are traded like stocks and are sold in multiple unit denominations. This is different from most of the major exchanges in that they do not guarantee their results. In fact, if your investment does not pay off, you are not refunded.
Also, they currently have an extensive list of holdings of Ether, including a large position in the upcoming Ether Gold project. The website provides information on their mission and vision, along with current and historical market data.
Other Banking Services by Binance
With Binance users not only can buy or trade cryptocurrencies, they can also open savings accounts or earn money with staking certain coins. Additionally, they have one of the largest crypto lending platforms integrated, where users can lend their coins or get crypto loans, which all works peer-to-peer. Binance is listed as one of the top providers among platforms in the crypto lending sector for a reason.
The major reason why traders and investors have started using Binance as an online exchange is due to its simplicity and effectiveness. What is Binance does in a nutshell is to simplify the trades that you need to make so that you can focus on other aspects of your trading business. Binance also offers great features that can be useful to traders such as news and research apps. These features and functionalities have attracted many users to the platform, and as a result, the number of Binance traders has substantially grown over the past few months.
Crypto services by Banks
Other popular Cryptocurrency exchanges include those run by major banks. Wells Fargo Bank is one of the largest banks in the United States and one of the largest in the world. The Ether gold project is run out of Wells Fargo Bank and traders who participate are automatically allocated an equity stake in this emerging enterprise. Other notable banks with Cryptocurrency deposits include Wachovia Bank, Capital One Bank, and Bank of America.
Although there are some risks involved in trading Cryptocurrency, there are also a few significant benefits. The major benefit is the low transaction fees and lack of exchange risk. Many traders are switching to this new, easier way of trading because of these benefits. While there is still some risk involved in the world of Cryptocurrencies, the Cryptocurrency exchange provides a safe haven for new and experienced traders, as well as for new investors. For more information, check out the website.