Binance is one of the most popular cryptocurrency exchanges in the world. It’s also one of the youngest, having launched only in 2017.
This flexibility has made it an ideal place for people to get into cryptocurrency trading. In this Binance 101 guide, we’ll introduce the exchange, its history, and basic trading terminology. If you’re interested in getting started with Binance, read on to learn more.
Binance was started by Changpeng Zhao, a Chinese software engineer who previously worked as the Chief Technology Officer of OKCoin. It launched with relatively few coins and altcoins. However, it quickly grew to become one of the largest exchanges in the world.
What Is Binance?
Binance is a cryptocurrency exchange with a focus on the Chinese market. It was started as a Chinese-only exchange, but later expanded to support English-language trading as well as Japanese and Korean.
The exchange is unique for having its own coin: Binance Coin (BNB). With this, users can get a 50% discount on trading fees when using Binance. BNB can also be used to pay for trading fees and transaction charges. Binance is also one of the only exchanges operating with a Zero trading fee model.
What Sets Binance Apart?
Binance has been called the “Kraken of China” because of its ease of use and large number of trading partners. It offers a wide range of trading pairs, holds both BTC and ETH trading pairs, and provides 24/7 customer support.
Binance’s mobile app is also very user-friendly and offers many useful features, including a very large number of altcoin coins. Binance’s exchange platform is also one of the fastest in the world, with an average transaction time of less than 10 minutes.
Binance Exchange Review
The Binance exchange was one of the first large-scale cryptocurrency exchanges to launch in 2017, and it’s since grown to become one of the largest exchanges in the world.
It’s also unique among major exchanges in that it doesn’t charge trading fees for most coins, relying on its own coin, Binance Coin (BNB), for payment. Binance offers trading in a wide variety of cryptocurrencies, including new coin listings.
While Binance is a very new exchange, it has quickly gained a large number of followers due to its large selection of coins, low trading fees, and strong customer support.
Binance Interface Explained
Navigating the Binance interface is simple, thanks to its clear design. In the top-left corner of the screen is the main menu. This lists all of the available trading pairs, including BNB, BTC, and ETH.
Clicking on a trading pair displays a list of available trading volume, order books, and order prices for that pair. Along the bottom of the Binance interface is the trading area. Here, you’ll see all of your open trades and information about your open orders.
Clicking on a trade or an order takes you to its detail page, where you can track the status of the trade, manage position sizes, and place new orders.
Binance Security Measures
Binance strongly believes in the security of its customers’ funds and takes security very seriously. To prevent losing users’ funds, Binance features two-factor authentication (2FA), which requires the user to provide additional verification in order to login.
Binance also uses an internal risk management system to detect unusual trading activity and will immediately suspend any accounts found to be in violation of the exchange’s policies.
Binance Fees and Processors
Binance charges a 0.10% trading fee for all trades, except for those made with BNB. It also charges a 0.35% trading fee for trades that are above 1 BTC.
Binance uses a order-based trading model, which means that each trade must stay open for at least one second. The liquidity fee is set at 0.05% and is charged based on the volume of the order.
Binance also has a strict policy against wash trading and will promptly remove any users found to be engaging in this practice. Wash trading involves using different accounts to trade directly with one another, which Binance considers a clear violation of its rules.
Binance is one of the largest cryptocurrency exchanges in the world, with a focus on the Chinese market. It was founded in 2017 and offers trading in a wide variety of cryptocurrencies, including new coin listings.
It uses a hybrid order-book/matching model, employs 2FA security measures, and has a strict policy against wash trading and other types of trading fraud.
Binance offers trading fees that are lower than those of many other major exchanges, making it a great place to get started with cryptocurrency trading.
For more information about Binance or any other cryptocurrency, check out CryptoCurrency Facts, a comprehensive resource for everything cryptocurrency.