Have you been hearing about Binance and you don't even know what it is used for and how it is used? This post is for you. If you also want to know more about trading with Binance, this article will explain all you need to get started.
The COVID-19 lockdown gave a lot of people eye-opening on a lot of businesses that they could do without leaving their homes. A lot of people learned remote working and taking up freelance jobs and it's been a source of income for them. One notable discovery every person made globally is in the Cryptocurrency world. Trading Cryptocurrency taught a lot of people about the exchange with finance.
What is Binance Trading?
Binance trading also known as Binance exchange is a leading Cryptocurrency company that was founded in 2017 in Hong Kong, and it focuses majorly on altcoin trading. Binance has grown widely as now it offers every customer trading in more than 500 Cryptocurrencies and tokens. These Cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), DogeCoin (DOGE), Lite Coin (LTC), and so on. The company has its token that is called Binance Coin (BNB). Because of China's regulations against the Cryptocurrency exchange business, Binance had to move its headquarters to Malta in 2018.
Binance provides a Crypto wallet for their traders to keep and trade their electronic funds. It also has services that will help its customers to invest and make great investment decisions. Although Binance has faced regulatory problems in several countries around the world, Nigeria is inclusive because of the new rules against holding Cryptocurrencies or having exchanges of such kinds.
Understand all about Binance Trading
This is popularly known as crypto-to-crypto trading that helps for an exchange of Cryptocurrencies. Binance trading is one of the applications that have low transaction fees for the exchange and it has high liquidity which can offer discounts to customers that pay in the company's Cryptocurrency token—BNB.
Reports have shown that the company's name was obtained from the combination of "Bitcoin" and "Finance." The Binance exchange can process more than 1 million orders per second because of a great safety and security system and it's trusted by many because of the great features and all that it offers.
Binance offers services around
• Crypto Trading
• Listing and Delisting
• Withdrawal of Cryptocurrencies.
Binance also allows people who are interested in launching their currency to raise funds for their tokens using the ICOs the Initial Coin Offerings. Binance is used by a large number of Cryptocurrency traders for mainly trading and investing in various Cryptocurrencies of their interests.
To be qualified to start trading, as a user you have to complete the KYC requirements and create a successful trading account you can begin to add Crypto funds to your wallet address that will be provided by Binance and begin to trade.
There are three main types of trade orders that Binance trading supports and they are;
Limit Orders
They are the orders that are executed by a limit price set by the trader.
Market Orders
They are the orders that are executed at the best available market price found by Binance.
Stop-Limit Orders
They are the orders that are conditional over a time frame and a specified price after a given stop price is reached. Once the stop price is reached, it would automatically buy or sell at the limit price or a much better one.
The other extra orders that Binance supports are;
Stop market order
It is very similar to the stop limit order and it uses a stop price to trigger the trade. When the stop price is reached it triggers a market order.
Trailing stop order
This is a type of order that allows the trader to set an order at a specific percentage away from the market price in case the market swings. So that when the price moves negative from the specified percentage the order is executed at market price.
Post only order
These are orders added to the order book but not executed immediately when added.
Limit TP/SL order
This is also known as strategy order and it helps you set a profit or stop-loss price before the opening.
Other services that you can enjoy as a Binance trader are;
Binance Earn
This is a platform that is for earning interests by depositing stable coins with the exchange. It mostly depends on the coin you use and for how long it stays. It offers investors more than one option and great interest rates for the coin.
Binance Visa Card
This is a credit card from Binance that allows the user to convert the Cryptocurrency in their wallet into fiat current and can spend it. The conversation doesn't incur fees from Binance but only payment charges.
Binance Smart Pool
It helps miners to optimize their income by switching between different Cryptocurrencies.
Binance Labs
This is like an incubator that focuses on ICOs. It helps project teams that are hoping to own their Cryptocurrency and provides the necessary funding to help their project. Binance also offers advice and resources necessary for fundraising.
LaunchPad
This is a site offered by Binance to host blockchain projects and API, more than 40 projects have been launched from there and it includes the Binance Coin (BNB) that was launched in July 2017. In March 2021, the BNB was worth about $36.4 billion and it was set to become the currency of Binance trading.
Binance P2P Trading
Binance P2P is a peer-to-peer crypto exchange, where people from different countries trade crypto directly with each other on their own agreed terms.
All about the Binance Coin (BNB)
It is the internal token and is used to help Cryptocurrency trading on the Binance exchange app. The coin was launched using an ICO and the funds raised were used for the company branding and marketing and also for necessary upgrades to the Binance user experience. The BNB runs on the Ethereum blockchain and has over 200 million BNB tokens. One BNB was worth around $650 in March 2021 and has taken a more progressive state since then.
This information is basic about Binance trading and you should dig deeper to understand Cryptocurrency trading.
📸 Pexels
Posts
0 Comments