Binance is a large exchange that is gaining more and more popularity. It is an exchange, which originated in China and has since become known all over the world. Binance has a lot of offers and their offers can be great. You can go there as a novice trader, especially with our Binance’s explanation.
And you can also find experienced traders who are good at it. The further you get in the article, the more information you will get and learn. And as always, we conclude with our review (experiences) of this service. Let’s start with what Binance actually is?
There is no doubt: cryptocurrencies are one of the most promising investments for 2020.
But getting started with cryptocurrencies can be a confusing process. Where to start? How much money do you need to invest? Which crypto should you invest in and which platforms should you use?
In our guide, we’ll answer all of these questions and show you a simple and way to buy cryptocurrency easily and quickly.
Choose a cryptocurrency platform
First, choose a secure cryptocurrency platform. Take the time to study the offerings of each platform. As a reminder, some brokers do not offer a category of cryptocurrency.
Why Binance
Binance is the largest cryptocurrency exchange in the world, which was established in China in 2017. The number of active users of this cryptocurrency marketplace has already exceeded 6 million, and the daily turnover is over $ 13 billion.
You can trade on Binance not only as the classic cryptocurrency but also digital asset futures contracts with high liquidity and minimal fees.
The key benefits of Binance are minimal fees, and it has a functional mobile app and API, fast asset exchange, and 24/7 support.
Binance was launched in 2017 and is headquartered in Hong Kong. Changpeng Zhao is the CEO. After 6 months of functioning, it entered the largest platforms list in terms of the trading volume of a cryptocurrency.
In August 2017, the financier He Yi became one of the leaders of Binance, the news of this raised the company’s capitalization by 40%. The influx of new users became so high that in January 2018 registration of new customers was temporarily closed and equipment was upgraded due to the increased load. The number of Binance users as of April 2018 is 7.9 million.
In March 2018, due to the requirements of the Hong Kong authorities and the increasing regulation of the cryptocurrency market, the Binance management decided to change its jurisdiction to the Maltese one.
Since the beginning of 2019, Binance has announced the launch of Binance Jersey, a new trading platform for exchanging cryptocurrencies for fiat money.
Types Of Trading
There are three types of trading available on Binance, they are: spot, margin and futures.
Spot
Spot trading involves delivery against payment, that is, an immediate exchange, but only within the trader’s funds. Operations are available with 400 trading pairs, including fiat currencies.
Margin
Margin trading assumes that the trader will necessarily “close the deal”, that is, perform a pair counter-operation with respect to the “opening” deal, if the first was the purchase of bitcoins for rubles, then after a while there will certainly be a sale of these bitcoins for rubles and not payment of certain goods with the purchased bitcoins.
At the same time, a trader can perform transactions for amounts that are many times higher than his real funds (use leverage ). In November 2019, the leverage was increased to 1: 5, that is, it is possible to carry out transactions in an amount 5 times more than the trader has on the balance.
In order to use this function, a trader must go through the KYC procedure and install two-factor authentication. There is a “blacklist” of countries whose citizens cannot use Binance margin trading.
Is Binance Reliable?
Binance is considered a very reliable exchange. It has become a household name, everyone who is in the cryptocurrency trade knows the company. Reliability is partly determined by the transparency they offer. For example, it is known who is going behind this company, something you can hardly find at some other exchanges.
The other things that are also considered very important is the presence of a streamlined support department. Binance makes no mistakes here. Service is very important to them. You can imagine that something can still go wrong because for many it is still a difficult matter. Of course, One Time hopes that after reading our explanation about Binance, you no longer have any questions.
In addition, Binance uses a very strong platform. It looks robust and we have never experienced any problems with the use of Binance.
Unfortunately, Binance has also been a victim of a hack. It is therefore recommended to always use the additional safety measures present. They do everything they can to keep the system as safe as possible. They definitely benefit from this, especially in the world of cryptocurrency.
Binance has all the necessary permits to do this. They are committed to protecting personal data.