Binance has gained popularity as a reliable platform for cryptocurrency trading. The Binance Company was established in 2017 and since then, it has gained the confidence of traders through its extremely low trading fees. Binance has also received world-wide recognition due to its flexibility as it offers varieties of coins to traders. This article will give you everything you need to know about Binance as means of cyptocurrency exchange.
History of Binance
As earlier mentioned Binance was launched as a means of exchange in 2017 and has witnessed a astronomical growth since then. This growth is attributed to various trader-friendly features present on the Binance platform. Within the period of six months, Binance was rated among the top ten exchanges based on 24hours trading volume. Apart from the trader-friendly features, another factor that has led to Binance rapid growth is increase in number of cryptocurrency traders. It is worthy to note that the Binance rapid development was also as a result of great managerial skill of the man called Changpeng Zhao. He put his wealth of experience in trading system software development and wall-street development into use in Binance.
Benefits of using Binance
- Availability of experienced team
Behind the Binance’s uncommon achievement lies a great deal of talented and experienced team. They work tirelessly to make sure Binance becomes number one crypocurrency trading platform worldwide. As mentioned earlier, a notable member among this experienced crew is the man called Chanpeng Zhao. His start-up experience and software development is one of the major factors that led to the rapid growth of the company.
- Binance supports many countries and Languages
Binance works in over 180 countries all over the world and supports languages like Korean, Spanish, Dutch, French, Japanese and English.
- High Processing speed
The growth of Binance has also been attributed to its ability to process millions of information in seconds. The platform is designed to support up to 20 million users at once. There is therefore growth allowance since the current number of traders on Binance is about 6 million.
How Binance works
Basically, Binance has two trading Platforms- Basic and Advanced trading Platform. The advantage of the advanced platform is the ability to perform more complex and technical Analysis. Binance platform is designed for committed and consistent traders. We will be looking at the Basic platform in this article. The basic platform is not meant for first timer because of its fairly complex view.
Features on the main dashboard includes:
- Order books
- Candlestick chat
- Trade history
- Depth chat
The deposit and withdrawal page enables you to fund your account in order to commence trading. Also, the page allows you to choose a type of crypocurrency to trade with. One of the benefits here is that the platform supplies you with credible address of public wallet to which you can send your fund. The most commonly engaged coin are Bitcoin and Ethereum.
You can start investing as soon as you fund your account. Once you get back to the exchange dashboard, you can now make limit and market orders.
Available cryptocurrencies on Binance
Binance has a wide range of coins that can be paired to Etherem, Tether and Bitcoin. List of the available coins are:
- Bitcoin gold
- Bitcoin cash
- Etherem Classic