Binance | What is Binance Exchange?
The Binance exchange is an exchange founded in 2017 with a strong focus on altcoin trading. Binance has quickly grown to become of the most popular cryptocurrency exchanges, offering trading in more than 500 cryptocurrencies and virtual tokens (but only about one-tenth of that amount of names for U.S.-based customers) including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).
Binance doesn’t offer fee-free trading. However, its fees are low compared with even the best crypto exchanges that charge fees and commission. The highest spot trading fee you’ll pay is 0.1%.
Earn up to 10% on holdings
Through Binance staking, you can earn rewards on funds held in your Binance US account. It’s similar to an annual percentage yield on a savings account, but without the security you’d get from a bank. Reward amounts vary by currency between 0.5% and 10%.
Large crypto selection
Binance is one of the largest cryptocurrency platforms in the world. It gives users around the world access to more than 280 currencies. This includes 10 DeFi tokens, stablecoins, Bitcoins, and altcoins. Binance US users in the United States have access to just over 50 coins.
Trading on Binance
Like other crypto exchanges, Binance offers services around the trading, listing, fundraising, and de-listing or withdrawal of cryptocurrencies. Cryptocurrency enthusiasts willing to launch their own tokens can use Binance for raising funds through initial coin offerings (ICOs). Binance is used by a large number of traders and participants for exchanging and investing in various cryptocurrencies.To start trading, users have to complete the necessary KYC requirements. Upon successful trading account creation, users can add cryptocurrency funds to their public wallet address provided by Binance to start trading.Binance supports three types of trade orders: limit, market, and stop limit orders. Limit orders are executed only at the limit price set by the trader, market orders are executed immediately at the best available market price, while stop limit orders become valid orders only when the price reaches a specified level.Binance offers an additional five types of orders for crypto derivatives, specifically on futures contracts. These trade orders include:
- Limit order
- Market order
- Stop limit order
- Stop market order
- Trailing stop order
- Post only order
- Limit TP/SL order
Withdrawals do come with a transaction fee that varies depending upon the cryptocurrency and amount. There is no fee charged for cryptocurrency/fund deposits.
You can use Binance via desktop, mobile, or web-based app. Each option lets you:
- Buy, sell, or trade
- Set up recurring buys
- Access live tracking and alerts, and portfolio insights
To get started you’ll need to provide some personal information to verify your account. Binance.US accounts are available to users in the U.S. in all states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. If you don’t live in the U.S., you can use its general platform.
Binance comes with a robust set of features and dashboards that can be a lot to take in. Its Buy Crypto page makes it easier to wade through the noise and make simple transactions. It’s a clean interface where you can simply buy, sell, or convert crypto.
From this screen, you can initiate a one-time or recurring buy of any available coin. You can purchase crypto with USD from your Binance account balance, a connected bank account, or a debit card.
Earn rewards with staking
If you stake certain currencies, Binance pays rewards. It’s a bit like earning interest on a savings account — you leave your currency in your Binance account, and it will earn money.
Binance Earn is a one-stop hub on Binance exchange where you can see all your earning possibilities open for you and the crypto funds you hold. You can find alternative crypto earning options if you are a HODLer.
Savings /Stable earnings/Zero fees
Benefit from competitive interest rates. Stake and earn popular cryptocurrencies, from BTC to BNB and more.
Locked Staking/ Low entry barrier/High yield
Start staking with only 10 USDT worth of assets and reap higher rewards and additional benefits.
Launchpool/Simple & secure/Latest tokens
Stake your crypto and earn attractive returns in the form of new tokens.
BNB Vault/Yield aggregator/Flexible
Earn combined returns on your BNB. Leverage the best assets of Launchpool, Savings, and DeFi Staking.
ETH 2.0 Staking/Less risk/High yield
Join Ethereum 2.0 staking with minimum investment and low risk, hassle-free.