The above is just one example of a pair hosted by Binance.
By placing a sell order, you are speculating on the exchange rate of the pair decreasing.By placing a buy order, you are speculating on the exchange rate of the pair increasing.For simplicity, we’ll say that the pair is priced at $9,300.BTC/USDT is a pair that consists of Bitcoin (BTC) and Tether (USDT).In other words, you will be speculating on the future direction of a particular pair. The core product offered by Binance is that of its cryptocurrency exchange arena. But, if you are looking to actively engage in the short-term buying and selling of cryptocurrencies with the view of making small, but frequent gains – Binance is well worth considering. In other words, if you are simply looking to buy Bitcoin or Ethereum and hold on to the coins for several years – Binance won’t be for you. This is because Binance is an ‘exchange’ as opposed to a conventional broker. When it comes to its target audience, it should be noted that Binance is more for active traders than long-term investors. With that being said, if you want to reduce your fees even further, you can do this by holding an allocation of Binance Coins (BNB) – which is the platform’s proprietary in-house token. This typically starts at a commission of 0.1% – which is charged at both ends of the trade. One of the main factors driving day and swing traders to Binance is that it offers some of the lowest fees and commissions in the space. The platform itself was founded by well-known cryptocurrency figure ‘CZ’ Changpeng Zhao.
At the time of writing this Binance review, this stood at well over $4.7 billion in the past 24 hours – as per CoinMarketCap. Although the platform was only launched in 2017, it is now one of the largest in terms of trading volumes. What is Binance?īinance is a third-party cryptocurrency exchange that allows you to buy, sell, and trade digital coins at the click of a button. If you want to buy Bitcoin, Ethereum, Polkadot or any other crypto easily read the rest of the review as I explain how Binance works and the process of opening an account with this exchange. I cover everything from fees and commissions, supported coins, trading tools, and of course – the safety of your funds. To help you along the way, here I review the ins and outs of Binance. With that said, there are hundreds of cryptocurrency exchanges active in the online space – so it’s best to do some research before taking the plunge. Much of this demand is due to this broker’s low commission policy and a vast offering of tradable instruments. The exchange is now home to some of the largest trading volumes in the space. It offered 10%, or 20 million, BNB tokens to angel investors, 40%, or 80 million, tokens to the founding team, and the remaining 50%, or 100 million, to the various participants through the ICO process.If you want to trade cryptocurrencies online, you might be considering Binance. It was launched during an initial coin offering (ICO) in July 2017 and has a strict maximum of 200 million BNB tokens. At the time of writing, Binance Coin had a market cap of more than $36 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap.īinance coin initially ran on the Ethereum blockchain with ERC 20 standard but has since become the native coin of the Binance chain.Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury.BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain.Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
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