The Binance cryptocurrency exchange entered the TOP-10 platforms in terms of trading volume, even when the exchange was not even a year old. Binance remains among the leaders today, often leading trade ratings. Several factors contributed to the platform’s success, including functionality and professional management.
Binance is a virtual cryptocurrency trading platform headquartered in Hong Kong. At the moment, this crypto exchange ranks 1st in the world in terms of trading volume.
The Binance cryptocurrency exchange gained popularity due to its many advantages. The most significant of them include:
A brilliant team of professionals heads the exchange. The administration takes care of security and protection from hacker attacks, constantly improving the platform. Binance currently has an impeccable reputation and a high level of trust among traders.
Binance is an international trading platform and is available for use in all countries of the world.
You need to click on the Trade section and select the format of trading you are interested in to start trading on the Binance exchange. The site offers six different trading modes:
Users can easily and quickly switch between different modes.
Convert Mode. It is the easiest way to buy cryptocurrencies or exchange some coins for others. A Binance trader only needs to select from the drop-down menu the coin that he wants to give and the coin to convert, and also specify the amount of the transaction to complete a transaction in this mode. The conversion will be done instantly at the current market rate.
Classic mode. It is a simple and intuitive trading terminal, convenient for both beginners and experienced traders. Users can find basic tools for market analysis, place transactions to buy and sell cryptocurrencies, and add Stop Limit orders.
Advanced mode. This mode is designed for professional Binance traders who need deep technical analysis of the market. It contains all the functions of a classic trading terminal, but it has additional analysis tools that will be difficult for beginners to trade with.
Margin. In margin trading, Binance traders can use leveraged funds to transact digital assets. You must complete a full identity check (KYC) and activate 2FA to use this type of trading. After that, the money available on the spot account can be transferred to the margin trading account and receive leverage.
For each cryptocurrency, the exchange offers its leverage with a maximum value of up to x125. For example, if you have one bitcoin, you can borrow four more bitcoins from the exchange and use them for trading. This can significantly increase the profit from the transaction but also increases the risks.
P2P. The P2P section is designed so that users can agree among themselves on individual formats of transactions and conclude them directly without the participation of the exchange.
The security of such transactions is guaranteed by the escrow account service provided by the exchange. To make transactions in this section, users need to go through KYC verification and add a payment method to their accounts.
Stock Tokens. This mode is for trading stocks. Each token represents a stake in a joint-stock corporation. Thus the price of the token is tied to the price of the underlying asset. Owning share tokens does not transfer any shareholder rights to you. You are exclusively involved in the economic development of the underlying asset, including the payment of dividends. Stock Tokens can only be traded by Binance traders who have passed the KYC verification.
Binance is a promising trading platform that will be convenient for both professionals and beginners. But you need to understand that success in trading depends not only on the platform’s functionality but also on the Binance trader’s skill.
Experienced traders recommend adhering to the following tips when trading on the site:
The main guarantee of successful trading is a well-defined strategy and risk diversification.
Trading on the Binance cryptocurrency exchange can generate a stable and high income. Its advantages include:
The disadvantages of trading include high risks and a lot of time spent on monitoring the market, tracking the optimal entry and exit points. These are the global problems of trading as a field of activity.
The Binance cryptocurrency exchange has been on everyone’s lips since its inception. Having made a real revolution in digital commerce, the development team does not stop there and continues to improve its platform. The creators of Binance are constantly introducing new features and sub-platforms that increase interest in the exchange and attract new traders and investors. Binance is a huge system with its community, cryptocurrency, and large-scale infrastructure.