Binance Exchange

Binance Exchange: Easy and Fast Cryptocurrency Exchange

When buying cryptocurrency, users can choose to go to a broker or an exchange like the binance exchange. It is important to understand the difference between the two so that you do not lose money.

The Digital Currency Exchange (DCE) or simply exchange, is an operation in which people can exchange digital currencies (cryptocurrency) for other assets, including fiat money (dollar, euro, among others).

Broker or Exchange? Brokers and their Disadvantages

Brokers are intermediaries who hold cryptocurrencies and sell them at the prices and commissions they deem appropriate. Likewise, if a user wants to sell their cryptocurrencies, it is up to the broker to determine the price they are willing to pay for those tokens.

  • Spread: It is the difference between the purchase price and the sale price that the broker establishes on its platform and is its main fund collection method: the higher the spread, the more money you can earn between trades.
  • Stock: Brokers buy and sell cryptocurrency with their limited stock. Therefore, poor inventory management can mean customers are out of business.
  • Crediting problem: Brokers are constantly speculating between the available shares they own, their purchase price, and the general market price. If they see a pricing trend, they can, and certainly will, delay user credits for more profit.
  • Commissions: In Ads that say “No commission!” The commission is usually already included in the transaction.
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Broker or Exchange? Why an Exchange Is Better

Exchanges offer to buy and sell cryptocurrencies using various schemes. There is no broker that manages its actions with what the users sell, in the exchange; there is the order book, where all the simultaneous users of the platform upload their purchase and sale orders, creating the conditions for the availability of cryptocurrencies, without intermediaries that increase prices.

  • Order Book: There you can see the total liquidity available on the platform, which tells you how much and at what price you are buying and selling.
  • Order: A user can set the price and the amount they want to buy or sell with an order. If the market trend moves in the direction of this order, it will automatically execute. Otherwise, the user can edit it as per their convenience.
  • Smaller Spreads: Competitors on an exchange place and execute orders, and their competition between buyers and sellers results in much lower spreads than those offered by brokers. The only commission is for transaction services, usually no more than 0.9% of the total order.
  • Technology: Exchanges take place on more advanced platforms than brokers because they can and should serve a large number of simultaneous users at the same time. This is because the higher the number of users, the more liquid the market will be and the lower the spread will be.

In short, exchanges offer better conditions than brokers in terms of pricing and management of user funds, which is a must to ensure a decent return on investment.

How Does Binance Exchange Work?

The world of cryptocurrencies is expanding and becoming more and more relevant. This is one of the main reasons why binance exchange is such a useful tool nowadays. It is an exchange platform that includes a large number of payment options between fiat and cryptocurrencies; Furthermore, its popularity is partly due to the low commission per transaction compared to other similar platforms.

The project was officially launched in China in July 2017. The founder is Chinese-Canadian businessman Zhao Changpeng. However, the Chinese government banned the sale of cryptocurrencies that same year, so Zhao decided to move to Japan with his company to continue his business.

In March 2018, binance exchange became the world’s largest exchange by trading volume (an achievement it still holds today). It has now expanded to other territories and has ties to Taiwan, Bermuda, Israel, Malta, and several European countries.

Through the platform, users can buy and sell cryptocurrencies such as Bitcoin and Ether using their own currency, bank transactions, or through mobile payments. Binance offers a digital wallet where users can store their cryptocurrencies.

Binance exchange has a wide range of coins besides the dollar called USDT (TetherUS) on the platform.

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Some of the most popular cryptocurrencies available on Binance are: Bitcoin (BTC), Ethereum (ETH), and the coin itself called Binance Coin (BNB). The platform offers the purchase, sale, and exchange of more than 100 digital currencies.

Another of the options offered by the platform are trading operations (investing in the market, planning with calculations, and the probability of obtaining benefits later).

All Binance transactions are available through its Android and iOS apps as well as through their website on a desktop or laptop PC.

Besides The Exchange, What Else Does Binance Offer?

This site offers two modes of trading: classic mode and advanced mode. The classic version is easy to use and suitable for users with little experience in this type of platform. The advanced version is suitable for experienced traders who know what they are doing and are well versed in the cryptocurrency market and how to trade online.

In the exchange section, you can choose to exchange currencies, as well as view a real-time analysis of the cryptocurrency market.

Academy, on the other hand, allows people to learn and expand their knowledge about the cryptocurrency market and related topics, such as blockchain.

In the information section you can search for the price of virtual currencies, percentage of change, increase or decrease in its value, and other market information.

On the other hand, the company also offers research through its careers section.

The support area is used to get solutions from the technical team, answer frequently asked questions, etc.

Binance also has projects that raise funds for charity or donations; this information appears in the BCF.

The news section displays all company news as well as news related to the “Crypto World”.

Binance Convert is a service that allows users to convert their desired cryptocurrency to another cryptocurrency in seconds. It also supports the conversion feature of the Binance app and is the primary option for buying cryptocurrency in Binance Lite mode.

How Do I Start Trading on Binance Exchange?

Binance exchange is a trading platform where you can trade Bitcoin. As well as cryptocurrencies, and their derivatives. Using an interface that adapts to your level of experience as a trader. The portal also allows leverage of up to 10x.

To trade cryptocurrencies on the platform, all you need is a basic registration with your email (no identity verification process required) to start trading. With a maximum withdrawal limit of 2 BTC per transaction per day. Also, you can go through the verification process. This will increase the payment amount to 100 BTC.

You can register on binance exchange by following a few simple steps.

You can make cryptocurrency deposits immediately after creating a new account. As no verification is required. However, if you want to make a deposit in one of the national currencies available on the binance exchange, you must go through the KYC-AML (Know Your Customer and Anti-Money Laundering) verification process.

Its goal is simple. To allow users or traders to participate in a market where they can benefit from price changes that occur in it. This is all because the above assets are determined by the free market value associated with each asset.

Thanks to the existence of exchanges, it is possible to facilitate the economic and financial life of cryptocurrencies. It is now possible to easily exchange fiat currencies for cryptocurrencies and vice versa anywhere in the world. All these commissions are relatively low compared to other traditional trading methods.

How to Deposit USD, EUR or Any Other National Currency on Binance Exchange?

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First, you can only enable deposits in national currency if you have completed the first level of KYC-AML identity verification. Binance exchange does not accept USD for local currency deposits; it is only available at its North American branch,

When it comes to cryptocurrency, the first step is to locate the coin you wish to deposit in your main account list. If it doesn’t appear, change your account currency to Euros or a non-US dollar currency. You can do this from the main menu.

You will then activate a form to complete the deposit. Which includes payment details in the local currency of your choice. Payment methods vary depending on the currency. In some cases, you can transfer money through a bank transaction. While in others, you can only transfer money through your payment service provider.

Can I buy cryptocurrencies with my local or fiat currency balance? The answer is yes. There are two ways. On one hand, some available national currencies have trading pairs. Such as EUR, AUD, RUB, etc. that allow you to trade on the Binace Exchange cryptocurrency market. On the other hand, in the “Buy cryptocurrency” menu, there is the cash balance option. You can buy cryptocurrencies in the national currency available on Binance.


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By Armando