There are some names in the Web3 space that are capable of representing the whole industry. Binance, the most popular cryptocurrency exchange, is one of them. Crypto exchanges play a crucial part in the industry.
They help complete user transactions and facilitate trading, thereby keeping the industry functional.
Crypto exchanges also help drive adoption in the digital industry; their advanced features make the lives of crypto enthusiasts and traders easy. In short, they are the backbone of the industry.
Binance, the largest crypto exchange, was founded in 2017. It facilitates users to trade at a minimal fee and is known for its advanced features.
Participants in the industry prefer using its platform as it provides security and offers a wide variety of cryptocurrencies – an ideal combination for every trader.
This article will share more details about Binance, including its features, pros and cons, and whether you should use the platform.
How Was Binance Created?
Binance was launched in 2017 and is the brainchild of one of the pioneers of the industry, Changpeng Zhao, or ‘CZ.’ He joined the industry in 2013 as a member of Blockchain.info and has acted as the CTO of OKCoin for almost a year. Then, with one of his former colleagues, Yi He, he founded Binance after a few years in 2017.
The platform’s growth skyrocketed as, within a year, its market cap reached $1.3 billion, making it the largest cryptocurrency exchange globally. It was just the beginning of Binance’s success, and over the years, through thick and thin, the exchange has held its position in the industry.
Benefits of Using Binance
The crypto exchange has ruled the digital space for almost five years. Advanced users and daily traders recommend using Binance as it charges a low fee and offers advanced security. Here are the benefits that you would experience if you use Binance:
It Asks For Low Transaction Fee
Even though Binance is a giant in the industry, it charges a nominal fee of 0.1% for the exchanges done on its platform. Moreover, using the BNB, you also get an extra 25% off on the trading fee. Thus, it makes trading affordable for active traders.
It Offers Faster Transaction Speed
Crypto trading requires high transaction speed to increase the volume of trading. The faster the speed, the more the traders are encouraged to perform more transactions. Faster transactions also help understand which cryptocurrencies’ underlying blockchain is more efficient. Binance provides breakneck transaction speed and can process over three million simultaneously.
It Provides High Liquidity
If you have tried your hands in crypto trading, you know by now that price fluctuation in the market is the biggest foe of all traders. Binance offers the highest liquidity in the whole crypto market. Thus, traders can perform the transactions without worrying about incurring significant losses.
It Offers Advanced Security
In the crypto industry, you should never settle regarding security. Binance understands the value of customer’s assets and thus provides advanced security measures. The platform has two-factor verification, multi-signature wallets, and SSL encryption to ensure users can trade without worrying about fraudulent activities.
It Offers Advanced Trading Features
When it comes to crypto trading, if exchanges limit themselves to offering only one form of trading, it would harm crypto adoption. Binance thought through the process and has something in store for every user. For example, traders always do not meet the eligibility criteria required to fulfill a transaction. So, exchanges provide them with other options, allowing users to trade without risking their current assets.
Thus, while using the platform, you can also opt for its advanced trading features. For example – It offers margin trading (which will allow you to trade by purchasing more assets than you can afford using borrowed funds), options trading (which will allow you to benefit from market movements), and futures trading (which will allow you to get an idea about the future price of an asset without actually buying it).
If you choose Binance, you can experience seamless trading. The best part of the platform is that even though it offers advanced features, it has a user-friendly interface. Thus, if you are a beginner, you can easily navigate through the website. It saves time during trading and also protects traders from incurring losses. Several platform users said its features and interface got them into active trading. It is a significant achievement for both Binance and the industry.