Trading is one of the best ways to make your money work for you and achieve financial freedom. No matter what instrument in the market you trade, there’s always a risk that comes with it as the market is known for being volatile and unpredictable. This is why it’s important to choose the best platform or exchange, especially when you’re trading stocks like cryptocurrencies. Choosing the right cryptocurrency exchange is significant if you don’t want to encounter any problem in your trading journey. In this article, we’ll be discussing the benefits of using Binance in stock trading cryptocurrencies.
1. Zero to low trading fees
One of the most attractive benefits of Binance is their zero trading fees, which means that they don’t charge you any additional fees for each deposit and withdrawal you make, assuming that each transaction is in USD. This also means that for every cryptocurrency order you make, you’ll be maximizing your profit instead of worrying about unnecessary fees like commissions. As a trader, this is very important, even when you’re not trading cryptocurrencies as some brokers and exchanges get a percentage of your profit, so you don’t the full amount of your trades. For instance that the market is working against you, if your broker or exchange has trading fees, this also means the amount you’re losing is higher than the original amount. Since cryptocurrencies are one of the most volatile instruments in the market, Binance is an ideal exchange for their zero trading fees alone. At the most, Binance charges 0.10% for trades and an additional 2% for credit card payments.
2. Multiple payment methods
Binance provides several payment options for deposits and withdrawals, to make it more convenient to secure your trades and deposit more money into your trading account. There are over 150 payment methods that Binance supports and you’re guaranteed to find one that aligns with your preferred method. Another bonus is that Binance also offers more than 50 fiat currencies, which you can also use to buy cryptocurrencies. This is very important as a trader because without a convenient way of making transactions, your trading life will be much more complicated and your chosen exchange shouldn’t make trading more difficult than it already is. While trading cryptocurrencies is a personal choice and there’s always a risk that comes with it, payment methods are the last thing you should worry about. Some traders make it a top priority in choosing brokers or exchanges before they begin trading and risking their money.
3. Several cryptocurrencies offered
Binance is also known for offering approximately 500 cryptocurrencies, which includes some of the most common ones like Bitcoin and Ethereum. This is more than enough cryptocurrencies to trade with, which is why Binance is considered one of the top cryptocurrency trading platforms. This makes Binance an ideal platform for traders interested in trading with several cryptocurrencies primarily because of this.
4. Referral commissions
One of the great things about Binance is since they have low or no trading fees and commissions, they make up for their lack of profit by referral fees. Every time you successfully refer a new trader to Binance and they sign up for an account, you get a percentage from that profit. In other words, you get to also be an affiliate marketer by choosing Binance as your exchange and doing the marketing for them.
5. Several types of order transactions
Whether you believe it or not, there are some cryptocurrency exchanges that don’t have a wide array of order types. For instance, Coinbase only provides buy, sell, send, exchange, and receive, whereas Binance offers those on top of buy limit, sell limit, stop order, limit order, margin options, and futures trading. As a trader in cryptocurrencies, it’s essential you have a complete set of order types in your chosen exchange so you can maximize your trading experience. Aspects like buy and sell limits are very useful especially with unpredictable markets like cryptocurrencies, so when you choose Binance as your exchange, you have full access to these order types.
6. Efficient customer support
One of the most underrated yet important factors when choosing the right cryptocurrency exchange is their customer service. You need an exchange that makes your trading life easier and is as accommodating as possible when you have concerns and questions specifically in relation to your money and account. Furthermore, since cryptocurrency exchanges are accessed by traders all over the world, it’s an advantage when that exchange offers support in different languages. Binance offers support in 7 different languages and while they don’t have a specific customer call number, they have a support portal where you can ask your questions and they respond within 24 hours, which is a fast turnaround time. They also have a live chat support option, if you want to talk to their customer service in real-time and absolutely can’t wait for 24 hours.
7. Binance coins
This is one of the distinct features that Binance offers. Binance coins can be used in your trading transactions and fees in the Binance cryptocurrency exchange and users can avail of a discount when using Binance coins for their trades. To put it simply, Binance coins can be used to trade cryptocurrencies like Bitcoin and Ethereum. It allows for a flexible option in maximizing your profit in cryptocurrencies, especially when you don’t want to go through the additional expenses of credit card fees.
In conclusion, I hope this article was able to shed insight into everything you needed to know on the benefits of using Binance as a cryptocurrency exchange in stock trading. Since cryptocurrencies are one of the most volatile markets, it’s important to choose an exchange that brings out your best potential in your trading experience. Whether your priority is impressive customer service, low to zero trading fees, complete order types, or even offering coins you can trade with, Binance is one of the best cryptocurrency exchanges for a reason. it’s one of the exchanges where you can be comfortable in trading stocks, knowing you’re maximizing your best potential.