For anyone looking for ways to earn some money on the side, cryptocurrency is one of the best ways to do exactly this. However, not just any platform guarantees traders the best trading experience. Some come with a few exchanges or fewer withdrawal options, while some have a wide range of benefits. One of the emerging trading platforms which promise a great selling and buying experience is Binance. Here are some important features of the platform and the benefits that come with trading on the platform.
Binance is lauded for being one of the best trading platforms to use for both beginners and seasoned cryptocurrency traders. Launched in 2017, the platform was originally incorporated in China before its operations were moved to Japan following the strict Chinese cryptocurrency regulations. The platform’s success has for a long time been attributed to the experience of its founder, Chanpeng Zao, who has been the brains behind some of the popular trading systems in Asia, including those used by the Tokyo stock exchange.
Just like most cryptocurrency trading platforms, Binance hosts crypto to crypto trades and does not include real money exchanges. When Binance was launched for exchange, they started with an ICO (initial coin offering) and once they raised close to 15 million USD, they gave all their investors the Binance Coin, a cryptocurrency token built on the Ethereal blockchain technology. Currently, the exchange averages at 1 billion USD trades on a daily basis and has been experiencing robust growth by day. In January 2018, Binance had to limit the number of new accounts because they exceeded their capacity.
Benefits of Trading on Binance
- Multiple coins
Before you decide to register an account on a crypto trading platform, you have to consider a wide range of factors, including the pros and cons of doing so. One of the main factors to consider is whether the platform you want to opt for has a wide range of Alt-Coins. Binance is very popular because of its numerous cryptocurrency which is currently more than 100. You can choose from known coins such as Litecoin, Ethereum, and Coinbase.
- Fees and incentives
Another factor that traders consider is the fees they are charged to use a platform. Binance’s fees are probably the lowest in the crypto market. Traders are usually charged a minimum of 0.1% on each trade making it one of the most lucrative trading platforms around. They also have incentives for traders who use the Binance Coin (BNB). Currently, those trading using the coin get a 50% discount on their trade. If you are a regular trader, you might also be eligible to win a wide variety of prizes, for example, their free cryptocurrencies including ONT and WAVES.
- High Volume trades
The fact that Binance has a huge trading volume makes it one of the popular exchanges you can ever trade in. If you want to sell your currency quickly, the good news is that you will not have trouble doing that. With high-volume trading, you can also easily buy currencies that you value more.
Above all, traders are not charged when they deposit currency but they incur a small fee for withdrawals. Depending on the cryptocurrency and its value, the charges vary. If for example, the value of the BNB is high, so will the withdrawal fee. The best part is that you can deposit as much currency as you wish because there are no limits, and to withdraw you only need to verify ownership of your account.
Another benefit of trading on Binance is that they value security and customers are guaranteed anonymity and privacy. When you register a new account, you will be taken through a two-factor authentication process and every time you log in to trade, deposit, or withdraw from your account you will be requested to input a special code. Just like some of the major exchanges in the world, the platform uses CCSS technology to ensure maximum protection of accounts.
- Customer support
When you start out as a beginner trader, you might need guidance every now and then. Binance has very supportive customer care support where traders can send emails or chat live.
Whether you are an amateur trader or a seasoned one, Binance is definitely one of the trading platforms that should be on top of your priority list.