Binance Exchange

Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its impressive coin offerings and insanely low trading fees.

Although the company was launched just a few months ago (via ICO), the exchange is already being promoted as a good alternative to Bittrex.

 

How It Works

There are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.

Even the Basic view is fairly complex and not ideal if you’re just starting to invest. It’s obvious that Binance was not created for the casual investor. The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history. There’s also a depth chart of the orders that you can view in a separate tab from the candlestick chart.

To begin trading, you first need to fund your account. To do so, click on the “Deposits Withdrawals” link under the “Funds” tab.

 

Trading Fees

Binance currently charges a flat 0.1% fee on each trade. For an exchange that doesn’t use a fee schedule, this is one of the lowest fees I’ve seen.

If you pay using their own token (BNB), you currently receive a 50% discount on the trading fee – bringing it down to 0.05%. With this discount, Binance easily has the lowest fees in the industry.

 

 

Available Cryptocurrencies

Binance has a vast selection of coins with pairings to Bitcoin, Ethereum, and Tether. Some of the available coins are:

  • Ark
  • Bitcoin
  • Bitcoin Cash
  • Bitcoin Gold
  • Nano
  • EOS
  • Ethereum
  • Ethereum Classic
  • IOTA (Binance is one of only two major exchanges where you can buy IOTA)
  • Litecoin
  • Neo
  • OmiseGo
  • +36 more coins

Many investors like Binance because they offer coins that often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton Coin.

 

 

 

 

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