If you are interested in the world of cryptocurrencies, or you are one of the activists in this field, you must have heard the name binance exchange. In this post, we are going to examine this exchange to find out whether this exchange is famous or really has an advantage over other crypto exchanges. Let’s do a binance review together.
How did the binance start
At the beginning of the binance review, I want to acquaint you a little with this exchange and how to start its activity. The exchange was founded in 2017 by two Chinese people who previously worked in another exchange. However, in 2017, when China banned cryptocurrency transactions, the exchange’s office was moved to Japan.
It should be noted that this exchange had a profit of $15 million for its builders in the first year. The following year, another branch of the exchange was opened in Taiwan.
Current binance trading status review
Currently, this exchange is one of the most traded cryptocurrency exchanges. At the time of writing, the exchange’s daily trading volume is about $76 billion ( according to coinmarketcap ).
This exchange currently has more than 1000 active pair markets. In terms of the variety of currencies available for trading, binance is really a great exchange.
Steps to start activity in binance | Binance review
Register at binance exchange
Well, first of all, you have to register to work in this exchange. Go to the Binance exchange website and after selecting the “register” option, you will be taken to the registration process page.
To register in this exchange, you can apply via email or mobile. Fortunately, the binance registration process is not complicated. The only parameters required for registration are email address and password or mobile number and password.
Binance has not been strict in choosing passwords by users. Only the password must have 8 characters and at least 1 upper case and 1 number.
In registration by email, we enter the email address along with the password. If you want to register via mobile number, the steps are simple. First, select the mobile option at the top of the form. Then, by specifying the country code, we enter the mobile number along with the password.
After submitting the form, a verification code will be sent to your mobile or email. After entering this code, your account will be activated.
Types of trades that can be done after registration
In binance review, definitely one of the good features of this exchange is the good variety of types of trades that can be done. Binance offers a variety of trades so that both amateurs and professionals can trade without difficulty.
“Convert” trading method is the simplest trading method. It is only necessary to specify the currency of origin and destination. After entering the amount, a preview will be displayed, which will be performed if the convert operation is confirmed.
In the convert method, it is not possible to determine the price and order. For this reason, despite its simplicity, this option may not be the best option.
“Classic” and “advanced” trading are the most common types of trading. In these methods, you see market transactions. You can determine the purchase or sale price, determine the loss limit and many other features.
In fact, the classic method is more suitable for amateurs and offers more possibilities for professional traders in the advanced section.
Binance also has futures trading that allows you to trade with multiplier. Success in this type of transaction is much harder than normal sales, so I suggest you do not use this section without complete training.
Binance fees review
Trading rates may not be a significant amount for one or two trades, but if you are a trader, the fee percentage will be more important when you do a lot of trading. In many exchanges the fee for maker and taker is different. Maker is the person who registers a new order and that order is added to the order list; A taker is someone who sells coins or currencies on one of the active orders.
Binance fees for regular users with a 30-day trading volume of less than 50 BTC are the same for makers and takers. But for users with higher trading volume, the fee rates are different.
You can see a list of some binance fee rate for spot trading below
It should be noted that transaction fees are different for other types of trades. This exchange has also provided the possibility of discounting the trading fee by using the exchange currency of this exchange, namely Binance Coin. For more information about it, as well as more familiarity with this currency, it is recommended to read the BNB Review.
For a professional trader, trading through an exchange website may not be interesting. For this reason, almost all popular exchange offices have offered different applications.
Binance has only done a great job in this regard, because unlike many exchanges that only offer mobile version, this exchange has offered exchange applications for a variety of operating systems, namely iOS, Android, macOS, windows, linux. Downloading these apps can be done through the website of this exchange or app store or google play.