About Binance Exchange
A Hong Kong-based cryptocurrency exchange, Binance, was created in 2017. China's crypto exchange laws prompted the firm to relocate its headquarters to the European Union country of Malta in 2018. There are more than 500 different types of virtual coins and tokens that can be traded on Binance, including Bitcoin and the most popular cryptos.
Binance is a popular platform for trading and investing in a wide range of cryptocurrencies. With Binance, you'll be able to buy, sell, store, and withdraw cryptocurrencies just like you can with other exchanges. Initial coin offerings (ICOs) may be used by cryptocurrency enthusiasts to raise funding for their own tokens on Binance.
- Compared to many other US exchanges, Binance's 0.1 percent trading charge is a bargain.
- Binance's portfolio of roughly 60 cryptocurrencies still outpaces many other U.S. exchanges, despite the fact that it doesn't provide as many cryptocurrencies and crypto-to-crypto trading pairings as its parent business.
- Binance is well-known for its lightning-fast transaction execution. Before launching Binance in China in 2017, Changpeng Zhao built a software framework for high-speed traders to match orders.
Binance Exchange Sign Up
To begin trading on the exchange, customers must meet the Binance KYC criteria. After successfully creating a trading account, users may deposit cryptocurrency into their Binance public wallet address and begin trading.
These three kinds of trade orders are supported by the Binance exchange: limit, market, and stop-limit orders. Limit orders can only be filled if the trader specifies a price limit for them. Market orders are executed instantly at the best possible market price. In order to be legitimate, stop limit orders must be placed at a predetermined price. The minimum trading amount on Binance.US is $10.
Binance Exchange Transaction Fees
The Binance.US exchange charges a flat 0.1 percent spot trading fee, which is lower than many other US exchanges, including eToro, which charges about 0.75 percent for Bitcoin trades.The exchange also provides a 0.5% Instant Buy/Sell charge for sellers that need their funds fast.
In contrast to its worldwide brokerage, Binance US does not accept credit card transactions, so debit card transfers are subject to an extra fee of 4.5 percent. ACH bank transfers do not charge a fee, but bank wire transfers do, at a cost of $15 per transaction. Bitcoin withdrawals cost 0.0005 percent and have a 0.001 bitcoin minimum withdrawal value; fees for other cryptocurrencies vary.
As a global corporation, Binance has no set headquarters. The Binance platform is now unavailable to US citizens; therefore, they must instead utilize the Binance.us exchange, which is the 8th-largest crypto exchange in the world by volume. The US is accessible to citizens of 43 states (excluding Connecticut, New York, Texas, Vermont, Idaho, and Louisiana).
Since 2017, Binance has been constantly improving and expanding its services and products. Currently, it also has an NFT marketplace, a Binance Visa card, a staking platform, a launch pad, and its own BNB currency. All of these are now available.