If you follow this link and upgrade your Binance account during the promotion period, you will be eligible to receive a rebate on any transactions you complete. Users who are qualified for the rebate must ensure that their KYC is up to date before the 2022-12-31 (UTC) deadline. The number of rebates available is limited, and they will be given out on a first-come, first-served basis.
Receive a cash-back deal of up to 10% for life on any and all transactions that involve a minimum of 10,000 USDT and a trading admin fee rebate (terms and conditions apply).
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What is the Binance Exchange?
Binance Exchange, launched in Hong Kong in 2017, is a major cryptocurrency trading platform. Trading alternative cryptocurrencies is highlighted. Binance is a cryptocurrency exchange that allows users to buy, sell, and exchange over 600 different digital currencies and tokens, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin (BNB).
Binance is a cryptocurrency exchange that stands out for having some of the lowest transaction fees overall. The exchange is mostly for trading one cryptocurrency for another, which is called “crypto-to-crypto trading.” It’s highly liquid, and if you pay with the native BNB cryptocurrency tokens, you’ll get a discount.
Binance is able to process about 1.4 million orders per second thanks to its multi-tiered, multi-clustered architecture and its ability to handle a lot of orders at once. More than 600 different coins, including Bitcoin, Ethereum, Litecoin, and its own BNB token, can be traded on the platform.
Trading on Binance
Trading, listing, fundraising, and de-listing or withdrawal are all services that Binance, like other crypto exchanges, provides. Binance is a great place for cryptocurrency enthusiasts who are ready to launch their tokens and use initial coin offerings (ICOs) to raise capital. Many people use Binance as a hub for buying, selling, and investing in digital currencies.
Users must complete the necessary “know your customer” (KYC) requirements before trading can begin. After a user successfully creates a trading account, they can fund it by sending cryptocurrency to the public wallet address that Binance gives them.
There are three major order types that can be used when trading on the Binance exchange: limit, market, and stop-limit. Any orders placed with a limit price will only be filled at that price. When you place a market order, it will be filled instantly at the current best market price. Stop-limit orders are put in with the idea that they will go into effect when the market price hits a certain level.
When it comes to crypto futures contracts, Binance provides four additional order types. The following are examples of trade orders:
-Inhibit Market Order
-Order for a trailing stop
-Orders will only be accepted via mail
-The TP/SL Limitation Order
Deposits in cryptocurrency and fiat currencies are both free of charge. The amount and type of cryptocurrency being withdrawn affect the transaction fee.
Other Services of Binance
In addition to exchange-specific services, Binance also offers other tools, platforms, and services. Here are a few examples:
Binance Earn is a place where you can stake or earn interest on stablecoins you deposit on the exchange. The exchange gives investors a variety of options and interest rates for these coins based on the coin and the length of time.
Binance Visa Card is a credit card that allows users to convert their cryptocurrency into fiat currency and spend it on products and services. There are no administrative fees for the conversion, but there are third-party fees in the form of payment network fees.
Binance Smart Pool enables miners to switch between different cryptocurrencies for mining in order to optimize and multiply their income.
Binance has a blockchain technology incubator called Binance Labs, which focuses on nurturing promising pre-ICO stage projects. It helps deserving cryptocurrency project teams by giving them the money they need for development, access to advice, and a place to start if they need to list or raise money.
Binance also offers a site called LaunchPad for hosting new and emerging blockchain projects and API interfaces. As of July 2022, 64 projects had been launched.
It launched its own cryptocurrency, Binance Coin (BNB), through an ICO in July 2017. BNB has a market cap of around $38.8 billion as of July 2022.
Binance Coin (BNB)
Binance Coin (BNB) is the internal token of the platform. It facilitates cryptocurrency trading on the Binance exchange. In July 2017, the coin was introduced through an initial coin offering (ICO). Binance distributed 20 million BNB tokens to angel investors, 80 million tokens to the founding team, and the remaining 100 million tokens to ICO participants.
Approximately one-third of the funds raised during the ICO were allocated to the development of the Binance platform and the implementation of necessary ecosystem upgrades.
Initial implementations of Binance Coin utilized the Ethereum blockchain and the ERC 20 standard. However, in 2019, Binance Coin became the BNB Chain’s native currency. As of July 2022, one BNB is valued at approximately $237. It is the fifth most valuable blockchain-based token by market capitalization, with an approximate value of $3.9 billion.
