Binanace- The Best Exchange || Binance.com

Hello steemians,

As we all know, Challenge #2: Diving in DeFi world has ended on 11th October and today's Challenge #3: The best exchange has been started. So after a great journey of Diving in Defi, where we learned so much about Defi, I came back with Challenge 3 topic of the best exchange on 12th October. So let's discuss our today's topic.

Challenge #3: The Best Exchange

About Binance

Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Binance was founded by Changpeng Zhao in July 2017. It was founded in China but due to the ban of Cryptocurrency exchange in China its servers and headquarters are in Japan.

Facts About Binance

• Binance became world largest cryptocurrency exchange in just 180 days if it's commencement.
• Company was founded in China but due to the ban of Cryptocurrency exchange in China its servers and headquarters are in Japan.
• Due to the crypto bear market, it's quarterly profits fell from $150 million in early 2018 to about $50 million at year's end.
• It has nearly $1.95 billion in daily trading volume in 2020.
• Binance Futures is now the leading Altcoin perpetual futures exchange as market share increased from 19% to 41% since mid-June.
• Binance accepts [ayments in cryptocurrencies, not in cash.

^Source

Supported Cryptocurrencies & Payment Methods

Binance provides multiple trading platforms to support the trading of cryptocurrencies.

Cryptos supported for trading include
Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”), Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).

Supported Countries

Binance does not mention which countries are supported by its exchange which makes it basically available worldwide. Customers from the USA can now use Binance US after Binance withdrew its main service from the country.

Binance's Services

• This is the easiest way to trade, we can trade Bitcoin, BNB, and hundreds of other cryptos in just minutes.
• This platform includes charts and options to trade with stop loss, by market or limit order, and either spot or with margin.
• Binance also has an additional feature “One Cancels the other”. This is where a stop-limit order and a limit order are placed at the same time.
• Binance also has an additional feature “One Cancels the other”. This is where a stop-limit order and a limit order are placed at the same time.
• It offers better pricing and fast settlement for larger buy or sell trades.
• Allows traders to buy and sell cryptos directly with other Binance users on the P2P platform.

Reason Behind My Selection of Binance

P2P Trading- Binance provides a peer to peer (p2p) trading service which connects buyers and sellers of cryptocurrency directly.
Credit/Debit Card- Binance has recently partnered with Simplex to supply a brokerage service via credit and debit cards. This service allows you to buy different currencies with a credit card. However, this service comes with a premium that can get as high as 3.5% fee for USD purchases.
SEPA/Wire transfers- Binance enables its users to buy crypto directly with fiat using SEPA & bank transfers.
Spot Trading- Less experienced traders have a basic quick trade option which allows you to simply convert coins at the market rate, without charts or order books.
Margin Trading- Margin trading is available for selected trading pairs, allowing users to trade with leverage of up to 10x on some coins. Users can choose between cross margin.

All the information are gathered by myself from Binance.com.

E&OE

Cc:-
@steemitblog,
@steemcurator01,
@steemcurator02,

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