What is Binance exchange ?
To get it in simple terms it is cryptocurrencies that are exchanged online.Binance has 50 variants of cryptocurrencies such as BNB, ETH ,BTC,DOGE and many more to trade and indeed a good option.It is founded in Hong Kong back in 2017.
This crypto to crypto trading has the lowest transaction fees for currencies exchange which is high in liquidity and volume that enables the platform to offer discounts to users.The name Binance came from the two word “bitcoin” and “finance” .
The platform claims that they can process around 1.million orders every second.
Binance , like any other cryptocurrencies also offers like trading , listing , fundraising , and withdrawal of cryptocurrencies. Binance is being used by numerous of traders and participants for exchanging and investing .
To start , an inspiring user must complete the KYC (Know Your Customer) requirement which is needed for identity verification. After the creation of account, you can already add cryptocurrency funds to their respective wallet address given by Binance.
Different Types of Trade Orders
Binance exchange has three types of trade orders, according to Investopedia:
- Limit Orders- executed only at a limit price which is set by the trader
- Market – are those orders which is immediately at the best available marketplace
- Stop limit – are orders which only becomes valid when the price reaches a specified levels
- Limit TP/SL order- (Take profit – automatically closes a position once a profit target is reached),(Stop loss-when the price limit is reached ,it will close to prevent further losses)
- Post only order – Traders can only place an order if it is posted to the order book as a maker order
- Trailing stop order – it is designed to lock in profits or limit losses as traders moves favorably.
- Stop market order -it is an order to buy or sell if it hits a set value
Other Offerings
- Binance Earn – it is a platform for staking or earning interest by depositing stablecoins
- Binance Visa Card – is like a credit card that enables the user to convert their crypto info fiat current which they can spend on products and services
- LaunchPad – it is a site that hosts new and emerging blockchain projects
- BNB is the Binance’s internal token
