Primarily known for crypto-to-crypto trading—that is, trading between two cryptocurrency pairs—Binance exchange has gained immense popularity because of its low transaction fees, high liquidity, and additional discounts if users pay in the native BNB cryptocurrency tokens.
The name "Binance" is based on a combination of the words binary and finance. Its exchange services were launched in 2017. It claims high standards of safety and security with multi-tier and multi-clustered architecture and delivers high processing throughput with the capacity to process around 1.4 million orders per second. It supports trading in more than 150 coins, including popular ones like Bitcoin, Ethereum, Litecoin, and its own native BNB tokens, and the list continues to grow.Like a standard exchange, it offers services around the trading, listing, fundraising, and de-listing or withdrawal of cryptocurrencies. Cryptocurrency enthusiasts willing to launch their own tokens can use Binance for raising funds through initial coin offerings(ICOs). Binance is used by a large number of traders and participants for exchanging and investing in various cryptocurrencies. To start trading, users have to complete the necessary KYCrequirements. Upon successful trading account creation, users can add cryptocurrency funds to their public wallet address provided by Binance to start trading.
Binance offers an additional five types of orders for crypto derivatives, specifically on futures contracts. These trade orders include:
Limit order
Market order
Stop limit order
Stop market order
Trailing stop order
Post only order
Limit TP/SL order
There is no fee charged for cryptocurrency/fund deposits, though withdrawals come with a transaction fee that varies depending upon the cryptocurrency.