How Binance is Different From Other Exchanges?

Binance is one of the largest cryptocurrency exchanges in the world, along with Bittrex. The exchanges are vital in the crypto ecosystem. The exchanges are a bridge to Fiat and the crypto world, and without them, there would be no trading possible. 

In fact, Binance has now gone all out with its P2P trading platform to include traders from all over the world with more fiat-to-crypto possibilities. Binance launched its P2P trading platform in October 2019. P2P trading is when 2 people buy or sell interacting directly with each other. The buyers’ signup and login to a website referred to as P2P exchange, or a P2P platform, or P2P marketplace, where they post up advertisements to buy or sell cryptocurrency at certain prices or a price range in an established location. It pretty much works like eBay or Craigslist, where the buyer and seller trade at a decided price. Only here People buy or sell cryptocurrencies such as Ethereum or Bitcoin. The P2P enables you to find your buyers or sellers at the right time, place, and price.

Initially, the merchants joined by referral only, but now the open enrollment program is available. Its perks include zero transaction fees and professional service support. P2P is Binance’s response to a global community request to more fiat-to-crypto access.

There are basically two types of exchanges.

One being Fiat to Crypto. The Fiat to crypto is great for beginners; they allow you to buy crypto for Fiat. Coinbase is a fiat to crypto exchange that allows an investor to buy BCH, BTC, LTC, and ETH for Fiat currency

The second type of exchange is Crypto-to-Crypto. Crypto-to-Crypto will enable you to trade cryptos like ETH, BTC, BCH for other cryptocurrencies.

Binance, the Malta-based cryptocurrency exchange, gives the users access to an active set of tools for trading, security features, and charts. Binance started with a successful ICO Initial Coin Offering and went live in July 2017.

As per CryptoMoonPress, Binance is considered the biggest for trading the largest volume. It also released its coin called Binance Coin and Binance Chain- its blockchain platform. Binance began in China, and upon facing regulatory restrictions, they decided to move their headquarters and servers to Japan. When they heard it from JFSA Financial Services Authority, which is Japan’s watchdog, they finally went on to Malta.

Binance Features 

Coin: It has a native coin BNB Binance Coin based on Ethereum blockchain, which docks on their own Binance blockchain.

Order Matching: Binance has a sound matching engine that can execute 1,400,000 orders per second. It makes Binance the fastest cryptocurrency exchanges in the market.

Liquidity: Making a trade of more than 400 cryptocurrencies and also the most active order-book in the market. The trading prices of cryptos are highly competitive, and the exchange trades orders speedily.

Binance offers Multilingual Support: This helps people who use Binance from major parts of the world to get their queries sorted, leaving no room for error incomprehension. It caters to languages like English, Japanese, Spanish, French, German, Russian, Chinese, Italian, Korean, Vietnamese, Dutch, Turkish, and Portuguese.

Device Coverage: Binance platform is available on many platforms in modes, basic and advanced, which offers a detailed analysis of cryptocurrencies. Binance is available on windows native client, web-based trading client, HTML5 client on mobile, native Android client, and REST API.

Creating an Account: Click on register on Binance. You can create your email and password. Next, you would have to solve a simple puzzle to prove that you are human.

You will receive an email and clicking on the link; you will be redirected to Binance and read the Safety Risk Notice. You will finally go to your dashboard on completely reading the notice.

You will be required to enable Google 2FA, which is highly recommended.

TEasy-To-Use Interface: Binance is easy to surf through with a very simplified interface for your pleasant user experience.

GUIDES: It offers the following guides to answer your queries. 

  • The Broke Backpacker Binance Review
  • “Learn to Bitcoin” Video
  • Binance Coin and Binance Chain

Binance Coin and Exchange: The Binance coin comes handy to pay fees for the following functions on the Binance Exchange:

  • Trading Fees
  • Exchange Fees
  • Listing Fees

BNB is also used payment token and collecting revenues on the platform.

COIN UTILITY: The user properties lie in 3 kinds:

  • useBNB
  • buyBNB
  • storeBNB

Binance uses BNB actively to collect the fees on various services in the platform, including trading, listing, and withdrawing. It charges a fee of only 0.1%, and users get a discount if they use BNB. The discounts are announced each year. There is no more of BNB mining in the ecosystem as it has been pre-mined. It can only be exchanged at cryptocurrency exchange if someone wants to hold a BNB. Binance has its Trust Wallet, which is a mobile wallet for Ethereum based tokens.

Binance Chain: The blockchain platform of Binance is called Binance Chain. It is not a DApp platform, unlike Ethereum, and there is no support for smart contracts. It issues and trades tokens. BEP2 is the token standard of Binance. The users can place orders on the Binance DEX to trade assets on the Binance Chain.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

Check Also

Know the Different Ways to Invest in Cryptocurrency and Make Money

Know the Different Ways to Invest in Cryptocurrency and Make Money

Cryptocurrency was generally designed with the intent of becoming an international currency to replace government-issued …

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.