Whether you are a veteran cryptocurrency trader or a crypto newcomer who is just starting to learn how digital currency exchange market works, you want your trading platform to be comprehensive, have innovative strategy tools, and charge minimal fees. Binance has all of that and more.

Below we’ve covered all the main things you need to know about this innovative exchange platform, so buckle up and let’s go!

What is Binance?

Binance is a leading cryptocurrency exchange that allows users to buy, sell, and trade Bitcoin, BNB, and hundreds of other cryptocurrencies in minutes. They have recently launched a cryptocurrency lending platform, which means users can now subscribe their crypto to fixed lending periods for higher interest earnings.

The company might be fairly new on the market, but in less than 2 years it managed to gain popularity and become one of the largest and most trusted currency exchanges in the world. It is also worth noting that the company makes more than $2 billion in trades every day.

Binance started out as a crypto-to-crypto exchange. Today, the platform is supported by a lot of different payment processors that make fiat currency deposits and withdrawals available via bank transfers and credit cards.

Who can trade with Binance?

Everyone. Binance is the world's largest crypto exchange by 24hr volume that is always open to everyone who is eager to get into the cryptocurrency game. If you are a beginner, Binance will teach you the essential trading tricks and walk you through the basics of digital currency exchange. If you are an experienced trader, Binance is going to be your super tool to get the most out of your trading experience.

In fact, the service now offers margin trading that helps amplify your trading results, thus bringing more profits. The service also offers decentralized exchange if you don’t want a third party to be involved and are willing to do the peer-to-peer exchange.

How does Binance work?

Binance allows you to sell, buy, and trade pretty much any cryptocurrency. From Bitcoin and Ethereum to EOS, the platform has probably the largest list of supported coins.

To get started, you will need to create an account. Once you are done with that, you can start depositing coins. As we mentioned earlier, the platform supports over 100 cryptocurrencies so first you will have to pick the right coin from the list.

Once you’ve deposited your coins, you can start trading. Binance’s trading platform has two types of interface — Basic and Advanced. If you are new to the game, we recommend you start with the Basic one. When you are done with your trade, the purchased coin will appear in your Binance account available to withdrawal via an external wallet if needed.

How much does it cost to trade with Binance?

Everytime you buy or sell a coin, you will be charged 0.1%. It’s a standard fee. Market takers who only use the liquidity on the platform can reduce the standard fee to 0.09%. However, you will have to trade more than 500 BTC in a 30 day period in order to get the reduced fee.

If you want to reduce the fees even further, you can become a Binance Coin holder. The Binance Coin gives a trader a 25% discount on the standard trading fee. Either way, despite how much you trade, Binance’s fees proved to be the lowest on the market, so you never really lose.

As for deposits and withdrawals, the first ones are free, except for the blockchain fees (these are always paid by the sender). Withdrawals on the other hand are usually charged. Also, withdrawal fees seem to get updated on a regular basis so you would want to keep an eye on them.

Binance is not just a trading platform, it’s a whole new world with its own ecosystem that helps deliver a secure, fast, and seamless trading experience. If you are looking for a truly reliable trading platform, follow the link, download the Binance mobile crypto trading app and start feeling the freedom of money today.

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