Binance is the world’s largest cryptocurrency exchange, with over 10 million users across the globe. Founded in 2017, Binance has quickly become the go-to exchange for cryptocurrency traders of all levels of experience.
While Binance is often thought of as an exchange, it’s important to note that it also offers a range of other services, including a brokerage service. In this article, we’ll take a closer look at Binance and its different offerings to help you decide if it’s the right platform for you.
The Binance Exchange is the core service offered by the platform. Here, users can buy and sell a range of cryptocurrencies using either fiat currency or another cryptocurrency.
Binance offers one of the most comprehensive lists of supported cryptocurrencies, with over 150 different coins and tokens listed on the exchange.
The Binance Exchange is designed for experienced cryptocurrency traders who are looking for a platform with a wide range of features. The exchange offers advanced trading features such as margin trading, limit orders, and stop-loss orders.
It also offers a range of charting tools and market analysis features to help users make informed trading decisions.
One thing to note about the Binance Exchange is that it does not support fiat currency deposits or withdrawals. This means that you’ll need to first convert your fiat currency into a supported cryptocurrency before you can start trading on the platform.
Binance Brokerage Service
In addition to the Exchange, Binance also offers a brokerage service called “Binance Lite”. This service allows users to buy Bitcoin (BTC) using Australian Dollars (AUD).
The process is simple – users just need to deposit AUD into their Binance Lite account and then they can use this balance to purchase BTC which will be delivered directly to their personal Bitcoin wallet.
The main advantage of using Binance Lite is that it allows users to avoid the complicated process of converting fiat currency into cryptocurrency. It also eliminates the need to find a reputable Bitcoin seller, as Binance Lite is provided by one of the world’s most trusted cryptocurrency exchanges.
So, what’s the verdict? Is Binance an exchange or broker? The answer is both! Binance offers a comprehensive suite of services that includes an exchange, brokerage service, and even a cryptocurrency wallet. Whether you’re a experienced trader or just getting started in the world of cryptocurrency, Binance has something to offer everyone.