Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
Binance was founded in 2017 by Changpeng Zhao, who is also the CEO of the company. Binance is headquartered in Malta.
The name “Binance” is a combination of binary and finance.
Binance offers two types of trading services: a standard trading service and a margin trading service. Standard trading on Binance is conducted through its web-based trading platform, while margin trading is conducted through its derivative trading platform, which is still in beta testing as of January 2018.
In order to trade on Binance, users need to first deposit funds into their account. Binance offers two types of deposit methods: crypto-to-crypto deposits and fiat-to-crypto deposits.
Crypto-to-crypto deposits are made using one cryptocurrency to buy another cryptocurrency, while fiat-to-crypto deposits are made using government-issued currency to buy cryptocurrency.
Once users have deposited funds into their account, they can start trading. Binance offers a variety of different order types that allow users to customize their trading strategies.
Some of the order types offered by Binance include: limit orders, market orders, stop-limit orders, and iceberg orders.
Limit orders allow users to set the price at which they are willing to buy or sell a cryptocurrency. Market orders execute a trade immediately at the current market price.
Stop-limit orders allow users to set a stop price and a limit price; once the stop price is reached, the limit order will be executed. Iceberg orders are similar to limit orders, but with iceberg orders a portion of the order is executed at the market price and the remaining portion is placed as a hidden order at a specified price.
Once an order has been placed, it will remain active until it is either filled or canceled by the user. Users can view all of their active orders in their Order History tab.
Binance also has a mobile app that allows users to trade on the go. The app is available for both iOS and Android devices.
Binance charges a fee of 0.1% per trade for both maker and taker fees.
Maker fees are charged when you add liquidity to the market by placing a limit order under the ticker price for buy orders or above the ticker price for sell orders. Taker fees are charged when you remove liquidity from the market by placing any order that is executed against an existing order on the order book.
What Is Earn on Binance? – Conclusion
Earn on Binance is an income earning program that allows users to earn interest on their deposited funds. The program pays out interest in two currencies: Bitcoin (BTC) and Ethereum (ETH).
Interest rates are variable and depend on market conditions at the time of deposit.