Cryptocurrency is one of the most lucrative assets and investments people can get. That is why more and more exchanges are entering the market to comply with the increasing demands for crypto trading platforms. While there are thousands of crypto exchanges in the world, only one manages to stay on top and that is Binance Exchange.
Founded by Changpeng Zhao in 2017, Binance Exchange offers crypto to crypto trading with more than 500 cryptos and virtual tokens such as Bitcoin (BTC) Ethereum (ETH), Dogecoin (DOGE) and Litecoin (LTC). Its headquarters was first located in Hong Kong but was moved to Malta due to China’s strict regulations on crypto exchanges.
From its inception in 2017, Binance’s net income skyrocketed from $7.5 million to $900 million in 2020. In just 5 years, its peak trading volume within 24 hours went from $3 billion to $76 billion.
Moreover, Binance Exchange supports 141 cryptos and has a trading volume of $14 billion as of December 13, 2021, based on CoinMarketCap. With an exchange score of 9.9 over 10, it is currently the top 1 cryptocurrency spot exchange in the world based on liquidity, trading volume and web traffic.
In addition, Binance is also chosen as the best crypto exchange of 2021 by Forbes Advisor, getting a score of 4.9 out of 5 stars in terms of products and benefits. Learn more about what makes this platform the best exchange in the world here at Casino Days!
Products and services offered by Binance Exchange
With over 28.6 million users as of October 2021, you might be wondering how Binance became the leading crypto exchange within 5 years. Read on below about its products and services to find out how:
You need to pass the Know Your Customer (KYC) verification process to trade on Binance Exchange. The 3 most common types of trade orders can be done in Binance Exchange and they are:
- Limit: An order filled with a maximum and minimum price to be paid or received
- Stop limit: An order that will be executed only when a specific price becomes available
- Marker: An order to be executed when the best market price is available
The Binance Exchange has a mobile version compatible with both iOS and Android devices. Thus, you can trade anywhere as long as you have an internet connection. If you ever had a problem with the service, you can always contact their support team which is available 24/7.
Binance Labs is a blockchain technology incubator that provides funding for crypto project teams. It currently supports more than 100 projects including Chiliz, Star Sharks and Dodo. You can apply for Binance Labs by going to their website if you are a crypto entrepreneur, community or a startup company.
If you are the kind of crypto trader that likes to HODL, you should make the most of your investment by using Binance Earn. Here, you can earn interest rates in exchange for staking cryptocurrencies. The assets you stake will help support crypto projects and at the same time allow your funds to grow.
You can choose and stake among various available crypto projects on Binance Earn as long as you have the minimum amount of assets in your chosen product. To start earning, transfer the crypto into your chosen product and you will see your earnings on your dashboard. Keep in mind that your earnings may change depending on the current market conditions.
Binance Earn supports more than 60 cryptos and requires users to complete the KYC verification process first before using the feature.
Binance Visa Card
Binance Visa Card is a credit card that you can use to convert crypto into fiat. This can also be used to buy products and services anytime and anywhere. When you use this, you will not be charged with any processing or administrative fees except when there is a third party involved. All eligible purchases made using the Binance Visa Card can receive up to 8% cashback.
Binance Pool allows miners to mine various cryptos so they can optimize and increase their income. Here, the hash rate is switched so you can mine multiple currencies with the same algorithm. Your final mining income will be in Bitcoin (BTC).
Binance Pay lets you instantly send and shop all over the world using the 40+ cryptos that the service supports. It also lets you use a QR code that you can simply scan to confirm payment. You can access this feature by tapping on ‘Wallets’ on your Binance app.
Binance Coin (BNB) is Binance’s native token that is used when trading in the exchange. It runs on the Ethereum blockchain and has a cap of 200 million BNB. To ease the work of BNB miners, Binance released the BNB Vault which is used as a yield aggregator by automatically staking and collecting mining rewards on behalf of the miners.
LaunchPad can be used to host new blockchain projects and API interfaces. This service helps and supports project teams in building their crypto product by handling the marketing exposure and initial user base. Once your project enters LaunchPad, it will have world-class liquidity in various trading pairs.
Why Binance deserves the top spot
Given the numbers from CoinMarketCap and Forbes that were presented above, it is clear that Binance Exchange is the leading crypto exchange in the world. This proves that the exchange has successfully managed to consistently attract large numbers of crypto traders as seen with how fast the platform increased its profits and trading volume.
Binance managed to secure the top spot, thanks to the platform’s plethora of products and services that go beyond just the simple trading feature that most exchanges offer. For more articles like this, visit the blog section of Casino Days!