Binance is an online exchange where individuals are able to trade cryptocurrencies. Furthermore, Binance offers a crypto wallet for traders in terms of storing their funds. Moreover, it only supports the traded cryptocurrencies. Along with this, Binance also provides programs for miners as well as to help traders in making their decisions related to the investments. Apart from this, Binance includes its own token, commonly known as Binance Coin (BNB).
What Is Binance Coin (BNB)?
Binance coin, BNB, is the Binance’s internal token which is used to ease the trading of the crypto on the Binance exchange. Furthermore, these coins run on the Ethereum blockchain.
What Does Binance Support?
Binance supports three types of trade orders which include :
- Limit Order
- Market Order
- Stop-limit Order
Uses Of Binance
Here are some of the uses of the Binance :
1. It helps in sending as well as receiving Binance Coin.
2. It helps in issuing new tokens in terms of digitalizing assets.
3. It uses Delegated Proof of Stake (DPoS).
4. It helps in creating trading pairs with different tokens.
Advantages Of Binance
Some of the advantages of the Binance :
1. High Liquidity.
2. Low Transaction Fees.
3. Wide Range Of Purchasing.
Is Binance Safe?
Binance is very valuable for beginners as it lowers transaction costs or fees. Moreover, Binance is hundred percent safe and secure; therefore, it is a versatile way of investing as well as trading cryptocurrencies (Tips On How Your Business Can Profit and Grow Using Blockchain).