BINANCE

OVERVIEW

Binance, launched in 2017 by Changpeng Zhao, is a global cryptocurrency exchange platform designed for trading a broad range of digital currencies. It was created to provide a powerful yet intuitive platform for cryptocurrency enthusiasts and traders of all skill levels, ranging from beginners to advanced professionals. Binance users leverage the platform to trade and invest in various cryptocurrencies, using it to manage their digital assets, hedge against market volatility, and capitalize on market trends to achieve financial gains. Its robust ecosystem supports not only trading but also features like staking, savings, and even educational resources to aid users in making informed trading decisions. Regarding costs, Binance offers competitive fees in the cryptocurrency exchange market. It utilizes a maker-taker fee schedule which typically starts from 0.1% per trade, and these fees can be reduced if payments are made with Binance’s own token, BNB, or based on the trading volume and balance of BNB held by the user. There are also withdrawal fees, which vary depending on the type of cryptocurrency being transferred out of the platform. Moreover, Binance provides different trading options like futures and options trading, which might entail different fee structures or additional costs based on the market conditions and the type of order placed.