Author: Harry Napier
Binance Exchange: Review of all the Features
Binance is the largest and most important crypto exchange online. It has an honor of being chosen by thousands upon thousands of traders. However, there are countless other exchanges. Some of them provide unique features, instruments, even new methods of trading.
Binance doesn’t make an impression of something terribly innovative, but it too has some aces up its sleeve. It’s not exactly the blank template of an exchange many people imagine.
It has a few very interesting offers that can make your trading experience much more comfortable and effective.
Trading on Binance
Binance is overall very comfortable to trade on.
This exchange has a lot of tempting perks, like a large variety of trading pairs or an interesting design. However, these details are obvious – you can notice them just by taking a glance at the website or by browsing through the countless user reviews.
The comfort of trading is obviously very important for an average user, but the thing that really captures imagination is all these little features that allow you to take trading into different destinations or give you more opportunities.
Not all of these solutions improve the trading process itself. But all of them give you some new exciting opportunities and abilities.
Binance trading methods
- Binance OTC
OTC (over the counter) trading isn’t exactly Binance’s innovation, but they do it more-or-less well.
OTC means you’ll trade with someone other than an exchange or anyone on exchange. The exchange – Binance, in this instance – is just an organizer of the deal. As such, you’ll be able to put a quota with:
- The type of currency you need
- The type of currency you offer in exchange
- The amount of each currency
After that, this quota can be picked up by someone from the outside world. It can be accepted or not, which makes these quotas something like options with an immediate date of expiring.
It’s very convenient, and also pretty advanced. So, use it with caution and understanding of the market.
- Derivatives
Binance has a surprisingly large variety of approaches to derivative trading. They are mostly futures and can be traded on margin. The difference is largely in the fuel of trading. You can trade using USDT, a special COIN token or a few other tokens listed additionally.
The logic is simple – you use some amount of available coins to back a derivative (a future) and then wait. If the price designated on the future has eventually come to be, you can capitalize on that derivative.
Since they are all leveraged, you can even borrow some amount from Binance to fuel your schemes.
Binance Charity
This little feature doesn’t make your immediate trading any better or more comfortable, but it makes donating to the people in need very comfortable, secure and never easier. On Binance Charity, you can donate your excess Bitcoin or any amount of Bitcoin if you so wish.
The exact charity can be picked by you. The money you’ll send will go through a dedicated blockchain and you’ll receive a note when someone receives help thanks to your donation.
Right now, Binance is raising money to battle COVID-19, but there are a lot of different causes to donate to.
Binance Development kits
These three are the development kits for the traders who want to start their own projects in the crypto industry. Here’s a rough summary of each of them.
If you ever wanted to create a crypto business of your own, Binance is here to help with its Binance Cloud solution. Basically, by using Cloud you’re tying yourself to the same foundation used by Binance. And it can grant you:
- Security of operations
- High liquidity levels tied to Binance’s own liquidity
- Smooth performance
It’s a product of limited relevance, because not a lot of people will be interested in this. Those who will, however, may be quite thrilled that such an opportunity exists.
Binance DEX is basically the same thing, but instead of building your exchange on cloud, you’ll be building it on the decentralized means provided by the Binance blockchains. It means you’ll be able to transfer your money between the blocks (the users or your accounts) faster, more reliably and without expanses.
Binance Launchpad is a collection of different protocols that can help you create a token for your business or a platform, as well as provide a launching place for them. Every token launched with the help of Binance will be available on this exchange from day 1.
If you don’t know what tokens are, they are essentially commemorative medals that have a limited value of their own, but have instead a non-monetary value given to them by their issuers. For instance, you can gain bonuses by paying with them on the respective platforms.
In conclusion
Unlike many other exchanges, Binance doesn’t try all too hard to create as many new trading solutions as possible. They don’t have their own bot, signal provider or special software to improve the results. They do have a trading system and a few interesting methods of trading, but that’s about it.
There are unique offers, however. As you’ve read, Binance offer you tons of possibilities to develop your own crypto projects, to help other projects that use crypto and spend the crypto you have left after all this to good use.
But yes, if what you were looking for is a few instruments to increase your trading results, Binance doesn’t have it. You can of course use the tools you got from the third-party or created yourself, nobody can say no to that. You can even connect Binance to your MT4 interface – they are open to such experiments.
