Binance: Redefining the Crypto Exchange
Last updated: January 1, 2023
What is Binance?
Most people in the crypto world know about Binance. It is one of the biggest and most popular exchanges out there. However, what makes Binance so different from all the other exchanges? In this blog post, I will delve into some of the distinctive features that make Binance stand out. So, if you are thinking about investing in cryptocurrency or are just curious about what Binance brings to the table, please keep reading to discover how Binance revolutionizes the crypto exchange landscape. Explore the innovative ways in which Binance transforms the dynamics of trading, investing, and interacting with cryptocurrency. Sign up here.
How do you get started with Binance?
Here is a step-by-step guide on how to get started with Binance:
Visit the Binance website and click on the “Register” button.
Enter your email address and a strong password, and complete the necessary security checks.
Once your account is created, navigate to the “Deposit” section to add funds to your account. You can deposit cryptocurrencies or fiat currencies, depending on what is supported in your region.
Once your funds have been added, you can navigate to the “Trade” section to start trading cryptocurrencies.
Choose the cryptocurrency you want to trade and select the trading pair you want to use. For example, if you want to trade Bitcoin for Ethereum, you would select the BTC/ETH trading pair.
Choose your trading type and enter the amount of cryptocurrency you want to buy or sell.
Review your order and confirm the transaction.
Once your trade is executed, your new cryptocurrency will appear in your account balance.
History of Binance
Binance was founded in 2017 by Changpeng Zhao, a well-known figure in the cryptocurrency industry. The company was initially based in China but relocated to Malta in 2018 after facing regulatory issues in its home country.
From its early days, Binance quickly gained popularity among cryptocurrency traders for its user-friendly platform, low fees, and wide range of supported cryptocurrencies. The platform’s innovative features, such as its Binance Coin (BNB) token, which can be used to pay for transaction fees at a discount, and its support for initial coin offerings (ICOs), helped to cement its position as one of the leading crypto exchanges in the world.
In its first year of operation, Binance processed over $1 billion in daily trading volume and had already established itself as a dominant player in the industry. Since then, the company has continued to expand its offerings and reach, launching new products and services such as the Binance DEX decentralized exchange and Binance Launchpad for token launches.
However, Binance has also faced its share of challenges, including a major security breach in 2019 that resulted in the loss of over $40 million worth of cryptocurrency. The company has taken steps to improve its security measures from that time on, implementing measures such as two-factor authentication and multi-signature wallets.
Despite these challenges, Binance has continued to grow and expand, attracting millions of users from around the world and cementing its position as a key player in the cryptocurrency industry.
Why should you think of Binance as a crypto exchange?
Binance prioritizes security.
When it comes to safeguarding user assets and sensitive data, Binance takes security seriously. The platform employs a comprehensive range of measures to protect user funds and personal information, including two-factor authentication, anti-phishing mechanisms, and multi-signature wallets. In this way, Binance provides a secure trading environment that instills confidence in its millions of users worldwide.
A wide range of cryptocurrencies supported by Binance
Binance is a leading cryptocurrency exchange that offers an extensive selection of digital assets to cater to the diverse needs of its users. The platform supports major cryptocurrencies such as Bitcoin, Ethereum, and Ripple, along with a variety of up-and-coming altcoins. Binance also provides support for stablecoins, including Tether (USDT) and Binance USD (BUSD), which offer users a reliable way to transact in cryptocurrencies without the volatility often associated with the market.
Binance offers a wide range of trading pairs for easy crypto trading.
With Binance, users have access to a wide range of trading pairs, enabling them to trade cryptocurrencies against each other or against fiat currencies such as USD or EUR. This high liquidity platform makes it easy for users to buy and sell cryptocurrencies at a market price.
User-friendly interface of Binance for novice and experienced traders
Binance prides itself on its user-friendly interface, which is tailored to meet the needs of both novice and experienced traders. The platform offers a variety of trading options, including a basic interface for beginners and an advanced interface for more seasoned traders, ensuring that everyone can trade with ease.
Binance offers a comprehensive trading experience accessible from anywhere.
With its mobile app for iOS and Android, Binance offers traders the flexibility to trade cryptocurrencies anytime, anywhere. Additionally, Binance’s API support enables developers and institutional traders to integrate the platform’s services into their own applications, providing a comprehensive trading experience accessible from anywhere.
Binance offers unbeatable customer support.
Binance provides comprehensive customer support through multiple channels, including email, live chat, and an extensive help center with frequently asked questions. Additionally, the platform has a vibrant community forum where users can seek advice from fellow traders and gain valuable insights into cryptocurrency trading.
Discover the world of Binance: From learning to trading to spending and investing
Binance Academy: Binance Academy is an educational platform that offers a wide range of resources for users to learn about cryptocurrency and blockchain technology, including articles, videos, and interactive tutorials. Users can benefit from the platform by gaining a deeper understanding of cryptocurrency and improving their skills of trading.
Binance Live: Binance Live is a streaming platform that provides users with real-time updates on the cryptocurrency market, as well as expert analysis and insights. Users can benefit from the platform by staying up-to-date on the latest market trends and making more informed decisions in trading.
Binance Card: Binance Card is a type of debit card that allows users to make payments using their cryptocurrency wherever Visa payments are accepted. This card provides users with greater flexibility and accessibility to their cryptocurrency assets, enabling them to easily spend their digital assets in the real world.
Binance Labs: Binance Labs is a venture capital and incubator program that invests in and supports early-stage blockchain and cryptocurrency startups. Users can benefit from the program by gaining exposure to promising new projects and potentially earning returns on their investments.
Binance Launchpad: Binance Launchpad is a platform that allows users to invest in and participate in the launch of new blockchain and cryptocurrency projects. Users can benefit from the platform by gaining early access to promising new projects and potentially earning returns on their investments.
Binance Research: Binance Research is a research and analysis team that provides users with insights into the cryptocurrency market and specific projects. Users can benefit from the research by gaining a deeper understanding of the market and making more informed trading decisions.
Binance Trust Wallet: Binance Trust Wallet is a secure, open-source, and decentralized mobile wallet that supports a wide range of cryptocurrencies. It allows users to safely store their digital assets, manage their portfolio, and send or receive crypto transactions from their mobile device. Trust Wallet also integrates with Binance DEX, allowing users to trade their assets directly from the wallet.
Binance NFT: Binance NFT is a marketplace for buying, selling, and trading non-fungible tokens (NFTs), which are unique digital assets. Users can benefit from the platform by gaining exposure to unique and valuable NFTs.
Binance Pay: Binance Pay is a secure and borderless payment technology that enables users to send and receive cryptocurrency payments quickly and conveniently. With millions of merchants accepting Binance Pay worldwide, users can shop with crypto or send crypto to their loved ones globally. Businesses can also benefit from the fast, easy, and secure payment processing of Binance Pay, helping them grow by accepting crypto payments. Additionally, Binance Pay is designed to save users money on transaction fees, with no hidden fees or surcharges. By using Binance Pay, users can enjoy greater flexibility in managing their cryptocurrency assets and carrying out transactions with ease.
Binance Gift Card: Binance Gift Card is a digital gift card service offered by Binance, which allows users to purchase gift cards with cryptocurrency. These gift cards can be used to make purchases at various retailers, including online stores and local shops. The service is available in select countries and is aimed at making cryptocurrency more accessible for everyday use.
BNB Chain: BNB Chain is a blockchain developed by Binance that powers the Binance Smart Chain ecosystem. Users can benefit from the chain by gaining access to a fast and secure blockchain infrastructure for their decentralized applications and services.
Binance Pool: Binance Pool is a mining platform that allows users to mine various cryptocurrencies with ease. By joining Binance Pool, users can benefit from several advantages such as lower fees, efficient mining, and increased profitability. Binance Pool also provides users with regular payouts, detailed mining statistics, and 24/7 customer support. Additionally, Binance Pool offers various options in mining, including Proof of Work (PoW) and Proof of Stake (PoS), providing users with a diverse range of opportunities in mining.
Binance Swap Farming: Binance Swap Farming is a program that rewards users for providing liquidity to certain trading pairs on the Binance exchange. Users can benefit from this program by earning additional rewards in the form of tokens, on top of the trading fees they already earn. By providing liquidity to eligible trading pairs, users can earn a share of the swap fees generated by the exchange. This incentivizes users to provide liquidity to these trading pairs, which helps to improve market depth and stability. The rewards earned from Binance Swap Farming are paid out in various cryptocurrencies, including Binance Coin (BNB), which can be traded or held for potential price appreciation.
Binance Liquidity Farming: Binance Liquidity Farming is a program that rewards users for providing liquidity to selected trading pairs on the Binance exchange. By participating in liquidity farming, users can earn additional income in the form of rewards for providing liquidity. This can be especially beneficial for those who are holding cryptocurrency assets long-term and want to earn additional passive income. Additionally, liquidity farming can help to increase liquidity and trading volume for selected pairs, which can lead to more efficient markets and potentially better trading opportunities for users.
Binance Vault: Binance Vault is a service provided by Binance that offers a secure and easy-to-use platform for users to store their cryptocurrency assets. By using Binance Vault, users can benefit from enhanced security features such as multi-signature technology and cold storage. This ensures that their assets are safe and protected from potential hacks or theft. Additionally, Binance Vault provides users with a user-friendly interface and simplified asset management, making it easier to manage and monitor their portfolio.
What are the top ten cryptocurrencies that you can trade on Binance in addition to Bitcoin?
Ethereum (ETH)
Tether (USDT)
USD Coin (USDC)
Binance Coin (BNB)
XRP
Binance USD (BUSD)
Cardano (ADA)
Solana (SOL)
Dogecoin (DODGE)
Polkadot
What is the effect of Binance acquiring CoinMarketCap and owning TrustWallet on the exposure and appeal of Binance Coin to major investors?
First, the acquisition of CoinMarketCap gives Binance a major platform for promoting BNB. CoinMarketCap is the most popular cryptocurrency tracking website in the world, and it has over 50 million monthly visitors. By owning CoinMarketCap, Binance can ensure that BNB is prominently featured on the website, which will help to increase its exposure to potential investors.
Second, the ownership of TrustWallet gives Binance a way to reach a wider audience of investors. TrustWallet is a popular cryptocurrency wallet that is used by over 5 million people. By owning TrustWallet, Binance can make it easier for people to buy and store BNB, which will help to increase its appeal to investors.
Third, the acquisition of CoinMarketCap and the ownership of TrustWallet give Binance a greater degree of control over the cryptocurrency market. By owning these two platforms, Binance can influence the way that cryptocurrencies are tracked and traded. This could give Binance an advantage over its competitors and could help to increase the value of BNB.
What are the regulatory challenges faced by Binance?
Here are some of the regulatory challenges faced by Binance:
Lack of clear regulations: The regulatory landscape for cryptocurrencies is still evolving, and there is no single global standard. This can make it difficult for Binance to comply with all applicable regulations.
Different regulations in different jurisdictions: Binance operates in over 180 countries, and each jurisdiction has its own set of regulations. This can make it difficult for Binance to keep up with all the different regulations.
Government scrutiny: Governments around the world are increasingly scrutinizing cryptocurrencies, and Binance is no exception. This has led to Binance being banned in some jurisdictions, and it could lead to further restrictions in the future.
Public perception: The public perception of cryptocurrencies is still mixed, and this can make it difficult for Binance to attract new users. Some people view cryptocurrencies as a risky investment, and others view them as a way to facilitate illegal activities.
Competition from other cryptocurrency exchanges: There are many other cryptocurrency exchanges operating in the world, and some of these exchanges are larger and more established than Binance. This can make it difficult for Binance to compete for market share.
Security concerns: Binance has been hacked twice in the past, and this has raised concerns about the security of the platform. Binance has taken steps to improve security, but there is always the risk of future hacks.
Fraud and scams: There have been some cases of fraud and scams involving Binance, and this has damaged the company’s reputation. Binance is working to address these issues, but it is an ongoing challenge.
Binance faces a number of regulatory, competitive, and security challenges. The company is working to address these challenges, but it is an ongoing process.
How does the lack of a central headquarters for Binance affect its operations and compliance with regulatory requirements?
The lack of a central headquarters for Binance has a number of implications for its operations and compliance with regulatory requirements.
Operational challenges: The lack of a central headquarters for Binance makes it difficult to coordinate its operations and compliance efforts. This is because the company has offices and employees in multiple jurisdictions, and it is not clear which jurisdiction has primary jurisdiction over the company. This can make it difficult for Binance to comply with the different regulatory requirements of different jurisdictions.
Regulatory challenges: The lack of a central headquarters for Binance also makes it difficult for the company to obtain regulatory licenses and approvals. This is because many jurisdictions require cryptocurrency exchanges to be incorporated or licensed in their jurisdiction. Without a central headquarters, Binance may have difficulty obtaining the necessary licenses and approvals to operate in certain jurisdictions.
Legal risks: The lack of a central headquarters for Binance also exposes the company to legal risks. This is because the company may be subject to the laws of multiple jurisdictions, and it is not clear which jurisdiction’s laws will apply in the event of a legal dispute. This can make it difficult for Binance to defend itself against legal challenges.
In recent years, Binance has taken steps to address some of the regulatory challenges associated with its lack of a central headquarters. For example, the company has established a number of regional offices in different jurisdictions. Binance has also begun to apply for regulatory licenses in some jurisdictions. However, it remains to be seen whether these steps will be sufficient to address all of the regulatory challenges facing Binance.
It can be said that the lack of a central headquarters for Binance is a significant challenge for the company. This challenge is likely to continue to pose challenges for Binance in the years to come.
What are the statistical facts about Binance that you should be aware of?
Binance is the world’s largest cryptocurrency exchange by trading volume. In 2022, Binance processed an average of $15 billion in daily trading volume.
Binance has over 120 million registered users. This makes it one of the most popular cryptocurrency exchanges in the world.
Binance offers 350+ cryptocurrencies. This is one of the widest selections of cryptocurrencies available on any exchange.
Binance offers margin trading, futures trading, and staking. This makes it a versatile platform for traders of all levels.
Binance has been hacked twice. In 2017, Binance was hacked for $40 million. In 2022, Binance was hacked for $100 million.
Binance was founded in 2017 by Changpeng Zhao. Zhao is a former software engineer at Bloomberg and the founder of OKCoin.
Binance is headquartered in the Cayman Islands. However, the company has offices in many countries around the world.
Binance has been criticized for its lack of transparency. The company has been accused of wash trading and other market manipulation practices.
Binance has been banned in some countries, including China and the United States. However, the company continues to operate in many other countries of the world.
Binance has its own cryptocurrency, Binance Coin (BNB). BNB is the third-largest cryptocurrency by market capitalization.
Binance has a thriving ecosystem of products and services. These include the Binance Launchpad, the Binance NFT Marketplace, and the Binance Academy.
What are the security principles of Binance?
Binance has a strong commitment to user security. The security principles of Binance are:
Security by design: The security measures of Binance are built into the platform from the ground up. This includes multi-signature wallets, cold storage, and two-factor authentication.
Security by education: Binance educates its users on security best practices. This includes articles, videos, and tutorials on how to protect their accounts and funds.
Security by monitoring: The security team of Binance constantly monitors the platform for threats. This includes using machine learning and artificial intelligence to identify suspicious activity.
Security by response: Binance has a swift and effective response to security incidents. This includes working with law enforcement and other organizations to investigate and prosecute attackers.
In addition to these principles, Binance also follows industry best practices for security. This includes:
Regular security audits: The security of Binance is regularly audited by independent security firms.
Vulnerability disclosure program: Binance has a vulnerability disclosure program that allows security researchers to report vulnerabilities to the company.
Incident response plan: Binance has a detailed incident response plan that outlines how the company will respond to security incidents.
These principles and practices have helped to make Binance one of the most secure cryptocurrency exchanges in the world.
What are some ways to protect your Binance account?
Here are some additional tips for protecting your Binance account:
Use a strong password and change it regularly.
Enable 2FA and use a 2FA app instead of SMS.
Do not share your account information with anyone.
Be careful about what links you click on.
Keep your software up to date.
Be aware of phishing attacks.
Report any suspicious activity to Binance.
What is the Secure Asset Fund for Users (SAFU) in Binance?
Binance is a cryptocurrency exchange that offers a Secure Asset Fund for Users (SAFU). This fund is used to protect a share of user funds in the event of an unforeseen event on the Binance platform. Binance stores 10% of all trading fees in the SAFU fund, which is separate from Binance’s operating funds. The fund is designed to cover any losses incurred by Binance users due to hacks, technical issues, or other unexpected events. If the SAFU fund is used, Binance will replenish the fund with new trading fees within a short period. Binance has strict security protocols to protect user funds, but the SAFU fund provides additional protection for Binance users.
Personalized access control on Binance
Personalized access control is a great way to keep your account safe and secure. By restricting devices and addresses that can access your account, you can be sure that only authorized individuals will be able to carry out transactions. Binance’s advanced access control system is one of the best in the industry, providing a high level of security for your account. With this system in place, you can be confident that your account will be protected from unauthorized access. Personalized access control is essential to keeping your account safe, and Binance’s system is one of the best available.
Trade Bitcoin for free on Binance
Binance, one of the world’s leading cryptocurrency exchanges, has launched zero-fee trading for Bitcoin spot trading pairs. The move, designed to celebrate Binance’s fifth anniversary, occurred on July 8th, 2022, at 14:00 (UTC). The zero-fee trading will cover the following 13 spot trading pairs: BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTC/USDP, and BTC/USDT. Binance has become known for its low fees and innovative features, and this latest move is likely to cement further its position as one of the leading cryptocurrency exchanges.
The pros of Binance
✔️ More than 350+ cryptocurrencies listed
✔️ Low transaction fees of less than 0.10%
✔️ One of the cheapest platforms to use
✔️ Massive selection of transaction types
✔️ Great reputation
✔️ Safe and secure
✔️ Includes ways to earn passive income
✔️ Active social channels
✔️ Great customer support
✔️ Specific product for institutional investors
✔️ Fast account opening process
✔️ Extensive educational resources
The cons of Binance
❌ Does not accept credit card deposits
❌ Not available in every US state
❌ No customer support by phone
❌ Unsuitable for beginners is a complex platform.
❌ Has experienced regulatory issues in several countries
What are the top alternatives to Binance?
Coinbase
Uphold
Poloniex
LocalBitcoins
Kucoin
NiceHash
HitBTC
CEX.IO
Bittrex
Kraken
Binance vs. Coinbase
Binance and Coinbase are two of the most popular cryptocurrency exchanges in the world. While both platforms offer similar services, they have some key differences in terms of fees, supported cryptocurrencies, margin trading, market share, and user base.
Trading fees, supported cryptocurrencies, and margin trading of Binance and Coinbase
When it comes to trading fees, Binance offers lower fees than Coinbase. Binance charges a 0.1% trading fee for both maker and taker orders, while Coinbase charges a higher fee of up to 0.5% per trade. Binance also offers a fee discount to users who hold Binance Coin (BNB) on their platform.
In terms of supported cryptocurrencies, Binance has a wider range of cryptocurrencies available for trading than Coinbase. Binance supports over 600 cryptocurrencies, while Coinbase only supports around 50. Binance also has a wider range of trading pairs available, which allows users to trade between different cryptocurrencies more easily.
Another key difference between the two platforms is that Binance offers margin trading, while Coinbase does not. Margin trading allows users to borrow funds to trade with, which can increase their potential profits but also increases their risk.
Market share and user base of Binance and Coinbase
Binance has grown rapidly since its launch in 2017 and has become one of the largest cryptocurrency exchanges in the world. According to CoinGecko, Binance has a daily trading volume of over $11 billion and a market share of around 13%. Binance has a large user base, with over 15 million registered users as of 2021.
Coinbase is also a well-established cryptocurrency exchange with a large user base. According to CoinGecko, Coinbase has a daily trading volume of over $3 billion and a market share of around 4%. Coinbase has over 56 million verified users as of 2021.
Is Binance the world’s largest cryptocurrency exchange?
Binance has quickly become the world’s largest cryptocurrency exchange. This is due, in part, to their commitment to providing a fast, easy-to-use platform for buying and selling cryptocurrencies. Sign up today and enjoy the benefits of being part of the world’s most active crypto community. Withdrawals and deposits are quick and easy, so you can start trading immediately. Do not miss out on this opportunity.
Frequently asked questions or FAQs I Binance
What is the market cap of Binance?
As of July 11, 2023, the market cap of Binance is $4.03 billion. This is calculated by multiplying the current price of BNB (Binance Coin) by the total number of BNB in circulation. The current price of BNB is $26.13, and there are 155.86 million BNB in circulation.
The market cap of Binance is constantly changing, as the price of BNB fluctuates. However, it is one of the largest cryptocurrency exchanges in the world, and its market cap is a good indicator of its overall value.
What is the minimum initial investment required to trade on Binance?
There is no minimum initial investment required to trade on Binance. You can start trading with as little as $10. However, it is important to remember that cryptocurrency trading is a risky activity, and you could lose more money than you originally invested.
What is the purchase price of a cryptocurrency on Binance?
The purchase price of a cryptocurrency on Binance is the price you pay for the coin when you buy it. The purchase price will vary depending on the current market price of the coin. You can see the current market price of a coin on the Binance website or app.
What is a margin account on Binance?
A margin account on Binance is a type of trading account that allows you to borrow money from Binance to trade cryptocurrency. This means that you can trade with more money than you actually have. However, margin trading is a risky activity, and you could lose more money than you originally invested.
What is a margin call on Binance?
A margin call is a notification from Binance that you need to add more funds to your margin account. This is because the value of your collateral has fallen below a certain level. If you do not add more funds, your position will be liquidated, and you will lose money.
How does a margin call work on Binance?
When you open a margin position on Binance, you are essentially borrowing money from Binance to trade cryptocurrency. This means that you are using your collateral as security for the loan. If the value of your collateral falls below a certain level, Binance will issue a margin call. This means that you need to add more funds to your margin account to bring the value of your collateral back up to the required level.
What happens if I do not add more funds to my margin account after a margin call?
If you do not add more funds to your margin account after a margin call, your position will be liquidated. This means that Binance will sell your collateral to repay the loan. You will lose any money that you have invested in the position, and you may also owe Binance money.
How can I avoid a margin call on Binance?
There are a few measures you can do to avoid a margin call on Binance:
Use a margin level that is appropriate for your risk tolerance.
Monitor the value of your collateral and add more funds if necessary.
Close your margin positions if the market goes against you.
What is a margin loan on Binance?
A margin loan is a loan that you take out from Binance to trade cryptocurrency. To get a margin loan on Binance, you will need to have a margin account. When you take out a margin loan, you are essentially using your cryptocurrency as collateral.
What is the circulating supply of Binance Coin (BNB)?
The circulating supply of Binance Coin (BNB) is the number of BNB tokens that are currently in circulation. This number is constantly changing, as BNB is being mined or sold. As of July 11, 2023, the circulating supply of BNB is 155.86 million.
Can I borrow money from Binance?
Yes, you can borrow money from Binance through their margin loan service. Margin loans allow you to borrow up to 65% of the value of your collateral in order to trade cryptocurrency. The interest rate on margin loans is variable, and it will depend on the conditions of the current market.
Are deposits on Binance instant?
No, deposits on Binance are not instant. The time it takes for a deposit to be credited to your account depends on the deposit method used. Domestic wires take 1-3 working days, while SWIFT does not. For faster deposits, you can use the Binance p2p (peer-to-peer) tool or deposit cryptocurrency into your account, which can be done in a matter of minutes.
Can you track Binance transactions?
Yes, you can track Binance transactions by checking your transaction history on the Binance website or app, or by using a blockchain explorer.
Can Binance steal your money?
No, Binance cannot steal your money. As a regulated and reputable cryptocurrency exchange platform, Binance employs a range of security measures to ensure the safety of user funds and data. Additionally, users have control over their funds and can withdraw them at any time.
Where was Binance registered?
Binance was initially registered in China in 2017. However, after China banned cryptocurrency trading in the same year, Binance moved its headquarters to Malta and is currently registered there.
Can Binance be done without KYC?
No, Binance cannot be used without completing the KYC (Know Your Customer) process. KYC is a mandatory requirement for all Binance users to comply with regulations and ensure the safety and security of the platform.
How can I clear a negative balance on Binance if my isolated position is bankrupted on Testnet?
If your isolated position is bankrupted on Binance Testnet and you end up with a negative balance, you can clear it by adding funds to your account to cover the negative balance. You can do this by depositing cryptocurrency or fiat currency into your account, or by selling other assets on the platform to generate the necessary funds to cover the negative balance.
Why does liquidation take place despite the existence of unrealized profits in Binance?
Liquidation in Binance takes place despite the existence of unrealized profits because liquidation is triggered when the margin level falls below the liquidation level. Unrealized profits are not considered in the calculation of the margin level, which is based on the value of the assets in the trading account and the amount of leverage used. Therefore, even if there are unrealized profits, if the margin level falls below the liquidation level, liquidation will occur to prevent further losses.
Why was the Stop-Limit Order not filled even after the Stop-Price Order on Binance was triggered?
There could be several reasons why a Stop-Limit order was not filled even after the Stop-Price order on Binance was triggered. It could be due to the fact that there was no matching sell order for the buy order placed or the limit price set was too low for the buy order to be filled. Another possibility is that there was a sudden change in market conditions or high volatility, which led to the buy order not being filled. In such cases, it's important to check the current market conditions and adjust the order accordingly.
What types of cryptocurrencies can I trade on Binance?
Binance supports trading of over 500 different cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. The platform offers a wide range of trading pairs, including crypto-to-crypto and fiat-to-crypto pairs.
How can I deposit funds into my Binance account?
You can deposit funds into your Binance account by using any of the cryptocurrencies or fiat currencies that are supported. To initiate the deposit process, simply navigate to the “Deposit” section of your account.
Is Binance safe to use?
Yes, Binance is a safe and secure platform to use. The platform employs a range of security measures to ensure the safety of user funds and data, including two-factor authentication, anti-phishing protection, and cold storage of funds.
Does Binance charge fees for trading?
Yes, Binance charges fees for trading on the platform. The fees vary depending on the type of trade, the trading volume, and the type of account you have.
What is Binance Coin (BNB), and how can I use it?
Binance Coin (BNB) is a cryptocurrency that is native to the Binance platform. It can be used to pay for trading fees, transaction fees, and other fees on the platform. Additionally, holding BNB can give users access to certain discounts and benefits.
Can I use Binance in my country?
Binance is available in many countries around the world, but its availability may vary depending on your location. Check the Binance website to see if the platform is available in your country.
What is the Binance referral program, and how does it work?
The Binance referral program allows users to earn rewards by referring new users to the platform. Users can share their referral link with friends and family, and earn a percentage of their trading fees.
How can I contact Binance customer support?
Binance customer support can be contacted through the platform’s online support ticket system or by email. You can find the link to the support ticket system and the email address for customer support on the Binance website.
