To get a proper value of a currency one needs an exchange. In a similar way for getting the exact value of digital currencies in return, one is in need of an exchange. Binance is one of the most used digital currency exchanges in the world. The hong-kong based company launched by Changpeng Zhao is popularly known by the name of NZ. The year 2017 marked its foundation in the month of July. As already said this exchange was launched in the year 207 and thus this is a new entry in the market but has gained manifold since its launch. The exchange, though it has its initial value of around
0.1 has marked several growths over the globe and has topped several lists in a short period of time.
Zhao is himself the technical director of the world-leading chain of bitcoin technology known as Blockchain. The founder is of Chinese origin and cannot operate from China itself due to the harsh and strict rules of the government towards Bitcoin and other cryptocurrencies. China is one of those countries that has not acknowledged the presence and importance of digital currency due to its capitalist market and thus its founder needs a place that has lenient rules as compared to the former one. So the idea of setting up the headquarter in Hong Kong came into place. If you are interested in bitcoin trading, ask yourself before selecting an android bitcoin app .
● The services provided: the services provided by Binance are flexible in nature. It allows users to exchange fiat currencies with digital ones and vice versa. The exchange provides a facility of currencies apart from Bitcoin as well.
● P2P system of trading: For buying the assets quickly the technology of peer-to-peer shortly called P2P is used. This is used by Binance thereby making it one of the swift methods of payment on digital platform exchanges.
● Money available virtually: the platform of Binance has partnered with many finance-related firms and plastic money generators like VISA, MasterCard, and many others in existence. Users can easily avail the facility of these plastic forms of money thereby paying directly from the exchange by spending some reasonable amount of service fee. The service fee depends on the platform on which the coins are being spent.
● Bank to bank transfer: One of the spectacular features of Binance is that you don’t need money out of your bank. One can easily buy the assets directly from the transactions made from their banks pre-authorized by the banking authority. The bank directly transfers their money to the exchange thereby charging a reasonable share of fees and other conversion charges. One should keep track of these charges and make a record for its service.
● The platform for trading: one and most important feature of Binance is that for which this platform was designed. In addition to exchanging digital currencies one of the uses of this platform is to make purchases in the form of trading. Not just bitcoin but other cryptocurrencies find their places on the shelves of binance allowing the users to use this application widely and fully.
● On spot trading platform: by spot trading, one means those transactions that one makes to its desires. The On-the- spot technology helps the users to spend and buy interesting assets in real-time and easily. The flexibility provided by Binance in this concern is good and well laudable.
These points discussed above clearly make the image of Binance clear that this application, despite being new, has remarkably set its feet into the market. This can be estimated from the fact that the turnover of the service is in millions.