If you are new to the cryptocurrency world, you might be wondering what Binance is. It is a popular and credible crypto exchange. The system has been in operation since July 2017. Within one year on launch, 10 million people were already using it.
What makes Binance different?
One of the things that have made this crypto exchange popular is its uniqueness from its competitors. Most of its competitors offer only fiat-to-crypto markets (for instance, USD-to-Bitcoin). However, Binance offers so much more, starting with various crypto-to-crypto markets (for instance, Bitcoin-to-BAT).
These markets attract users who cannot get the coins on other exchanges. The system also has low trading fees, reliable technology, and high trust, which have helped in its fast growth. Since its launch, Binance has been spectacularly profitable and it registered $446 million in profits in the year 2018.
Earn For Passive Income
One of the fastest and simplest ways you can earn a passive income is through Binance earn. In the past, saving accounts could offer extremely high-interest rates. However, the average interest rate today hovers around a small percent, around 0.5%, for most conventional savings accounts with traditional banks.
With such low interest rates, it is becoming difficult for people to earn passive income or even protect their wealth due to high inflation. On the other hand, the users of Binance cryptocurrency can expect high gains on their assets. Despite this, however, most people are still yet to utilize these crypto-saving products.
If you are still in the dark about what Binance is, then you should understand how Binance Earn is beneficial to users in order to get a glimpse of this whole cryptocurrency-based ecosystem. Binance Earn helps rookies and advanced users earn higher yields even without making frequent trades.
As a user, you will get numerous ways to make money using Binance earn as several products provide principal guarantees that ensure the users’ initial deposit is still intact. Currently, you can get two types of earnings with Binance earn – Guaranteed and High Yield.
Payment Card For Debit Payments
Binance offers its users the chance to buy the things they love with crypto. The Binance card allows them to spend their preferred cryptocurrencies at over 60 million merchants globally. Users only need to transfer crypto from their spot wallet to their funding wallet, and they are ready to go.
With the Binance card, you can do anything that regular payment cards do and much more. The Binance card works like regular debit cards issued by banks. Users can top-up their card with money using the Binance Card App, usually in the form of Binance Coin (BNB) or Bitcoin.
Every time a user makes a payment, the card will use the balance for the card payments and deduct the expense from your balance automatically. With the Binance card, you no longer have to sell crypto to pay your bills as you can also keep HODling and only spend the funds you need to make payments with.
Loans For Easy Credit
People who do not know what is Binance usually wonder whether there are loans with Binance. The answer is yes. Binance also offers loans to its users, and these loans provide numerous options for different assets, including crypto, collateral, and interest rate. Users also get maximum loanable limits according to market conditions based on Binance’s internal risk management.
Only registered Binance users get access to Binance loans. Binance offers loans in several cryptos such as BTC, ETH, BNB, BUSD, and USDT. As collateral, Binance loans support various cryptos such as BTC, ETH, BNB, and BUSD.
Binance loan terms range from 7, 14, 30, 90, and 180 days. However, you can make payments in advance, bearing in mind that they will calculate interest according to the hours borrowed. Binance calculates interest hourly and bases the rate of interest on the time the user takes out the loan.
Margin And Derivatives For Leveraged Trading
Margin trading is a method where users trade crypto assets by borrowing funds. This type of trading allows users to get access to large sums of capital (that they may not have otherwise) in order to leverage up their positions. It amplifies the trading results and helps traders realise greater returns in successful trades.
Margin traders place orders to purchase or trade cryptos in spot markets. That means that the platform matches margin orders with spot market orders. Every margin-related order is actually a spot order. Meanwhile, for those traders trading Futures, the orders to purchase or sell contracts are placed in the derivatives market.
All Futures contracts are traded in the derivatives market, and the trading depends on the obligation to deliver assets on a future date. You cannot trade futures contracts on the spot market because futures relate to settlement of an underlying asset at a future date whereas spot relates to actual settlement right now. This is why margin trading and futures trading are carried out on two different markets.
Futures contracts also allow traders to bag huge profits by using leverage.
Launchpool For Crypto Investments
What is Launchpool? Binance has a complete ecosystem of services that is tailored to serve the majority of cryptocurrency users’ needs. People who use Binance may have seen Binance Launchpool pop up from time to time as they trade.
So, what is Launchpool? Launchpool is a platform that aims to support the crypto network by providing access to crypto investments for every Binance user. With the platform, users and investors can generate huge returns in the form of new tokens.
The solution offers benefits to users and to emerging cryptocurrency projects. Launchpool helps quality projects raise funds and, at the same time, allows crypto users and investors to make attractive returns.
Currently, Launchpool features 19 projects. The platform offers simple mechanics to earn free tokens. Users are also flexible to earn new tokens and control their existing assets. Moreover, the platform provides growth for projects and holders.
Binance is among the top, world-leading crypto exchanges. One benefit of using this exchange is that it has an extensive list of trading pairs. Additionally, its fees are relatively low compared to other platforms.
The platform uses also BNB coin as a utility token for everything on the exchange. This allows users to pay any transaction and trading fees at much lower rates than they would otherwise with other tokens/exchanges.
All-in-all, Binance has set itself up as a one-stop-shop for all the financial needs of a user entering the crypto ecosystem. Given the current trajectory and popularity of fintech, Binance is set to grow massively over the coming years as it combines spot trading, passive income, crypto debit cards, crypto loans, leveraged and derivatives trading, and crypto investments.