Binance is a new Cayman Islands-based digital currency exchange which offers a wide platform for trading the different currencies based in the Caribbean island nation. In late 2017, Binance had become the second largest digital currency exchange in the world according to market volume. The two main reasons why this web-based trading is gaining in popularity are the low commissions and fees associated with such kind of trading and its transparent trading process. These features have made Binance a favorite online forex broker in a number of regions including Europe, Asia, Australia and United States. Below are some of the key reasons why Binance has become so popular.
Low commissions and fees: Since Binance runs through the use of virtual servers, it does not need to charge fees and commissions which may make the service more affordable. This is why traders from all around the world can trade here without having to shell out a single cent. The low transaction fees and low commission charged by Binance make it a preferred option for many traders to trade. The low cost and transparent trading processes also attract new and experienced investors to this forex trading website.
Open marketplace: Since Binance trades in multiple currencies, it effectively provides a very open marketplace. This is beneficial to both the novice and experienced trader who can buy and sell coins according to their trading needs and preferences at a fair market price. The liquidity factor of the marketplace further adds to its accessibility. Binance trades hundreds of currencies which allows you to get access to a diverse range of assets. You can invest in gold, stocks, commodities and futures among other things depending on your trading preferences. With such a large number of assets to choose from, you get a better opportunity to profit from every trade you execute.
Fast turnaround: Binance works fast when it comes to execution. Its virtual trading marketplace is one of the fastest in the business, even though it is still in its early stages. It is one of the reasons why many new traders flock to this website as well because of the fast turnaround of trades. You can invest and execute your transactions instantly which significantly enhances your efficiency when it comes down to trading.
Open end resources: Binance has an easy-to-use interface which means that you do not need to be a technical geek to use its trading platform. Furthermore, the trading platform is extremely straightforward and user friendly. All you need to know when it comes to trading is the basics such as how to identify bullish and bearish signals, how to place a stop loss and more. Binance comes with extensive instructional videos and FAQs page, where you can get answers to frequently asked questions that you might have. Furthermore, the marketplace is covered by the Traders Union, a professional association that sets quality standards for online trading platforms. You are assured of a secure environment when it comes to placing trades on Binance.
Complicated for newbies: For someone who does not know much about the Forex market, Binance can be pretty confusing especially when it comes to putting trades together. Once again, Binance has a simple but effective trading platform that is very easy to learn. This is mainly because the system has been developed and optimized for newbies and other people who have no background when it comes to putting trades together. Binance also has a user friendly visual interface which means that you can put trades together with minimal supervision from any financial expert. Therefore, if you are looking for a reliable but simple trading platform, then Binance should be a good choice.