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Binance is a cryptocurrency exchange that was first launched in 2017. This popular platform is now home to millions of traders around the world. It is one of the largest on the market alongside platforms such as Coinbase, Huobi, Bithumb and Kraken.
Over the past few months, the Binance platform has reached an average trading volume of between $10 billion and $20 billion, which is staggering. Most clients who use Binance engage in short-term trading.
This is because the platform offers hundreds of tradable markets across cryptocurrencies of all shapes and sizes. It also offers very competitive trading commissions that start at just 0.10%. This ensures that the platform is suitable for traders who invest small amounts as well as those who invest more.
Binance also allows Czech traders to buy a select number of cryptocurrencies with a debit or credit card. You pay 2% for this pleasure and most card types are supported. As for the trading platform itself, Binance CZ is very favorable for experienced traders.
This is because it is packed with tools and features. Binance also has its own cryptocurrency. Binance Coin (BNB) offers holders even lower trading fees. While it may not sound too innovative, their digital currency has a current market capitalization of over $5 billion.
Supported Coins
When it comes to supported coins, Binance is one of the largest in terms of the number of coins it provides, along with Bitfinex and Coinbase. Before we get to that within the Binance review, you should note that the availability of your chosen cryptocurrency will depend on which part of the Binance website you are using.
This means that if you want to use Binance as a way to purchase cryptocurrencies with a debit/credit card, you will be using their intermediary service. This means that you will have access to a small number of coins that you can buy with pounds and pence.
These include:
bitcoin
Ethereum
litecoin
ripple
If you choose to use Binance CZ for their main cryptocurrency exchange service, then the list is significantly longer. However, we should note that each supported market is a crypto-to-crypto pair. This means that you won’t be able to trade coins like bitcoin or ethereum against the US dollar.
Instead, you will have to trade your chosen cryptocurrency against tether (USDT). This is a digital currency that is pegged to the US dollar, so the process actually works the exact same way anyway. Besides USDT, there are hundreds of other crypto-crypto pairs on offer. These include everything from ETH/BTC, XRP/BTC and XEM/BTC.
What we also like about the Binance cryptocurrency exchange platform is that it is often a place where small, less liquid digital coins can be accessed (Binance review). Now, we should note that although most people use Binance to actively trade digital coins, you can also use this platform to buy your chosen cryptocurrency.
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It’s just that the whole process is a bit cumbersome if you don’t already have access to cryptocurrency to deposit into Binance.
For example:
Suppose you want to buy a cryptocurrency called cartesi (CTSI).
This is a small digital currency project with a market capitalization of just $9.7 million.
To buy this coin, you must first buy bitcoins with a debit/credit card.
After that, you need to go to the CTSI/BTC trading section.
After that, you need to exchange your bitcoins for cartesi.
Finally, you need to withdraw your cartesi tokens into a private wallet.
Generally speaking, if a cryptocurrency is worth buying or trading, then there is a good chance you will find a suitable pair in Binance.
Binance Derivatives Markets (Binance Review)
Although we’ve already talked about the platform’s traditional brokerage and exchange services, it’s important to note that Binance is also popular with experienced traders looking to access cryptocurrency derivatives. The platform’s futures trading and options trading sections are at the forefront.
Binance Futures
Binance offers a good selection of futures markets. This allows you to enter more sophisticated trades – both long and short. The futures department at Binance is dominated by USDT/BTC, which in turn allows you to speculate on the future value of bitcoin against the US dollar.
An excellent advantage is that Binance allows you to trade leveraged bitcoin futures up to 125 times. This means that a balance of 100 GBP would allow for a maximum trading value of 12,500 GBP.
This is particularly interesting when you consider the leverage limits for retail clients in the country. For example, prior to January 2022, Czech traders fell under the jurisdiction of ESMA. This meant that the maximum leverage that could be applied to cryptocurrency derivatives was only 1:2.
