According to CoinMarketCap data, as of today, the global cryptocurrency market cap stands at a staggering $1.10 trillion with Bitcoin (BTC) trading between $26,270 and $26,810 for the past 24 hours. BTC was trading at $26,597, and was up by 0.72% as of 10:30 AM (WAT) today,
The Market movers consists of; ETH: $1841.67 (+0.10%), BNB: $259 (-0.92%), XRP: $0.5272 (+1.70%), ADA: $0.315 (-3.79%) DOGE: $0.06801 (+0.31%), SOL: $18.75 (+0.27%), MATIC: $0.7804 (+0.87%), TRX: $0.07749 (+0.12%), LTC: $87.97 (+0.01%), DOT: $5.01 (+0.14%), and the top gainers on Binance are; OG/BUSD (+27%), QUICK/BUSD (+15%) and SCRT/BUSD (+9%).
Whether you are a “newbie” in cryptocurrency investment or someone who wants to expand their knowledge on-all-things crypto, a common word you will come across is Binance. Binance holdings ltd. was founded on June 2017 by Changpeng Zhao in China, and serves as a platform where cryptocurrencies and digital assets of different varieties, are bought, sold, and traded. It also serves as a host to over 350 cryptocurrencies, and has its native cryptocurrency, Binance Coin (BNB) which is used to pay for trading fees and acquire token, amongst others.
According to Coin market cap (2022), Binance is the world’s largest crypto exchange by trading volume, with $76 billion daily trading volume on the Binance exchange and 90 million customers worldwide.
The platform provides a wide range of services such as; allowing users to deposit funds into their Binance accounts, which they can use to purchase or sell their cryptocurrencies within the platform based on current market price or future prices, and allowing users to borrow funds for a short-term, in order to trade cryptocurrencies with leverage.
Binance charges for trading activities, depositing or withdrawing funds from exchanges, borrowing funds, trading on margin (depending on the specific cryptocurrency) as well as holding a Binance card. However, it makes up for these charges by allowing users to lock and deposit their cryptocurrencies for a flexible or fixed-term period, so they can earn interest.
BUT WHY IS BINANCE SO POPULAR?
First, Binance´s implementation of the two-factor authentication (2FA), withdrawal whitelisting, and cold storage as well as its Secure Asset Fund for Users (SAFU) (a reserve fund that helps protect user assets in the event of a security breach) contributes to its popularity.
Also, because of it has a large volume of users this enables traders to easily and quickly trade their crypto currencies and assets at desired prices. Its proven record of managing users´ funds and its established market share all serves as factors to its popularity.
HOWEVER, BE WARNED?
Binance is quite complex for beginners and is prone to price fluctuations, thus, intending users require an intense study of the platform before they venture into crypto trading as crypto trading involves market volatilities, potential loss of funds, and regulatory uncertainties.
Currently, the Binance Sphere consists of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT and more; each of which will be attended to subsequently. So keep an eye out for forthcoming articles.