Established in 2017, the Binance Exchange is a prominent platform for cryptocurrency trading that places a significant emphasis on altcoins. With over 360 cryptocurrencies and virtual tokens available for crypto-to-crypto trading, including bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), and their proprietary coin, BNB, Binance is a leading player in the industry.

Trading on Binance

  1. Binance, similar to other crypto exchanges, provides a range of services such as trading, listing, fundraising, de-listing, and withdrawing cryptocurrencies. Those interested in launching their own tokens can utilize Binance’s platform for initial coin offerings (ICOs) to raise funds. With millions of users, Binance is a popular choice for cryptocurrency traders and investors order to begin trading, individuals must fulfill the necessary know-your-customer (KYC) requirements. Once a trading account has been successfully created, users can deposit funds into their public wallet address (provided by Binance) to initiate trades. The Binance exchange offers support for four primary types of trade orders: limit, market, stop-limit, and one-cancels-the-other (OCO) orders. Limit orders are executed solely at the limit price designated by the trader. Market orders are executed immediately at the most favorable market price available. Stop-limit orders only become valid once the price reaches a specified level. An OCO order is comprised of two orders where one executed order cancels out the other.

  3. Who Are the Binance Founders?

The global company was co-founded in China by Changpeng Zhao and Yi He. A Chinese-Canadian developer and business executive, Changpeng Zhao, who goes by CZ, is the company’s CEO. He studied at McGill University Montreal and had a successful track record as an entrepreneur. His past experiences include Head of Bloomberg Tradebook Futures Research & Development team, founder of Fusion Systems and Head of Technology at 

Yi He is CMO at Binance and Head at Binance Labs, the company’s venture capital arm. Yi was previously Vice President at a leading mobile video tech company, Yixia Technology, and co-founder of digital asset exchange OKCoin.

When Did Binance Launch?

Binance was launched in June 2017, and within 180 days grew into the largest cryptocurrency exchange in the world.

Binance Restricted Countries

Under the Binance Terms of Use, restricted locations include the United States, Singapore and Ontario (Canada). However, some countries have restricted usage or features might be limited due to regulatory reasons, including but not limited to, China, Malaysia, Japan, UK and Thailand. Futures and derivatives products are also not available in Germany, Italy and The Netherlands. In September 2019, a separate dedicated platform for US clients, Binance.US, was launched.

Binance provides seven categories of trade orders for cryptocurrency derivatives, particularly futures contracts. These orders comprise of:
  1. 1 Limit Order
  2. 2 Market Order
  3. 3 Stop-Limit Order
  4. 4 Stop Market order
  5. 5 Trailing Stop Order
  6. 6 Post Only Order
  7. 7 Limit TP/SL Order (Strategy Order)