What are the main benefits of the Binance trading platform? This article gives you some useful insights and also a good deal to start trading.
Binance is one of the biggest and most popular cryptocurrency trading platforms in the world. Additionally, they are considered reliable and moreover, the cheapest exchange in the world based upon trading fees.
In this article will be explained, what the main advantages of Binance platform are and especially why traders can profit from extremely low trading fees.
Low trading fees
First of all trading fees. Are trading fees that important? It depends. For instance, if you have the intention to start trading cryptocurrency on a regular basis then you have to pay a lot in fees in the long term.
On the other hand, if you just want to use other functions like staking or lending this isn’t really an issue.
In general, whether you are a starter or an advanced trader, it’s important to reduce the total amount in fees you have to pay when trading.
The main benefit of Binance: Binance Coin(BNB)
Those who are already familiar with cryptocurrency probably also know the BNB token. For those who don’t: Binance coin(BNB) is the platform token where traders who hold this token are granted with another 25% discount on trading fees.
How does this work? The standard trading fee of the platform is set to 0.1%. Additionally, holding some BNB in your wallet will reduce it to 0.075%. Besides, if you create an account at Binance this setting is available at default and you don’t have to search for this option to enable it.
Now here is the deal, if you use this link to sign up you will get an additional 10% discount on trading fees. Also, if you decide to hold some BNB you will reduce this to 35%. Sounds pretty cool, isn’t it?
How to get 35% discount on Binance
- Sign up for free using this link(10% commission kickback)
- Buy some BNB coins and hold them in your wallet
- That’s it 😉
|Besides a 25% discount on trading fees, the BNB token has some other use cases. For more details on this, read this article: why Binance Coin has great benefits.|
Earning passive Income with Binance Earn
Not interested in trading but still holding crypto assets? Another advantage of Binance is earning passive income on your crypto stack. So why not deposit your crypto in the Binance Earn savings account.
In contrary to a traditional bank account Binance is able to offer you several options to let your crypto work for you. Even when you are sleeping 😁
Let’s go through the main categories of Binance Earn so you can figure out which suits your investment style the best.
The flexible savings account is a way to earn interest on your crypto in a very flexible way. You can deposit your funds, earn interest, and redeem them at any time. The way it works is that you can transfer your funds from your spot wallet into this account and start earning immediately.
Currently, Binance has 56 coins available being able to be deposited into this account. For instance, if you are a Bitcoin(BTC) holder it’s now possible to earn 1.2% on it.
Fixed savings offers you the possibility to earn better profits than the flexible account. You can deposit three different type of stablecoins: USDT, BUSD, and USDC. The difference with the flexible account is that you must lock them for a certain period of time.
Fixed Savings products can range from 7 to 90 days. So, if you know you won’t need some funds elsewhere for a certain period of time, you can lock them to earn a higher APY.
Do you own some Proof-of-Stake(PoS) coins and aren’t trading them at the moment. At Binance you can also deposit them into the Binance Earn account.
Particularly, if you commit your PoS coins to be locked for periods ranging from 7 to 90 days, you can earn a higher reward. This is essentially the same deal as Flexible vs. Fixed Savings, only with staking.
If you already have some decent trading experience and want to trade with some leverage then Binance has the 5x option for you. Remember that trading with leverage comes with serious risk and you must be very certain about what you are doing.
The way it works is that you first have to transfer funds from your Spot wallet into your Margin wallet. After that you are able to borrow extra funds for trading with a max of 5x of what you deposited.
The main benefit of Binance platform is that it has very high trading volumes because of the millions of traders being online every day. As a result of this, you are able to trade smaller altcoins with leverage besides Bitcoin(BTC) or Ethereum(ETH).
Wrapping it up
Investors or traders who want to enter the cryptocurrency markets are very well being served by the Binance cryptocurrency trading platform which is one of the biggest platforms in the world.
This high volume trading platform offers the following benefits for free:
- Lowest trading fees in crypto
- Open an account and earn passive income(without trading)
- Margin trading(5x leverage)
Last but not least, if you sign up with this link you will get 10% of your trading fees back into your trading account 🧐. Happy trading or investing!
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