At one time, the soaring price of virtual currencies led to the emergence of people who amassed significant wealth, and the term “billionaire” started to trend.
As of April 2021, the price of virtual currencies, which had been falling for a while, is rising again!
As of April 2021, the price of virtual currencies is more than six times higher than it was in February 2020.
When trading such virtual currencies, you use a “virtual currency exchange“.
Today, there are many exchanges, but one of the largest in the world is BINANCE.
In this article, I will introduce the features of Binance.
I will also introduce the differences between a virtual currency exchange and a virtual currency transaction, which are important when buying and selling virtual currencies.
If you are interested in trading virtual currencies, please read through this article and you will be sure to gain the basic knowledge you need to trade virtual currencies.
What kind of virtual currency exchange is Binance and what are its three features?
Binance, one of the world’s largest virtual currency exchanges, was founded in China in 2017 and is currently based in Malta.
Here are the three features of Binance.
Low fees = no spread
Since Binance uses an exchange format to trade virtual currencies, there is no spread, making it possible to trade virtual currencies at a discount.
The spread is the difference between the selling price and the buying price.
The larger the spread, the harder it is to make a profit, so the smaller the spread, the better it is for the investor.
And in the case of Binance, there is practically no spread because the virtual currency is traded on an exchange.
Incidentally, there are two types of places where you can trade virtual currencies: “exchanges” and “sellers”.
On exchanges, investors do not buy and sell virtual currencies directly, but rather through the exchange.
In this case, the difference between the selling price and the buying price, or the spread, is the profit of the exchange.
Therefore, when buying and selling virtual currencies on exchanges, the spread is generated, making it difficult for investors to make a profit.
Exchanges, on the other hand, allow investors to buy and sell virtual currencies directly with each other.
Therefore, there is no spread, which is an intermediary fee for exchanges.
This makes it easier to make a profit than trading on an exchange.
Wide variety of virtual currencies
The second feature of Binance is that it handles an overwhelming number of virtual currencies.
The number is truly overwhelming, with over 200 different virtual currencies.
For reference, here are some of the most popular virtual currency exchanges in Japan
- Coincheck: 14 types
- BitFlyer: 12 types
- GMO Coin: 12 types
- DMM Bitcoin：11types
As you can see, Binance handles an inordinate number of virtual currencies.
High leverage
Another feature of Binance is the ability to trade with high leverage.
The maximum leverage is 125 times, which means that if you can deposit 10,000 yen in margin, you can trade for 1.25 million yen.
Naturally, the higher the leverage, the greater the risk of losing money is.
but Binance has adopted a zero-cut system.
Therefore, there is no need to worry about your debt ballooning by investing additional funds.
So even beginners can experience high-leverage trading without worrying about debt.
No deposits or withdrawals in Japanese yen
One thing to keep in mind when trading virtual currency on Binance is that, just like other overseas virtual currency exchanges, you cannot make deposits in Japanese yen.
Therefore, you will need to buy virtual currency once at a domestic virtual currency exchange and then trade using that virtual currency.
Before you start trading on Binance, you should first open an account with a domestic virtual currency exchange.
Among them, GMO Coin and DMM Bitcoin are recommended because they offer free transfer fees for many virtual currencies.
Coincheck is also recommended for its ease of use.
Summary
The above is an introduction to Binance, including its features and precautions for making deposits.
It is a recommended exchange for those who want to start trading virtual currencies, as well as for those who are already trading but want to branch out into trading many more types of virtual currencies.
If you are interested, please open an account with Binance as soon as possible.
In case you’re going to search on the internet, there seem to be a few fake sites, so you can register with confidence from the above link.
There is also a way to get it without buying Bitcoin
Please refer to the following article.
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