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What can Binance NFT bring to the NFT network. The world’s largest Meta currency exchange, Binance, is announcing that it intends to launch its own non-Fungal token (NFT) marketplace by June of 2009. This comes as a complete surprise to many of the Forex community especially as Binance was one of the first and most aggressive Forex platforms to adopt and implement a fair-play system to ensure that their platform is free of any fraudulent activities. Binance‘s founders defended that they have followed all the applicable regulatory guidelines and still can’t find anything to back up that claim.
The good news is that if you are reading this then you probably understand what NFTs are and how they are used. The NFT or the Non-Forex Futures Exchange was developed to allow both the buying and selling of foreign currencies. This makes it very useful for traders who want to buy a particular currency but not trade it for a few days to weeks due to exposure. Binance has integrated their proprietary trading platform with their exclusive debit card service, thereby allowing traders to trade in real time from any participating financial institution worldwide.
It is believed that Binance has received requests from major financial institutions for around USD billion worth of trades. This figure pales in comparison to the daily trading volume of the biggest bank in the United States of A which stands at USD trillion. It is therefore not out of the question that Binance could take a significant share of the foreign exchange market in the future. If this is indeed the case, then the NFT could become a significant competitor to the major banks like CitiBank, State Street, WMS, Wells Fargo and Morgan Stanley.
Binance claims that their unique NFT platform will solve all the inherent flaws in the current FX market and will allow users to enjoy enhanced liquidity, better scalability and increased returns. However, there are still skeptics who doubt the efficiency of Binance as a truly legitimate platform for trading. Some argue that the lack of leverage on the platform will prevent it from competing successfully with the more established players in the market such as CitiBank.
One of the most appealing aspects of Binance is its capability of offering very low costs. This is primarily attributed to its unique debit card application. Binance is one of the first online FX providers to offer its clients zero cost debit cards that can be used to make FX transactions wherever and whenever they are wanted. This is a huge attraction for new users especially those who may not be comfortable with the interbank market. Binance also offers its clients a FX backtesting facility whereby the trader can run a simulation to test out various strategies using real time data from the live market.
Even though Binance is relatively new and relatively weak in the FX market, it has already attracted several large investment firms as well as global investment firms. The major attraction of Binance lies not on its price per unit but rather its low trading commissions and its transparent methodology of pricing and issuing. Binance‘s management team made it a point to ensure that each member of the management team would have an opportunity to interact with the other members of the management team. This allows the trader to learn from the mistakes of others and to build a solid network of fellow traders.
Binance exchange is the best and most popular among cryptocurrency exchanges. You can also register from this link to take your place in the trading of cryptocurrencies!
