One of the leading virtual currencies traded on the global Internet is Binance. Binance is a Cayman Islands based Cryptocurrency exchange offering a wide platform for trading different virtual currencies launched in late 2021. As of today, Binance is the fourth most popular virtual currency exchange in the globe in termsAs an expert in the field of foreign exchange trading, I was drawn to Binance as it has one unique feature that no other online trading platform I had come across till now. Binance uses the Swiss Exchange model which enables its users to trade Swiss francs (CHF) and Euro within the secured environment of Binance. As a user, you can benefit from several features like free trading, huge leverage, reduced commissions etc. There are also a few drawbacks that are not major.
Since Binance is operated through the Swiss Exchange, there are some limitations on the currency pair trading opportunities. In addition, Binance cannot trade the USD/JPY or Euro against the CHF. This is quite limiting for new users. Other than these few limitations, there are no other significant issues in terms of usability and convenience. For instance, users can manage their accounts through a web interface, a feature that is available with other online Forex trading platforms as well.
The best part about trading with Binance is that they offer the first year of membership absolutely free. With this, new users are able to use the demo account and practice the trading techniques without risking their actual money. They are also able to learn the basics of using binance‘s custom made tools.
Another unique feature that I liked about Binance is that they have an interactive training section available for members. During this section, several videos are shown which educate new users on various aspects of the trading platform. Binance also provides visual information on the rate the different currencies are trading at. This allows traders to make a decision on which currency to trade in based on its value and performance in relation to the others.
Currently, the two main trading pairs in Binance are the EUR/GBP and USD/CHF. These are the most popular pairs in Binance, giving traders plenty of opportunities to select which pair will be profitable for them. Since they have low commission fees, they are ideal for beginners. Even experienced traders can earn significant profits if they are able to pick the right pair. The trading system also has a stop-loss feature, which allows traders to limit their losses. This is helpful because some losing trades should not be entered into as losses.