In the present scenario, the world has moved to the next phase after the Covid_19 Pandemic situation. Started to revolve around the latest technological innovation and financial transaction.
Cryptocurrency is decentralized, permissionless, limitless, People more intended to use cryptocurrencies for their business.
The cryptocurrency stimulates emerging cryptocurrency exchanges, each day new crypto exchanges are launched in the crypto markets. But Binance is the topmost Cryptocurrency exchange in the world. Let's discuss the strategy utilized in Binance exchange,
Binance is the world's largest cryptocurrency exchange found in 2017 in Hong Kong. Later it moved to Malta due to legalization/Regulations for cryptocurrency exchanges in Hong Kong, China.
Binance is an exclusive platform for crypto to crypto trading. Supports more than 500 types of cryptocurrencies, Tokens, like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).
Key Benefits of Binance Exchange
Binance is a crypto exchange that supports of exchange of crypto to crypto and fiat currencies like USD to Crypto trading for their crypto holders. Binance has a high liquidity volume in trading and huge crypto holders on its exchange.
Binance exchange allocates the crypto wallet for their crypto holders for trading cryptos.
Binance exchange charges a transaction fee of 1% for each transaction.
Binance has its crypto token known as, Binance Coin (BNB) and it also encourages users to trade on its native crypto BNB.
Binance exchange is secured with multi-tier, multi-clustered design, delivers high efficiency and performance. Binance exchange can handle 1.4 million requests per second.
Types of Services available in Binance Exchange
Binance supports crypto tradings, listing their crypto coins, fundraising, withdrawal of cryptocurrencies.
Binance also supports fundraising with the help of ICOs Initial Coin Offering services for crypto investors to launch their crypto tokens.
The user has to complete the registration process by submitting the KYC forms. Once after validation, each crypto trader is provided with (public address) a crypto wallet to get, store, and trade cryptocurrencies on the exchange.
Binance offers Three types of tradings like
Limit Order - Executed only at the Limit price set by the trader
Market Order - Executed at best available market price
Stop- Limit Order - Executes only at pricing reaching the specified level
There other extra tradings options are available like
Stop market order
Trailing stop order
Post only order
Limit TP/SL order
Binance exchange doesn't charge for cryptocurrency or fund deposits. But, charging a transaction fee for withdrawals according to the cryptocurrencies transacted.
As of 2021, Binance only allows for U.S. dollar deposits by global users via SWIFT. But, it does allow you to buy a select number of cryptocurrencies with a credit or debit card. Deposits using 12 other fiat currencies including the euro.
Entrepreneurs can start their dream cryptocurrency exchange business with the Successful business strategy of Binance exchange, as it is world level exchange having a high volume of crypto holders and liquidity volume.
How to Start a Cryptocurrency Exchange like Binance?
One can start their cryptocurrency exchange with a ready-made Binance clone script having all inbuilt features and functionalities in the Binance exchange.
Starting cryptocurrency is not that much easy, one should have strong knowledge about the cryptocurrencies, operations held in crypto exchanges.
Cryptocurrency exchange can be built in two ways like
Developing From Scratch
To develop from scratch needs resources and time. The development process starts with market research, analysis, planning, developing, testing, and deploying it.
Here, one can customize their exchange according to their business needs.
The Entrepreneur can start cryptocurrency exchange with Binance clone script. Binance clone script is complete source code to launch crypto exchange with inbuilt features, functionalities similar to Binance.