Sep 27, 2021
$83.26 billion! If you gasped at this humongous stat, it is right for you to enter the cryptonomy. The number reflects the daily trading volume of Binance, the world’s biggest platform for buying and selling digital currencies, tokens, as well as NFTs. With more than 386 listed coins, the popular exchange has made massive progress since its launch in July 4 years ago. Entrepreneurs can also launch a customized Binance clone.
The significance of a White label Binance clone software
It is a ready-to-use trading solution apt for trading virtual assets. Investors across the globe get full freedom as they can deal in cryptos, DeFi tokens, Non-Fungible Tokens, and stablecoins. A crypto exchange development company will offer techpreneurs plenty of benefits.
It comprises cross-platform compatibility, 24x7 trading operations, and several sources of revenue. They will boost their wealth from interest given for crypto loans, futures contract settlement, liquidity swapping, derivatives and margin trading, NFT buying and selling, and stock-crypto trading.
Digipreneurs can also add their brand name and logo to the Binance like platform. Besides that, the capital expenditure is minimum since huge investment in resources (assembling of tech stack and hiring blockchain developers) is minimum.
How does trading happen on a Binance Clone?
Users have to register on an exchange similar to Binance. They must undergo Anti-Money Laundering (AML) and Know Your Customer (KYC) verification.
They ought to connect digital wallets like Binance Chain Wallet, MetaMask, and Trust Wallet to the Binance Smart Chain (BSC).
Investors need to possess some Binance Coins (BNB) or Binance Stablecoins pegged to the US Dollar (BUSD).
Interested traders can view real-time data about changes in prices, market capitalization, top gaining pairs over a period, and trading volume.
Later, they can choose their preferred markets like derivatives, exchange-traded funds (ETF), futures, perpetual and spot. Small and large investors can make the right decision by splitting searches based on the blockchain network, consensus mechanism, crypto collectibles, Decentralized Finance tokens, and the storage system.
Crypto enthusiasts will place a buy or sell order as per their requirements.
An automatic matching engine will synchronize the trade by connecting 2 parties. An escrow acts as the middleman to protect virtual holdings.
The deal gets executed once the seller receives money from the buyer. The purchaser gets the required crypto and the other investor gets the needed funds.
Binance is unquestionably a giant in the booming crypto sector. By adding more investment options and new features, the China-origin exchange is growing rapidly. Entrepreneurs can make a significant mark now by coming out with a Binance clone.
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