When it comes to buying cryptocurrency, the easiest way for any beginner and most people is to join a regulated and trustworthy cryptocurrency exchange. There are already a few fully regulated and licensed exchanges in Thailand such as Bitkub, Satang Pro and Zipmex. These are well-known to many of us. However soon to join them on the Thai cryptocurrency exchange may be the re-entry of Binance Exchange, the world’s largest cryptocurrency exchange.
So let’s take a look at Binance Exchange, its history, and how it plans to re-enter the Thai cryptocurrency scene.
Binance is the world’s largest online cryptocurrency exchange. A few numbers here – to give you an idea of the scale of this cryptocurrency exchange – it currently offers over 500 different crypto currencies, including Bitcoin and NFTs on its platform. This gives rise to a large daily trading volume which is, as of date, approximately 76 billion US dollars. Plus there are over 900 million users who are registered globally on this particular exchange. It claims to have a high level of security and safety on its exchange for all users.
It was founded in 2017, by Changpeng Zhao, commonly known as CZ, in Hong Kong, but since then its headquarters have, it seems, moved to the Cayman Islands. The name Binance is actually a combination of the two words – bitcoin and finance, which gives rise to the cryptocurrency exchange’s name, Binance.
Binance exchange allows 3 kinds of orders on its platform, namely market orders, limit orders and stop-limit orders. Market orders are processed immediately at the market price. Limit orders are those where the price has been set by the trader. The third – a stop-limit order is a combination of a stop and a limit order. These are orders that can be completed when the price has reached an agreed-upon rate.
There are no fees for making deposits on the Binance exchange – however fees are charged on withdrawals. The rate of these withdrawal fees depends upon the crypto currency that is being withdrawn, as well as the amount withdrawn. With their Binance Pay system they introduce a way to transfer funds in cryptocurrency which is worldwide and with the promise of no fees.
Binance is best known for its crypto-to-crypto trading which simply means the trading of cryptocurrency pairs. Binance also has one of the lowest trading fees of any cryptocurrency exchange. It also offers its users a crypto wallet to store their electronic funds. Binance has its own token, Binance Coin, known by its abbreviation, BNB. Binance exchange also offers discounts to its users who pay in the Binance Coin.
Binance also offers its users other services along with the crypto wallet that users will receive upon sign up. Its users also have access and can sign up for what is known as the Binance Visa Card, which allows users to convert their cryptocurrency into fiat money. Fiat money is a crypto term which simply means what we may think of as ‘real-world’ money, the dollars or Thai Baht, in our bank accounts. This conversion of the user’s cryptocurrency into fiat currency allows its users to spend their funds on products and services as they so choose.
When you visit their website you will see clearly for yourself all the services and products that the Binance exchange offers. They advertise on the website their Binance Academy, where users can learn all about cryptocurrency and the terms used and guides to those candle stick charts used in cryptocurrency trading. They also promote on their website Binance Charity, Binance Research and Binance Lab, as well as security of their exchange.
Binance did in the past operate a cryptocurrency exchange in Thailand. However due to the introduction of new regulations concerning cryptocurrency and its trading by the Thai SEC in 2021, Binance was required to close its exchange in Thailand at that time.
From then onward, Binance has been looking for ways to re-enter the ever-expanding and thriving Thai cryptocurrency trading market. Recently it appears that Binance has found a way to re-enter the Thai scene. Binance has entered into a joint venture with the locally based Gulf Energy Thailand. This joint venture has in effect opened the door for Binance to establish and set up a compliant and fully regulated cryptocurrency exchange in Thailand. This has been seen as a very positive development for a lot of cryptocurrency investors in Thailand. So, get ready for Binance Thailand and for all the advantages that it will bring.
