Cryptocurrencies were designed to lead a new era of global financial inclusion, providing people access to financial services that they would otherwise be unable to have. Through a simplified financial structure, individuals and businesses around the world are finally having their needs met, and this transformation is believed to reduce poverty, improve prosperity and transform how the world transacts on a large scale.
Although freedom of money is the objective, the technology is still in its early stages of adoption. Therefore, it is the exchanges and infrastructure providers that now hold a pivotal role in providing an initial touchpoint for users to engage with and learn of the benefits that come with digital currencies and the transformation they represent.
Binance, one of the world's leading cryptocurrency exchanges, has proven to be a leader in these aspects. Since its inception, the platform has continued to work hard to create an ecosystem that is inclusive of the entire blockchain community, from digital asset projects to merchants to crypto investors and traders of every level.
With continued efforts to lower the barriers to entry in this space, features like their competitive pricing and fee structures, deep liquidity, reduced slippage and wide product selection, among other continuous improvements, have proven crucial to the growth of their community and the crypto industry alike.
How Binance pursues crypto financial inclusion
The cryptocurrency industry has continued to mature at a rapid pace, with demand following shortly behind. Recognizing newfound interest from users in concepts like the metaverse, Web 3.0, gaming tokens, NFTs and other cryptocurrencies, the Binance platform has been regularly adding to their already significant selection of products. The exchange is now said to be the largest globally, with over 1,400 spot pairs and 200 futures pairs for users to diversify or enhance their trading strategies, all at competitive prices.
Looking closer at Binance's pricing structure, users of Binance Convert have been able to enjoy zero trading fees for all trades conducted, alongside several other promotions that help make trading more inclusive for everyone. Their latest Zero Trading Fee Promotion includes all USD stablecoin trading pairs, allowing users to trade without extra costs.
Hand in hand with inclusivity comes asset accessibility, a characteristic enabled through Binance's competitive cryptocurrency pricing and tighter spreads. The platform continues to offer trading fee discounts on the Binance DEX (decentralized exchange) in cases where users pay in Binance Coin (BNB), the native token of the Binance ecosystem, instead of the traded token.
When taking their first steps from fiat to digital currencies, users look for a simple way to convert their crypto into cash. Recognizing this necessity, Binance now promotes 80% of their spot pairs as having better liquidity than the rest of the market.
Additionally, the platform's futures trade offerings also conduct daily liquidity monitoring to ensure deep liquidity is available for bear and bull markets. Weekly housekeeping efforts are also taken for pairs ranked in the bottom 10% to help maintain robust liquidity for users. Improvements are a result of renovated and refined boosters and market-maker programs that encourage the providers to contribute regularly.
A final component essential to the inclusive ecosystem is reduced slippage, a value that confers the difference between the expected and actual buy and sell prices. Unfortunately, slippage can pave the way for less favorable transactions in situations with low market liquidity or high volatility. However, since Binance has already made efforts to improve it, the team has noted positive statistics for low slippage (0.0006105), when compared to other exchanges’ 0.001348 percent.
Paving the way for a crypto-inclusive world
With the cryptocurrency landscape being far from stagnant, Binance has dedicated a significant amount of its future attention to catering to its users' changing demands. Therefore, regular updates are being made to their programs, rewards and fee structures across their suite of products and services, based on feedback from the community.
The result is that both regular and new Binance users can continue to look forward to upgrades that align with industry trends now and into the future.
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