Becoming a millionaire is not easy. Still, for people who have achieved this great goal in the past, the process of doing it requires following a series of rules and regulations. If your view of life is focused on becoming a millionaire and If you dream of financial success, you should know that just dreaming is not enough and you should immediately enter the field of action.
This article explains the way to financial success by launching a crypto exchange similar to the world’s largest cryptocurrency exchange, Binance, through the Binance Clone Script. Although, as you know, like starting any business, starting a crypto exchange also requires payment of expenses, which this article explains in further detail. If you want information about it, be sure to read this article to the end.
What is Binance?
Binance exchange is the largest cryptocurrency exchange in the world. Binance has a reputation for its high security, fast liquidity, and fast and stable trading system (processing 1.4 million orders per second) and has over 30 million users. CEO Chengpeng Zhao founded Binance in 2017 in Shanghai, China.
Binance is the leading multi-functional and flexible exchange with various markets, including coin-to-coin trading, coin-to-fiat trading, and various investments, savings, NFT or Futures, and Margin.
How Does Binance Make Money?
Binance exchange, one of the world’s largest businesses operating in the field of cryptocurrencies, has different ways to earn money. In terms of the volume of transactions, this exchange is currently the first cryptocurrency trading platform in the world, which provides the most facilities to its users.
Binance earns most of its money from transactions and withdrawal fees. Transaction fees include spot trading, margin loan interest, USD-M futures trading, COIN-M futures trading, cross-collateral interest, liquidity swap fees, and P2P.
*: The features and income methods of the cryptocurrency exchange will be fully explained below.
**: The income per user is a number that is derived from the number of exchange features, and the more features and income methods a transaction has, the more it increases.
To get the amount of income, we must multiply the number of trades by the amount of income per trader to get the lowest and highest amount of income.
For example, for the number of 20,000 trades per month, just multiply this number by 1 and 5 to get the lowest and highest monthly income. 20000*1=$20000 & 20000*5=$100000
Binance Exchange Revenue Sources
Binance exchange revenue comes from 10 key areas such as transaction fees, withdrawals, deposits, etc. I will take a look at each of them below.
Transaction fee
For users who do not use BNB to pay their trading fees, Binance charges a 0.1% cash transaction fee. It is also possible to buy and sell immediately on this platform, the fee of which is 0.5%.
Withdrawal fee
In addition to the transaction fee, users are also charged a transaction fee for transferring cryptocurrency out of their Binance account. Withdrawal fees are determined by the blockchain network and factors such as network density can affect their amount. For example, Bitcoin can be withdrawn from several networks with specific limits and fees for each network.
Deposit fee
People who want to charge their account using a credit card and in dollars must also pay a 4.5% fee to the Binance exchange for this transaction.
Margin lending fee
Binance exchange also receives a margin trading interest rate based on the user reaching the VIP level and depending on the cryptocurrency traded. Margin trading is one of the types of trading methods in which the trader buys or sells by receiving a loan from a third party.
Futures Trading Fees and COIN-Margined (Coin-M) Futures
Futures transactions are offered on a permanent and quarterly basis with a leverage of up to 125 times. Here, the fees are based on the volume of 30-day transactions, the average 24-hour holding of BNB cryptocurrency, and the user’s VIP level. Coin-M futures are also available to users with the same leverage and fee structure as regular futures.
P2p Trading Fees
Using Binance P2P mode, users can place orders directly by entering fiat or crypto amounts and preferred payment methods. Orders are matched based on the best crypto prices available on P2P markets. You will receive a number of fees with each order.
OTC Trading Fees
You can also use the over-the-counter (OTC) feature. The OTC market allows for large trades. Binance also receives fees in this way but as you know you can receive any fees for its transactions.
Fees on Purchases and Sales
Buying directly with foreign currencies is often done on the Binance platform. Here, there is no fee levy on deposits, but rather a fixed commission of 0.1% on purchases and sales.
Liquidity Swap Fee
Binance Liquid Swap is a feature that helps provide a liquidity pool to the market, providing more stable pricing and lower fees for large transactions. Investors in Binance Liquid Swap by Staking receive income from two sources, including transaction fees and BNB rewards from adding liquidity to the pool.
Staking
Through the staking feature of Binance, users can stake certain cryptocurrencies and earn up to 16% profit annually. This way, you can obtain fees from your users with the staking feature.
Let’s talk about costs, which are very important to know for any entrepreneur seeking to embark on this mission!
Investment Costs for Launching a Crypto Exchange
As you know, you have to pay some costs in the initial phases of the work before launching the crypto exchange. But don’t worry, all these expenses are for investment to return more money to you.
These costs include the cost of Hosting a Website – website SEO – and marketing costs in general.
In addition to these, you must also have a dedicated app to attract more traders, which adds an amount to your development costs.
But as a result, by using Binance Clone App, you are one step closer to getting rich. Other costs related to the use of functional features such as your website being multilingual for use by users from all over the world, the market maker bot that attracts more traders at the very start of work, 24-Hour Support System, etc.
Other important features to consider include:
- Spot and margin trading
- Market Orders or Limit/Stop Orders
- OCO Orders
- Binance Futures
- OTC
- Derivatives trading
- UI/UX Design, and more
The use of each of these will increase your users and result in more transactions and more income for you.
How Much Does the Binance Clone Script Price?
The price of developing a crypto exchange similar to Binance using its clone script is around $5,000 to $50,000, which completely depends on your request type and the number of features you require.
But be sure to consider that you can have a monthly income of $100,000 by having about 50,000 traders. In fact, all the side costs that you have invested in it will be returned to you, so don’t worry about your investment return.
Although most startups choose Binance or Coinbase Clone script, the former has gained an upper hand in recent times.
Why Do Startups and Enterprises Prefer Binance Clone Script for Their Business?
In addition to the above mentioned, the main reason for this choice is the very low cost of development compared to other existing methods.
That is, if you want to develop from scratch or get the codes in general from GitHub, you will probably suffer a loss of 99%. The reason for such losses is not overly complex. Building a crypto exchange from scratch is very time-consuming and expensive. The GitHub code may also have errors and bugs that might lead to security issues. As a result, the most correct way to develop it is through a Binance clone script.
What does Binance Clone Script mean?
Binance Clone Script is a complete and accurate copy of Binance that can be customized based on your needs and requirements. This script is bug-free, tested multiple times, has strong security features, is reliable, and is well-coded. That’s Why Crypto Startups Should Choose Binance Clone Script.
You should get Binance Exchange Clone from reliable and experienced companies that specialize in developing script clones in cryptocurrency exchanges. This is another thing that will ensure your financial success.
Because how to develop a crypto exchange like Binance, which has a complicated structure compared to other exchanges, and also how to code this platform, which makes you have a hassle-free start, is very important.
Furthermore, if you want to stay competitive in this market and surpass the rest of the competitors, you must be sure of the support of the development team, who will help you to fix the problems along the way.
Summing Up!
I reviewed ways to earn money on Binance. Now I want to tell you that if you have a similar crypto exchange, you can earn significant money with these instructions. Just start. Of course, doing your research first and then looking for a reputable company is good. Also, accept that in the beginning, you have to pay to have an accurate and complete platform like Binance. Be patient along the way and believe that you can reach a very considerable income in a shorter period than the development of Binance.
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Source: https://coinfomania.com/binance-clone-script-explained/