RUNE is the native currency of THORchain, a decentralized exchange that operates on a proof-of-stake consensus mechanism. It serves as the fuel for the THORchain ecosystem and provides users with a seamless and secure way to exchange cryptocurrencies on a decentralized platform.
The value of RUNE is determined by the market demand for it, which is driven by the increasing popularity of THORchain as a decentralized exchange platform. RUNE holders can use the currency to participate in staking and governance activities, as well as take advantage of various incentives and rewards offered by THORchain.
RUNE operates on a cross-chain exchange mechanism, which means that it can be used to trade different cryptocurrencies across different blockchain networks. This greatly improves the liquidity of RUNE, as it can be traded with a wide range of cryptocurrencies and can be used to access the entire crypto market. Furthermore, RUNE also provides users with a secure and private way to trade cryptocurrencies, as all transactions are processed on the blockchain, ensuring that their private information is kept safe from any potential security breaches.
Buying THORChain (RUNE) on Binance vs BingX
Cryptocurrency trading is conducted on exchanges, similar to stock trading, but restricted to cryptocurrencies. Many exchanges implement a tiered fee structure based on the user's 30-day trading volume. It's crucial to understand the fees to develop effective profit-maximizing strategies.
Exchange fees for cryptocurrency can vary greatly between exchanges, some charging a flat fee for each trade, others charging a percentage of the trade value. Some exchanges also offer discounts for high-volume traders or members.
Binance has a maker fee of 0.1% and a taker fee of 0.1% for most trades, with reductions available for BNB holders or high-volume traders. BingX has a maker fee of 0.075% and a taker fee of 0.075% for most trades.
Please see the following table for a quick comparison:
It's important to check the current fee schedule for the exchange before trading as these fees may change.
Services and Features Offered
Binance is known for its accessible trading experience, offering traders the ability to trade from anywhere on desktop, mobile, or tablet. Binance also has robust security measures to secure users' assets and information. While Binance is not accessible in the US, it has a partnership with Binance.US for American investors.
On the other hand, BingX is an international digital finance firm offering services in countries like North America, Canada, the EU, Hong Kong, and Taiwan. BingX offers financial services like lending, borrowing, staking, and buying/selling of cryptocurrencies. It has a referral program, trading competition, and copy trading feature, which allows users to follow experienced traders to maximize profits. If you want to buy Hashflow (HFT) on BingX, the copy trading feature is an option for passive profit-making.
In conclusion, both Binance and BingX have their unique features and services, and the right choice will depend on individual needs and preferences. It's crucial to research both platforms thoroughly and seek advice from financial advisors before making any investment decisions.