The image shows a Binance interface related to the COP cryptocurrency (Colombian Peso Token), and I will explain the options and functionalities that can be performed with COP on Binance based on what is observed and my knowledge.
1. Buy and Deposit COP
Deposit COP through...: Binance allows depositing COP, probably through methods such as bank transfers or other local payment means in Colombia (like PSE or local partners). This converts the Colombian peso into a usable balance within the platform.
Deposit COP: There is also a direct option to deposit COP, suggesting that you can add funds in Colombian pesos to your Binance wallet for trading.
2. Spot Trading with COP
USDT/COP Pair: You can trade in the spot market with the USDT/COP pair. The price shown is 4,127 COP per USDT, with a variation of -0.12%. This indicates that you can buy or sell USDT using COP directly, useful for those looking to convert Colombian pesos to stablecoins like USDT.
3. Binance Wallet
The "Binance Wallet" section shows different COP tokens on various networks:
COP (BSC): COP on the Binance Smart Chain (BSC). Price: 0.00012789 USDT, with a liquidity volume (Liq.) of $38.55K and a market capitalization (Cap. of m.) of $45.80K. Its variation is -0.61%.
Copybro (SOL): A different token (not the official COP of Binance), with a very low price of 0.00000078 USDT and a drastic drop of -99.59%. This seems to be a meme or low-value token, not directly related to the official COP.
COPI (BSC): Another token on BSC, with a price of 0.01509433 USDT, a liquidity volume of $892.28K and a market capitalization of $15.58M. Its variation is -0.83%.
Possible actions:
You can transfer, buy, sell or hold these COP tokens on their respective networks (BSC or Solana).
You can also use them in other Binance products, such as staking or DeFi, if available.
4. Functions
Copy Trading: Binance offers the "Copy Trading" option, where you can copy the trades of experienced traders who trade with COP or other pairs. This is useful for users who prefer automated strategies or learning from others.
5. Announcements
There is a Binance announcement that says "Binance Convert adds COP" (06-05 10:43:21). This means you can use the "Convert" function to quickly exchange COP for other cryptocurrencies (like USDT, BTC, ETH, etc.) without going through the spot market.
6. Other Possibilities with COP on Binance
As shown directly in the image, with COP on Binance you could also:
P2P Trading: Buy or sell cryptocurrencies using COP through Binance's P2P market, where you can trade directly with other users using local payment methods.
Payments: Use COP to pay for goods or services if the merchant accepts payments through Binance Pay (if available in your region).
Staking or Savings: If Binance offers staking or savings products for COP or related pairs, you could generate interest.
Futures or Derivatives: Depending on availability, you could use COP to trade in futures or derivatives markets, although you would typically need to convert it first to USDT or another base currency.
In summary, with COP on Binance you can deposit, trade on spot (like with USDT/COP), use functions like Convert and Copy Trading, and manage COP tokens on networks like BSC or Solana. You could also explore P2P, payments, staking, or other products if available.
