Let’s review the fastest growing Cryptocurrency Exchange that is making Headlines around the World, Binance. Spearheaded by Changpeng Zhao, Binance has become to most popular Exchanges to trade Bitcoin, Ethereum, Litecoin and a variety of Altcoins
Binance is not only a relatively new Crypto Exchange, but also is featured to be it’s very own Digital Cryptocurrency known as the BNB token which was part of successful ICO intended to further fund the development of it’s platform.
This particular Exchange is popular among Chinese Investors, however majority of it’s users are overseas clients who recognized Binance as more of an International Altcoin exchange that also supports a variety of language such as English, Korean, Japanese and Mandarin
Binance was founded by Changpeng Zhao, but also joined by Yi He a renowned cryptocurrency evangelist and OKCoin’s co–founder, who joined the Binance Team in 2017. The team seems to consists of well-experienced individuals, who are from some of the leading institutions including Accenture, Morgan Stanley, Nomura and SBI Group.
Overall, Binance is run by group of reputable developers and have also access to abundant resources and partners, chances are that Binance will continue to evolve as the team grows over time thus providing more services
The vision behind Binance is also ambitious as they intend to provide more services in the future such as plans of becoming a Decentralized Exchange & ICO launch platform, which may attract more clients, but it remains to be seen how that venture will play out.
Note that Binance has also received backing from high profile backers such as Roger Ver of Bitcoin.com and Neo CEO Da Hongfei, consisting of influential people in the cryptocurrency world
This particular primarily features a trading platform that is web-based however features two basic layouts (Basic and Pro View). Casual Traders will certainly enjoy using the Pro Exchange Mode, that provides a more sophisticated trading interface. Overall Traders can expect a sleek and intuitive UI that conducts, perform and executes Trades in real-time, not like the majority that can’t handle traffic during busy trading sessions.
Binance uses a platform that is capable of processing 1.4 million orders/second, which makes the platform one of the fastest exchanges in the market. Execute a trade without having to worry about delayed time due to increased traffic
The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history. There’s also a depth chart of the orders that you can view in a separate tab from the candlestick chart.
When it comes to Fees, Binance charges an average fee of 0.1% on each trade that a user makes, this a much cheaper fee as compared to alternative Exchanges like Bittrex or Poloniex. Another built-in perk is that users have the choice to pay via the BNB token, the reason for doing so is to enjoy a 50% discount on the trading fee.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Users will certainly enjoy the 0% deposit fee structure, although there is a 0.1% trading fee in place. In my opinion, the fees are quite generous, given the quality of the service.
Every exchange is going to take a cut to make a profit for providing a service, however with Binance a user can earn from Dividends via the BNB token which actually has value due to the demand of traders using it on the official Binance Exchange. They also have a referral program which their registered users can take advantage of that lets you receive a 50% commission of his/her trading fee in real-time
Overall Binance Review
Big fan of the idea that is one of the few Exchanges that actually will allow it’s users to stake their Cryptocurrency via the platform, for example if a user stores Neo using the Binance Wallet, be credited any Gas that would be generated in holding funds via official GUI Client, essentially this type of model incentives all users to store NEO using the Exchange Wallet
CryptoHype team agree that Binance is a well-designed Exchange with an ambitious team backing it, at this current pace Binance seems to be busy listing more Cryptocurrency trading pairs attracting more Traders from around the world to use their platform
Since, it’s a relatively new Exchange don’t expect high trade volume and live with the fact that you can’t deposit or trade Fiat/Crypto Pairs which will categorize this as an Altcoin Exchange Only. Similar to Bittrex, Binance definitely seem to have a better interface and lower fee’s but what it really set this Exchange apart from it’s main Competitor is the incentive from earning dividends payout from holding the in-house BNB token, definitely a plus for traders
- Unique Staking token (BNB)
- Sleek and intuitive UI
- Fast Trade Processing
- Dividend Distribution (NEO)
- Low Trade Fees
- No Fiat Deposit Trading
- Designed for Intermediate Traders
- Operates in HongKong (News Update: Moving to Malta)