Let us review the fastest growing Cryptocurrency Exchange that is making headlines around the World, Binance. The Exchange spearheaded by Changpeng Zhao, who has made a mission to make Binance the next decentralized Digital Marketplaces for Bitcoin, Ethereum and variety of Altcoin supported
Binance is not only a relatively new Crypto Exchange that was launched in July 14th, 2017 but also featured to be it’s own Digital Cryptocurrency which is known as the BNB token that was part of successful ICO intended to further fund the development of the project
This particular Exchange is popular among Chinese Investors however, the majority of its users are overseas clients who recognized Binance as more of an International Altcoin exchange that supports a variety of language such as English, Korean, Japanese and Mandarin
Team & Backers
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 a 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 quite ambitious as they intend to provide more services in the future such as plans of becoming a Decentralized Exchange & ICO launch platform, to 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, whereas the Exchange has influential people in the cryptocurrency world praises Binance strong backing and leadership
As a trading platform, Binance has a web-based that features two basic layouts (Basic and Pro View) and a Desktop Client. Casual Traders will certainly enjoy using the Pro-Exchange Mode, that provides a more sophisticated trading interface with more built-in charting tools and indicators.
The team behind Binance also claim to use advance Brokerage software that is capable of processing 1.4 million orders/second, which makes it one of the fastest Exchange to execute a trade for a Cryptocurrencies pairs. Executing a trade with blazing speeds and expect little delay or lag when trading with Binance, even as Millions of people utilize the platform during high traffic trading hours
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. 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.
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 the incentive of a 50% discount on the trading fee when using the in-house token to pay the trade 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. Check out the official Binance Fee Structure page to find out the exact withdrawal fees for each of the Cryptocurrencies listed
Most the Exchange are going to take a cut as middleman to make a profit for providing the service, however with Binance users are entitled to earn dividends via the holding the BNB token which has real market value due to the demand. Binance also has a referral program which lets registered users take advantage of referring their friends to the platform, promising Affiliate marketers a 50% commission of their client trading fee in real-time
Overall Binance Review
We at CryptoHype are big fan of the idea that is one of the few Exchanges that actually allow it’s users to stake their Cryptocurrency via the platform for example, if a user stores Neo using their Binance Wallet, they’re entitled to GAS that is directly credited to the Account that would have been generated by staking/holding funds, essentially this type of model incentives all users to store NEO using the Exchange Wallet
CryptoHype team agrees 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. Recent news surrounding Binance move to Malta is a clear indication that the Exchange plans to operate in a more friendly Crypto regulated environment which gives us Investors more assurance that there is less chance of Government crackdown
Since it’s a relatively new Exchange we don’t expect high trade volume and also understand 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 fees but what it sets this Exchange apart from its main competitors is the incentive from earning dividends payout from holding the in-house BNB token or certain Altcoins definitely a plus for traders & investors
Binance has become the CryptoSpace favourite Exchange within a short period of Time and has the ambitious goals of expanding its service in the near future, with plans of launching a Decentrazilied Exchange and supporting more Altcoin trading pairs. The team has also proven that they can handle high-level security threats and tackle regulatory concerns
- In-house Exchange Token(BNB)
- Sleek and intuitive UI
- Dividend Distribution (NEO)
- Low Trade Fees
- Friendly Regulatory Environment
- No Fiat Trading Support
- Designed for Intermediate Traders