Binance Review: Global Cryptocurrency Exchange.
From this review, the Binance exchange and its ecosystem will give an idea of what the platform is, its advantages and answer the question of why Binance is synonymous with a reliable cryptocurrency exchange today.
A few years ago, the number of exchanges for exchanging digital currencies could be counted on one hand, whereas now every week a new cryptocurrency exchange appears in the world and their total number is already several hundred.
Each user chooses a site depending on the actual need. For trading, it is more profitable to use exchanges with minimal commissions, for exchange – sites with a large list of available currencies and convenient payment methods, and to store digital capital, it is worth choosing services with enhanced security settings. But there are cryptocurrency exchanges that are convenient, profitable and reliable for any digital cash transactions. And the first on this list is Binance.
Binance is a relatively young crypto exchange: it was launched in April 2017. But the platform began to gain popularity with lightning speed and occupy the first positions in the world rankings. And already in January 2018, Binance became the world leader in terms of trading volume.
Brief description of the features of the Binance exchange.
Binance is the largest cryptocurrency platform used by millions of traders around the world. At first, Binance offered only cryptocurrency exchange: it was strictly a cryptocurrency exchange, and all transactions within the platform were carried out using digital money.
The founder of Binance made an open statement at the very beginning that "no decentralized exchange is capable of processing such volumes of information while maintaining such a high level of protection." The high speed of the site, which does not fail even at peak load, combined with the highest possible level of account security and the impeccable authority of the creator, instantly attracted the attention of users from all over the world.
Binance is now considered the fastest growing trading platform. In January 2018, ikitaraplaýyn karz bermekdir a record number of registrations on the exchange was recorded – 250,000 per hour. Every day, developers record 0.6-1.1 million active traders who carry out transactions using the trading platform. Multilingualism is a great advantage of the exchange, since Binance works with the expectation of international trading, therefore the official website works in 16 languages.
You can also learn more about Binance if you study this review here.
The history of Binance and its founder.
The Binance founder became a billionaire in less than a year. His name appears regularly in Forbes rankings. And the rest of the team are professionals with successful experience working on Wall Street in the field of cryptocurrency technologies. Binance is run by the best of the best, and the team’s results speak for themselves. The company is headed by 43-year-old Zhao Changpeng, who previously headed the Blockchain development department, and was also one of the owners and CTO of the Chinese crypto exchange OKCoin.
In 2013, Zhao learned about Bitcoin from an investor friend with whom he played poker. Since then, he began to be actively interested in various crypto projects, er binance smart kæde decentraliseret and in 2014 he sold his house in Shanghai and invested all the money in Bitcoins.
Working for OKCoin as a chief technology specialist, the future creator of Binance began to think about his own crypto exchange. Changpeng did not dare to launch his project for a long time, but then 2017 came, when the boom of ICO projects covered the crypto industry. During the crowdsale, the CEO of Binance raised the required $ 15 million in just a month, πώς λειτουργεί το binance launchpad which finally confirmed his belief in cryptocurrency.
Binance Trading Fees.
As we noted above, the Binance crypto exchange owes its rapid success to the lowest trading commission among similar sites, only 0.1% of the transaction. In addition, there is no deposit commission on Binance.
Moreover, the tariff per transaction can be reduced by 25% and decreased from 0.1% to 0.075%. In order to receive special conditions for conducting transactions, you need to buy the internal cryptocurrency of the Binance Coin exchange and use it to pay commission fees.
Today, the Binance exchange charges an average commission of 0.1% on every transaction a user makes. Those who choose to pay with Binance Token (BNB) can get a 50% discount on trading fees, which is not a bad savings option. Thus, the Binance exchange offers the lowest commissions for transactions and withdrawals, as well as zero deposit commissions.
Binance deposit and withdrawal fees.
The commission for withdrawing funds from the exchange will differ, depending on the type of cryptocurrency.
The exchange has no restrictions on the number of coins for transfers, but there is a restriction on withdrawal. Initially, registered users have a withdrawal limit of 2 bitcoins, in order to increase the amount of cryptocurrency for a one-time withdrawal, it is necessary to pass verification.
Binance Margin Trading. In July 2019, Binance launched margin trading, and users can trade with borrowed funds that the exchange allocates against a deposit. At the same time, in order to trade using leverage, a trader does not need to register a new account: a margin trading account is opened in two clicks. Thus, you can trade on Binance using your own and borrowed funds and it is very convenient to do this, since the two functions are implemented on the same platform.
Now margin trading on Binance has long been implemented and is very popular with traders. However, be aware of the risks when trading with leverage.
Binance Futures . Binance’s crypto-derivatives platform that allows you to trade futures with up to 125x leverage. Binance Options allows you to trade options using leverage. Launchpad is a program to support various blockchains and other startups. Binance Savings is a service that will provide you with the ability to accumulate crypto. Binance Staking allows those who wish to make money on cryptocurrency deposits. Binance Debit Card makes it possible to buy goods using a cryptocurrency card, as well as a bank card. Binance Crypto Loans offers loans in cryptocurrency assets.
What is Binance Coin (BNB)?
Binance Coin is the internal cryptocurrency of the Binance exchange, issued based on the Ethereum blockchain. The company created it to strengthen its position in the market, accelerate trading, and released it during the ICO. With the help of currency, binance atamai filifili metamask the exchange improves the functionality of its services and develops new ones.
The exchange buys and burns BNB tokens once a quarter in the amount of 20% of the profit for a given period. This is provided in the Whitepaper so that their value grows due to a limited number. The process will continue until the exchange redeems 50% (100,000,000 coins) of the total Binance Coin volume.
For a long time, pagsusuri ng binance app the currency has shown stable growth. At the time of Binance registration, its value (exchange rate against the dollar) was $ 0.1. On January 6, 2018, it reached a price tag of nearly $ 25. But during 2018 there were several sharp drops to $ 4.58.
Nevertheless, Binance Coin is considered a promising exchange-traded asset, since in proportion to the growth in the popularity of Binance exchange projects, and they have a colossal one, the value of the currency will inevitably grow.
The coin can be used for бинанце ид trading to trade on binance excepții
, it is presented in many currency pairs, or it can be used to pay a commission for transactions on a cryptocurrency exchange, for which the user receives a 25% discount on the size of the fee, as we have already mentioned above.
What other features does the Binance ecosystem offer?