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This is a review of Binance, a cryptocurrency exchange. We’ll discuss the advantages and disadvantages of using their website. This includes their services and other platforms.
What is Binance?
Binance is an exchange website where users can pair and trade in cryptocurrencies. It was launched in 2017. As of 2018, Binance is the largest crypto exchange globally in trading volume terms. The company was founded by Changpeng Zhao, who previously designed high frequencies software for trading. Initially, China-based, Binance moved later to avoid the increasing cryptocurrency regulations that China imposes.
Its exchange is prevalent, offering trades exceeding 45 virtual currencies. Some of which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin. Binance offers crypto wallets for traders on their Exchange for storing electronic funds. It created the Binance Coin (BNB). It also has supporting programs to help traders with their investment decisions.
The Binance exchange provides a discount if traders pay using BNB tokens. “Binance“, the name, comes from combining the words finance and binary. It asserts high security and safety standards through multi clustered and multi-tiered architecture.
Binance delivers fast processing with a capacity of 1.4 million orders every second. Services covered by them include trading, fundraising, depositing and withdrawal of different cryptocurrencies. Traders wanting to launch a new coin can utilise Binance for fundraising.
Users need to complete the KYC (Know Your Customer) requirements before they can trade.
Binance supports three categories of trades; limit, stop limit and market orders.
Pros and cons of Binance
Binance has an excellent reputation and offers adequate liquidity across many different markets. The platform’s trading interface is pleasing, and it charges low fees while providing numerous payment options. Binance is an established presence in the industry, and it provides over 500 cryptocurrency assets tradeable through a safe and secure platform.
Binance Labs is a blockchain technology incubator focussing on supporting promising pre-ICO projects. It funds advisory resources and development.
Binance provides a website named LaunchPad that hosts emerging and new blockchain projects. You can also design application programming interfaces through Binance.
Binance Coin, its cryptocurrency, was launched through the Information Commissioner’s Office in mid-2017. BNB is gaining popularity and becoming the local currency in its decentralised exchange.
Binance doesn’t have many disadvantages to users trading through their websites. Some areas need improvement.
Complete beginners may battle understanding and using the interface, and customer support is only available via email and not by phone.
Binance is a decent exchange platform to trade and pair in almost every cryptocurrency on today’s market. Some may enjoy the experience offered by the Binance exchange website, others may not. We recommend trying it yourself to see if it meets your cryptocurrency needs. For more information on the topic, please visit this website.