Binance is one of the fastest growing exchange for cryptocurrencies in the world. It became one of the top 3 exchanges in the world 143 days after its launch in July 2017. It has gained so much popularity in 5 months that it has become one of the top exchanges to trade.
Its own cryptocurrency BNB has a market capitalisation of $619 million with a supply of 131 million coins in supply at the time of writing. Binance has gained a fan following due to some of its fantastic features such as clean user interface, availability in multiple languages and high speed for processing orders. It is also called the fastest startup to gain the status of a unicorn - a private company with a valuation of $1 billion.
It boasts of a trading volume (24 hours) of $13 million at the time writing with trading 396 cryptocurrencies. It keeps on adding new ones through its eco-system called LaunchPad. Some of the popular traded cryptocurrencies are -
- BTC (Bitcoin)
- XRP (Ripple)
- ETH (Ethereum)
- XLM (Stellar)
- USDT (Tether)
New coins are added every day. This exchange generally adds coins which have strong user base (as per a report in June, 2018 it had a registered user base of 9 million people), credibility, and liquidity.
It is available in 198 countries across the world.
|Exchange Fees||Initially, Binance charges 0.2% fixed per trade. In time other variations will be introduced like volume based tiering, 0 fees promotion and market taker|
|Trading Fees||General: 0.1% trading fee, Also, determined based on trading volume over a 30-day period (in BTC) and BNB balance.|
|Withdrawal fees||Withdrawal fees are regularly adjusted according to blockchain conditions. Refer (https://www.binance.com/en/fee/schedule)|
|Listed fees||Binance will have its team select for innovative coins and other assets in the exchange. As per the latest news, it made the listing fees transparent and donated 100% to charity.|
|Other Fees||There may be fees associated with services like computerised algorithmic order|
*Note: Binance gives discounts for transaction done on BNB
Accepted Payment Methods
It accepts only cryptocurrencies on the exchange. Binance does not support any fiat currency (USD, JPY, etc.) trades or transactions.
Withdrawal Limit/ Transfer Limits
You need your email ID to sign up and after registering you will be permitted to use the basic version with a withdrawal limit of 2 BTC per day.
The Binance team comes with professionals who work tirelessly to make this exchange rank the best in the cryptocurrency market. These professionals come with both cryptocurrency experience and Wall Street finance experience. The team lead by Changpeng Zhao has a number of successful startups under his belt.
Investors and Advisors
- Ron Cao (MD of Sky9 Capital Institutional investor in BTCChina. )
- Roger Ver (Angel investors in many blockchain businesses. CEO of Bitcoin.com)
- Chandler Guo (Angel Investor in blockchain businesses in China)
- He Yi (CMO of Yixia Technology. Previously Co-founder at OKCoin)
- Yang Linke (Co-founder of BTCChina. ICOCoin Founder)
- Zhao Dong (One of the largest crypto OTC brokers in China)
- Da Hongfei (AntShares Founder. Onchain CEO)
- Jun Du (Co-founder of Huobi. Angel investor)
- Vincent Zhou (Founder of FinTech Blockchain Group. Active angel blockchain investor)
- Lu Bin (CEO of Andui.com, a blockchain financial service company in China)
- Liu Sutong (Finance Channel TV Anchor. CEO of Heng Pool)
- Eric Zhang (AntShares Core Member. Lead match- engine developer at Huobi.com)
- Leah Zhang (CMO of F2Pool. Previously Investment Manager of AngelCrunch)
- Wang Qijun (Co-founder of Andui. Formerly Marketing at Blockchain.info)
- Roy Zou (CEO of Bitkio, Secretarl at Ethereum Classic Consortium (ECC)
- Jackie Wang (Founding team member of Bitbank.com and BW.com and CHBTC)
- Li Da (Co-founder of JiulianTech)
- Xiaoning Nan (Founder of BitOcean)
- Jeff Cui (Founder and CEO of TKing.cn. Tech lead at Morgan Stanley)
- Guicheng Xiong (Co-founder of 91 Wireless, acquired by Baidu at $1.9 billion USD)
- Xin Chen (Previous Product Director of OKCoin. Analyst at Guotai Junan Securities)
- William Liu (Senior Partner at AllBright Law Offices, the biggest Law Firm in Shanghai)
There are some other investors who chose to remain private.
Privacy & Security
Binance helps the user to enable the 2-factor authentication (2FA) and SMS authentication during account opening.It also helps the user with a security checklist.
It gives various tips on its support like enabling Anti-Phishing Code, securing e-email account and phone using PGP. The website defines the following as part of privacy features that data security measures include, but are not limited to: PCI Scanning, Secured Sockets Layered encryption technology, pseudonymisation, internal data access restrictions, and strict physical access controls to buildings & files.
In order to run successfully, the company needs to have excellent customer support. Binance is backed up with professionals who provide excellent customer support. The team of Binance have an excellent response rate. Any query or issues regarding cryptocurrencies are taken up by the customer support immediately, and they solve your problem in the shortest time possible. Currently, the professional team of Binance is accepting email requests. So if you have any problem, you need to fill up the support ticket available on the website which will be received as email by their team. As of now there is no live chat or call support.
Binance provides Multi-lingual support to its customers. It communicates in multiple languages like Japanese, Chinese, Korean and English. Furthermore, Binance also promises to support more languages in the future.
Coming to the device coverage, Binance provides cross-platform trading for a number of clients which can be listed as follows
- Native android client
- Web-based client
- PC native client
- Html5 mobile client
- IOS native client
- Instant exchange
- Spot exchange
- Margin trading
- Decentralised exchange
Advantages of using this Exchange
- Has a matching engine capacity of processing 1.4 million transactions per second making it one of the fastest in the world!
- If you are a regular trader, then Binance provides you with rewards. The rewards come in the form of free cryptocurrencies such as Waves and Ontology.
- Provides extremely high security as you have to go through a two-factor authentication before registering into finance. Besides this, it keeps user to keep tab of the “https” link to avoid phishing. It keeps users updated of latest security features added to the site.
- Has volume trading meaning that your cryptocurrencies can be sold on an immediate basis with deep liquidity.
- Has trading features like Stop Limit Orders which lets you make smart trading with smart decisions.
Comparison with Competitors
Its own cryptocurrency, BNB is a powerful one - it is used for exchange fees payment, as a medium of investment in Binance ecosystem called “Launchpad” and paying all other kinds of fees.
There are more than 100 companies who are now opening exchanges. So the competition is fierce, and it keeps on growing every day. So what makes Binance different all from all the other exchanges? The answer is simple - Binance gets updated everyday with updated features and has a super experienced team that can tackle all the challenges.
From the above points, it is clear that Binance is one of the most trusted exchange when it comes to cryptocurrency trading. With its built-in features like high volume trading, marginal trading, decentralised trading it has made its place in the top 10 exchanges available in the global marketplace.