Binance is a cryptocurrency exchange that was founded by Changpeng Zhao. Binance is one of the top exchanges when it comes to top tier coins and pairings with many USDT additions incoming with Binances support of main-nets and their deployment.
In July 2017 Binance raised 15 million for its ERC20 token, BNB which was created during the ICO to fund the development of the exchange. $BNB can be used on the exchange to pay for (and sometimes promotion dependant) reduce trading fees.
Binance is no slouch when it comes to transaction processing – capable of processing 1.4 mil orders/second while having top-tier customer support and multi-language features.
In terms of their Binances’ interface -they have deployed a very user friendly website with a use-ful help and support section – its easy to see why Binance is among the top exchanges to date.
Here is Ceo and Founder Changpeng Zhao, speaking about binance exchange and the future of cryptocurrency.
Founder: Changpeng Zhao
Origin Country: China
Ico: yes, 15 million usd raised for token
Exchange coin: BNB
Website: Binance website
Whitepaper: Binance whitepaper
Volume: #1 BTC/USDT 13/6/2018 $245,734,000 or 5.31%
Fiat to Crypto: No
Withdrawl limits: basic 2 BTC 24hrs, verified 100btc 24hrs
Hacks: 2018 an attempt was made and caught with nobody losing any funds.
Trading pairs: 352 (to date) / check Binance for the latest pairings.
Advantages of Binance?
Binance has many great features and reasons to use the exchange including, a strong community, public and vocal leader, follow regulatory rules strictly, have top security and take users assets very seriously, Air-drops and main-nets are widely supported and often running promotions to users.
Disadvantages of Binance?
Binance however is not perfect and being a centralised exchange – the risk of failure from a single point due to fraud & hacks etc is a real threat. However this can be said for any centralised exchange and Binance is leading the pack in terms of prevention and safeguarding users.
As an incentive for people to use the BNB token, Binance give a 50% discount on all trading fees if you hold BNB on that exchange account it will automatically take the BNB and charge you 0.05% instead of 0.1%
- 0.1% trading fee
- If you have any $BNB, we will use BNB to pay for transaction fees as default. A 50% discount will be applied, if you use BNB for transaction fees, which is 0.05% (temporary)
- Fees are adjusted according to the blockchain conditions regularly.
(See here for updates)
Binance offer a referral program in which for every friend you invite using your invite link you will receive commission from fees off each trade the referee makes. Initially be set at a rate of 20%. For accounts holding 500BNB or more, this rate will increase to 40%.<
There is no limit to the number of friends you can refer and each referee must be signed up through your Referral Link, QR Code or Referral ID.
Convert small balances or “Dust” to BNB
Binance offer an amazing service in which you have the option to clean up all the traces left over from trades or purchases less than 0.001 btc in value (dust) and turn them in into BNB (binance token)
A very easy process which can be done once every 24 hours and give you better rates on trades or save it up and sell it.
Outlook for Binance
Binance has quickly established itself as a market leader with exchanges. It has rapidly become the most profitable exchange in Cryptocurrency jostling for position with OKex.
Binances Founder CZ and team setting new boundaries in terms of security, promotions, giveaways, air-drop support and USD/USDT pairings – not to mention a sleek interface that is very pleasing.
Keep an eye on Binance as this space develops – Decentralised exchanges will be Binances largest test.
Reach out to the team if you want to know more about Binance/Exchanges or any other topic!