Binance Review 2018 - Bitcoin Exchange
Last Updated: 03 November 2019
Binance has earned its popularity by making it to the list of the world’s top three biggest exchanges. In this comprehensive Binance review we’re going to dive deep into details about popularity spot light suddenly shifting over to what is now known as one of the largest Bitcoin exchange.
Among the most popular cryptocurrency exchange giants like bittrex, coinbase, bitfinex, kraken and poloniex, Binance stands out the most. Many times new traders find themselves stuck trying to choose the best Bitcoin exchange. To take away some degree of uncertainty, we’re going to evaluate Binance’s cons and pros and rule out a firm verdict based on facts.
The history of Binance
Binance aka “Binary-Finance’ operates out of Tokyo and is known to be one of the largest cryptocurrency exchange. The company was founded by Changpeng Zhao, the former co-founder & CTO of OKcoin. Yi, yet another co-founder of OKCoin’s team, later joined Binance in attempt to build a stronger and better cryptocurrency exchange. These two bright individuals carry a long history of mutual partnership in the world of cryptocurrency. Binance was founded in 2017, and now its known to be worth around $2 billion dollars. Both founders had tight strings with the NEO founders. For that reason there were no fees on NEO & NEO GAS - transactions on Binance.
Shortly after the inception, the rising star was spotted by the supporting army of investors. As result, the bitcoin exchange made a speedy move forward , while gaining recognition and respect for world’s class service capable of executing 1.4 million transactions per second. Binance has been actively gaining popularity among the beginners as well as advanced traders. There are over 4 million registered users. Binance’s phenomenal execution speed along with excellent security places the cryptocurrency exchange in front of the line.
WHAT MAKES BINANCE STAND OUT?
Binance made its way to the public thru ICO and sale of BNB coin. The company had raised over $15 million during pre-sale. The Binance’s motive to build a stronger, faster and better cryptocurrency exchange brought together a long line of like minded individuals. As result, Binance became one of the world’s most advanced and popular cryptocurrency exchange.
The discount on trading fees delivers one of the major benefits to Binance Coin (BNB) ownership. Binance offered 50% trading fees discount during the 1st year, an additional 25% during the second year and 12.5% during the third year of trading on the world’s leading cryptocurrency exchange. The discount was being provided to users trading BNB pairs. For active traders this is an excellent opportunity to save thousands of dollars every year.
Another great advantage for being a Binance trader allows unverified users to withdraw up to 2 BTC all day, every day. Though, for the verified users the limit is raised to 100 BTC every single day.
ADVANTAGES FOR BEING A BINANCE TRADER
- 1. Quick transactions and user friendly interface.
- 2. Fast verification turnaround.
- 3. Strong security in place.
- 4. 2FA security can be easily enabled from the cabinet.
- 5. Available for most devices: android, IOS, PC etc..
- 6. Multi Language support: Chinese, English, Japanese, Korean.
- 7. Platform supports many new tokens during pre sale.
- 8. Generous fee structure: 0.1%.
- 9. Binance cryptocurrency exchange platform is made globally available.
- 1. Binance does’t support trading fiat pairs. Only crypto pairs are available for trading.
- 2. The Binance app for the IOS isn’t being listed in the APP store, however users could still easily download it from the Binance website.
- 3. The platforms offers dual views, a basic and an advanced format. If you’re and advanced trader, Binance made the tools you’d appreciate.
- 4. The android version of the mobile APP is available in Google Play store.
- 5. IP logging as well as activity history is available for viewing.
Binance is among fewer cryptocurrency exchanges that has its doors open to traders around the world. Since no actual fiat exchange is taking place on Binance, the company is not obligated to comply with most regulatory agencies.
THE MARKET VIEW
According to similarweb.com, in January 2018 BInance attracted around 380 million users. That is an 88% increase from the previous month. Binance’s global ranking is among the lowest (#247), whereas Coinbase firmly holds position at #396 and Kukoin #1287.
Surprisingly enough, despite being the Chinese based cryptocurrency exchange, the majority of its visitors are coming from the United States (24%), followed by the Turkish audience (8.3%).
The top Binance’s competitors are – Kucoin.com, Coinbase.com & Bittrex.com.
Unlike its competitors, Binance appears to know how to utilize social media users to its advantage. Most exposure is being made through YouTube 38%. Facebook stands second 27% and followed by Twitter 16%.
THE BINANCE EXCHANGE REGISTRATION PROCESS
The Binance team made the signup process straightforward and super easy to follow. However if you’re looking for greater flexibility in terms of deposits and withdrawals, an identification verification process would be required to be completed. Upon successful registration, you can instantly transfer coin to Binance and begin trading for non fiat pairs. 2FA authentication via SMS or Google authenticator is available for Chinese as well as international users.
Despite having strong security features in place and a solid dev team, some users without 2FA authentication reported having their accounts compromised. In order to be able to pass level 2 verification, you must submit your photo id, as well as your selfie holding your passport.
Binance is known for supporting many rare cryptocurrencies as well as ICO tokens. There are plenty of coins that are only available on Binance. Presently Binance supported over 250 cryptocurrency coins. Many ICO tokens are only available for purchase via Binance exchange platform. Binance received a big traffic push, because it agreed to list many ICO tokens.
The truth is, Binance became instantly popular due to lower trading fees and kickbacks in form of BNB coin. Unlike many of its competitors, Bunance cryptocurrency exchange is known to be the only exchange capable of sustaining large volumes by delivering lighting fast transactions execution speeds. Binance supports all major hard forks.
THE FEE SCHEDULE
Unlike many other competitors, Binance 0.1% fees are among the lowest in the industry. Whereas Bittrex takes about 0.25% per tarde. One of its top competitors Coinbase has its fees set to 1.49%. Rummers whisper Binance’s plans to further reduce the fees to 0.05% for BNB pair trades. If the change ever takes place, it will, without a doubt deliver a superior advantage over its biggest competitors.
The FAQ section of the popular cryptocurrency exchange makes it easy to deliver instant answers to some of the general and most asked questions. The issues that are not covered in the FAQ, can be addressed via support ticket system. The turnaround time is usually quick.
The great variety of altcoins available for trading, along with lowest fees and attractive daily withdrawal limit send Binance on top of the cryptocurrency exchange list. Should the company reduce its trading fees even further, the growth curve will surely continue to impress us all.