Binance with over 6 million users, is dominating other cryptocurrency exchanges so faster
Binance is cryptocurrency exchange that mostly focus on Chinese market and other Chinese coins, provides you with the perfect and professional trading platform ever made with complex options, such as margin trading.
By offering two modes of trading Basic and Advance. Binance make it easier for beginner to trade simple and as for as Advance is concern it will full professional platform including complex trades, such as margin trading.
From now I will be discussing various topic about Binance which give you a complete idea that what Binance is? , how it works? And why it is better than any other exchange till now?
- How it works
- Trading fees
- Trust issue
- Good news for new users on Binance.
Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency world. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.
Although the company was launched just a few months ago through ICO (Initial Coin Offering) as a great alternative to Bittrex. The company raised around $15 million in an ICO this past July (2017) and immediately acquired 20,000 registered users as part of the raise.
How it works:
As I previously write there are two mode of trading one is Basic and the other one is for professionals which is Advance but for this article I will cover Basic. Although basic mode have a lot of new feature and tool which other exchanges don’t have including provides order books, a candlestick chart, as well as the trade history.
For trading to first need to add some funds in your account. To do so, click on the “Deposits Withdrawals” link under the “Funds” tab.
On the “Deposits and Withdrawals” page under choose your desire cryptocurrency you want to fund. Click Deposit in from of your desired currency an automatic address will generated in a new tab and then you can easily send fund to that currency.
Once your account has some funds, you can start investing. Navigate back to the exchange dashboard by clicking “Basic” under the “Exchange” tab in the upper left-hand corner.
On Binance, you’re only able to make limit and market orders. With the complexity of the interface, I would expect there to be more advanced trading options, but those things may be added as the company matures and grows.
Well currently Binance is offering a flat 0.1% fee on each trade. Probably the lowest price while comparing with other exchange websites
The most important is, if you use there token which is Binance (BNB) , you will receive 50% discount.
I’ve been progressively inspired by Binance as of late in the wake of seeing it proposed on numerous occasions on gatherings as a superior contrasting option to Bittrex. Group individuals appear to love this trade.
Binance is one of the most up to date trades in the business. The organization brought around $15 million up in an ICO this past July (2017) and promptly gained 20,000 enlisted clients as a component of the raise.
Changpeng Zhao, CEO of Binance, has a noteworthy resume with years of involvement in digital money. He was the Head of Development at Blockchain, Co-originator and CTO of OKCoin, and the Founder and CEO of BijieTech before taking a shot at Binance.
Good news for new users on Binance:
Using Bittrex I was so unsatisfied with their policy that you can’t trade there unless you have your account verified. But in Binance if you are a new user there you can trade up to 2 btc per day and that’s so amazing.
Overall i’m much impressed with their service and specially they have overcome the 2 major problems
1 > Increase trading limit to new user
2> Low trading fees
but where as the security concerns, they are improving it day by day and with over 6 million users world wide this exchange will dominate other exchanges in the future soon