Binance is one of the newer cryptocurrency exchanges and has had enormous growth in its year of existence, reporting profits of over 200 million in their second quarter. Below we will explain the features of Binance that allowed it to grow so rapidly.
What Makes Binance so Great?
- Large Variety of Trading Pairs
- Own Application on Android and IOS
- Extremely Low Fees (.05%-.1%)
- Amazing Customer Support
- Beautiful Interface
- Automated Security System
- Binance Coin
- Contests, Promotions and Affilates
Binance Trading Pairs
Binance has over 100 coins available to trade and add new ones almost every week. These 4 main pairings are Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and Binance Coin (BNB).
Every coin on the exchange is tradable against Bitcoin and Ethereum, while only some of the higher volume ones are available on USDT and BNB.
Multiple trading pairs are extremely convenient as they bring liquidity to the exchange.
Binance has created its own app where users can trade, send and receive cryptocurrency from the comfort of their smartphone.
Recently, the Binance app was added to the app store increasing the number of people who have access to it. Previously, a workaround had to be done to install it on iOS.
The app is completely trustworthy and has never had a security breach yet.
Binance has the lowest fees out of any major exchange by far. The base fee is .1% and can be reduced by 50% if the user decides to enable paying with BNB for fees.
If a user turns on BNB fees, this makes it so whenever a trade is done, the exchange looks to see if the trading fee can be covered by that accounts Binance Coin balance. If so, the entire trading fee will be reduced by 50%.
Binance Coin is the main coin used to interact with the Binance exchange. Binance Coin was distributed through an ICO in 2017. There will only ever be 200 million BNB, and this number will decrease over time as the Binance exchange buy’s back and destroys the circulating supply.
Binance Coin’s token economics are extremely well thought out. The coin can be used to save big on trading fees, purchase exchange listing, and it’s own trading pairs.
Binance’s Privacy and Limits
Upon signup for Binance, the exchange will only ask you for an email address. This is great for people that want their identity to remain hidden.
If you want to raise your withdrawal limits to 100 BTC a day, you will be asked to verify your identity by sending a picture of your identity card like a drivers license, a selfie with your ID and paper with a message on it.
Most traders will not need to do this unless they are trading with a lot of money. Binance is forced to ask this information due to laws and regulations around cryptocurrency trading.
Binance is one of the most secure exchanges in the world. There has only been one security incident that was handled extremely well by Binance.
A fake website imitated Binance and managed to collect users logins. After collecting logins and waiting for over a month, the hackers logged into Binance sold the currency of the compromised accounts into VIA and attempted to move the VIA off the exchange.
Binance’s automated security system detected this, stopped outgoing transactions and caused the hackers to lose everything. Well played Binance.
It is not recommended to leave lots of cryptocurrency on exchanges, but if it must be done I would feel the safest doing so on Binance.
Binance allows users to set up two-factor authentication to add additional layers of security to their account.
Binance is not FDIC ensured as it is not based in the USA.
Binance’s CEO and Team
Binance’s CEO is Changpang Zhao, who is fantastic with his presence on social media and news. The Binance Team is spread across the world, with locations in Malta, Tokyo, and Hong Kong. Malta has very flexible laws surrounding cryptocurrency which makes it a great location for their new headquarters.
What Languages Does Binance Support?
Binance supports the following languages:
- 한국어 (Korean)
- русский (Portuguese)
To change languages, mouse over the nav bar section in the top right.
Binance Contests and Airdrops
Binance is more than an exchange, it holds contests and airdrops allowing for increased participation from its users. Binance has given away Mercedes and iPhones to users that have the highest trading volume on pairings, as well as airdropping currency to users that hold x amount of a currency.
Binance Affiliate Program
The Binance Affiliate program is one of the contributing factors to what has allowed Binance to grow as fast as it has.
Users can create links to send to friends referring them to the exchange. Accounts referred to the exchange give the referrer 20% of the exchanges fees back to the referrer. This provides an incentive for its users to invite more users.
What countries does Binance support?
Binance itself supports every country and does not even ask for a country upon signup. Depending on if cryptocurrency is legal in your country (it most likely is) then you are free to use Binance!
Is Binance a decentralized exchange (DEX)?
Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be updated to exist on its own blockchain mainnet, ultimately being a native coin.
Binance plans to transition from being a company to a community.
Can I use a credit or debit card on Binance?
Nope! Binance is a crypto to crypto exchange, meaning it is limited to cryptocurrency. In order to get funds from a credit/debit card you will need to first purchase Bitcoin or Ethereum from a fiat exchange, and then send it to Binance.
Does Binance accept new users?
Yep! After a brief shutdown period in January of 2018, Binance is accepting new users again!
Overall, Binance is an incredible exchange that should only continue to dominate the cryptocurrency trading market. Here’s an infographic recapping why Binance is so amazing.