Setting a new standard
for crypto exchanges
During the early years of cryptocurrency you didn’t have too many choices. The number of exchanges that were trustworthy at the time wasn’t too big and you really had to be careful if you didn’t want to lose any money to a potential scam. Nowadays however, the landscape of all things cryptocurrency has drastically improved, and exchanges are no exception.
If you’re new to exchanges, or maybe looking for a new exchange to trade on, this short review will tell you why you should check out Binance. Let’s get started.
What do they offer?
Being a cryptocurrency exchange with no support for fiat currencies, you can guess that their biggest selling point is that they support a vast number of altcoins; Over 100 of them, to be exact, so you can obviously expect to see the most popular ones, such as:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
Those are just a few of the many currencies Binance supports. Chances are that whatever currency you’re looking to trade, you’ll find it on Binance. Additionally, Binance also offers the following things:
- A basic and advanced trading GUI.
- Competitions aimed both at high volume traders and regular ones.
- Some of the lowest trading fees among exchanges.
Binance also offers Binance Labs, which is essentially aid of all kinds for entrepreneurs preparing an ICO project. If your project is good, you can apply and hope to get accepted. Once/if you get accepted, Binance will provide you with the funds necessary for your startup, advisory and the necessary resources to expand your reach and see your project fully realized.
Additionally, if you hit all the proposed milestones of your project, you’ll be prioritized in the Binance Launchpad for a smooth and really fast ICO launch, and once it’s launched, you’ll be a top priority for listing your currency on Binance.
What does the community think of it?
Additionally, their security has been praised after a hacking attempt was caught automatically by the security systems in place at the exchange. No customers lost funds and the only people that lost something were the hackers themselves, whose funds will be donated to charity. The outcome of this event gained Binance a lot of trust and credibility from their customers.
Pros & Cons
- A beginner friendly trading GUI, with the option to use an advanced GUI for users experienced in trading.
- Some of the lowest fees among exchanges, which can be further lowered if you’re paying with the BNB token (50% discount).
- The competitions encourage people to trade for some neat rewards.
- Supports over 100 currencies, with new ones coming in constantly thanks to Binance Labs.
- The lack of support for fiat currencies can be a deal breaker for some.
- Customer support could use some improvement. Being the leading crypto exchange in terms of activity, something like a live chat would be a nice addition.
As you can see, there aren’t really many negatives about Binance other than the common and relatively minor complaints, and if we take into account that Binance is a really young platform we can only assume they’ll be improving a lot.
Note that we don’t have a section that touches on pricing. This is because of the sheer number of currencies available on Binance. We can assure you they’re low, but they vary from coin to coin, so it’s best to see for yourself.
To sum it up
Despite how new it is, Binance has set a new standard in terms of quality, and it’s just getting started. If it keeps going this way, it’s only going to get better. Additionally, if a centralized exchange isn’t your thing, and you haven’t found any decent, or high quality decentralized exchange, you might be pleasantly surprised that Binance is currently developing one, and if the quality of their current exchange is anything to go by, we can assume it’s going to be of equal, if not higher quality.
Founded back in 2017, Binance is currently one of the biggest cryptocurrency exchanges nowadays. It was founded by Changpeng Zhao, a man previously known for building Fusion Systems back in 2005. His company was dedicated to developing high frequency trading systems for brokers. Zhao also worked as CTO at OKCoin alongside what would be his partner when founding Binance. His partner, Yi He, also worked at OKCoin as head of branding and marketing.
Alongside the launch of Binance, they also did an ICO in July of 2017 for their BNB token, which is based on ERC20. Naturally, this altcoin became a part of the exchange and to encourage people to invest in it, a 50% discount on trading fees is given if you pay with the BNB token.
Initially, the company’s headquarters and servers were based in China, but after the Chinese government tightened the noose on cryptocurrency trading in September of the same year, the company moved their HQ and servers to Japan. Being in Japan didn’t last long however due to other regulations regarding cryptocurrency being present. After this, just a month ago, Binance settled for Malta after their government received them and any other blockchain based entrepreneur with open arms.