Binance Review.

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Binance Overview:

  • Binance is a cryptocurrency exchange. launched in 2016 via an ICO
  • It is founded by:  Zhao Changpeng,
  • Has the baking of: Roger Ver, Matt Roszak
  • In 2017 Yi He, co-founder of OKCoin joined Binance

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Binance Opportunities: 

  • Binance is currently one of the top 20 exchanges by volume.
  • Although it is a Chinese exchange based in Hong Kong, they are positioning themselves to be an international exchange.
  • The website and support is available in English, Chinese and Korean
  • The successful ICO has created a community with a vested interest to see this exchange as a success. This creates a free user base and evangelists that spread the word about the platform and its benefits.
  • In the pro view, Binance traders will have many familiar tools at their fingertips.
  • Currently, these coins are being traded on the exchange: BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX.
  • Low transaction fees of flat 0.01% to all users, whales do not have a trading edge in lower fees. Compared with Poloniex and Bittrex.
  • Deposits are free
  • 20% of Binance profits will be used to buy back Binance coin until 50% of the total supply of coins has been bought up.
  • Can process 1.4 million transactions a second.
  • Binance will buy back 50% of the BNB coins in circulation.
  • BNB tokens can be used for trading fees
  • Accounts do not need verification unless more than 2 BTC daily or equivalent is withdrawn
  • Neo on deposit generates Gas
  • Users have claimed that the Binance support is faster than that of Bittrex and Poloniex.
  • Standard security features like 2fa available.
  • Available on web, Android and iOS
  • Extensive API that supports third-party applications
  • The underlying engine is used by a considerable number of exchanges which means that the software has been used in live environment before; thus reducing the risk of undiscovered bugs.
  • When a new coin is added, the market makers/big bag holders of these newly listed coins receive bonuses.
  • Traders who have used Bitstamp will find Binance interface familiar.

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Binance Concerns: 

  • Still a relatively low number of listed coins compared to Bittrex and Poloniex.
  • Voting for the next coin costs BNB, why should users pay to give their opinion about which coin should be listed next? It would be reasonable to ask the founders of a coin to pay for the listing, but I do not find payment by the voters relevant.
  • The feature best market price is a feature to understand well and before using, given the fluctuations of the cryptocurrency market it can have surprising performance.
  • Trade volume is lower than on some of the major exchanges, what this means is that the market price discovery mechanism could differ slightly from other exchanges.
  • It is relatively new, new software could have undiscovered bugs
  • There is no stop functionality at this time.
  • It operates in China, a jurisdiction which is not Crypto friendly
  • It is not possible to exchange cryptocurrencies for FIAT
  • Mature software hacking
  • Withdrawal fees:
    • NEO and GAS balance no withdrawal fees
    • 1 Binance Coin.
    • .0005 Bitcoin.
    • .005 Ethereum.
    • .001 Litecoin.
    • .1 QTUM.
    • 1 SNT.
    • .1 EOS
    • 1 Bitmark.

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Conclusion

Binance is one of the fastest growing crypto exchanges in China. Exchanges have been banned in China for now but this also happened in the USA for the first exchanges. If there is a reversal of these Chinese laws we can expect Binance the exchange and Binance the coin to boom in value. Even if there is no reversal in-laws, with time and lack of incidents Binance will mature into becoming a trustworthy exchange.

6 COMMENTS

  1. I’ve been trading for months and now can say to you that one of the best exchanges now is Binance which offers great set of cryptos and first of all is one of the few markets for the crypto star IOTA:)

    The most important pros:
    *great list of pairs
    *very deep order book
    *very good level of security
    *Japanese background

  2. I needed this cryptocurrency exchange because they have ethos (before bqx). It is way better then some other exchanges on the one hand and also simple and easy in use to trade. They are also connected with coinigy which has way better charts on which you can follow up your balances via their website (coinigy.com). But unfortunately it is not possible to trade via Coinigy YET. hopefully this will be possible in future, this way, Binance.com will be a much better exchange. I am sure it will find it’s place in the markets.
    Especially the low fees are super!

  3. I got an email from binance saying that my IPA siting been changed and if I did not do that I should deactivate my account and contact binance I check my account and sure my XRP coins disappeared so I deactivated my account the problem that I been trying to contact binance but no reply multiple emails and multiple requests and no reply
    My account is locked and I have no access to my funds
    I got screwed stay away

  4. What is the significance of the buy-back program ? Why is Binance buying back their own coins.. is it worth buying the coin as investment ?

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