Known as the trader’s portal, Binance is modeled on a more detailed and typical legacy exchange. Traders and seasoned investors are often fiercely loyal to the platform, pointing to the depth of intel and intuitive architecture that cater for seasoned traders. That said, newcomers are not lost on the exchange, as the UI is elegantly simple and broadly user-friendly.
About Binance Crypto Exchange
When barely a year old, in December 2017 Binance became the world’s largest crypto exchange by volume. The company has since been flying rather than forging ahead, rapidly adding users and upping daily trade volumes.
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Binance was founded in early 2017, and has been in operation for under two years. The company raised 15 million dollars in their ICO with the launch of their native ERC20 token, BNB.
Binance Trading Volumes
Binance is arguably the most prominent cryptocurrency exchange in the world, where daily volumes can reach over $4 billion. The exchange has a market cap of $1,340,914,760.
Number Of Coin Pairs On Binance
The number of coins offered on the exchange keeps increasing, and currently sits at over 100. All the majors like bitcoin and ether are present, and trading pairs are more proactively vetted and offered as pairs than most other exchanges.
Binance also hosts its native token BNB -2.69% Binance Coin / USD BNBUSD $ 330.91
-$8.90-2.69% Volume 1.73 b Change -$8.90 Open $330.91 Circulating 168.14 m Market Cap 55.64 b 4 d A Shift in Momentum: Binance Yields to Regulatory Pressure, the Definition of HQ Changing for CZ Too 6 d FCA's Crackdown Hits Another One After Binance, Which Has 'Not' Seen Institutional Activity Slowdown 6 d Binance and FTX Cut Down Leverage to Just 20x from Over 100x that offers discounted trading and other perks to coin holders.
Who Owns Binance?
The Binance exchange is owned by the current CEO, Changpeng Zao, who also has a working history developing some of the Tokyo stock exchange systems.
It was Changpeng who developed and launched the company’s ICO, raising a modest $15 million in 2017. Unlike innumerable ICOs, Binance was a gem from the start, and has since been vying for top rank among global digital exchanges. As the world’s largest digital exchange by trading volume, Binance accounts for around 25 percent of bitcoin movement.
Binance Operating Location
Binance is based in Hong Kong and registered in Malta, although the company was originally a Japanese business. Concerns over regulatory threats in Japan during 2017 prompted the company to relocate and avoid any heavy-handed sanctions.
Binance’s Features, Benefits & Reputation
The platform’s essential value lies in its emulation of legacy exchanges, also emulating the pace and charting of those traditional exchanges too. Binance is geared for Wall Street-style traders and their volumes, or at least their attitude, and many seasoned investors swear by the site’s intel and trading platform. Binance closely approximates the best of any legacy exchange in terms of presentation and tools, and is thus very attractive to a large segment of serious retail investors.
That said, Binance is not unfriendly for newcomers, and the platform offers a Basic and Advanced exchange version that anyone can choose from when trading. The exchange’s principal offer and function is enabling traders to trade between various digital currencies.
Longer-term investors also employ the site to tweak their portfolios, while daily trading volumes are high. Although other digital exchanges have been modeled to approximate the legacy familiarity, not many have both successfully emulated this and added virtual coin listings with the passion and pace Binance has.
Binance KYC & AML Requirements
Luckily for the enthusiasts who hold cryptocurrencies promise of anonymity as sacrosanct, Binance is an exchange where users can zip in and out without identifying themselves.
The exchange trades on existing users having pre-identified via their wallet registration to elude having to fulfill global AML and KYC requirements. This is also a product of the exchange structure, as it offers no leverage, simply facilitating crypto exchanges for a fee.
With that said, larger withdrawals invite the submission of a snippet or two to identify a user. Most users simply split their holdings and manage their affairs in such a way as to avoid this, however.
Fees typically run around 0.1 percent, but BNB holders score up to a 50 percent discount on their transacting. Withdrawal fees also vary, but are derived of the network and exchange fee. The Binance fee structure is broadly seen as highly competitive, far more purposefully marginal, as are most legacy exchanges who compete on fees.
Binance Fiat Acceptance
Although some commentators point to Binance’s acceptance of Tether (USDT) as evidence that the company allows for fiat trading, this isn’t the case. Fiat currencies and protocols can’t be employed by exchange users. Trades are funded from users’ wallets and although USDT 0.06% Tether / USD USDTUSD $ 1.00
$0.000.06% Volume 56.04 b Change $0.00 Open $1.00 Circulating 61.94 b Market Cap 61.97 b 2 d Rep. Tedd Budd: Some Lawmakers Worry Crypto Could Cause ‘Financial 9/11’ 4 d US Lawmakers See All the “Flashing Warning Signs” of Cryptocurrency Putting USD at Risk 6 d Tether in 'Open Dialogue' with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud can be called a “half-fiat” or “half-crypto,” because it is a digital coin backed by USD reserves, the reality is that Binance is a crypto-exclusive exchange platform.
Binance Trust Level
Although young, Binance’s meteoric growth and demonstrable transparency has endeared it immensely to loyal users. In just over a year, a strong level of trust prevails towards the exchange, based on posts and reviews. Persistent complaints follow exchanges like bad weather, but besides the usual, there have been moments where the company moved to address user concerns in a way that demonstrated the exchange’s ethos and willingness to manage others’ money with due care.
Binance Customer Experience & Support
Unlike most digital exchanges, Binance support is fair, starting with their support of a host of languages users can employ as their home language when onsite. Although responses typically drag over a day or two, the company’s prevailing stance towards user issues is proactive and to date on a par with legacy fintech service levels, or almost.
Users succumb to phishing attacks regularly, but this is no fault of the exchange, and rather an unfortunate aspect of life in the digital age. User experience remains broadly positive however, and the platform continues to onboard new users.
Binance Security History
Binance has never been hacked, although that is a negligible claim for any company about a year old. With that said, security is a prime focus of the project, as in July 2018 reports of a possible hack surfaced. As it transpired, it appears there was a “possible hack of third-party tools,” specifically related to the Syscoin blockchain. Binance has since reset API keys and the CEO has been vocal on social media, reassuring users that their holdings remain safe with the exchange.
The exchange has never thus officially succumbed to a successful hack. Although not trumpeting security as vocally as many competitors, the company has invested in security protocols, no doubt a hangover of the CEO’s history on legacy exchanges.
Binance Listing Procedures
Binance has adopted a model that allows most coin listings to be mooted and motivated by users themselves. By following an onsite link, users can apply to have their coins listed. The project is also more proactive than that, continuously vetting and adding tokens as it deems appropriate. From an initial offering of some 50 coins, the exchange now offers traders over 100 digital coins for trade.
With a combination of enthusiast sentiment and legacy asset evaluation, Binance has so far maintained the relevance and popularity of the currencies it lists for trade.
Through a combination of domestic trust, great compilation and a fintech-savvy interface, Binance got off to a flying start from the relatively humble capital base of $15 million. Although it doesn’t appear focused on any one particular coin, the platform is indeed focused on a particular aspect of trade and investment, and that is to present the new digital asset class to traders along lines they know well.
Often billed as the only true crypto unicorn, Binance has maintained its popularity in part because it matched the enthusiasm of users with legitimately valuable trading and investing intel, while also offering more dedicated traders sufficient depth for them to make it a home base. The company has far exceeded initial capital investment expectation. Timing and popularity aside, the exchange has presented as a genuinely enabling platform with transparent fees that many wouldn’t consider leaving for any reason.