Binance Exchange Review
What Is Binance?
Binance is a popular cryptocurrency exchange currently sitting in the top 3 exchanges by volume.
The exchange has particularly strong volume in pairs like NEO/BTC, GAS/BTC, ETH/BTC, and BNB/BTC. BNB is the exchange’s homegrown currency called Binance Coin.
Binance is known for its low trading fees (0.1%) as well as its fast transaction processing. Its technology is capable of processing 1.4 million orders each second, making it a world leader in potential exchange volume. At the time of writing, this exchange was sitting in the #1 spot in terms of 24 hour trading volume.
Like most cryptocurrency exchanges, Binance promises to offer strong security, usability, and performance. Here are some of the exchange’s advertised features:
- Safety and Stability: It uses a multi-tier and multi-cluster system architecture.
- Multi-Device Support: It supports web browsers, HTML5, WeChat, and other platforms.
- Mobile support: Great Android and iOS app.
- High Performance: It can process 1.4 million orders each second.
- Multi-Language Support: It supports Chinese, English, Japanese, and Korean.
- High Liquidity: It offers strong liquidity in a number of cryptocurrency pairs.
- Multiple Coin Support: It accepts trades in a variety of coins, including BTC, ETH, LTC, and BNB.
- Strong Team: It is led by Changpeng Zhao. Overall, the company claims its team has deep experience in both Wall Street and crypto finance, along with a track record of successful startups.
- Proven Products: The underlying Binance platform has been deployed on 30+ exchanges already. The platform supports all devices and multiple languages, offering a seamless user experience.
- Superior Technology: It uses a certified matching engine capable of processing 1.4 million orders per second, “making it one of the fastest exchange in the market today” [sic], explains the official website.
Here are some of the notable Binance fees you need to know about:
Trading: 0.1% trading fee (if you have BNB, you can choose BNB to deduct a 50% trading fee temporarily)
BNB Withdrawals: 1 BNB
BTC Withdrawals: 0.0005 BTC
ETH Withdrawals: 0.005 ETH
LTC Withdrawals: 0.001 LTC
NEO Withdrawals: Free
QTUM Withdrawals: 0.1 QTUM
SNT Withdrawals: 1 SNT
EOS Withdrawals: 0.1 EOS
GAS Withdrawals: Free
BTM Withdrawals: 1 BTM
BCC/BCH Withdrawals: To be confirmed
Company is based in Shanghai. The exchange is led by Changpeng Zhao and his company Beiji Technology. The exchange is best known for its fast processing speeds.
In August 2017, the exchange announced that Yi He, co-founder of OKCoin, was joining the platform. Yi He is also known for being a renowned cryptocurrency evangelist. She’s one of the most respected and influential individuals in China’s online economy. After leaving OKCoin at the end of 2015, Yi He joined Yixia Technology as their Vice President. She later launched Yi Zhi Bo, a China-based broadcasting platform that exploded with growth in 2016.
Many investors have taken a closer look at this exchange since Yi He joined, and the value of Binance Coin has risen by 40% at the time of writing.
Binance is a cryptocurrency exchange known for its fast processing speeds and ability to process an enormous number of transactions - 1.4 million each second. It’s been quickly gaining ground in cryptocurrency market share, and currently sits at the #1 spot in terms of 24 hour trading volume.
You can learn more about it and its low fee trading structure by visiting the organization online today at Binance.com.