Binance came out of the blue and took by storm. What’s fascinating is that 7 months ago, Binance didn’t exist even, but today since then its 14 million transactions per second capability has at tracted a whopping 7.9 million, total and registered users-more than the population of Hong Kong, managed to do it in less than 100 days, an exciting feat, no less indeed. Founded by Changpeng Zhao, known as CZ, Binance today is amongst the leading peers in crypto and exchange and is located in China and the plans are on to move into the paradise of digital currency -Japan.
Binance is a typical exchange that facilitates crypto to crypto trades.It simply implies that it plays as an host to trades in virtual currencies and doesn’t accept real worlds money for example USD ,EUR, etc.
Like any sober start of a start up, Binance has had its own days of snailpace raising of money through ICO aka initaial coin offerings, which very much resonates to a crowdfunding or IPO aka initial public offerings , where people can or are invited to invest and help a company start its business.In the case of Binance,iys ICO raised about $15 million,and in return they gave investors their own cryptocurrency token, which is named as the Binance Coin(BNB).IN 2017,people invested around $5 WHOPPING BILLION in ICOs.
Featuring Binance Coin(BNB)exchange's own token, has soared from about 10 cents to $13 giving it a market cap of $1.3 billion, and recent news from the exchange is that of upgradation of the BNB, and also making it available on its public domain. Actually it is more a ‘token’ than a coin, that is built on Ethereum blockchain.
The utility of binance coin lies in paying fees and in a future prospect of getting a decentralized exchange making it one of the kernel base currencies. Is it profitable to purchase binance coin? Yes, it appears to be a good investment in the future as the binance exchange is planning to buy back up every quarter of BNB from their profits, destroying them in the process and hence decreasing the supply and making them more valuable for the customers and holders. Pure business genius !!
Binance has its own Blockchain, the new platform, called “BINANCE CHAIN” features transfer and trading of blockchain assets. This further eliminates administration tasks using SMART CONTRACT rules and will speed up transaction settlement.
CRYPTOCURRENCY SUPPORTED BY BINANCE
One of the merits of binance lies in its broad support extending to a variety of coins. It facilitates trade in digital currencies ranging from Bitcoin, Bitcoin cash, Bitcoin gold, Ethereum, Ethereum classic, Litecoin, Gas, Dash, Ripple, EOS, NEO and many more. Aforementioned, binance also supports tokens as part of ICO listings. These tokens can be traded for profits too.
As we are aware of the fact that binance is very quick and punctual ad new coins and tokens ICO gradually means you can purchase them at a cheap cost allowing the traders for a greater profit down the lane. Trading pairs available are in BTC, ETH, BNB, USDT.
Binance supports about 120 cryptocoins including all of BTC, ETH, LTC, etc. and many more, near about 100+ wallets and 240 trading pairs, and boasts of 5000 applications for coin listing in their inbox.
Binance sign up And login for the newbies
Once the account is filled up with funds, simply start trading exchanging and investing in various digital currency pairs. Digital currency pairs can be in terms of digital currency against digital currency or digital currency against Fiat currency. Binance being a respectable platform offers plenty of choices as it supports a majority of digital currencies variety of ICO listings and respective tokens.
Trading on Binance
As we have learned the first step to open an account on binance, we also know now about depositing funds in those accounts, without which trading cannot be initiated. Trading options available in trading pairs are BTC, ETH, BNB, USDT.
Once the order is placed ,it will be highlighted below the “Open Orders” till it is filled. Thereafter your new currency will be available ‘IN’ deposits/ withdrawal section where it is free to withdraw it to the wallet of one's own choice.
COIN CODE Fee Unit
Binance Coin BNB 1 BNB
Bitcoin BTC 0.001 BTC
Ethereum ETH 0.01 ETH
Litecoin LTC 0.01 LTC
Neo NEO Free NEO
Qtum QTUM 0.01 QTUM
Status SNT 10 SNT
Bancor BNT 1.1 BNT
Eos EOS 0.7 EOS
Bitcoin Cash BCC 0.0005 BCC
Gas GAS Free GAS
USDT USDT 50 USDT
Happy news-there ain't any limits to the deposits of the coins when talking about transfer limits.
However, there are two levels of users categorized on the basis of verification. If you are not verified, limits are imposed on how much you can withdraw. On the other hand, verification grants you the tag of Level 2 user, subsequently lifting these limits off your shoulders and providing a lot more freedom when accessing the platform.
Needless to say, the verification process entails the same basic identifications you must be familiar with namely in particular-full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport. No issues with that if you want to go pro.
SAFETY OF BINANCE ?
We human beings are a bit different from other animals. It is no wonder that we tend to seek trust and faith in everything that we associate ourselves with,and it comes quite natural in all of us.
So looking at the pace of binance, and it's graph of ascending,it is quite bewildering to believe how one can achieve the volume and popularity in such a small speck of time. Numbers speak for themselves. Although it is a recently hatched egg in the world of cryptocurrency exchanges, it has managed to gather the attention and affection to attain a high level of trust from its users and digital currency community.
Coupled with two-factor authentication and multi-tier system architecture in securing the trade. However there is little data on how the exchage secures its funds, but anyhow again, we hope everything's well and good.
We recommend you to bookmark the site and only use that to access genuine binance exchange and refrain from clicking on any other unverified links, emails, Twitter, Facebook Telegram, etc.
“Critical Review of Binance”
No matter how good a system works , it definitely carries certain virulent elements which makes it prone to improvisation and analysis. In a similar fashion, where as, binance has shown tremendous possibilities in market,developing as a trustworthy global platform for crypto exchange with basic and advanced exchange features, supporting multiple languages, BNB token for reduced trading fees,high liquidity maintenance,godspeed transaction speed of 1.4mn transaction per second, a clean and proven track record in crypto and finance,lowered fees on transactions and withdrawals, and to add a cherry on the top it facilitates with offers reward programs to engage the customers and its popularity which includes Maseratti,Merc,macbook pro and iphone x +free cryptocurrencies such as WAVES and ONT.
But at the same time it hovers around with certain diligence and lacunae as well,which are worth paying attention to. These issues range from discrepancy in android platform and its mobile app version,delays in withdrawal of certain coins, a communistic iron hand of Chinese govt control and its related regulatory actions,lacks long year on year assessment when compared to its adversaries as it is in its nascent postpartum phase, its ever questioning limitation of incorporating only Chinese phone numbers for Two Factor authentication,and above all which is the concern of today’s data sensitive citizens-it collects user data.
So well, inspite of the promises that the Binance has in store for its customers and traders, it must not shy away from owning up its flaws and working upon them.After all everyone wants a clean and clear platform, and not far when we look at the mother crypto BITCOIN,and BLOCKCHAIN, wasn’t it all about transparency and decentralization of how we trade.
COMMON ISSUES AND FAQS
Binance Support Page :- https://support.binance.com/hc/en-us
Binance Customer Service Forum :- https://binance.zendesk.com/hc/en-us/
Binance Wikipedia page :- https://en.wikipedia.org/wiki/Binance