The name Binance comes from a connection of two words, Binary and Finance. This exchange is located in Malta. It started to serve the customers in 2017 and was founded in China. Later on, the exchange moved to Japan in order to protect itself from the Chinese government cryptocurrency trading ban. Since 2018 Binance operates from Malta, which nowadays is one of the best places to run the crypto-exchange from in terms of the cryptocurrency regulations.
The exchange places itself high in the top of the cryptocurrency exchanges in the world. Taking into account only the volume, it has the first place in the whole world with the 24-hour volume equal to $1 028 444 469 (data from 29/03/19). Comparing to the competitors, the following places has above $800 000 000 for last 24 hours. The liquidity of Binance is definitely the reason why so many traders chooses it among the other crypto-exchanges. There is plenty of advantages of choosing such an exchange, for example a wide selection of coins to trade.
There are as well other factors that should be examined before trusting a company and placing our money on their exchange. Binance has a well-developed and accessible website. It is easy to use and even though you cannot find any live chat there, the response from the support team usually comes to your email within minutes. Here must be mentioned, that the team is very helpful and presents a high level of customer service.
Except the fact that Binance has one of the highest volumes, it also obligates you to pay quite low trading fees of 0.1%. At the moment it offers 150 coins to choose from including their own BNB token. If you decide to buy some of their coins, every time you trade, the fees will be paid from your BNB, giving you a 25% fee discount. In this way Binance tries to keep BNB in circulation and it can help you to save some money. The only fact, that the traders can thought to be a disadvantage is that Binance is purely crypto-to-crypto. While using it, you will not be able to deposit any fiat money. The company understands the fact that some customers may not like this and they have launched a new exchange called Binance Jersey, on which you can pay using Euro (EUR) and British Pound (GBP).
Another important factor of an exchange is the team, which in case of Binance is public and experienced. For almost two years now Changpeng Zhao occupies the position of CEO. On LinkedIn website, the company claims to have 729 employees. You can also find some of employees, including CEO giving an interview online, on the YouTube videos for example.
The security on Binance website seems to be a thing that the exchange wants to keep on the highest level. Starting from the time when you create and account and log in for the first time, you are reminded of some security tips and you need to ‘tick’ them, meaning that you understand it. The withdrawal process is protected by some daily limits and 2 factor authorisation. Unfortunately, Binance does not offer any insurance for user’s crypto or in case of a hack.
Overall, after researching online reviews you can find that this exchange offers one of the best volumes and low fees. Except the fact, that you cannot use any fiat money, there is no doubt that Binance exchange is now one of the best crypto-choices.
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I am James, a UK-based tech enthusiast and the creative mind behind Mighty Gadget, which I’ve proudly run since 2007. Passionate about all things technology, my expertise spans from computers and networking, to mobile, wearables, and smart home devices.
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