Despite the recent news about bitcoin splitting into two separate currencies, cryptocurrencies remain popular as ever. Political and economic uncertainty has led people to turn away from traditional currencies and instead look to cryptocurrency for secure and private exchanges. Binance is an exchange for various kinds of cryptocurrencies such as the aforementioned bitcoin. It used to be a little-known obscure exchange, but it has blown up recently and is now a quite popular cryptocurrency exchange site.
Introduction To Binance
The Binance exchange is hosted at binance.com and as I stated above, it has grown in popularity recently. It has actually cracked the top twenty in terms of exchange volume, which is quite impressive.
This popularity growth has led the exchange to actually create their own cryptocurrency, known as Binance Coin (BNB). You can exchange your cryptocurrency such as Bitcoin (BTC), Antshares (NEO), and Ethereum (ETH).
Some of the perks of Binance include incredibly low base fees of just 0.1% to use the exchange. In addition to that, Binance boasts having lightning fast process times for currency exchanges made on the site. In fact, their technological infrastructure allows them to process as much as 1,400,000 orders every single second. This outclasses every other major cryptocurrency exchange on the net. All of these perks have allowed Binance to compete very successfully with other major cryptocurrency exchanges. It is close to cracking the top 10 in daily trade volume, sitting at a very modest #12 right now.
Above, I gave a broad overview of some of the perks of using Binance. Now, I want to go into a little more detail on what perks you can expect when using this exchange. Just like every other cryptocurrency exchange worth its salt, Binance ensures its users that it provides them state of the art security for their transactions, as well as boasting ease of use, and top line performance. What else do you get when you use Binance? Let’s take a look:
- Secure and stable: Binance’s infrastructure is robust and impenetrable.
- Compatible with various devices and platforms: You will be able to access Binance whether you are using a PC or a smartphone.
- You do not have to be able to read English to use it: Binance has support for various other languages, including Japanese, Korean, and Chinese.
- Incredible processing power: As stated above, Binance is capable of putting through 1,400,000 transactions every single second. This power makes Binance one of the quickest cryptocurrency exchanges on the entire net.
- Proven business record: Binance is not ran by a obscure group of secret developers. The owner of Binance is Changpeng Zhao. Zhao and his team have plenty of experience working with Wall Street bankers and are well known in the cryptocurrency world as well. They also have a proven track record, with various businesses started by them ending up being successes.
- Plenty of volume: You will have no problem finding a willing partner to trade your currency with.
With all of these perks, it is not too much ask for the company to charge a little bit to use the exchange. In my opinion, the fees are quite generous, given the quality of the service. Anyways, here are the fees:
- There is no fee to make a deposit.
- As stated earlier, Binance charges a .1% fee on all trades. However, you can choose to shave off half of this fee if you trade in Binance Coin (BNB).
- To withdraw from your Binance Coin balance, it will cost you 1 Binance Coin.
- To withdraw from your Bitcoin balance, it will cost you .0005 Bitcoin.
- To withdraw from your Ethereum balance, it will cost you .005 Ethereum.
- To withdraw from your Litecoin balance, it will cost you .001 Litecoin.
- There is no fee to withdraw from your Antshares (NEO) balance.
- To withdraw from your Qtum balance, it will cost you .1 QTUM.
- To withdraw from your Status Network Token (SNT) balance, it will cost you 1 SNT.
- To withdraw from your EOS balance, it will cost you .1 EOS
- There is no fee to withdraw your Gas balance.
- To withdraw from your Bitmark balance, it will cost you 1 Bitmark.
Binance Company Information
As I stated earlier, Binance is owned and operated by Changpeng Zhao. Mr. Zhao owns a company known as Beiji Technology, which Binance is a part of. This whole business operates out of Shanghai, China. Binance’s claim to fame is the aforementioned lightning quick processing times.
Binance’s credibility recently took a huge leap upwards as Yi He, a very famous person in the cryptocurrency world, was announced to be working with Binance. Yi He co-founded a cryptocurrency known as OKCoin, and is a very public figure in the Chinese cryptocurrency scene. Yi He left the OKCoin project in late 2015 and took part in various other projects since then. She served as the VP in a Chinese tech company and even started a Chinese media platform that has become wildly popular in the area. It is no wonder how someone with her expertise and fame joining the Binance crew has led to Binance’s prospects increasing tenfold.
Yi He joining the company has caused Binance’s own cryptocurrency, the aforementioned Binance Coin, to skyrocket in value. It has taken over a 40 percent jump since the word came out that Yi He has started working with Binance.
Binance is a rising star in the world of cryptocurrency. What once was an obscure exchange has exploded into one of the most popular. This is due to an all-star cast behind the scenes, as well as a strong and powerful technological infrastructure being put in place. The fact that over a million transactions are able to be processed every second makes Binance a go-to exchange for fast and busy traders. It may be only #12 on the daily trade volume right now, but expect it to crack the top 10 very soon.