BINANCE

Binance is the cryptocurrency exchange based in China. It gives users access to a reliable set of trading tools, diagrams and security functions. After a successful initial coin offering (ICO), Binance began active trading in July 2017.

Binance offers two types of interface: basic and advanced. It helps beginners to execute simple trades, and provides professional traders with access to more complex options, such as margin trading.

The platforn offers a wide range of coins that are traded mostly against Bitcoin and Ethereum. On the other hand, the two topcoins are also combined with USDT. The list of coins available in Bitnancie includes, but is not limited to:

  • Ark
  • Bitcoin
  • Dash
  • EOS
  • Ethereum
  • Ethereum Classic
  • IOTA
  • Litecoin
  • Neo
  • OmiseGo and etc.

Fees

Binance currently charges a flat 0.1% fee on each trade. If you pay using their own token (BNB), you currently receive a 50% discount on the trading fee – bringing it down to 0.05%. With this discount, Binance easily has the lowest fees in the industry.

Security

For account security, the platform offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. To verify the account, users must activate one of these features

The platform privacy policy states that the exchange collects user information, such as IP addresses, and stores data on its servers. Users interested in privacy may want to learn more about the privacy policy of Binance by clicking on the “Privacy” tab on the main Binance website.

Pros

  • Basic and Advanced exchange views
  • Multiple altcoins available
  • Multi-language support
  • Offers the Binance in-house BNB token for reduced trading fees
  • High liquidity
  • Capable of processing 1.4 million transactions per second
  • Low fees on transactions and withdrawals
  • Bounty and reward programs for the community

Cons

  • Some users have reported difficulty with the Android version of the mobile app.
  • Some users have reported delays when withdrawing certain coins from Binance.
  • Unclear how recent regulatory actions by the Chinese government may impact the exchange, which is based in China.
  • The new platform.
  • Currently only Chinese phone numbers are supported for two-factor authentication.

Conclusion

Binance is a crypto currency exchange created by a former key member of OKCoin. While the company mainly focuses on the Chinese market, everyone is welcome. At the same time, they do not accept cash deposits. The number of coins available for trading is relatively large and is still growing, but there are other exchanges offering more exotic ones.

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