The digital currency exchange market today is filled with a wide variety of options, therefore choosing the best exchange or trading platform can be quite a difficulty for both novice and proficient cryptocurrency users.
What is Binance?
Binance is among the fastest growing exchange for trading cryptocurrencies. It has become so popular because of its exceptional aspects such as availability in multiple languages, state-of-the-art user interface, and the way it helps the processing of orders at high speed.
Originally located in China, they have moved their headquarters to Malta which is considered as the crypto-friendly Island. While the company is still comparatively new to the market, it has resulted growing in popularity for several reasons including its remarkable number of Initial Coin Offering (ICO) listings, professional way, low trading charges, and friendly CEO.
Using The Binance Exchange
Binance is a combination of “Binary Finance,” intending that they only manage digital assets. Binance does not support fiat currencies. That’s why users cannot convert dollars, euros, yen, pounds, etc. for cryptocurrencies on the exchange.
Binance has been successful in producing an intuitive user interface without missing the charts, graphs, and other data necessary to create informed investment decisions. Trading is easy and only needs a few clicks to choose the currency pair a user opts to trade and establish the order. The user interface is accessible online, and there are also mobile apps for iOS and Android.
Another factor adding to Binance’s rapid growth is its availability in fourteen diverse languages. The exchange enables users that speak English, Chinese, Russian, Spanish, French, German, Japanese, Korean, and other major languages to easily manage the platform.
The Binance Coin (BNB)
Binance launched an ICO and along its launching, is the intro of their platform currency called BNB. It is an ERC20 token built on Ethereum. The total quantity is limited to 200 million BNB, after which no further coins will be offered.
Users can employ BNB to pay trading fees on the Binance exchange. Binance provides a rebate as an incentive to fund charges with BNB. For the first year, new users on Binance will receive 50% discounted trading fees when paid in BNB. With every succeeding year, the fee discount decreases. On the fifth year using Binance, there is no longer a fee discount for paying in BNB.
Latest Development
It’s considerably unusual to see altcoins gain in value when BTC and ETH are not climbing as well in the cryptocurrency world. BNB coin has shown no issue accomplishing just that. As BTC prices have declined near the $3500 mark, BNB has firmly increased in the last few months.
At a time when several top crypto coins are dropping value, BNB seems to be a consistent exception. The altcoin is presently at $6.5 mark and may rise to $10 within a few days as predicted.
Even if it lost value from its all-time high, it has remained stronger than many other altcoins, implying that BNB may belong in the highest echelon of cryptocurrencies by outstanding value.
Binance also launches its blockchain called the Binance Chain as the company stated in a tweet on Dec. 4. The new Binance-backed blockchain intends to give a basis for building new cryptocurrencies and Initial Coin Offering (ICO) tokens.
They also had a sneak peek of their Binance DEX. It is designed by the blockchain community, for the blockchain community, with support from Binance developers, as part of advancing its mission to spread the freedom of money. The decentralized exchange is progressed on top of Binance Chain, which they began developing and expanded into a community initiative, and will use Binance Coin (BNB) as the native asset.
This is a no financial advice.