What Is Binance?
Binance, found online at Binance.com, is a popular cryptocurrency exchange currently sitting in the top 20 exchanges by volume.
The exchange has particularly strong volume in pairs like NEO/BTC, GAS/BTC, ETH/BTC, and BNB/BTC. BNB is the exchange’s homegrown currency called Binance Coin.
Binance is known for its low trading fees (0.1%) as well as its fast transaction processing. The Binance technology is capable of processing 1.4 million orders each second, making it a world leader in potential exchange volume. At the time of writing, Binance was sitting in the #17 spot in terms of 24 hour trading volume.
Binance Features
Like most cryptocurrency exchanges, Binance promises to offer strong security, usability, and performance. Here are some of the exchange’s advertised features:
Safety and Stability: Binance uses a multi-tier and multi-cluster system architecture.
Multi-Device Support: Binance supports web browsers, Android, HTML5, WeChat, and other platforms.
High Performance: Binance can process 1.4 million orders each second.
Multi-Language Support: Binance supports Chinese, English, Japanese, and Korean.
High Liquidity: Binance offers strong liquidity in a number of cryptocurrency pairs.
Multiple Coin Support: Binance accepts trades in a variety of coins, including BTC, ETH, LTC, and BNB.
Strong Team: Binance is led by Changpeng Zhao. Overall, the company claims its team has deep experience in both Wall Street and crypto finance, along with a track record of successful startups.
Proven Products: The underlying Binance platform has been deployed on 30+ exchanges already. The platform supports all devices and multiple languages, offering a seamless user experience.
Superior Technology: Binance uses a certified matching engine capable of processing 1.4 million orders per second, “making Binance one of the fastest exchange in the market today” [sic], explains the official website.
Binance Fees
Here are some of the notable Binance fees you need to know about:
Deposits: Free
Trading: 0.1% trading fee (if you have BNB, you can choose BNB to deduct a 50% trading fee temporarily)
BNB Withdrawals: 1 BNB
BTC Withdrawals: 0.0005 BTC
ETH Withdrawals: 0.005 ETH
LTC Withdrawals: 0.001 LTC
NEO Withdrawals: Free
QTUM Withdrawals: 0.1 QTUM
SNT Withdrawals: 1 SNT
EOS Withdrawals: 0.1 EOS
GAS Withdrawals: Free
BTM Withdrawals: 1 BTM
BCC/BCH Withdrawals: To be confirmed
About Binance
Binance is based in Shanghai. The exchange is led by Changpeng Zhao and his company Beiji Technology. The exchange is best known for its fast processing speeds.
In August 2017, the exchange announced that Yi He, co-founder of OKCoin, was joining the platform. Yi He is also known for being a renowned cryptocurrency evangelist. She’s one of the most respected and influential individuals in China’s online economy. After leaving OKCoin at the end of 2015, Yi He joined Yixia Technology as their Vice President. She later launched Yi Zhi Bo, a China-based broadcasting platform that exploded with growth in 2016.
Many investors have taken a closer look at Binance since Yi He joined, and the value of Binance Coin has risen by 40% at the time of writing.
Binance Conclusion
Binance is a cryptocurrency exchange known for its fast processing speeds and ability to process an enormous number of transactions (1.4 million) each second. It’s been quickly gaining ground in cryptocurrency market share, and currently sits at the number 17 spot in terms of 24 hour trading volume.