Binance completes its 1 year, here are 15 things you should know
15 characteristics of Binance that makes it so convenient for the customers
The exponential increase in the value of Bitcoin in the previous year opened the eyes of investors as well as the traders as they realized the potential of the cryptocurrencies and the Blockchain Technology which can be used to transform many fields. Bitcoin was not the perfect cryptocurrency, it had certain drawbacks and hence to overcome them, a number of other cryptocurrencies were created.
However, the number of cryptocurrencies available now is a lot more than required. This has put the investors in a state of confusion as to which particular cryptocurrency to choose from in order to get best returns. Making best profits require less transaction fee and a lot of service capabilities provided by the medium through which we perform the trading, which is the cryptocurrency exchanges.
Binance was actually initiated in the year 2017. It has almost been one year since its initiation and the exchange has reached the pinnacles of success.
Below are some of the key features of Binance which makes it’s so reliable:
The word Binance is actually a portmanteau of Binary and Finance.
Binance has proven to be one of the best among all the other cryptocurrency exchanges. With its initial coin offering done in July 2017 as an ERC20 tokenBNB, the exchange managed to raise almost $15 million.
It was after this particular exchange that the other cryptocurrency exchanges started to incorporate the ICO
Originally, the cryptocurrency exchange was founded in China but due to the regulations in the country, in September 2017 it had to move its servers from China to Japan.
The founder of the exchange, Changpeng Zhao is well known for creating some systems which are even now used on the Tokyo Stock Exchange. This experience might be the reasons for the success of Binance.
The cryptocurrency exchange covers a large spectrum of Altcoins with over more than hundred cryptocurrencies available to trade.
The cryptocurrency trading fees are also very less in the industry. It is only 0.1%.
There is an added advantage of using the binance coin, BNB for the transactions where the users can get 50% discount on their fee.
There is no transaction fee as well as a limit for deposits. Anyhow there is a transaction fee as well as certain amount of limit for the withdrawal of Bitcoin.
If the user needs to withdraw more than two Bitcoins then extra verification procedures must be followed by providing various identification proof such as a passport.
The cryptocurrency exchange can be considered as a launchpad for various coins. This is evident as, as soon as the ICO for a coin is ended, it is available on this particular cryptocurrency exchange.
The exchange incorporates a two-factor verification model where are unique code is sent to the customer’s mobile phones whenever a login attempt is done.
The cryptocurrency exchange has the capability of processing over 1.4 million transactions per second. Hence the buyers and sellers consider this exchange as a preferred option over the other exchanges which has low trading volumes.
The only biggest disadvantage of this exchange is that it doesn’t accept the Fiat currencies. Other cryptocurrency exchanges accept Fiat currencies in the form of credit card, debit card or Paypal payments. This is the main reason why the beginners cannot start directly with Binance.
It even provides an advanced option for experienced cryptocurrency users. The advanced option displays detailed statistics about the price movements of a number of cryptocurrencies which cannot be understood by novices.
The exchange’s consistent updations with the regulations as well as technology are the crucial factor for its success. The CEO, Changpeng Zhao is well known in the cryptocurrency world for his expertise in the field. Also, BNB is experiencing an upward movement when the whole market is facing a downfall. According to reports, the exchange is all set to include EURO trading pairs along with doubling the referral commission rewards which would again add to its customer base.