Binance Exchange and Token Summary (BNB)
Binance is a crypto-crypto exchange with a focus on the international market and rapid development. Binance has grown tremendously over the past few months, especially with its early adoption over various coins and the large trade volumes for other popular coins. Currently, it supports English and Chinese users and there is a possibility to expand to Korean and Japanese in the future. Binance has recently expanded operations with various regional development teams around the world.
The Binance token (BNB) was created during the ICO event to fund the development of the Binance exchange.
Features of Binance
- High performance - capable of processing 1.4 mil orders/second
- Multi-language support - Chinese, English, Korean, Japanese
- Good support team - Binance support is reachable (rare in crypto space)
- All major coins available - BTC, ETH, LTC, BNB etc.
- Low trading fee - Only 0.1% trading fee
- Early support for Bitcoin Forks - Bitcoin Gold, Bitcoin Diamond were all listed on Binance
- GAS distribution for NEO - storing NEO on binance yields GAS too!
Partnerships with Other Chinese Coins and ICOS:
One of the advisors for Binanace is Da Hong Fei - The founder of NEO. This means that there is a strong partnership between Bianace and NEO. Currently, Bianace is the only exchange that gives NEO GAS for holding NEO on the exchange. The exchange takes a snapshot of the NEO balance on a daily basis and will distribute NEO GAS based on the snap shotted balance.
Interview with the CEO of Binance, Changpeng Zhao
I had the privilege of interviewing the CEO of Binance, ChangPeng Zhao. Binance is taking the cryptocurrenc exchange scene by storm with a massively positive response from both the Chinese and International community.
Binance ICO:
The Binance Exchanged was financed through an ICO that was held on the 14th of July 2017. A total of 15 Million USD dollars were raised during the event. Here are achieves for the Whitepaper and the ICO page.
Binance Token:
Binance tokens were issued to project supporters. The token has 3 major features:
- Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
- GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
- Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.
Article is also published on boxmining.com
Binance or Bittrex?
I've traded on both, and there are positives & negatives to both.
Bittrex
(+)More established reputation (although individual experience varies)(+)Typically more liquidity for big coins (usually not a factor for most)(+)Exclusives (Cardano used to be only available here, not true anymore)(-)High commissions (more than double compared to Binance at the moment)(-)Withdrawal fees overall higher in my experience(-)Charts need help(+/-)Lacking many of the smaller coins. Positive and negative. Positive in the sense that it weeds out the projects that are not invested enough or large enough to get listed. Negative in the sense that there are lots of good projects that just don't want to spend the capital to get listed.(+/-)US basedBinance
(+)Lower commissions(+)Wide selection of alt-coins, including many smaller projects.(+)Big community engagement: giveaways, airdrops, competitions, community choice awards(+)Responsive support staff(+)ZERO withdrawal fee for NEO (no accidental destruction of 0.975 NEO if you type in a whole #)(+)Gaining popularity & trading volume is increasing(-)Slightly new exchange, untested reputation long term(-)Still lacks some popular coins (like NEM)(-)Color scheme of the basic interface makes my eyes bleed(+/-)China basedOverall, my preference right now is Binance. I've shifted most of my trading away from Bittrex mostly due to high fees. I personally did not have any issues trading on, or withdrawal from, Bittrex and it did everything I wanted from the exchange otherwise.
yeah binance is still new and working its way up! but in a way new exchanges provide a much needed competition to the exchange industry.
I just made my 1st trade using the BNB. It does it automatically and the transaction costs are super cheap. I'm happy with Binance.
I was able to buy into Iota on binance. Unfortunately i cant find a great wallet to store it on:( Binance worked pretty smooth for me. Registration was a little frustrating but overall i like the exchange. Good post!
What happened with the registration? what made it hard?
Upgrading my account to allow withdrawals was a bit of a process. It was buggy and it prob took me an hour to finally upload pics. Just a bump in the ole crypto road.
btc and etc is my best earnnig site.. especially thanks for discuss about both..best of luck..carry on your activity.
I trade on Binance .. ve and wish to see a rise in its bnb token :)
I follow you very nice post thanks for sharing good job