Pure Cryptocurrency Exchange Binance Gives 0% Trading Fees, Heating up Competition among Exchanges

Pure Cryptocurrency Exchange Binance Gives 0% Trading Fees, Heating up Competition among Exchanges.These things happen because various cryptocurrency exchanges are based on poor technical architectures. They’re “put together quickly”, meaning that when traffic starts growing, the system isn’t able to handle the pressure and the platform goes down. When this happens, traders can’t access their orders, and often disaster ensues.

Moreover, some fail to implement proper security in their platforms that end up being hacked, and as such customer funds are lost, not to mention poor customer service that can make users feel completely abandoned when their money is on the line.

Binance, a new pure cryptocurrency exchange that just launched two weeks ago, aims to fill in the gaps and force other exchanges to step up, especially now that it decided to go with 0% fees.

Binance, the New Kid on the Block,Binance recently finished its ICO in which it raised $15 million, and among the investors were high-profile bitcoiners such as Matt Roszak and Roger Ver.
It’s led by high-profile bitcoin enthusiast Changpeng Zhao, who’s previously worked important positions on major companies such as OKCoin, Blockchian.info, and Bloomberg. Other players in the exchange’s team come from other companies such as Nomura, Morgan Stanley, the SBI group, and Accenture.

In the ICO, Binance Coins (BNB) were sold. These allow token holders to pay for fees – such as withdrawal and margin trading fees – at a discount, and are a tradeable cryptocurrency in the platform.

Binance has a clean user interface powered by a speedy machine engine that ensures smooth trading. There are two available trading screens, a regular one and a Pro one with additional features. Access to the Pro screen is free.

To ensure traders don’t feel like their money isn’t taken seriously, Binance employs a customer support team that works hard to resolve any issues and reportedly responds within minutes.

According to Binance’s team, the currently fortified risk management process is still being fine-tuned so it improves over time. The team has been following an aggressive release schedule, as a mere week after the ICO the exchange already launched, and is to release API trading (beta) and four more trading pairs – EOS, BNT, SNT, and QTUM – within 10 days.

The cherry on top of the cake is that Binance recently decided to cut trading fees altogether, raising the question if other exchanges will follow or not.
Binance may be the new kid on the block but it’s already attracting a lot of attention due to its promising future. If you would like to keep up with new developments, make sure you follow Binance on Facebook and Twitter, and subscribe to their Subreddit.

The exchange also has a small, but active community on Slack, in which core team members pitch in daily. Users are advised to thoroughly read the project’s whitepaper