Binance Tops the Exchange Charts
Binance Tops the Exchange Charts
Binance has grown in popularity and experienced a recent surge in new sign-ups. Despite only being in operation for under a year, the Hong Kong based exchange has risen to the top of the charts in terms of total trade volume and looks set to exert its dominance over the rest of the market.
Binance was founded in 2016 and launched a year later following a successful ICO, which raised $15 million. This represented a relatively small amount when compared to projects such as Status and Tezos that raised over $100 million and $200 million respectively. This low valuation helped get the project off to a positive start, as Binance was quickly able to demonstrate its value. The crowdsale also led to the creation of Binance Coin (BNB), which operates as an ERC20 token on the Ethereum blockchain and this, has steadily increased in price as the exchange has increased its influence over the market.
Led by energetic front man Changpeng Zhao, Binance takes a measured yet innovative approach to listing new coins and implementing new features that help the exchange to stand out. In addition to housing the most popular currencies such as Bitcoin, ETH, Litecoin and NEO, Binance lists a wide variety of coins and provides access to over 237 markets related to over 100 coins.
The Road to the Top
Binance has navigated its way to the top by utilizing a mixture of hard work and innovative programs that have attracted users. The exchange has crucially also been able to dominate the BTC market, which is still the most influential trading currency.
Binance is currently responsible for just under a quarter of all BTC trades and boasts a 24-hour trading volume of $4B; this is almost double the amount of Bittrex, which sits in second place with a 24-hour trading volume of $2.19B. While exchanges such as OKEx, Bitfinex, and Poloniex collectively account for approximately 25% of all BTC trading.
This has helped Binance to reach the top of the charts and its current total 24-hour trading volume of $6.34B outperforms OKEx’s volume of $4.91B and Bitfinex’s total of $4.80B. This has all been achieved in a relatively short space of time and Binance has been at the forefront of innovation in the cryptocurrency trading space.
Binance has incorporated a number of innovative features that have improved the process of trading cryptocurrencies for their users. These include the use of the BNB token to give a 50% reduction in fees, a high daily limit withdrawal of up to 2 BTC without any KYC, and a referral program, that allows members to earn tokens by referring new users, and benefit from their trades.
Binance also incorporates an intuitive UI and provides desktop and mobile apps for its members. However, its “Community Coin per Month” program has proved to be immensely popular and has helped the site to grow a large and passionate user base. Each month Binance awards a particular token with a free listing placement on the site, with Binance community members voting on which coin they would like to see listed.
Currently, core team members must request to have their coin added to the community vote, and fill out a Listing Coin Instruction form. After going through a screening period, successful coins are made available for registered Binance users to vote upon and the coin that receives the highest number of votes wins a free listing.
Binance has recently had to close its site to new registrants after it experienced an influx of new sign-ups with figures of over 100,000 a day being reported. This is highlighted by the sharp rise in the value of BNB as it increased from a price of around $2.50 in mid-December to reach an all-time high price of over $22. BNB currently trades neat the all-time high price range and retains a market cap of $1.89B. After reaching the top of the charts in under a year the future looks bright for both the Binance exchange and the BNB token.
If you want to trade on Binance, you can register here just by filling out your email address and choosing a password. As mentioned, even without providing documents and going through a strenuous KYC process, you can withdraw up to 2 BTC per day.