This crypto investors perspective of Binance Crypto Exchange

For crypto investors, a important requirement is connection with a crypto exchange to purchase and sell cryptocurrency. These days there are a number crypto exchanges, their base function mainly involves being a platform for crypto trading, storage though there are crypto exchanges that offer more - like providing cold storage of customer’s crypto assets, and various tools for analysing crypto price movements which would be useful for advanced crypto traders. Since I am somewhat acquainted with Binance Exchange, here would talk about Binance Exchange.

Binance Exchange is a major reputed Crypto currency exchange as far as I know, it has a large share in crypto trade volumes. As a crypto investor, I find this exchange provides investors references that provide information on crypto coins and projects, which is comprehensive and therefore useful. There are links to the original webpages of the crypto-currency projects, so investors can do their own read up and analysis on crypto coins before investing. There is uptodate data too on the prices of the 100 crypto coins

Another reassuring aspect about Binance, is that it has some noteworthy provisions to safeguard the access to your account. It is compulsory for users to have google authenticator account in their phones where they get access to their Binance account only after providing the google authenticator code number that appears in their phone, this is considered a step that provides more security to account holders than just having a 2 factor authentication code, where they can access account after writing the code that’s sent to their phone and email id. Although besides the compulsory google authenticator provision, users can voluntarily also opt for 2 factor authentication. So, every major transaction the user does in Binance exchange can get through only after the user validates the action by quoting the google authenticator code, also a email confirmation has to be done by the user if they are withdrawing crypto amount from their account in the exchange.

Binance has been in news, for doing something innovative again and again, it has a coin of its own, BNB coin and this is nice as well. Users can trade crypto’s using BNB, it is said the transaction fees then reduces. Also, your small leftover currencies in the exchange can be converted to BNB, as there is a option to convert small balances into BNB. This is a nice thing as having some BNB holdings is good, the future of the exchange I read is bright and the price of BNB has gone up. Since, Binance is a exchange where loads of transactions take place, its coin that’s used for transactions would only go up in future. Additionally, they burn coins every few years, and I think the idea is that this would lessen the supply of coins and so the value of it would go up. BNB coin has real use cases as well now with businesses accepting BNB as payment for their services. For instance, people using Trip.io platform can book hotels and lodges across the world with BNB coin!!

Another positive for a investor, is that there are quite a bit of coins listed in the exchange to invest on. Even today, it’s disappointing that many exchanges give provisions for investors to invest in very few crypto coins, like mostly popular ones like BTC, LTC, ETH, XRP and Bitcoin Cash. These very limited number of coin investments are for those who don’t know much about cryptos and opt for basic investment. In reality, there are a number of coins that have potential to grow and rise in value like in big percentages, as in the cryptoverse when young crypto coins rise, it generally rises damn big, its volatile, but in the long run also lesser known coins that have low market capitalisation now would have their prices reach up because the company that stated the project are fundamentally sound, and the coin offers a solution to a problem/issue.

I did face inconveniences using Binance, in that earlier many times was not able to log in and access because Binance was doing server maintenance. Recently, I wanted to sell off Stellar coin, but could not do it because the wallet was under maintenance but I am happy if the holdings are safe, it is quite lax of me to actually leave holdings in exchange and not in wallet, but yeah very lax):, since stellar XLM has lot of wallets to store XLM holdings. Also, I bet many good coins are not listed in Binance, I wanted to invest some time ago on Dogecoin(DOGE), but could not find it on Binance.

I can talk about Binance as a very noviceinvestore, who just invested in crypto coins using the Binance Exchange, however Binance as a company is on to support the blockchain development and is working to get adoption of this technology as well. It has platform to help blockchain startups to build their projects, it has some academy also that educates entrepreneurs on blockchain. The company is also planning to launch its own blockchain, Binance Chain where companies can create their own tokens similar to ETH platform.

Besides this, exciting news for investors is that Binance is building a DEX that is a Decentralised Crypto Exchange where investors would have control over their funds as they can manage their private keys.

There are lots that can be told about Binance, about its CEO Changpeng Zhao’s whose moves and measures actually worked for Binance’s growth and success. However, maybe another article for it.

Meanwhile, one can check out other exchanges, I opened one at Houbi and heard of Coinfield Exchange, a Canadian crypto exchange that offers cold storage of investor’s coin investments, but for now, I can’t afford to invest in crypto, maybe next year, when the outlook on crypto market is positive.