STEEM on Binance - One of The Top Cryptocurrency Exchanges
Four days ago, on February 1, 2018, BINANCE one of the top cryptocurrency exchanges added STEEM coin in its currency trading portfolio.
At the moment STEEM can be traded on the Binance Exchange by Bitcoin (BTC), Ehtereum (ETH) and Binance Coin (BNB).
Binance Limited is a relatively new private company, according to Craft founded in 2017 with headquarter in Hong Kong and several offices around the globe. The company is led by Mr. Changpeng Zhao (founder and CEO) and Mr. James Hofbauer (co-founder). In the Binance management team also sits former branding and marketing head manager of OKCoin and Yixia Tech, Yi He, one of the outstanding female entrepreneurs in the Blockchain industry. As well, Yi He is one of the Binance co-founders. Beside her, with huge expertise in finance and technology industry, there is also Roger Wang, a previous employee of Morgan Stanley where he was working as the senior architect who at Binance Ltd. holds the position of chief technology officer (CTO). With the latest funding round in September 2017, Binance Ltd. has raised its total funds to USD 10 million. The primary investors are Sequoia Capital a top Silicon Valley venture capital firm who invested in Apple and Google (currently targeting a new up to $6 billion funds according to last CNBC news), Black Hole Capital Ltd., China company founded in 2014 by Liang Zhang and Funcity Capital founded by Weixing Chen, founder of Kuaidi which by merging with Didi became one of the world largest smartphone-based transport services providers. Binance Limited launched Binance Exchange on July 14, 2017, and only in first three months became one of the top ten cryptocurrency exchanges, capable of processing 1.4 million orders per second with 20 million simultaneous users on the platform.
Image source: Binance.com. Usage conditions: Available "to only be used in articles written about Binance."
Image source: Binance.com. Usage conditions: Available "to only be used in articles written about Binance."
Besides main and most popular cryptocurrencies (BTC, ETH, LTC) Binance Exchange supports over 90 coins including BitShares (BTS), EOS, WAVES, NEO, some tokens, and now as well STEEM coin too.
It's a bit strange that they didn't simultaneously list on its exchange Steem Dollar (SBD) as well, as an almost inseparable part of Steemit platform and its constitutive functionality. But at least, that somewhat explains the rise of STEEM coin value in last few days which now again exceeds the amount of Steem Dollar (SBD).
In their assets' introductory post about STEEM, posted a day before they officially announced Steem as their new listings they described Steem as...
...the first cryptocurrency that attempts to accurately and transparently reward an unbounded number of individuals who make subjective contributions to its community. Steem is the fundamental unit of account on the Steem blockchain.
According to that introductory description, they apparently see STEEM coin as the one and only relevant unit of accounts on the Steem blockchain, what from my understanding and point of view it's not, if I understood right Steemit WhitePaper explanation of Steem Dollar (SBD) creation after all.
Creating token-convertible-dollars enables blockchains to grow their network effect while maximizing the return for token holders.
But, I believe they would realize soon enough that Steemit users are not rewarded for their work only in Steem (coin) as they stated in their assets' introductory post about STEEM...
Users create and curate content on Steemit just like other social news platforms and get rewarded in Steem for their work.
...but as well in Steem Dollars (SBD) too.
Of course, there could be some more profound reasons why they didn't list Steem Dollar (SBD) as well. But, it could also be very simple reasons like Steemit, Inc. management for some reason decided to apply on Binance exchange listing, for the beginning, only with STEEM or maybe they asked for both (STEEM and SBD), but for now, Binnance exchange decided to register just STEEM.
However, although as one of younger crypto exchanges out there Binance seems as highly reputable one, and by far one of the fastest growing cryptocurrency exchanges which in a single day added near 250,000 new users according to the bitStarz report from two weeks ago. As well, if you take a look at CoinmarketCap site the ranking list of exchanges by trading volume, you will find Binance Exchange listed as second in past 24 hours. Another very important fact is that Binance Exchange has significantly lower trading fee than for instance Bittrex or Poloniex. As Binance also has own coin called Binance Coin (BNB), for the members who hold any amount of it the exchange will automatically use it (by default) to pay the transaction fees. In that case and at the current moment (as those discount rates are planned to change through time) the fee would be calculated with 50% discount or only 0.05%. TV* - Trading Volume Besides all of that, Binance platform currently supports eight languages (English, Chinese, Japanese, Korean, Russian, Spanish, French and German) with more to be added and it's available on all devices. Besides all of above said, how important might be to have Binance trading account especially now when they included STEEM in its trading list, I believe, for itself could speak the fact that even Bittrex, only in first few hours after Binance has publically announced the STEEM inclusion, moved there over 1 Million STEEM from its Steemit account. Another advantage of having Binance trading account for sure would be lower trading fees in comparison with Poloniex and Bittrex (as shown in above table). Opening a Binance account, it's indeed an easy 1, 2, 3 process. All you have to do is go to the Binance home page and on the right side of the top menu click the link "Register." A new page with registration form will open where you just have to fill your data, wait for the confirmation e-mail and follow the process. Upon registration, I would strongly suggest to use and enable one of available 2FA (Two Factor Authentication). As Binance Exchange has the referral program as well, and in case you would like to reward me for collecting, extracting and bringing you here all this data and information feel free to join through my referral link below or simply by typing in my Referral ID in the appropriate box of the registration form. In case you would rather go alone, here is the direct link without the referral code. Please, do your own due diligence! Disclaimer Bibliography: Posted on Monday, February 5, 2018
Image source: Binance.com. Usage conditions: Available "to only be used in articles written about Binance."
On Bittrex all trades have a 0.25% commission fee.
On Poloniex for the users whose trading volume on the platform averages in past 30 days below 600 BTC (in which range, I assume, every average Joe would find him/herself) it's 0.15% for the Maker and 0.25% for the Taker.
While on Binance trading fee is only 0.1%.
(See the table below to compare the fees!)
For the Maker For the Taker Fee payable with Binance Coin (BNB)
0.05%* - current discount rate is changable.
Maker - a trader whose order exists (it's placed on the market) before the trade happens or the trader who places the limit order below the best ask (for buy) price or above the best bid (for sell) price.
Taker - a trader who places the order immediately matching with existing (Maker's) order.
Image source: Binance.com. Usage conditions: Available "to only be used in articles written about Binance."
Taking into consideration all above said, I find listing a STEEM on Binance.com as a big step ahead and a great accomplishment, as first of Steemit, Inc. management team but as well of the whole Steemit community which would become even more significant and whole when Steem Dollars (SBD) are going to be listed there too.
Image source: Binance.com. Usage conditions: Available "to only be used in articles written about Binance."
Image source: Binance.com. Screenshot
Image source: Binance.com. Usage conditions: Available "to only be used in articles written about Binance."
The material provided in this article is general in nature, it's based on personal opinion and experience, and has been prepared for informational purposes only, and is not intended to provide any legal, investment or financial advice, and therefore should not be considered as such (legal, investment or financial advice).
The author of the article has no access to non-public information connected to the topic, and accordingly, the author cannot and does not guarantee the accuracy of information.
Craft - Binance
Cointelegraph - "Digital Currency Exchange Binance Successfully Concludes Fundraising Round"
NewsBTC - "Binance Successfully Raises First Round of VC Investment"
bitStarz - "Cryptocurrency Exchange Growth Exceeds Expectations, 100,000+ New Users Per Day"
CNBC - "A top Silicon Valley VC firm that invested in Apple and Google is targeting a new $6 billion fund"
This is truly fantastic news, nothing is going to stop Steemit!
Good
Binance seems to be one promising exchange hence its very good for Steem to be up there and its good news for everyone. Thank you for sharing the information @ana-maria
Very good to binance user, i prefer bittrex and poloniex!
Indeed!
It is some very good stuff for sure. I hope steemit and binance both grow hand in hand.
Yeah, I hope so too. 🙂
Binance is great for its huge variety of alt coins. Definitely investing in BNB as that is only going to go up long term. The future for STEEM is looking great, its awesome we are involved on this platform at such an early stage!
Yeah, my speculative thinking also goes in that direction thinking BNB might go up and be a coin for the long run. If STEEM would go hand in hand with it would be great!
Btw - thank you for stopping by and leaving a comment!
Definitely a good idea not only to invest but for trading as well. Don't wanna make the same mistake as me and be stuck with a couple fraction tokens :-/
That 'Dust' you are left with as people call it is kind of ridiculous ! They got to do something about that!
probably gonna try this one. Been trying Bittrex for Nth time, no response. Maybe because of my location
You can make a post to let us know how it went if you are going to try it. 😉
hello ana-maria, I think it's an excellent and very responsible article for you to share with all this data, because through them we could begin to understand the platform better and thus provide better and more solid support to the communities of the platform , certainly those who enter for money will not discover how valuable this information is. thanks for sharing truly amazing
Thank you!
Thanks to you for such valuable content @ ana-maria
Hi Ana-Maria.
Thank you for curating this article, some useful information there! I had not realised that Binance is Sequoia-backed. That makes me feel even more positive about the platform and their coin (after all Sequoia only invests in a few select companies each year and most of them turn out pretty successful).
And then, if I may add, a small point of constructive discussion. As far as I understand it, the addition of STEEM onto Binance did not have much of an impact (if any) on the price of STEEM. This makes sense to me looking at the relative STEEM trading volumes of exchanges (image below). Binance trading volume accounts for less than 1% of overall trading volume.
Steem on!
Flo
Hi Flo! Thank you for stopping by! 🙂
I don't think you are missing anything, although the current trading volume is a bit higher than just 1% (2.49% at the moment). But STEEM just arrived there 4 days ago and I think it's too early for making some conclusions. As well, current Steemit members already have opened accounts on some other exchanges that list both, STEEM and SBD, so I wouldn't expect some big trading rush to arrive from that side (or at least not until SBD would be added to Binance as well). The only ones that might change that are Whales as they, in general, hold more STEEM than SBD, but some average Joe wouldn't be that interested.
While on the other hand, big Binance member base has to get familiar with STEEM and the whole Steem Blockchain first to eventually start investing in it. And that takes time. Therefore, from my point of view, it's a perfect timing to promote Steemit on other networks to intrigue new possible members and investors. Only after that (and when BTC stops falling down, as it also impacts the price of Steem, no matter if we like it or not), we can expect some more significant raise of Steem coin value. That's at least how I see it.
Thanks for elaborating on your view!
Steem on!
Flo
I also saw it. Not the best timing. They put it on exchage the day bitcoin lost ground and deep under 10 000.
Yeah, the timing wasn't perfect, but what is the perfect timing on the crypto market!?! 🙂😁
It's such a volatile market that you never know. Crazy!
Whatever move I make on it, I'm trying to remind myself the somewhat real situation would be seen in a year or at least six months. Any shorter time frame seems to me way too speculative, with all those often ungrounded jump ups and fall downs (not to mention upside down pumpings of different pump groups).
I joined Binance but so far I just stare at it! Looks pretty confusing compared to Bittrex.
lol - I didn't do much there either and for now, but it doesn't seem that complicated to me. Although I can understand if you have been used to Bittrex it's a bit different and it might confuse. But, every exchange has its own look and feel, a bit different than the other one.
Binance has a very steep learning curve, indeed.
I can recommend, you technically just need three functions:
Account, Market, Wallet (Funds).
On the Account page, you find under the small „mannekin“ in the top right corner when clicking on your E-Mail, you can set up things like 2FA or change Password.
When clicking on the BTC-Balance, you can get to your wallet where you can deposit and withdraw.
And „Market“ is the function where you can buy and sell. Simple as that. :D
Everything else is beyond my expertise after five months of Binance. :D
Thanks much for the detailed reply.
its not as difficult as you might think i prefer that advaced tab...you can also download the client which is my personal favorite