Pros & Cons of Binance Cryptocurrency Exchange

28/11/2018 Cryptocurrency

0 Comments

Binance is relatively a new Chinese based company, made by skilled professionals in the crypto field. The most well-known name behind this huge plan is that of Chang Peng Zhao, previous CTO at OK-Coin.

The company was made after attracting funds through Initial Coin offerings (ICO – making new virtual assets, backed by the scheme). The Unique Staking tokens (BNB) can now be traded on the crypto exchange or applied as a technique of paying your trading charges, which will decrease them by 50 percent. Moreover, a small side of the coin has to be paid to the firm to cast your vote in the gathering poll, which determines that crypto coins will be added to the exchange next.

That being said, whenever a new crypto coin mainly the Bitcoin forks are added, Binance holds a few kind of promotional distributions to existing customers. Normally it relates to tracking the largest holders of the new asset and rewarding them with forked coins. While these cannot be taken as a certain means of attaining more crypto coins, they do rise more attention ahead of the new trading product.

Given its short history, it's not surprising this exchange has not so far been hacked. The most obvious problem with the crypto exchange is the fact it controls in China. Given the most recent moves by the Chinese authorities, it would not be shocking to see them join in a diff country.


Trading conditions in Binance.com:


Trading crypto-currencies

This platform provides a substantial number of Altcoins that are traded mostly next to ETH (Ethereum) and BTC (Bitcoin).  On the other side, the 2 major coins are also paired with USD Tether (USDT virtual assets, backed by USDs, which goals to keep a 1: 1 cost ratio). The listing of Altcoins available includes, but not restricted to (particularly, when new ones are added often): BTC, LTC, ETH, BCH, IOTA, OMG, MCO, SALT, ICX, XLM, SNLS, KNC, ZRX, XVG, BQX, BQX, and FUN.


Lowest amount initial deposit

Binance doesn't provide info on the lowest amount initial deposit. As we cover most of the forex brokers, we're used firms stating this info openly. The need of lowest amount of initial deposit level is associated the lawful expenses of opening an account, that might exceed the possible commissions you'll create with a broker if you're trading too small. That being said lot of firms does not have a required lowest, like the FCA regulated sector leaders at IG.


Leverage

Margin dealing is not available at here. For those of you who're not known with the trading universe, this is an ecosystem that allows you to deal with more money than you really have in your account. Your credit is then applied as a guarantee to keep your place open. As an instance, forex brokers need extremely small in collateral, in order to keep bigger positions. The so-named leverage figures can go on top as 1:500 or more. For example, XM offers 1:777 in the leverage. That being said the virtual currency place is a lot more unstable, therefore the need for lower figures. Crypto exchanges and forex brokers alike, hardly ever offer more than 1:30 in the leverage.


Fees

The fee system at Binance so simply to understand, but more vitally very competitive in present environment! There's a flat 0.10 percent fee on entire dealing. Other crypto exchanges often separate customers based on their dealing volume and the technique they enter/exit a deal (dealers who offer liquidity to the crypto exchange normally get some advantages). One the other side brokers incorporate the expenses of dealing in the spread. Though comparing them is a little like comparing oranges to apple.


Trading platform:

The company's trading platform is web-based. Moreover, it provides two distinct dealing layouts, an easier one & a Pro version.  Graphically, it reminds us several of the trading platforms given by Bitsmap.

Here's how standard platform appears:

The order book is located on the left side and more amazing is designed vertically, while being a little avant-grade. This is by no means a sole feature. The tape is one the below right area, with a news feed located directly above it. Overall, the entire theme looks enjoyable. And on the other side Pro version looks like this:

Pro version looks to remind us a lot of Bitstamp's trading platform. The placing of the order book and the tape is a little more suitable, with them being grouped-up. The listing package also looks a little more sophisticated, but it is not even near to the Forex sector standards that we've grown accustomed to MT4 (Meta Trade 4).


Methods of payment:

Binance.com is one of the crypto exchanges which does not accept fiat money payments and focuses just on the virtual side of things. Customers can withdraw and deposit the coins supported at the virtual exchange.


Conclusion

It is a digital currency exchange, made by a former main member of OK-Coin. While the mostly focuses on the local market, everyone is welcome. That being said, they don't Fiat currency deposits. The worth of coins avail for trading is relatively top and remains growing, but there're other cryptocurrency exchanges offering the diff ones. The major issue we've in this is that the plan has not been around long enough to truly prove itself.

Here're the pros & cons:


Pros:

  • Unique Staking token (BNB)
  • Staking Reward Distribution (NEO)
  • Get bitcoin forked coin fast
  • Fast Trade Processing
  • Sleek and intuitive UI
  • Low Fee’s


Cons:

  • New Exchange
  • Not so Beginner Friendly
  • No fiat option
  • Operates in China
  • Relatively Low Liquidity


Since it is relatively recent crypto exchanges do not expect highly trading volume and live with the fact that you cannot use fiat/Crypto pairs that'll list this as a coin exchange only. Same as Bittrex, Binance definitely looks to have a great interface and lower charges but what it truly set this crypto exchange apart from its main opponent is the incentive from earning dividends payout form the in-house unique Staking token, definitely plus point for traders.

Join it through our referral and get 50% Off at trading fees

Top