As of this writing Binance is one of the largest crypto exchanges, and it's also one of the fastest growing. It's based in Shanghai and first went live online in July of 2017. Very shortly thereafter it had become a top 10 trading platform. It's founder Changpeng Zhao was heavily involved in starting both OKChain and BijeTech.
Having cryptocurrency with the same name makes it a very special currency exchange. Its own BNB coin is used to pay transaction fees. To make it even more attractive to use them, users get discounts on their fees when they pay with BNB coins. The discount is tiered by year and starts at 50% the first year. And drops off completely in year five.
One more notable aspect is a huge variety of different altcoins. Not only are you able to purchase Bitcoins, but in this exchange, you can also buy many of the smaller coins as well. They offer what's known as Community Coin of the Month which allows users to vote on the altcoin they should list.
Minimal service fees are an additional good point for this particular exchange. Their fees are only .1% of your trading quantity, this does not include the discount.
As for safety and security: hackers attempted to break into the platform and were unsuccessful. It doesn't appear as though they get many complaints about security for their users. The user interface is very clear and easy to use. They even have an app for both Android and iOS smartphones. Registration is extremely easy, as all you need is an email address and you'll be all set. One thing to be aware of here is that there's a limit of 2 Bitcoins per day if you only have their simple registration account. You'll have to get a full authentication registration in order to gain access to the advanced site features. There's a good reason Binance is currently one of the most used crypto exchanges. If you're a beginner you'll definitely want to look into registering with this exchange.
The Advantages
- Really cheap trading costs
- The high level of security and their bug bounty program
- A large number of altcoins available for trade on the exchange
The Disadvantages
- It's not possible to purchase Fiat cryptocurrencies
Hopefully this information was valuable for your and has enough infos to get your favourite altcoin on binance. If you have any questions, just feel free to write a comment and i will get back at you asap. have a nice day!
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