is the most popular and at the same time the largest cryptocurrency
ecxchange in the world in terms of generated volume. Despite the ongoing downturn in the crypto-market, the company is valued at over 1.3 billion dollars and therefore it is among the "unicorns" (start-ups, of which the valuation exceeded one billion dollars).
The beginning of the exchange
dates back to September 2017. Initially, the company was located in Shanghai (later in Hong Kong for some time). In March 2018, the head office of the company was moved to Malta - a tax haven for all innovative projects and interesting initiatives. The founder of Binance is Changpeng Zhao, who was previously responsible for the creation and development of Fusion System - a company providing HFT solutions for investment entities in China. The CEO of the exchange co-founded Blockchain.info as well and functioned as the CTO in the OKCoin project. It was there that he met Yi He, with whom he was later developing his own project.
Referring to the name itself - Binance is a "mixture" of two words - Binary and Finance, which directly indicates what the company deals with and what is its idea. In July 2017, it gained $ 15 million as a result of ICO, selling then ERC20-based BNB token.
Terms of Business
Binance receives a fixed commission for made transactions, in the amount of 0.1% of their value. However, holders of BNB tokens can easily minimize their transaction costs by using the token used for trade fees which is sold as part of the ICO project. How does it work in practice? Well - every exchange user who has any amount of BNB in their online wallet can check the option of charging commissions from these funds in the account settings. Settlement with the exchange in its own coins has therefore noticeable benefits. In the first year of transition to BNB tokens, the exchange user can enjoy a 50% commission discount. Later, however, this discount decreases (by half with each subsequent year).
How do you use Binance?
The above-mentioned cryptocurrency exchange has a rather unusual menu. After expanding it, you will see: Exchange, Academy, Info, Labs. Launchpad and Trust Wallet. These names - although not necessarily useful in trading on the exchange (especially for experienced people who are acquainted with the topic) - make you realize how big a role Binance wants to play - primarily in the development of the cryptocurrency industry and revolutionary blockchain technology.
The main advantages of using the cryptocurrency exchange are:
- accepting payments in the form of fiat currencies (euro, dollar, yen, zloty, etc.)
- the huge volume generated by the stock exchange means that while trading on it, you will almost always find the other side of the transaction
- the vast majority of offered instruments is completely liquid, which facilitates trading on less popular tokens
Binance has, in fact, just one, but quite significant, disadvantage:
- the lack of possibilities of payment and payout of official means of payment (you can not buy crypts via USD, EURO or PLN).
Binance seems to be an extremely accurate choice, mainly because it provides a lot of trading pairs and includes low commissions. Users do not have to worry about their accounts and the funds they gather there, because they are fully secured by the 2FA system. Observing the constant, dynamic development of the exchange, one can expect that nobody will threaten its leading position for a long time.
In this category you will find a lot of information about the largest cryptocurrency exchange in the world. Daily news and important information about its operation and changes it goes through will help you decide whether to start your adventure in the world of crypto, along with Binance.