Binance exchange: the overview from the professionalsJune 13, 2018
Now the cryptocurrency trading is very popular. Quite a lot of people want to become full-fledged traders and begin to engage in digital currencies speculation.
First of all, a person, of course, needs the knowledge for choosing a successful trading strategy, analyzing charts and news of the crypto world. But also the trader will need to choose at least one crypto exchange for himself, where he can buy and sell his digital coins, making profitable transactions.
There are a lot of such trading platforms, many of them are well-known and time-tested, but one of them really stands out among others. And this is the Binance Exchange.
This exchange appeared on the cryptocurrency market in 2017, but over a year of work, it has already become almost the most popular trading platform, used by millions of users around the world. Among others, it is distinguished by competent policy, the convenient functionality of the member ledger, multilanguage (Russian interface is available), liberal referral program. Usually, the cryptocurrency projects develop for a long time, for several years, but it is not about Binance. This trading platform suddenly appeared on the market of digital assets and immediately began to create serious competition to many top exchanges.
Binance is still existing successfully, taking the first places by sales volumes of various cryptocurrencies in the world. It even has its own BNB token, which is constantly growing in price and is bought by many users of this resource. The company promised to create its own blockchain code in the near future, and then BNB will become a full-fledged cryptocurrency.
Generally, we can say that Binance is a successful exchange, which is preferred by many crypto traders. That is why many experienced traders have chosen this trading platform for the development of their career. The new traders who have not decided yet which cryptocurrency platform to use for trading should definitely pay attention to this resource.
In order to finally become convinced of the incomparable advantages of this exchange, we will analyze all the advantages of the Binance brand for such kind of earnings, like trading in this article.
Binance exchange: user protection
First of all, we would like to talk about the reliability of this resource. The account security on the exchange is a very important factor for a trader since all the cryptocurrency finances are stored in on the internal account of a particular site.
In this case, Binance has no problems, this exchange has never been hacked. Many hackers tried to do this, but they did not succeed. The developers took a good care of the security of this project and the safety of investments of all its users.
There were a couple of cases when this trading platform had problems with service. Due to that fact, the exchange suspended payments to users for 3 days and no one could enter the site. At that moment, a terrible panic arose, but everything worked out as a result and Binance resumed work after several days of technical work on the project.
There is another well-known case of an attempt to break into the exchange when deposits of many users turned into one coin Viacoin (VIA), which was then pumped by the hackers (artificially increased the price of the coin), and then tried to withdraw from this trading platform. At that time a little-known coin Viacoin even took top positions in the list of digital currencies on coinmarketcap.com website, due to the multiple increases of its capitalization and the price.
However, the Binance exchange quickly reacted to such actions and stopped the hacker attack, not allowing them to withdraw the funds from the trading platform. And soon after that, the company reimbursed all of the losses and deposits to its users.
In short, the exchange Binance is a very good choice as the main trading platform for a trader, which will allow you not to worry about your money once again. As we mentioned before, all the trader’s savings are mostly kept on the exchanges’ accounts for making quick buying / selling cryptocurrency trades. Binance will provide them with quality protection, keeping it from the hands of scammers. Even in the case of the exchange hacking, you will know for sure that the project will compensate you all the losses sooner or later.
Top position by trading volume. The existence of fast engine.
Another important factor why a trader should choose this trading platform is that Binance takes one of the top positions in the digital currency market in terms of daily trading volume. In order to check the relevance of this exchange and daily trading, you can use the website coinmarketcap.com. While using this resource, pay attention to the “Markets” section, which is located at the very top of the screen.
Go to this section by clicking on the numbers next to it, you will see a list of all crypto exchanges with their volumes and at the coin prices. Binance will be the top exchange by volume of most known coins.
This means that there is a constant supply and demand on this exchange. In addition, Binance has a very fast engine, which processes almost 1.5 million transactions per second. All these factors will allow you to quickly sell or buy coins. Everything works as a well-established mechanism.
These comfortable conditions will allow any investor to successfully trade with cryptocurrency. Due to the fact that the situation on the digital currency market is changing very quickly and the rate of the cryptocurrency can increase/fall in a few minutes, thus, all the placed orders must be processed quickly to complete the successful transaction. That is why the exchange must have good demand and supply of various cryptocurrencies.
If there are very few active users on the exchange and a small demand, your order can be processed for a very long time, unless someone is satisfied with it. During this time the coin rate can change very quickly, bringing you some losses.
The number of cryptocurrencies.
The high demand and supply of coins on the exchange, of course, is one of the main factors for successful trading. But one more important condition is the availability of the most different cryptocurrency pairs on the trading platform.
Together, these two conditions will allow you to successfully trade cryptocurrency and earn a lot of money.
In order to make the most profitable transaction, the trader often will have to change one coin to another in the internal exchange market. Let’s say you have a Bitcoin, but you need to buy a Ripple. And the key factor here is that according to the current rate of digital currencies it may be much more profitable to buy Ripple for Ethereum, and not for Bitcoin. In this case, you will need to first sell Bitcoin for Ethereum, and then make an exchange for Ripple. This way you will get the maximum profit from the transaction, but in order to do this, the exchange should have the different variants of currency pairs. Binance will just provide you with them.
You can see all the variants of currency pairs that are currently available on the exchange in “Shopping Center” section.
in order to do this, first select 1 of 4 currency options for buying / selling (BTC, ETH, BNB, USDT) on the right, and then search for the coin you need.
Every day trader makes a bunch of transactions with various cryptocurrencies, selling / buying coins several times. Thus, in order to get the maximum profit, it is necessary to have low fees on the exchange.
биржи Binance rather low commission – only 0.1% per transaction. If you buy a token of this platform, called BNB, and use it to pay for all transactions, you can get an additional 50% discount on the services of the exchange.
In order to do this, you need to enable the function “Payment with BNB” in your account by dragging to the “ON” position.
In addition, the exchange constantly reduces the fees for various inter-exchange transactions. For example, recently this trading platform canceled the fees for the withdrawal of ERC-20 tokens, i.e. for all the tokens of various blockchain projects based on the Ethereum system.
Generally, we can conclude that Binance is one of the best exchanges in terms of the number of fees for 2018, if not to take into consideration the exchanges without the fees.
Cryptocurrency dust exchange.
This function was introduced recently on this trading platform. The constant accumulation of cryptocurrency dust on the account is a long-standing problem for all traders . For those who do not know, the cryptocurrency dust is the remains or the pieces of any coins or tokens that remain after the conclusion of the transaction.
They are so insignificant that they cannot be sold. For example, you bought Ripple, sold it after some time, and you still have a small part of this coin in your account in the amount of 0.01. This is considered to be a cryptocurrency dust.
Any successful trader accumulates a lot of such dust. Binance can now allow you to sell all your remains of cryptocurrency dust, which can accumulate up to several hundred dollars, receiving BNB coin as a reward. Then you can use it for an additional discount of 50% to pay off the fees in each transaction.
The task of any successful trader is to get the maximum profit from buying / selling digital coins. In order to do this first of all it is necessary to choose an appropriate platform for trading cryptocurrency. The Binance exchange is perfect for this in many ways.
Firstly, the exchange will provide you with the reliable protection of your account and all your investments. Even if there is any technical issue or hacking, most likely, the developers will compensate all the damage.
Secondly , Binance is a top-level exchange by the daily trading volume of a variety of cryptocurrencies. Accordingly, there is a hight demand and supply from various investors around the world. Having placed an order to buy / sale of the coin at an objective price, someone will complete it in the shortest possible time. In addition, the exchange has a very fast engine, which allows processing 1.5 million operations per second, which will also speed up the process of making deals.
Thirdly, the exchange has a lot of currency trading pairs. This will allow you to choose the most advantageous option for exchanging coins.
Fourth, low fees. The trading platform takes a rather low fees for its services, only 0.1%. In addition, you can buy an internal company token, called BNB, and use it to pay fees. This will give you 50% discount for each trade.
Fifth, the ability to sell cryptocurrency dust. A trader usually accumulates a lot of remains from various coins after their sale (for example, 0.001), which then remains on the account forever. The exchange will allow you to exchange them for a BNB token at an corresponding price.
In sort, the Binance exchange is an excellent platform for trading cryptocurrency for both a beginner and a professional trader. It clearly has many advantages over other resources, which allows it to take the top position in the exchange’s ranking on the digital currency market, creating serious competition for all other companies.
You can sign up for Binance exchange using this link.