Review on Binance by Precious Esemele
Binance: A safe landing for altcoins
Binance is a cryptocurrency exchange platform with its headquarters based in Seychelles (formally situated in China but, was moved due to the increase in regulation of cryptocurrency in the country). It was founded by Changpeng Zhao, a developer who's has experience with creating trading software, as he previously did with his company Fusion Systems.
It is virtually accessible all over the world except for the United States of America because its securities are not registered with the Commodity Futures Trading Commission. Lucky, Binance has been able to create another platform for those in the USA in order for them to also be a beneficiary of its applaudable exchange.
It's block chain based token , Binance Coin, (BNB) makes it easier and cheaper to trade with as trading with their currency comes with favourable discounts.
This crypto exchange platform has a lot of users as it supports majority traded alcoins, and as well supports 24/7 trading. It also has a mobile app available for both Android and iOS users. It makes crypto wallets readily available for users, which serves as a means of strong funds.
Whether exchanging as a maker or taker, binance makes its users, both old and new, have a safe, cheap and secured transaction with its flat rate of 0.1%. Option contract is also made available for its users.
A small portion of its coins are in hot wallets. The rest are kept offline, thereby reducing the rate at which the platform could be hacked for funds.
Pros
- Transaction fees are low (with its Taker fees at 0.075%, and Maker fees at 0.025%.
- It offer 2FA, through both SMS and its official app.
- Liquidity is high.
- Trading Perpetual Futures and Quality Futures is possible
Cons
- Customer service is not at its finest.
