Review on Binance by Adejoh Samuel
My Review On Binance
When it comes to listing of top exchange platforms in the world, Binance should be listed amongst the top 10 (if not even higher up). The Binance company has climbed up the ladder of greatness by providing what they see fit to their customer. It is a Hong Kong based exchange platform that was established by Changpeng Zhao in July 2017. It happens to be one of the leading exchange platforms in the world and supports more than 200 coins. The exchange platform can serve both newbies and experts as their User Interface has been properly outlined. The company has its own local currency, BNB which had a low market value ($0.1) at first. It began to grow as the company got popular and is presently worth $31.04. The name Binance was coined from two words: Binary and Finance. Meaning they are highly concerned with Finance via Binary encryption. They tend to have special qualities like nice security system, attentive customer support system and a couple of things which I would discuss in this review.
The company restricts almost no country at all. It even accepts United States citizens and has provided a site that complies to the country's laid down rules. This site is known as Binance US. Their services tends to available to almost everyone in the world and uses a multi lingual system to serve everyone available. They tend to accept marginal trading and Peer to peer trading which helps to connects buyers directly to sellers. They also accepts fiat to crypto trading. Some services are offered by Binance which are:
1. Binance Saving: Is a service in the Binance platform that gives users return or interest for funds that are kept ideally in their platform. They tend to give more return when there is a fixed deposit (as is experienced even in physical banks).
2. Staking: Staking of coins is also available on the Binance platform. Staking here doesn't require users knowledge at all and users earn on the Proof Of Stake (PoS) and Decentralized Finance (DeFi).
If you're looking for an exchange platform that offers it's trading services, then coming to Binance means coming to the right place as they offer a really competitive trading fee of 0.1% for both makers and takers. This happens to be far below the industry's average of 0.25% This trading fee can still be reduced if paid in their local currency, BNB as it provides a discount of 50%. The company tends to put the financial status of it's users at heart as it charges a very affordable withdrawal fee. This withdrawal fee depends on the type of coin and quantity withdrawn.
Not minding how popular the company is, they gave suffered a great loss in the hands of hackers. It was recorded that Bitcoin worth about 40 million dollars was lost by Binance. This loss happens to partially affect then as they have already achieved greatness when it happened. Ever since the occurrence, they happened to put more info their security system and also conducted lectures on how to keep their users funds away from hackers. There has also been complaints made by users as they struggle to make withdrawals, some even said the site is a pure scam. I really think they need to work on that by making withdrawal process less stressful and in reduced time.
Pros
- They have a very nice customer support which can be accessed via email
- The Binance exchange platform tends to offer the cheapest trading fee I've ever seen ever since my experience in blockchain
- They provide a 50% discount for every trade payment made with their local token, BNB
- They offer their services to all traders across the world
- They offer services that rewards users
- Happens to be among the few exchanges that allows margin trading
- Allows fiat to crypto trading
Cons
- The company has suffered a great loss in form of hacks
- There has been multiple complaints of the withdrawal process being very stressful and frustrating
New products
Comments (4)
December 20, 2020
When Binary fuses up with Finance, we get Binance. Nice combo. The exchange platform happens to be the best to me. The fact that there are other companies that charges the same trading fee as Binance doesn't mean it is as good as Binance. Their user interface is nice and they happen to be concerned about all their customers, experienced or non-experienced
December 18, 2020
Binance offers not only a cheap fee but very fast transaction time, Personally I see Binance as the most successful exchange platform, coupled with the fact that it offers trading and even stalking of cryptocoins. I heard that they are even having a treasure hunt for christmas
December 18, 2020
Binance is actually a nice exchange platform as I am having an account with them. As for their trading fees being low it's true and the fact that there's no other platform that charges so low isn't true. Nominex charges the same 0.1%. I think you should try it
December 18, 2020
The Binance story is actually shocking, especially the rise in the price of it's local token, BNB
It also happens to be the first exchange platform that charges as low as 0.1% as trading fee
