- Binance is a purely spot-based crypto-to-crypto exchange. Founded in 2017 and based in Malta. It has a wide variety of altcoins and ERC tokens paired with BTC, ETH, BNB and USDT, with plans to add EUR and GBP fiat pairs. Despite Binance being very new on the scene, they have the 5th highest volume, by exchange, in the crypto-market. This is quite a feat considering it’s a spot-only exchange. We’ve been using this exchange for a short while and it’s very well built. The exchange also has its own cryptocurrency, BNB token, which through an ICO funded the launch of the exchange. Fees on trading come at a 50% discount if paid with BNB. It can also be used to invest in projects on Binance’s ‘Ecosystem’ platform. This new exchange on the scene is taking the market by storm and attracting new customers every day. This is definitely one to watch as the ecosystem grows.
- Ease of Use To someone new to trading and investment Binance may look a little complicated but rest assured that it’s not. It has a very simple but effective list of order types – Limit, Market and Stop orders. It has some handy quick press button to divide your buys and sells into easy amounts and tons of markets to play. Fees Binance has a flat-rate of 0.1% on trades (this is amongst the lowest around), whether you are market making (limit orders) or market taking (market orders). As mentioned above, if you own the exchange’s native token, BNB, you can use it to pay fees and will receive a 50% discount for a limited time, taking to fees down to 0.05% per trade. There are no deposit or withdrawal fees! Binance Support Binance has made a name for itself in the short while it has been in operation as a multi-lingual exchange. The exchange itself can be translated into 12 different languages. Customer service support is available in two languages, Chinese and English. There’s mixed feelings about the customer service of Binance, which is to be expected from market participants. But in general, Binance replies to customer requests with good efficiency and professionalism.