1 Level
8 Review
7 Karma
Review on Binance Coin by Akash Sarker
The Binance exchange has a native coin that is rapidly becoming known as “the…
The Binance exchange has a native coin that is rapidly becoming known as “the trader’s
coin.” As a cryptocurrency exchange, Binance had its in-house coin from the ICO. Traded as
BNB, the altcoin has value as a tradable pair, but functions mostly as a facilitating token
on the exchange itself. Users holding BNB get discounts that others don’t, and the coin is
rising in value on its own merits as well.
Binance is rated one of the top digital exchanges in the world, and many investors are
fiercely loyal to the platform. With a good offering on pairs, Binance lists most of the
sterling altcoins of the here and now, constantly reviewing its offer.
Although excluding any kind of fiat transaction, being strictly a cryptocurrency exchange,
rising numbers at Binance and its competitors show that this model is well received by many
investors. The platform minted its own ERC-20 (the BNB coin) and traders tying into the
exchange’s token system score a 0.50% reduction on trading fees. This stands for the first
year, after which there are still discount offers for coin holders for up to four years.
Perhaps more so than other projects of a similar nature, Binance and thus the BNB token
enjoys a large social media following on Facebook and Twitter, with frequent contests that
see the top exchange traders compete with each other for best returns of various altcoins.
While at first sight it may appear a complicating protocol for newcomers, the BNB coin is
gaining in popularity and understanding. Due largely to the Binance exchange’s publicity,
the concept is becoming entrenched among newcomers and hale enthusiasts alike. Many users
choose Binance mainly because of the discounts the token affords on the exchange, and savvy
observers note, too, that the coin’s scarcity is rising.
Pros
- Binance is known for its fast transaction processing as well as its low trading fees (0.1%) Personally, I think that Binance has been the best exchange existing so far, as it is intuitive, reactive, and very good looking both on computers and mobile devices. The Binance technology is capable of processing 1.4 million orders each second
Cons
- Investor Can Not Buy BnB With Fiat currency Based in China, so it’s unclear how recent regulatory actions by the Chinese government may impact the exchange
