Binance is a crypto currency exchange, focused mainly on the Chinese market. Of course, you could still use it, if you are based elsewhere.
The company, security of funds
Binance is a relatively fresh Chinese company, created by experienced professionals ter the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.
Binance wasgoed created after attracting funds via an ICO (Initial Coin Suggesting &ndash, creating a fresh digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used spil a method of paying your trading fees, which will reduce them by 50%. Additionally a puny portion of the coin has to be paid to the company to personages your vote ter the community poll, which determines which altcoin will be added to the exchange next.
That being said, whenever a fresh coin is added, Binance holds some kleuter of promotional distribution to existing clients. Usually it involves tracking the largest holders of the fresh asset and rewarding them with reserve coins. While thesis can not be taken spil a assured means of attaining more altcoins, they do raise attention towards the fresh tradign product.
Given its geschreven history, it is not surprising that Binance has not yet bot hacked. That being said, the most visible kwestie with this exchange is the fact it operates ter China. Given the latest moves by the circunscrito authorities, it wouldn&rsquo,t be surprising to see them register ter a different country.
The English user reviews on Binance, while few, are fairly positive. Again, wij voorwaarde reiterate this is still a very fresh company, at the time of writing of this review.
Trading instruments (cryptocurrencies)
Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since fresh ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, Joy, BQX, XVG, ZRX and BQX.
Ondergrens initial deposit
Binance does not provide information on the ondergrens deposit amount. Spil wij voorkant mostly forex brokers, wij are used to companies stating this information openly. The need for a ondergrens deposit level is associated with the procesal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too puny. That being said several companies don&rsquo,t have a required ondergrens, like the FCA-regulated industry leaders at IG.
Margin trading is not available at Binance. For those of you who are not abierto with the trading world &ndash, this is a system which permits you to trade with more money than you actually have ter your account. Your recuento is then used spil a ensure to maintain your position open. Spil an example, forex brokers require very little te collateral, ter order to maintain massive positions. The so called leverage ratios can go spil high spil 1:500 or more. For example, XM offers 1:888 te leverage.
That being said the cryptocurrency space is a lotsbestemming more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, infrequently opoffering more than 1:20 te leverage.
The toverfee structure at Binance is ordinary to understand, but more importantly very competitive ter the current environment. There is a plane 0.10% toverfee on all trading. Other exchanges often separate clients based on their trading volume and the way they inject/uitgang a transaction (traders who provide liquidity to the exchange usually get some benefits).
On the other forearm forex brokers incorporate the costs of trading ter the spread. While comparing them is a bit like comparing apples to oranges, wij have made a side-by-side review of both services here.
Binance&rsquo,s trading verhoging is web-based. Furthermore it offers two distinct trading layouts, a more elementary one and a &ldquo,Voor&rdquo, version. Visually it reminds us a lotsbestemming of the verhoging provided by Bitstamp. Here is how the &ldquo,standard toneelpodium&rdquo, looks:
The order book is placed on the left and more interestingly is arranged vertically. While being a bit avantgarde, this is by no means unique. The gauze is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems pleasurable. The &ldquo,Voor&rdquo, version, on the other palm looks like this:
This reminds us a loterijlot of Bitstamp&rsquo,s podium. The positioning of the order book and gauze is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it&rsquo,s not even close to the forex industry standard which wij have grown familiar to, MetaTrader4 (MT4).
Methods of payment
Binance is one of the exchanges which doesn’t accepts fiat currency payments and concentrates only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.
Binance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly concentrates on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges suggesting the more exotic ones. The major punt wij have with Binance is that the project hasn&rsquo,t bot around long enough to actually prove itself. Here are the pros and cons of this exchange: