EST 200'000 BTC
Binance is an international cryptocurrency exchange platform with a focus on the Chinese market. The company was founded in China in 2017 but has seen a massive growth that have made it one of the major exchangers in the market. It has over a hundred coins available for trading and add a new one almost every other week.
Binance, which moved to Japan in time before the ban of cryptocurrency trading in China, has a multi-language support for English, Chinese, Japanese, and Korea.
Binance created the Binance Token (BNB) as a means to launch into the market. The Initial Coin Offering (ICO) saw the company raise 15 million dollars in July 2017. Since that time, a lot of good things has happened to the company. As at January 2018, it was the largest crypto-exchanger with a BNB market capitalization of $1.3 billion.
The launch of Binance was a massive success and in less than a year, it has achieved an elite status in the crypto-exchange industry. Just in its second quarter, the company reported a profit of over 200 million dollars and this is all due to some amazing features. The company has large variety of trading pairs, charges very low fees, and has an absolutely amazing customer support system. We will highlight some of these features to give you a better understanding of how Binance works and why you may have to use it for crypto-exchange.
Binance trades with 4 major pairings including Bitcoin, Ethereum, Tether, and the Binance Coin (BNB). Every coin can be traded against Bitcoin and Ethereum, but only the ones that has higher volume can be traded against the Tether and Binance coin.
Binance charges very low fees. Their rates are probably the best in the industry and this may be the reason for its massive growth. The company charges only 1%, and there is an option to reduce this further by 50% if a user decides to use BNB for fees.
The Binance Token was used to raise the capital for the business operation and has since remained valuable and impactful in the transactions of the company. When users use it to pay transaction fees, the fees are reduced by up to 50%. There will only be 200 million Binance coins, and the way it is being used now suggests it will be valuable for a long time.
Cryptocurrency is a complex world and some users want their identity to remain hidden. Binance respects this idea and will only require an email address from a user in order to open an account. The only time a user will be required to verify his/her identity will be when such user wants to raise withdrawal or deposit limits. This is in line with cryptocurrency regulations.
Binance is known for its strong emphasis on security of users account. It is regarded as one of the safest cryptocurrency exchange company and has lived up to that reputation so far. Though it is not recommended to leave a large sum of cryptocurrency in exchanges, but Binance is quite secured and can be trusted.
Binance entered the cryptocurrency space with a clear vsision to dominate and with the way they have fared, it is safe to say the company will do better even in the future. The CEO, Changpang Zhao has played a significant role in similar companies and is running the company the best way possible.