Binance Review 2018: Comprehensive Crypto Coin Exchange
Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume.
Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version.
Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review.
Below is the “standard platform” look:
Below is the advanced display:
BINANCE Advantages
Large Cryptocurrency Pairings Supported
The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins.
Low Fees AND LIMITS
The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit.
Ease of Setup
Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange.
Binance Provides Significant Trading Volume
Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power.
Wide Support of Cryptocurrencies
No Verification Requirements
Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies.
Ease of Use
You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction.
BINANCE Disadvantages
No Leveraged Margin Trading
Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open.
No Fiat Functionality
This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported.
Relatively New
Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E.
Conclusion
Accessible option for obtaining Different Cryptocoins
Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading.
The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.
End of the day, everything boils down to communication... Wonder how people lived in those days when there was absolutely no way of communication over long distances. There was an era when the string phones were used, the ones we see children playing around with, where they would use the string and a tin boxes with a diaphragm. It is basically the diaphragm that vibrates when the sound is emitted at one end and is transmitted through the string to the diaphragm at the other end. This is the idea behind the invention of telephones that dates back to 19th century. It is the culmination of the efforts of numerous scientists that we reap today and lead a blissful life enjoying the benefits of the telephone. There are many cables that can be used for transmitting information from one end to another. Coaxial cables, the Ethernet cables and now the fiber optic cables are being used in the field of telecommunications. The larger bandwidth and the ability to cover long distances, is making the fiber optic cables hugely popular networking cables of late. Understanding Fiber optics better: A fiber optic cable is a cable that has a glass or a plastic fiber called optical fiber, which is capable of transmitting information in form of light particles. It could be a single fiber or a group of fibers inside a non-conducting tube. Each of the fiber has a thickness as that of one-tenth of a human hair and is capable of handling as many as 25,000 telephone calls. Simple math can tell you how many calls a single optical fiber can handle. If you want to experiment to check how the fiber optics work, here is what you can do. Let us suppose you want to send information through fiber optic cable from your house to your friend’s house from a computer. First off, you will have to connect a laser to your computer, which would convert the electrical information in form of light pulses. 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The purpose of the cladding is to basically retain the light signals inside the core. There are three types of fiber optic cables – single mode, multi-mode and a plastic optical fiber (POF). Advantages of Fiber optics over conventional copper cabling: Reduces EMI: Have you ever experienced the noise while speaking over the phone, well in case you did, it is nothing but the Electro-Magnetic Interference (EMI). EMI is the disturbance caused when an external source affects the electric circuit. Fiber optic cables are immune to Electro- magnetic Induction. In traditional copper wires, the current travelling through the wires interfere as copper is a conductor of electricity, however, in case of fiber optic cables, the light particles travel through the wire, even through the places, where EMI would otherwise block the transmission. Data Security: Magnetic fields and current induction not only creates noise, but also makes way to data leakage in case of copper cabling. However, where fiber optic cables are concerned, the magnetic fields are not surrounding the cable, but only within the fiber optics cable. So, there is no way that we can control the signal being transmitted unless we cut open the fiber optic cable. Eliminating sparks: This is one of the biggest advantages of using fiber optic cables. Unlike the copper wires, which are prone to emit sparks as they transmit current through the wires, fiber optic cables are much safer in the confined areas or oil refineries where there is a threat of catching fire. Installations made easy: In the process of increasing the transmission capacity or bandwidth of the cable, inevitably, the thickness of the cable also increases. This makes passing though the ducts in the buildings a somewhat difficult affair. Fiber optic cables on the other hand are thin and flexible making it easier for the installations. While using the copper cables, the fire retardants are also supposed to be used in order to avoid the fire accidents, which is absolutely not the case while using the fiber optic cables. Greater bandwidth and longer run: Fiber optic cables have greater bandwidth enabling the huge amount of transmission of data within fractions of a second. The fiber optic cables can carry the information over long distances without any noise intervention. With the consideration of all the factors that are in favour of the fiber optic cables, these form the ideal choice for any sort of commercial use where data communications is concerned. VRS Tech DXB offers comprehensive packages for business and the domestic installations of fiber optic structured cabling for networking and telecommunications. We understand your needs and act accordingly as our team of skilled professionals are adept at setting up easy installations even in the most complicated environments. For more contact us at +971 4 3866001
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