Disclaimer: Buying Cryptocurrency is risky, selling Cryptocurrency is risky. Trading is risky. Not trading is risky. This is not financial advice. Don’t wager more than you’re prepared to lose. If you’re experiencing problematic behavior financially seek professional help.
Binance, like Binary Finance, Bitcoin Finance, or just plain Finance with a B, is a great Cryptocurrency coin exchange site hosted in Korea, run by Chinese entrepreneurs. It’s been claimed that they are the fastest Startup Unicorn to reach Profitability. A Unicorn defined as a startup with a market capitalization or valuation of over one Billion dollars, $1,000,000,000. That’s a lot of zeros! While Bitcoin exchanges are under constant scrutiny in China and threats of regulation appear constantly in the FUD (Fear, Uncertainty, and Doubt), as far as I know, Binance gets around any restriction by not offering any onramp or offramp to fiat currency. You can deposit BTC Bitcoin, ETH Ethereum, USDT Tether, and Binance’s own coin BNB. BNB can also be used to pay your trading fees and if you choose to support their native token by paying in BNB, your trading fees are at 50% off. Seems like a great deal to me to support a fledgling industry. Their mobile app is supported natively on Android in the Play store, and only by unsigned direct download for iOS. Take it with a grain of salt that storing any coins on an exchange is risky and your politics may not align with the host nation. These 4 coins form the basis of the trading pairs for the other alternative cryptocurrency coins and tokens.
The design of the app is very elegant with limit and market orders offered. All pricing is against bitcoin or the other trading pair, but they do provide an estimate of $USD that can be handy for at-a-glance net worth. They say true Crypto traders never value their holdings in fiat but Bitcoin is so volatile it’s hard for those getting started not to lust for dollars! Two-factor authentication through Google Authenticator is possible and minimal KYC is required until you want to withdraw more than 2 BTC at a time. The interface can be intimidating for those coming from Coinbase’s point and click buy/sell operations, but if you’re an experienced trader or a stock market trader used to technical analysis and Japanese candlesticks you will probably appreciate the detail. There’s been some criticism of the New Coin onboarding process with rumors of hefty fees and commissions being charged by Binance to represent a new coin or token, but in the words of the CEO, Changpeng Zhao, “Listed coins have zero complains about our fees”.
we don’t quote fees. Google Binance Listing Tips, and you will see. Projects have made bids over $1m listing fees, and got rejected. It’s rejected projects and complain a lot. Listed coins have zero complains about our fees. https://t.co/x872iOnObF
— CZ (@cz_binance) January 1, 2018
They brought on nearly 250,000 users in a single hour after the doors had been closed to ramp up their capabilities.
Opened registration for 1hr yesterday, 248,599 users signed up. Limits don’t work. https://t.co/YOjlDlCqmO
— CZ (@cz_binance) January 10, 2018
Here are the coins they list today:
Watch a short interview with Binance CEO Changpeng Zhao on Youtube by Boxmining.
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