Binance: Bitcoin exchange

 

 

Following the success of ICO (Initial Coin Offerings), Binance, a China-based cryptocurrency exchange began live trading in 2017. It received huge acclaim in a short time because of its assistance to beginners in executing simple trades. It offers both beginners and professional traders with a wide variety of tools for engaging in digital assets.

Cost of using binance:

Binance is one of the most economical exchanges in recent times. This is because of its compatibility with almost every mobile and PC operating systems. Moreover, the mobile app is free to download and also creating an account in Binance is not expensive. Making deposits to binance in any supporting currency is free. You can trade in Binance at a very nominal charge and by using its own token called BNB, the transaction fees will be reduced.

Security and Privacy:

For account security purposes, binance offers Google Authenticator to verify every withdrawal and security modifications.

Binance privacy policy states that it collects all the user information such as IP addresses and stores them in its server.

Pros:

  1. It supports almost 100 cryptocurrencies.
  2. It can process 1.4 million transactions per second.
  3. The transaction and withdrawal fees are exceptionally low.
  4. Offers its own BNB token to reduce transaction fees.
  5. It can provide multi-language support.

Cons:

  1. It doesn’t incorporate for fiat trades. So don’t do if you want to be rich.
  2. It does store some user data like IP address, making people question its privacy policy.
  3. The Android version of its mobile app is reported to be having certain troubles.
  4. Sometimes withdrawing certain coins is delayed.
  5. The withdrawal fees are not the same for every type of cryptocurrencies.

The Binance Coin (BNB):

Soon after launching the exchange, binance released its token called BNB. This token is used to make any kind of transactions on binance. BNB offers you great discounts ranging from 50% in the first year to 6.75% in the fourth year. These discounts will be stopped from the fifth year. Therefore, you can also use Binance to invest in certain ICOs that participate in Binance’s Launchpad program.