Binance is a cryptocurrency exchange platform that provides trading pairs of almost 100 cryptos including Bitcoin (BTC) and Ethereum (ETH). Know more here.
Binance is a cryptocurrency exchange platform currently headed by its co-founder, Changpeng Zhao, as the chief executive. It is different among most exchanges as Binance deals with only cryptos and with no fiat currencies.
On its one-month initial coin offering (ICO) held on July 2017, Binance raised around US$15 million worth of its Binance Coin (BNB). Since then, the Binance name has grown to become almost synonymous with the words crypto exchange.
3 Common Troubles of Most Exchanges
Binance believes that pure crypto exchanges will be the way forward for digital currencies. However, Binance saw that there are a number of problems that exchanges suffer from as almost everything related to cryptos is in their relative infancy. Here are some of them, as was written on Binance’s whitepaper:
1| Rushed Technical Construction
While many experienced developers are behind the construction of most exchanges, Binance argues that not all of them have sufficient experience in managing a crypto exchange, let alone any kind of trading platform. Exchanges created by these people could be sturdy at first, but Binance doubts they could withstand an increase in trading volume.
2| Poor Security
A number of platforms do not employ enough security measure to protect the funds of their customers. Poor security meant thousands worth of cryptos on other exchanges are in danger of being stolen by malicious attackers.
3| Customer Service Left Wanting
Customers are what keep every business alive and running. However, Binance noticed that some exchanges have retained this thought in mind, judging by how slow and irresponsive their customer service personnel are. Funds are potentially at stake for a trader, and a second lost just by waiting for help could cost him a lot.
With those three problems—among others—in mind, Binance has employed some of the best FinTech people, the top security experts, and a reliable customer service division. This is all in order to ensure Binance will be successful for the long-term.
5 Industry-Leading Services of Binance
Although it has ventured into different fields—project incubation, analysis, and token launch platform, among others—Binance remains as primarily a pure crypto exchange platform. Some services customers can enjoy on Binance are as follows:
1| Huge List of Accepted Cryptos
Binance boasts a wide selection of trading pairs consisting of more than 100 cryptos scrutinized beforehand by the exchange. Some of these include Bitcoin (BTC), NEO (NEO), Ethereum (ETH), Litecoin (LTC), and EOS (EOS).
2| Superior Matching Engine
Binance claims that it is one of the fastest crypto exchanges out there. With a matching engine that can manage 1.4 million trade orders per second, Binance ensures its customers that their orders will not be stuck in a queue for long.
3| Multi-Lingual Support
For Binance, blockchains are international, breaking all borders. For that reason, the exchange has provided support for at least 12 languages, including English, variants of Mandarin, Spanish, Portuguese, and more.
4| Multi-Device Support
The crypto market is highly volatile; trends could change at any time for almost no discernible reason. That is why the ability to access Binance on many devices is helpful for everyday crypto traders. Binance is available on the web, as well as on Android and iOS devices, among others.
5| Binance Coin Discounts
By simply having Binance Coin, Binance traders can get a 25 percent discount on their trading fees. This discount rate decreases by half every year until the discount goes to zero in the fifth year.
Even though the exchange is only two years old, Binance has become a forefront in the crypto trading industry and is continuing to grow more.
Earlier, CEO Zhao confirmed the development of Binance Chain, the exchange’s own blockchain where “millions of projects can easily issue tokens.” In addition, Binance’s decentralized exchange is set to launch in the near future, where trades are instant and funds are in control of their owners.