A Brief Introduction Of Binance
Whether you are a newbie or an experienced professional in the world of cryptocurrencies, Binance has something for you. Although the broker has been around for a short period, it has managed to attract a huge client-base thanks to its impressive ICO as well as its professional attitude.
The platform was founded in China in 2017; however, with China banning cryptocurrencies in the country, the exchange went out of China and is currently headquartered in Japan and Taiwan. In 2018, Binance announced that it would be shifting its headquarters to Malta in the EU after Japan and Taiwan introduced stricter regulations in the industry.
What makes the exchange unique is its low trading fees and the large volume of supported coins. Binance boasts of its ability to process about 1.4 million orders per second.
Binance has one of the largest coins selections in the cryptocurrency industry. The exchange offers over 150 coins to its clientele. Here are some of the coins at the disposal of its traders.
BTC NEB ETC
USDT TRX BCC
XRP NEBL POE
ETH NEO DASH
XVG FUN ELF
As earlier mentioned, Binance offers some of the most competitive fees.
For the traders, the trading fee is 0.1% per trade executed. If you have a BNB account, you can enjoy discounts on all BNB transactions. Here are the discounts.
|TIME||The 1st year||The 2nd year||The 3rd year||The 4th year||The 5th year|
|Discount rate||50%||25%||12.5%||6.75%||No discount|
There are no deposit fees charged
Withdrawal fees are adjusted from time to time based on the blockchain conditions.
The lack of professional customer support to respond to customers’ issue on time is a complaint that has been befalling majority of crypto exchanges.
Binance does have a support team; however, there are a lot of issues to iron out. They are quite new. More improvements are due to go forward. The exchange lacks a dedicated live chat or phone support and has to rely upon support tickets on its website.
Pros and cons
- Low transactional fees
- Deep liquidity
- User-friendly site
- Have no Fiat options
- Withdrawal fees are inconsistent
- Does not offer live chat or Telephone support
Although the exchange has its fair share of challenges, it has been able to achieve so much in just over 1 year. Its relaxing verification process has led it to be as one of the trustworthy crypto exchanges. The exchange is trustworthy, and you can trust it with your digital assets.