Categories: ExchangeReviews

Binance Review – A Pretty Good Platform for Its Young Age

I am always happy to see more exchanges popping up in the cryptocurrency sphere. In my mind, more exchanges means less opportunity for large entities to continue consolidating power. This is, after all, supposed to be all about decentralization, not centralization. One new exchange which was the spawn of a very successful ICO earlier this summer is Binance, headed by Changpeng Zhao. The Binance ICO raised just about US$15 million, and the company seems to be putting all that cash to good work.

Successful ICOs Can Set Up Successful Companies

This is one of the ICOs that did it correctly. The company was not just looking to raise a substantial amount of cash in dumb money and then take a long time (if ever) to put out its product. Zhao even published an eloquent blog post on LinkedIn in which he described the importance of being passionate about whatever your ICO project is. That alone puts Binance in a better position than many other projects and platforms. Sure, it wants to make money, but its team also is passionate and calculated about the platform.

Binance Is Pretty Good

I will be the first to admit, I can be very weary of exchanges. Some of the bigger ones have left me burned in the past and constant rumors of insolvency or bank runs make me nervous. However, Binance does not strike the same chords for me that others have done. Here’s why.

Firstly, its liquidity is very high, which is incredibly important for any exchange. Liquidity ensures that orders are filled quickly and lock in the prices for which traders had hoped to buy or sell. The exchange also claim to have outpaced the industry standard for processing speeds. Though still a smaller exchange, this one boasts numbers that are impressive. Binance is responsible for about US$10 million in trading volume a day.

The exchange itself provides a whole host of tools that help traders make decisions, and the user experience (UX) is pretty fluid. One of the most appealing things about this exchange — for me, at least — is its knowledgeable and strong leadership and team. CEO Zhao and his team are obviously committed to providing a quality product to their customers, and I really appreciate that. The level of experience that Zhao and his team brings to the table really sets Binance apart from its competition.

Every exchange is going to take a cut to make a profit. I am not really bothered by this, as I know it is providing a service. However, it is important that investors and traders alike do not get taken advantage of with fees. Binance’s trading fee is 0.1%, which is not too shabby. Binance is also transparent about its fee structure, which is more than fair. With cryptocurrencies, it is also important to remember that on top of exchange fees, the user is responsible for miners’ fees as well. Again, Binance provides upfront and honest information about how much traders can expect to pay up when they withdraw.

Overall, I rate this platform as a pretty good exchange. It may not have the same volumes or number of supported currencies as some of the larger ones, but it makes up for that in honest devotion to its project and customers.

Check out Binance here: https://www.binance.com/

This is not trading or investment advice. Always conduct your own independent research. 

Dariusz

Dariusz is a Digital Anthropologist who has been closely following the world of cryptocurrencies since 2014. He has been somewhat of a crypto-evangelist, trying to educate more people on the exciting realm of cryptocurrency. During his time at University College London, his Master's dissertation focused on how communities inhabit, modify, and create virtual places via social media.

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Tags: BinanaceChanpeng ZhaoExchange platformICO

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