Binance, a Cryptocurrency Exchange Platform
Binance is a cryptocurrency exchange that focuses on the Chinese market and other Chinese coins. Binance was launched in 2017. These days, Binance provides support for Chinese and English users. Binance claims of having more than a million of registered users from 200 countries of the world.
Binance focuses on cryptocurrencies and users cannot fund their accounts with fiat currencies. To fund the development of the exchange, Binance has its own token (BNB) which was created during ICO. The Binance exchange can process 1.4 mil orders per second and supports multiple languages such as Chinese, Japanese, Korean, and English.
It offers all the major coins (more than 100), including BTC, BNB, LTC, ETH etc. The trading fee at Binance is 0.1%. There are no deposit fees and the withdrawal fees vary for different cryptocurrencies. Users can use BNB token to pay fees for the exchange. In this case, transaction fees have discounts – 50% during the 1st year and 25% during the 2nd year.
Users can download free Binance – Cryptocurrency Exchange app from Google Play and there is an app for iOS as well. They are both free.
There are two options for trading on the exchange: Basic and Advanced. First, users need to create an account and make a deposit. There is no limit to its amount.
Binance platform is secure because it supports CCSS security protocol and ISO/ICO 27001:2013. To protect their accounts, Binance users need to provide either two-factor authentication or Google Authenticator to verify their withdrawals. Currently, only Chinese phone numbers can serve as two-factor authentication. Binance doesn’t collect and store user’s data such as IP addresses.
Binance has plans for the future that are revealed in the white papers. They include decentralized exchange, anonymous instant exchange, futures, margin trading, and spot trading, although there is no information available when these additional features will become reality.