Binance is the fastest growing exchange till date with market capital of $1.3billion, which they achieved just in SIX MONTHS.
Before starting with it, let’s see what is Binance ?
Binance is a cryptocurrency exchange where you can trade with cryptocurrency only and cannot trade anything with fiat currency like (USD ,INR, YEN etc).
2017 being high time for recognition of Bitcoins and cryptocurrency raised demand for more cryptocurrency exchange and here Binance launches at time where platform like this were needed the most.
Binance was launched in July 2017 and it was based in Hong Kong, later they moved to Japan in September 2017 when China banned cryptocurrency trading. In their initial stage of ICO they were able rise $ 15 million. Within 6 month of their launch they got featured in top 10 exchange and also they are first cryptocurrency exchange to raise their own token. What else, recent search reveals that Binance is more profitable than Deutsche Bank – one of the biggest bank in Germany.
It’s been just a year and they have thousands of users signing up daily and number is still growing.
To use binance you have to get bitcoin or ethereum by using other exchanges like coinbase, then you can trade bitcoin or ethereum for any other alternative coin mention in Binance. And to mention here , Binance have huge number of altcoins to trade , They have more then 240 coin pair for trading. So chances are you’ll find coin you want to trade.
Binance also have their own coin – Binance coin or BNB coin. It offers incentives and rebate to traders who trade using their coin.
Plus the fee they charge you, decreases if you hold on BNB coin and eventually it reduces almost be 50 percent.
Also they have easy to understand and interactive GUI for desktops and mobile apps for android and IOS.
Binance also supports 8 language (recently added Italian ) which is the reason it gets substantial amount of support from across the globe.
Moreover, it can process large number of transaction per second which makes it fast.
To start using Binance you just have to register and verify your email ID. Its important that you opt for 2FA – 2 factor authentication ,where you have to provide with 2 different answers to verify and secure yourself from hackers.
Registering into Binance and trading is super easy but if still you need detailed explanations then official site of Binance have tutorials for the same.
Recently Binance is all over news because of their humanitarian act, they donated USD 1 million to the victims of flood in Japan. Also, CEO of binance appealed other cryptocurrency enthisasts to support the Flood Victims in Japan.So the man behind Binance sure can be influencing and developing as a role model for many enthusiasts. Changpeng Zhao is the founder and CEO of binance, He was recently framed into the top 10 crypto billionaire in Forbes. Before Binance he worked as Chief technology officer for OKcoin. Also, member of team that developed Blockchain.info. He explains Binance as Blockchain exchange 2.0 , where you don’t have to use fiat currency and everything is global. (1.0 being only able to trade with limited coin and fiat currency. )
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