WHY I CHOOSE BINANCE.

What is Binance?
Binance is an exchange that host crypto-to-crypto trades. This means that they do not accept real-world money, such as U.S Dollars (USD) or Euros (EUR). The exchange was first created in 2017 and was originally located in China. However, as cryptocurrency laws are very strict in China, the exchange has since moved to Japan, a country that loves digital currency!

The man who created Binance is called Changpeng Zao, however, he is well known as CZ. Interestingly, CZ used to build some of the trading systems that are used in the Tokyo stock exchange. I guess he used this experience to help make Binance what it is today!

Before Binance opened their exchange, they raised money through an initial coin offering (ICO). This is very similar to crowdfunding, where people can invest to help a company get started.

However, an ICO is quite different, as people invest cryptocurrency instead of real-world money. The Binance ICO raised the equivalent of $15 million, and in return they gave investors their own cryptocurrency token, which is named the Binance Coin (BNB). Even though it’s called Binance “Coin”, it is actually a token, which is built on the Ethereum blockchain. Binance have had a very successful start since they were created in 2017. They are now averaging more than $1 billion in daily trades, making them the largest exchange for alt-coin trading. In fact, Binance grew so quickly, that in January 2018 they had to suspend new registrations. This was because too many people were trying to open a Binance account.

Why Binance?
Before registering a new account at an exchange for the first time, it is important to consider their advantages and disadvantages. This will ensure that you’re choosing the right exchange for you.

Advantages of Binance :
1 - One of the main reasons that Binance exchange is so popular is because they list so many different cryptocurrencies. There are more than 100 different cryptocurrencies available at Binance. They range from well-known coins such as Ethereum (ETH) and Litecoin (LTC), to smaller coins like CyberMiles (CMT) and ZCoin (XZC).

2 - Low fees , Another excellent feature of the exchange is that when trading crypto-to-crypto, Binance fees are one of the lowest in the industry. Customers are charged 0.1% on every trade, meaning if you traded 1 ETH, you would only be charged 0.001 ETH! Deposits are always free, but withdrawals do cost money. However, most exchanges operate in the same way. Withdrawal fees are different for each cryptocurrency, and change depending on their value.

For example, at the time of writing, for every Litecoin (LTC) that you want to withdraw, it would cost you 0.01 LTC in fees. However, if the value of Litecoin increased, so would the withdrawal fee. This is because the fee is fixed to the price of Litecoin, and not top the price of USD (or your local currency).

There are no limits to the value of deposits you make, but if you want to withdraw more than 2 BTC worth of cryptocurrency, then would need to verify your account further. This can be done by submitting identification, such as your passport.

3 - Prizes, Regular traders on Binance exchange have the chance to win prizes. These prizes change all the time and have so far included free cryptocurrencies, such as Waves (WAVES) and Ontology (ONT). They have even a gave away a Maserati car.

4 - Security, Binance takes security very seriously, and customers are asked to set up two-factor authentication (2FA) when they register an account. 2FA is an extra level of security that sends a special code to your mobile phone every time you want to log in, trade or withdraw funds.

5 - High Volume Trading, As Binance have become one of the most popular exchanges to buy, trade and sell cryptocurrencies, there are lots of trades happening all the time. This is an important factor as it means you have a better chance of selling your cryptocurrency immediately, if and when you need to.

For example, if you wanted to buy a cryptocurrency, but it has a low trading volume, then it’s harder to buy, because there aren’t that many sellers. However, if lots of people of looking to sell that coin, it will be easy to buy.

Disadvantages of Binance :
1 - Customer Support, There are mixed reviews on the customer support offered by Binance exchange. Although you can contact Binance by email or live chat, some users have reported long delays. This might be because the exchange has a large number of customers, however, we hope that Binance will improve their response times. There is no phone support.

2 - No Fiat Deposits or Withdrawals, One of the biggest disadvantages to Binance exchange is that customers can’t deposit funds using traditional payment methods. Other well-known exchanges such as Coinbase, Kraken, Livecoin and HitBTC allow customers use their debit or credit card. Some even accept a bank transfer and PayPal!

Because Binance doesn’t support fiat deposits, it makes it impossible for beginners to buy cryptocurrency for the first time. First, you would need to purchase a cryptocurrency like Bitcoin or Ethereum using Fiat, and then you can deposit that into Binance and trade for other coins.

This also means that you can only withdraw cryptocurrencies from the Binance exchange too.

In my opinion, Binance is one of the best cryptocurrency exchanges out there for trading between different cryptocurrencies. It offers a great, easy-to-use interface that caters for all types of traders. Not only that, but it’s a platform you can trust.

So, what do you think about the layout of the exchange? Does Binance have the cryptocurrency that you want to buy?

Link to Binance : https://www.binance.com/?ref=17916079

FOLLOW US ON FACEBOOK :
https://www.facebook.com/caribbean.crypto.71

FOLLOW US ON TWITTER :
https://twitter.com/caribbeancrypt

FOLLOW US ON INSTAGRAM :
https://www.instagram.com/caribbeancrypt0/

FOLLOW US ON YOU TUBE :
https://www.youtube.com/channel/UCWw5p0IjJQVi7Fb13loH-PQ?view_as=subscriber