Binance Exchange Review – Comparison, Fees and Functions

11

Binance is the top cryptocurrency exchange for providing a huge selection of coins with a large organic trading volume to match. The exchange is widely popular with more than 7 Million users worldwide. Key advantages of Binance include:

  • Fast order matching – Binance boasts the fastest order matching engine at 1.4 mil orders/second per second
  • Large trade volumes – large daily volumes with more than $500 Million USD traded per day*
  • Loyal fan-baseBinancians are the bread and butter of the exchange. Binance Angels are also located in different regions to promote the exchange.
  • Binance Decentralized Exchange (DEX) – A newly launched decentralized exchange for advanced users who self-custody of funds.

Binance has grown to include different cryptocurrency purchasing options, such as credit cards and British Pound (GBP) via Binance Jersey (Binance is a combination of “Binary” and “Finance”). By being a purely cryptocurrency exchange and not having to deal with fiat, they can deal with less regulatory issues. 

It also has an impressive listing of Initial Coin Offerings and altcoins. Binance biased in multiple jurisdictions, including Malta, Singapore and Hong Kong and it’s servers are located around the world. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish and French. 

Features of Binance

Binance features two trading modes – normal mode and advanced mode. For regular users who want to have easy access to trading, normal mode provides an easy to understand interface and simple use trading features. Advanced mode enables setup of stop-limit functions that could be used to mitigate risk.

Binance Chain

Binance Chain has been launched to be the main platform for token issuance, token trades and provide the backbone for Binance DEX.

Binance Token BNB:

Binance tokens were issued to project supporters. The token has 3 major features:

  1. Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
  2. GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
  3. Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.

Sign up to Binance here: https://www.binance.com/?ref=10192887

Fee comparison with other exchanges (taker fees)

Binance also has the additional benefit of using their BNB token to pay for exchange fees. Using the token currently grants a 50% discount rate, meaning that fees can be as low as 0.05%

Stop-Limit Function

Recently, Binance has added a Stop-Limit Function to their exchange. A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

Explanation of Terms:
Stop price: When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price or better.
Limit price: The price (or potentially better) that the stop-limit order is executed at.
Quantity: The quantity to buy or sell in the stop-limit order.
Please note: A maximum of 2 stop-limit orders are allowed for each trading pair at any point in time.

Sources:

CoinMarketCap – trade volumes for Binance

Score: 9.7/10

11 COMMENTS

  1. I got an email from binance saying that my IPA siting been changed and if I did not do that I should deactivate my account and contact binance I check my account and sure my XRP coins disappeared so I deactivated my account the problem that I been trying to contact binance but no reply multiple emails and multiple requests and no reply
    My account is locked and I have no access to my funds
    I got screwed stay away

  2. Hello Boxmining, do you notice that at Binance the price of BTC and ETH are always low vs other exchanges. At Binance, the coins are not traded against a fiat currency and all trades are pair trades against BTC and ETH. So if you deposit ETH or BTC, you would effectively get less value for your coins to be traded. You can try to game them by going the other way, but it would be difficult because most exchanges do not carry the exotic coins so you got to trade it back to BTC and ETH. In summary, only they can get you but you can’t get them. Brilliant strategy by them. Horrible for clients. Also, if only coins are traded and no currency ever leave, it is mathematically impossible for them to collapse absent from a hack, of course. Very smart! Do you agree? Thanks!

  3. I have some referral BTC in my account in BINANCE how to i redeem them ?
    they are not added to my BTC currency automatically .

    Thanks

  4. Here are Binance exchange review. Binance is a crypto to crypto exchange with a focus on low trading fees. By being a purely cryptocurrency exchange and not having to deal with fiat, they can deal with less regulatory issues. It also has an impressive listing of Initial Coin Offerings and altcoins.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.