Binance is a cryptocurrency exchange platform that focuses on crypto-crypto trading which means they don’t accept fiat currencies like U.S dollars or Euros (EUR). Is Binance Legit? They are one of the largest cryptocurrency platform were you can trade in all kinds of coins like bitcoins and other altcoins. Binance exchange was created in 2017 and was located in Hongkong, China. However as cryptocurrency laws are very strict in China, the exchange was later moved to Tokyo, Japan – a home of digital trading. Notwithstanding, anyone from anywhere can trade comfortably without any hitches as they accept traders from any part of the world. Binance website is www.binance.com
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Who is behind the scene?
When we talk about this cryptocurrency exchange, the name that comes into play is ‘Changpeng Zao, who is well known as Cz. Changpeng has made a name for himself long before Binance came into existence. He was one of the working forces behind the trading systems that are used in Tokyo. One can say that he used his great experience and professionalism to make Binance what it is today.
How did it come into existence?
Binance came into existence through a kind of crowdfunding called ICO- initial coin offering listing, where people invest to help a company start up through cryptocurrency. The Binance ICO was able to raise an equivalent of $15million in real-world money, and in return they gave the investors their own cryptocurrency token, which is named the Binance coin (BNB). However, the name ‘Binance’ was gotten from the combination of binary+finance.
Binance Trading Platform
For one to start trading in Binance one must first make a deposit of either bitcoin or ethereum. This is because most cryptocurrencies on Binance are traded against bitcoin and ether. But for one to trade immensely on Binance one has to be verified ( two- factor authentication or Google authentication ) or be limited to 2 BTC withdrawal per 24hours. The trade fees are low with a flat 0.1% on all trades and a discount of 50% when one opt for BNB during payment of fees compared to some other cryptocurrency exchanges.
- Low fees
- User friendly platform ( basic and pro)
- Founded by experienced professionals.
- Great trading interface
- More assets being added constantly.
- Vast selection of coins.
- Does not accept (Fiat) money transfers.
- Customer support not highly responsive.
Binance is said to be a good alternative to Bittrex and was declared ‘successful’ by Forbes given to its competitiveness as a result of its low fee, a flat 0.1% on all trades and a discount of 50% when one opt for BNB during payment of fees, thus this makes the fees when using BNB just 0.05% per trade. Binance exchange is not a scam, they are legit and credible.