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Binance - Bitcoin and Cryptocurrency Exchange
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Binance is a Hong Kong–based cryptocurrency exchange launched by developer Changpeng Zhao in July 2017. Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million. Investors who invested in the ICO got Binance Coin (BNB) in return which can be used to trade cryptocurrencies and pay for fee on Binance. BNB’s initial value was around $0.1, and as Binance got more and more popular the coin appreciated in price. Beijie Technology and its founder maintain an impressive track record within the industry. Zhao’s CV includes high-profile positions, such as technical director at Blockchain.info, and his company now provides trading systems for over 30 other platforms. Following struggles with the Chinese government’s views on cryptocurrencies, Binance now runs its servers from more lenient states, providing it with the freedom to run a competitive exchange service: “In response to China’s decisions, we are moving our IP’s from Hong Kong to an offshore location. So we are registered in multiple locations and we have people in multiple locations. That way we will never be affected by one regulatory body,” explained Zhao. The trading exchange has been experiencing astounding success since its summer launch, and it now sits around the top ten in terms of 24-hour trading volumes on Coinmarketcap.

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Binance services

Binance provides a single service – a trading platform between different cryptocurrencies. Users can choose between the “basic” and “advanced” interfaces. The basic interface allows a quick view of market and trading pairs, making it easier to switch pairs; The advanced view give users access to advanced charting tool. For people who are new to trading there won’t be any difference between the two views – both would seem too complex.

Supported currencies and payment methods 

Binance offers a crypto-to-crypto exchange, meaning that it doesn’t facilitate any fiat currencies. This allows the platform to work freely, steering clear of any red tape or regulation (for now).

Binance fees

In a competitive space, the fee structure of Binance is cutting edge. Its team members have sharpened their knives and are slicing the opposition apart. A flat rate of 0.1% is very enticing for any trader who doesn’t need immediate fiat liquidation. Incredibly, it undercuts most other large exchanges, some of which charge upward of 0.2%. That’s a pretty sizeable difference if you’re working with large orders. BNB, the native Binance token, provides an additional 25% discount on this trade fee when working with the coin. Deposits are free, as you’d expect (it’s generally the sending wallet that pays blockchain fees with cryptocurrencies). Withdrawal fees do apply, although they generally correlate with the blockchain transaction fees. The withdrawal fee seems to be updated on a regular basis to try and offer a fair price.

Binance limits 

Binance has a very simple limit structure. There are only withdrawal limits. Non verified accounts can withdraw up to 2 BTC every 24 hours. Verified accounts can withdraw 100 BTC every 24 hours. Verification requires filling out a basic KYC form and providing proof of identity among other documents.

Binance supported countries

Binance does not mention which countries are supported by its exchange which makes it basically available worldwide. There is also no mention about exceptions for US citizens which caused Binance to come up on the US Department of Financial Services radar for potential violation of New York’s virtual currency regulations.

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