Binance Review 2018: Comprehensive Crypto Coin Exchange
Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume.
Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version.
Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review.
Below is the “standard platform” look:
Below is the advanced display:
BINANCE Advantages
Large Cryptocurrency Pairings Supported
The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins.
Low Fees AND LIMITS
The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit.
Ease of Setup
Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange.
Binance Provides Significant Trading Volume
Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power.
Wide Support of Cryptocurrencies
No Verification Requirements
Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies.
Ease of Use
You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction.
BINANCE Disadvantages
No Leveraged Margin Trading
Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open.
No Fiat Functionality
This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported.
Relatively New
Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E.
Conclusion
Accessible option for obtaining Different Cryptocoins
Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading.
The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.
Texas Mesothelioma Lawyer Texas is the top producing state of crude oil and natural gas. According to the U.S. Energy Information Agency (EIA), the state of Texas produces 26% of all the crude oil in the nation. In September 2012, Texas was extracting at least 2 million barrels of oil a day. Various oil companies operate 26 active refineries that process crude and distill it into gasoline, kerosene, diesel fuel and aviation gas. Many of these facilities were built with materials laced with asbestos fibers before the U.S. Environmental Protection Agency (EPA) linked the mineral to lung cancer, asbestosis and mesothelioma cancer. An experienced Texas mesothelioma lawyer can help asbestos victims get the compensation they’re entitled to. If you or a loved one have been diagnosed with mesothelioma, asbestos-related lung cancer, or asbestosis, you may be entitled to substantial compensation. Fill out our form to get a free Financial Compensation Packet. 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Texas Oil and Asbestos Hundreds of the Texas oil production facilities use large amounts of asbestos containing materials due to the mineral’s natural resistance to the two biggest hazards in the petrochemical industry, fire and heat. Insulation made from asbestos was used to line pipes and conduits, distillation columns, gaskets, and work surfaces. This helped to protect oil wells and refineries from fires and explosions. Asbestos was also utilized in firefighters’ gear. When asbestos insulation ages, it becomes extremely brittle and begins to flake easily. As a result, the loose asbestos fibers become airborne if jarred by activities such as hammering and sawing near deposits of asbestos dust. The fibers enter the body through the respiratory system. Asbestos fibers build up over time inside the soft tissue of the lungs and chest cavity. The accumulation of asbestos fibers results in the development of asbestosis, lung cancer, mesothelioma, and other asbestos-related diseases. The large amount of asbestos-containing materials found in aging oil production facilities is a major health issue in Texas. According to the U.S. Centers for Disease Control (CDC), the death rate in Texas linked to malignant mesothelioma is an average of 17.5 per million inhabitants. The principal operators of Texas refineries, oil wells, and other facilities in Texas are listed below: BP/Gulf Chevron/Texaco Citgo Esso/Enco/Exxon-Mobil FINA Shell Though there are no materials containing asbestos in facilities built after the 1980s, there are still a multitude of many older oil rigs and refineries with large amounts in the ceiling material, dry wall, pipes, conduits, and gaskets. Employee and contractors in these older facilities were often exposed to asbestos fibers when they carried out routine maintenance tasks. Texas now has strict rules that govern the use of safety equipment and the handling of asbestos. 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Texas Mesothelioma Lawsuit Example In 2013, a Dallas, Texas, couple successfully won their mesothelioma lawsuit against asbestos mining company Union Carbide. Vernon and Patsy Walker filed the lawsuit after Vernon developed malignant mesothelioma while working around asbestos-containing products manufactured by Union Carbide. The company would send asbestos products to paint manufacturers and other businesses, such as Georgia Pacific, Bondex, and Kelly Moore. Vernon worked for decades as a union painter, using products filled with asbestos. After jury deliberations, Mr. and Mrs. Walker were awarded $11 million in damages. Union Carbide has been at the center of numerous mesothelioma lawsuits after workers became seriously ill after working with and around the company’s products. Statute of Limitations on Mesothelioma and Asbestos Lawsuits Under Tex. Civ. Prac. & Rem. 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