Binance (BNB) Review – Crypto Coin Judge
Binance, ‘B’ from binary and ‘F’ from finance, means ‘Binary Finance’, thus the name Binance is combination of binary and finance. It is both an exchange and a cryptocurrency. Dissimilar to other available coins, such as Decred (DCR), Augur (REP), MonaCoin (Mona), Binance’s motive is to empower the future of crypto finance.
Functioning as a centralized exchange, this new and innovative exchange works as a better alternative compared to several other centralized exchanges available in the market today.
Where other exchanges cannot work properly, and have to face many problems, due to poor technical architecture, insecure platform, poor market liquidity, poor customer service, poor internationalization and language support, the platform gets you rid of all these problems through its excellent cryptocurrency exchange.
Some of the key highlights of Binance Exchange Platform Includes:
- Advanced and basic exchange views
- Offer support for around 100 cryptocurrencies
- Provides Multi-language support
- Offers the Binance in-house BNB token for reduced trading fees
- High liquidity
- Can process 1.4mln transactions per second
- Low fees on transactions and withdrawals
- Bounty and reward programs for the community
History: how Binance came into existence?
Following is a byte from an interview that CCN.com had with Changpeng Zhao, CEO, who reveals how this Exchange project came into existence:
“This is an old idea actually. I had this idea back in 2013. I see two types of exchanges back then. There should be a handful of exchanges in each country, handling fiat to crypto exchange. There would be also be a handful of crypto-to-crypto exchanges around the world, handling pure crypto conversion. After I joined Blockchain.info, we discussed it at length. This vision has not changed much through the years.
After I joined Blockchain.info in 2013, we discussed this at length. But it was too early. There just was not enough altcoins worth trading back then. The mission was to more people from fiat to crypto. After leaving OKCoin in 2015, we considered the idea again, but decided it was still too early. But now, the time is right.”
Binance is not a newbie in the crypto industry; rather it has a long experience of dealing with crypto-currency or crypto coins. It has been dealing in both crypto and finance industry for several years. As of now, the team boasts of having an extensive experience of working on and operating on a lot of exchanges, and as of now, they have a large network of partners in this space.
Some of the key people who helped this platform to come into existence are as follows:
- Changpeng Zhao – CEO – Zhao has been actively participating in the crypto world for several years. He has also been the founder of BijiTech and co-founder of OKCoin a famous Bitcoin Exchange.
Other famous figures that made its existence possible are the chief marketing officer Yi He, one of the leading cryptocurrency advisors in China and co-founder of the OKCoin exchange.
Besides, the other includes:
- Roger Wang – CTO
- James Hofbauer – Chief Architect
- Paul Jankunas – VP of Engineering
- Allan Yan – Product Director
- Sunny Li – Operations Director
What Solutions Binance Provide?
Problems that this exchange platform promises to solve through its crypto exchange are as follows:
Poor Technical Architecture: Since increased load often slows down the majority of financial systems available in the market today, therefore exchange systems are required to be built from the very base by taking into account the speed, security, efficiency, and scalability.
Insecure Platform: Hackers are all around in the web world. They are always on the lookout to hack your system, and there are end numbers of exchanges that have to face frequent slow-down or even breakdown due to these hackers. However, this crypto system is engineered to high security standards, and tries to make sure the security first.
Poor Market Liquidity: Poor market liquidity is a very common phenomenon almost every normal users and professional traders eventually have to come across in their lives. However, the large network of partners accumulated by Binance over the years is the key in bootstrapping the exchange.
Poor Customer Service: Traders belong to a different breed when it comes to users. They have a very different mentality, and it is essential to understand their mentality if an exchange is to be run successfully. However, Binance has been brought about with service in mind. The company believes in sharing support responsibilities across the entire staff and company.
Poor Internationalization & Language Support: Where most exchanges keep their focus only around one single language or one country, Binance’s international multi-lingual team offers support to the global market, thus is compatible with other languages, as well.
How does Binance solve these Problems?
Some of the features that this platform has rolled out with its Exchange are as follows:
Matching Engine – As per the claims made by their whitepaper, the matching engine can sustain 1,400,000 orders/second, and makes it one of the fastest exchanges available in the market nowadays. Thus, you do not need to worry about your orders being “stuck” because of matching problems on this system.
Device Coverage –The platform also makes available cross-platform trading clients for:
- Web-enabled trading
- Mobile iOS app and iOS
- Mobile HTML5
- PC (Windows)
Multilingual Support – Binance’s whitepaper also reveals about the further promises that the company wants to fulfill. Such as it has plans to make this exchange platform available on all of their UI (user interfaces) not just in English, but also in Japanese, Chinese, and Korean though their website is already supportive to languages like Spanish, Japanese, and Korean (in addition to Chinese and English).
How the Exchange Functions
If you are a first-time visitor to this Exchange, you must have quickly noticed the exchange platform makes available two alternatives – advanced and basic for digital currency trading. However, none of them is seriously user-friendly. Anyone having a background in digital currencies and a little knowledge about the functioning of exchanges can easily make use of this platform and the variety of services it offers to its users.
The key difference between both the versions is that where advanced one provides thorough and in-depth technical analysis of the value of digital currency over the period of time, the basic version, on the contrary, brings to you all the details in many charts and graphs for the pairs that you are trading, trade history, and order books.
This is how the basic view looks like:
And this is how you will see the advanced view:
What is Binance (BNB) coin?
Launched during mid-July 2017, Binance or BNB coin stands among the top cryptocurrency exchanges in the crypto arena. It is probably the first exchange with its own currency, known as BNB. You can use this currency to pay for the varied types of fees within this exchange. The fees that you can pay for are as follows:
- Trading Fees (fees incurred from buying and selling coins)
- Withdrawal Fees
- Listing Fees
- Any other fee
When you start using the coin to pay for above fees, you enjoy a great discount. The ERC-20 token BNB sprints on the Ethereum network. It offers traders a 0.50 percent discount on trading fees if they use the exchange for one year. Moreover, if they use it for four consecutive years, the coin provides traders with substantial discounts on yearly basis. It also makes use of its profits’ 20 percent to buy back and ruin BNB tokens each quarter until 100mln tokens get burnt. Besides, investors can notice a growth in the token valuation as and when its supply comes down. Moreover, the coin comes equipped with all the features that an investor would like to have in an exchange.
Such as, the coin supports trading pairs with all major coins; it is also supportive to multiple device platforms, multiple languages, and simple user interface. However, the coin does not accept fiat currency. Instead, it allows for crypto-to-crypto trading.
The existing market cap of BNB is valued at USD 204,334,202 whereas around 99,014,000 BNB tokens are to be supplied with a total fixed supply of 199,013,968 tokens.
The ideal place to purchase BNB tokens is only on the Binance exchange since it provides traders with 0.50 percent discount when they do their trading through cryptocurrency pairs from Bitcoin to Ethereum, etc.
How to Buy BNB or Binance Coin?
Here are a few quick simple steps that you need to follow if you are planning to buy BNB coin.
- Go to its Website: Binance is the only place to purchase BNB.
- Complete the Sign-Up Process: Fill out the required details where required. Remember that you cannot directly deposit fiat currency to it.
- Send your BTC or ETH to your Wallet at Binance.
- For each coin, you can see the coin’s symbol, name, your total balance, your available balance in order, BTC value
- Use the BTC/ETH to trade for BNB.
- HODL your BNB to the grave and enjoy your ride to the moon!
The BNB coin offers compatibility with:
- PC client
What Binance Plans to Do Further
According to Binance’s Whitepaper, the company wants to include several other features in its platform. Though it has announced nothing so far, it does plan to offer support for:
- Spot trading
- Margin trading
- Anonymous instant exchange
- Decentralized (on-chain) exchange
How to Register and Deposit on Binance
Following are the quick ways that you need to follow to register and deposit on Binance:
- Click “Register” on the top right corner by inputting your email address, password and captcha, then click “Register”. Remember, your password must have 6 to 20 characters, along with lower case and upper case letters as well as numbers.
- Once you are registered with the platform, it will send a verification email to the email that you used while registering. Do not forget to check your spam folder if the sent mail does not reach your email address.
- When you have reached to the email sent to you, just click the verification link there to complete registration.
- Log in “User Center”, and click “Deposits and Withdrawals” on “Funds” Menu.
- Select your deposit token type, and click “Deposit”. You are allowed to do deposit of BTC, ETH, LTC, NEO and BNB here.
- Click “Deposit”, check your deposit address.
- You can transfer your token into this address from your wallet and other exchange platforms.
- It can now automatically confirms your deposit result. You can see details at “Funds > History”.
A vast range of cryptocurrencies the BNB Exchange platform supports pairings to comprise of Tether, Bitcoink and Ethereum.
Following are a few of the coins that you can avail of now:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
- 56 plus more cryptocurrencies with new ones are being included almost every day.
Binance Coin (BNB): Investment Analysis
The BNB coin comes with a utility case. If you trade through it or invest through it, you get incentive from it. However, this crypto-coin seems to be benefiting its frequent users.
Moreover, because of the burn rate in each quarter, token value expects to increase, but not as fast as other crypto investments may do. That is why; it would be wise to keep hold of a couple of tokens on the exchange so that you can bring down your trading fees.
Its business is not just sensible, but it also revolves around the simple law of demand and supply. Its price may go up because people are always on the lookout for options that can let them trade with a fee discount, and Binance platform is what best suites such people.
Just as this exchange platform is expanding and getting momentum day-by-day, it seems that it has started influencing the investors and traders alike. The BNB coin today stands as the top 10-cryptocurrency exchanges when it comes to volume, which is really an appreciable feat for company that has just passed a few months in the cryptocurrency industry.
Taking into account their business model it can be said that their price are to be determined by their business profits, which will finally be utilized for the destruction of 50 percent of all BNB tokens. With a view to achieving this, the company has involved itself into the development of many other types of creative and innovative stuffs like the Community Coin Per Month, Their Angel Program, Their API Coding Competition, and many different giveaways. Furthermore, Binance is the standalone exchange platform, which provides NeoGAS to its NEO Holders, meaning a superb adoption sign for it and Neo investors.
In addition, their plans of launching their existing exchange platform in many other international languages across all platforms may also work as a good strategy for mass adoption.
Finally, just as this exchange platform is growing and its volume is going high every day, it wouldn’t be an exaggeration to say that they may be placed at the top 5 best exchanges in terms of volume in the coming months.
Thus, it clearly shows that Binance and its BNB coin are going to have a good future ahead.
Although Binance does not provide user-friendliness, it still does provide the traders and investors with amazing digital currency support and great fees. The exchange platform also have sufficient access to a large number of partners and resources, chances are ripe that Binance may too think of evolving and offering an amazing or so to say “better than others” digital currency exchange services to their clients.
What Press and Social Media Say About Binance?
- The Merkle: Binance is Selected as The First Exchange to List CND
- Livebitcoinnews: After 143 Days of Launching, Binance Is among the Top 3 Cryptocurrency Exchanges
- Livebitcoinnews: Bianance Adds to Stellar Lumens
Social Media Channels:
Here are some useful links that you can read to know more about Binance and how to buy BNB coins.