Binance is a Chinese crypto exchange founded by Changpeng Zhao in 2017.
- Great user experience
- Good support
- Wide range of coins
- Low fees
- Registration sometimes closed
Binance has quickly become the crypto-to-crypto exchange.
It has overtaken exchanges such as Poloniex and Bittrex in terms of volume traded due to Binance superior support and software platform.
To fund the development of Binance, the development team launched an ICO and sold BNB-tokens which can now be used for trading on Binance.
They also offer a brilliant mobile app for iPhones.
The team behind Binance maintains an open dialogue with the cryptocurrency community and hosts votes frequently to choose what new altcoins will be added to their already wide range of supported cryptocurrencies and tokens.
Binance has very low fees and the user has the option to pay fees in either the traded currency or Binance tokens (BNB).
If you choose to pay fees in BNB Binance will slash an additional 50% of the trading fee.
Binance CEO, Changpeng Zhao, has an impressive track record within the cryptocurrency community.
He has previously worked at Bloomberg and as lead developer at Blockchain.
Right now there is no better alternative to Binance for altcoin trading but it may appear a bit complicated for beginners.
Fees & Deposit / Withdrawal Limits
There are no deposit fees or limits on Binance. There is no requirement to verify your account but your withdrawals are limited to 2BTC per day unless you do.
The trading fees on Binance are 0.1% currently, and using their own BNB token to pay fees it is as low as 0.05%.
This makes Binance one of the cheapest exchanges out there today.
Binance does not offer the same transparency as some of its competitors currently. They do offer standard 2FA Authentication.
As always you should not leave more funds than what you need on exchanges. Store them on secure wallets instead.
CEO: Changpeng Zhao (Jul 2017–)
Founded: July 2017
Founders: Changpeng Zhao, Yi He
Type of business: Company
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