Binance Exchange Review – Comparison, Fees and Functions
Binance is the top cryptocurrency exchange for providing a huge selection of coins with a large organic trading volume to match. The exchange is widely popular with more than 7 Million users worldwide. Key advantages of Binance include:
- Fast order matching – Binance boasts the fastest order matching engine at 1.4 mil orders/second per second
- Large trade volumes – large daily volumes with more than $500 Million USD traded per day*
- Loyal fan-base – Binancians are the bread and butter of the exchange. Binance Angels are also located in different regions to promote the exchange.
- Binance Decentralized Exchange (DEX) – A newly launched decentralized exchange for advanced users who self-custody of funds.
Binance has grown to include different cryptocurrency purchasing options, such as credit cards and British Pound (GBP) via Binance Jersey (Binance is a combination of “Binary” and “Finance”). By being a purely cryptocurrency exchange and not having to deal with fiat, they can deal with less regulatory issues.
It also has an impressive listing of Initial Coin Offerings and altcoins. Binance biased in multiple jurisdictions, including Malta, Singapore and Hong Kong and it’s servers are located around the world. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish and French.
Features of Binance
Binance features two trading modes – normal mode and advanced mode. For regular users who want to have easy access to trading, normal mode provides an easy to understand interface and simple use trading features. Advanced mode enables setup of stop-limit functions that could be used to mitigate risk.
Binance Chain has been launched to be the main platform for token issuance, token trades and provide the backbone for Binance DEX.
Binance Token BNB:
Binance tokens were issued to project supporters. The token has 3 major features:
- Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
- GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
- Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.
Sign up to Binance here: https://www.binance.com/?ref=10192887
Fee comparison with other exchanges (taker fees)
- Binance 0.1% https://support.binance.com/hc/en-us/articles/115000429332
- Bittrex 0.25% https://bittrex.com/fees
- GDAX 0.25% https://www.gdax.com/fees
- CEX.io 0.25% https://cex.io/fee-schedule
- Kraken 0.26% https://www.kraken.com/help/fees
- Poloniex 0.25% https://poloniex.com/fees/
Binance also has the additional benefit of using their BNB token to pay for exchange fees. Using the token currently grants a 50% discount rate, meaning that fees can be as low as 0.05%
Recently, Binance has added a Stop-Limit Function to their exchange. A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
Explanation of Terms:
Stop price: When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price or better.
Limit price: The price (or potentially better) that the stop-limit order is executed at.
Quantity: The quantity to buy or sell in the stop-limit order.
Please note: A maximum of 2 stop-limit orders are allowed for each trading pair at any point in time.
CoinMarketCap – trade volumes for Binance