Binance Exchange Review – Comparison, Fees and Functions
Binance is a crypto to crypto exchange with a focus on low trading fees. 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 is based in Hong Kong and it’s servers are located in South Korea. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish and French. This allows them to focus on the international market and has led to a partnership with QUOINE, a leading global fintech firm.
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.
Features of Binance
- High performance – capable of processing 1.4 mil orders/second
- Multi-language support – English, Chinese, Korean, Japanese
- Good support team – Binance support is reachable (rare in crypto space)
- All major coins available – BTC, ETH, LTC, BNB etc.
- Low trading fee – Only 0.1% trading fee
- Early support for Bitcoin Forks – Bitcoin Gold, Bitcoin Diamond were all listed on Binance
- GAS distribution for NEO – storing NEO on binance yields GAS too!
Partnerships with Other Chinese Coins and ICOS:
One of the advisors for Binance is Da Hong Fei – The founder of NEO. This means that there is a strong partnership between Binance and NEO. Currently, Binance is the only exchange that gives NEO GAS for holding NEO on the exchange. The exchange takes a snapshot of the NEO balance on a daily basis and will distribute NEO GAS based on the snap shotted balance.
The Binance Exchanged was financed through an ICO that was held on the 14th of July 2017. A total of 15 Million USD dollars were raised during the event. Here are archives for the Whitepaper and the ICO page.
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
Binance Exchange Review