I've been using this exchange for some time now and recommending it to other users in chats, here is some info about it and some things I like and dislike about it.
Binance is a new exchange focusing on coin to coin trades. It's one of the first in the world to target multi-language availability, starting with english and chinese and adding korean and japanese next.
Binance CEO Changpeng Zhao has recruited some of the best dev available for the exchange. They are one of the fastest exchanges as well making it possible for orders to match to a speed of up to 1.4 million per second.
They had an ICO on the Binance Coin which allows for discounts on exchange fees, withdraw fees and listing fees. You use the token for fees instead and get the discount rate as follows: 50% for the 1st year, 25% for the 2nd year and halving to the 5th year where the discount ends.
This is the chart of the Binance coin since it's been trading (taken from coinmarketcap):
The exchange recently surpassed Bittrex which has been one of the leading exchanges in volume for a long time after Poloniex difficulties during the summer. Needless to say it's quickly becoming very popular, the referral system they use might be a big reason to it. The user with most commission from referrals to this day has received over 40 BTC. You receive half of the fees users spend on their trades which consist of 0.05% if you use binance coin for them, which means the referrer earns 0.025% out of that. It also has lower withdrawal fees than many other exchanges, I've been able to withdraw BTC for only 0.0005 BTC.
They are also known to be fast at adding new currencies to their exchange for the right price. If the currencies are promising and show potential of being added to other exchanges later it has driven many investors to buy a lot of them. They also make possible marketing of currencies through certain contests such as "the account with most purchases of coin X gets a special prize of X tokens of X coin" which seem to be pretty popular and leading to a lot of volume.
I personally love the 0.05% fees, compared to other exchanges that offer 0.2% up to 0.5% this is a huge difference, especially if you are trading with bigger volumes.
One thing I am not much of a fan of right now compared to other exchanges, is that it doesn't let you trade certain coins in decimals, this simplicity might be due to allowing for the fast trade speeds but it leads to a lot of dust amount of different coins making your wallet look messy. I also don't like that I can't just click on the currency in my wallet to get to the exchange directly.
Another thing that slightly annoys me as a daytrader is that you can't easily check your history of certain trades if the trade occurred a day late, making you have to open up the history tab even though they could just leave it there on the exchange since it already has a tab available for it, not sure why the remove it so quickly but I guess it's something that can change over time:
Something that felt missing and they recently added was stop-losses which are very helpful for daytraders especially with fees only being 0.05%, it makes it pretty hard especially in a bull market as we are having lately to fail at trading over there. :)
If you liked this post and review, there is a link with my referral in the image below, I'd appreciate if you use it. As said earlier, you don't lose anything by doing this, I just gain a percentage from your trading fees.
Hope they will add Steem & SBD to it soon, if you want to help that process, check out this post by @razvanelulmarin
Thanks a lot for sharing this information with us all, as you say, it has quickly became a giant in our sector of investment.
the referral system is very powerful and sure incentivize a huge portion of people to use it. Do you happen to know how it compares with the BitShares DEX referral system by any chance?
Thanks again for an excellent article, namaste :)
I have bought the lifetime membership for Bitshares DEX. I am not using it myself since the volumes are low and sometimes there is a large gap between bids and asks. For now I have pretty much shifted to Binance exchange as the default one. I will reconsider moving back to Bitshares or promoting it only once the volumes really pick up.
You are about to get back on BTS DEX as there a monumental load of people moving in the next few weeks... ;) Stay tuned!
Namaste :)
I haven't used the BTS DEX much myself unfortunately, will probably do that more in the future!
This is mainly for half of the trading fees as far as I know. There's also a notice that they may change the ref rewards at any point in the future or if abused.
its also having lowest fees in the industry i guess i.e. just 0.1 %
@eric-boucher @acidyo also Look at these commission stats
as of 18th-DecI am quite enjoying it over at Binance. It is quite a different experience than Bittrex and a little harder to navigate as you mentioned but, it does have some different coins and it seems to have a little more volatility which is nice.
Actually, the "Advanced" market is a lot easier then the other one to be honest. Easier to navigate, also it automatically comes with dark mode which is a plus!
@acidyo I recently registered to Binance! I'm very satisfied with their services! Especially with their really low fees! That is a game changer! They respond really quickly and the same applies for the verification process. Upvoted for the quality information you provided once again,
Thank you!
Highest Regards
@lordneroo
Nice read.
Wish I had known about this a bit earlier as I've recently made some transactions and looking at the fees I paid hurts.
For now I'm still on Bittrex, when Binance adds the Steem & SBD pairs I might look into it :)
Thank you for sharing, but currently Bittrex still having the most user because of the pioneer and simplicity, I guess once Binnance have Steem and SBD pairs, we steemians will love to trade in Binance with such great low fees.
Wow, 40 BTC from referrals. You'd have to have a mass audience/following I'd assume to get that much, right? Christ, that's around 3 quarters of a million dollars. Just crazy to think about. Thanks for the heads up on the new exchange, if I sign up for it I'll use your referral link. Really considering it since Bittrex has been such shit lately.
What are your issues on Bittrex? I've had decent results for many months?
They randomly shut down my account out of the blue and requested I do verification. Okay, whatever, fine. I do the verification. Then, a day later they shut down my account again and say I've been flagged onto some strange list, and request that I do enhanced verification before I can get access to my account again. This is all while I have a few hundred dollars sitting in my account that I needed access to, but whatever. Okay, lets do the enhanced verification. That takes almost 10 days for them to finish verifying, and then for some reason my account still isn't activated properly. Then another 2-3 days of emails go by before they reactivate it entirely.
Now, my experience wasn't the worst thing ever. But, I've had several crypto friends lose access to their accounts on there for no reason, with support tickets sitting unresolved for well over a month without a response. It makes me really not feel all that comfortable with using them, and I'm really leaning towards going to another platform with all of the recent issues, including my own. Every time I transfer over funds to my Bittrex account, I can't help but get nervous since at any point they could freeze my account for no reason. YMMV and all that though, if it works for you without an issue that's great and I hope it stays that way. I just don't really think they have good customer service at all though.
I am using this exchange too. It is very fast, a very clear GUI and the fees are very low, when you use their own binance coin.
Do they also include verification like bittrex and from your review seems the transaction is a lot more faster and cheaper right?
Yes they are cheaper and trades are much faster!
I don't remember having had to verify my identity on there. They do require a 2fa to be able to withdraw funds though.
ok thanks for the information
Does binance require social security?
This exchange will explode in a couple months.
I will sign up using your link when it gets steem...
Not that I'm aware, no!
They require kyc for withdrawal more than 2 btc per day .. max withdrawal limit per day is 100 btc .. after kyc
They have a 2 BTC weekly withdraw limit if you dont want to go through knnow your customer.
Thats kind of a major limiting factor
Only for those withdrawing 40k+ USD weekly who refuse KYC. I know it effects some, but untill the DEX's get more established its decent.
For me I already used bittrex exchange. Omg..SBD and steem not fixed yet here in Binance. How much period spend for solve? I see exchange fees less
They haven't listed it yet, I'm sure once they do it will be working flawlessly as they haven't had much issues with other currencies there unless the blockchain itself was bloated.
this is interesting, maybe they will provide sp as well. I really hope it will be. of course i am very support for sbd and steem. thanks for information. i like you ..
It does not support USD deposit yet
Binance is my favorite exchange.... a lot of coins traded there and often gave airdrop bonus coin.
Great post!
I switched to Binance after Bittrex held my coins hostage for two weeks while I waited for them to process my ID verification. Binance let's you withdraw from day one.
recently joined binance.
and been able to 8x my money with investing in REQ :)
Great platform
I like binance, but I'm all about bitshares atm!
If they can add sbd and steem I would love to use this exchange am owk with its other features.
We should request it as customers, also adding eos would be nice.
How fun it is, I just subscribe today on Binance!
@acidyo, if you have some advise of the best way to trade there (the way you think is the easiest in there).
Thank you =)
And see you in Binance ^^ hehe
I must comment on how I dislike how the user is forced to buy their own coin or otherwise face ridiculous fees. Also, it seems like one of my small deposits got lost in their system. It was shown for moment and then just 'poof', gone. So not all roses and sunshine there, for me at least.
Yah i have account in there (Binance) i like the functionality, the speed and the low fees but i think they could improve on the UI!!!
Lovely Article my friend thanks much for sharing this with us, i learnt a lot from this post and sure its helping others, thumbs up
I see you are sharing this photo on each comment you give, and it seems that you don't evwn read the articles. I can understand that this is a new account, and maybe you don't know many about this platform yet so I will let myself ask you to stop making such comments. Also comments like Nice Good job and other short comments like these are often considered spam. You can be flagged for this so please do not do it. Have a good day!
You should check out Cobinhood, 0% fee exchange that goes live today.
good post thank you for the information
I personaly use binance and the only issue was the mobile program, but now it seems like they fixed it!
Binance wouldn’t allow me to sign up. So I’m with bittrex, which I learned to love
great job bro , nicely done.
Thanks for informing us.
great referral program
Vote me please!!!
I notice that you post this exact comment over and over again in different posts.
I highly recommend that you read this article and change your commenting behavior before you receive more flags: https://steemit.com/steemit/@miti/newcomers-minnows-and-spammers-this-post-will-save-your-reputation
I hear a lot about Binance on here I'm interested. If I check it out I will be sure to use your link
thanks for recommending binance to me @acidyo upvoted and followed
Thank you for sharing this, it's educative
thanks for the information. Great job
Is this an exchange run on a blockchain? Is it decentralized or governed?
Thanks for sharing
I have been trading on Binance as well and I still can't withdraw my IOTA. It ticks me off.
Plus if you withdrawl EOS it charges 0.7 EOS.
Overall I like a lot of things about it but I don't like that my IOTA is stuck.
Would you suggest that I buy some Binance Coins to offset trading and withdrawl fees?
I just haven't done much trading lately. I guess I have gotten into more of a HODL mindset.
I'll give them a look though and use your ref link when I do @acidyo.
They almost have to be better than Poloniex.
Ha, you have awesome timing! Ive been asking people all day for a reference code and no one has given one to me yet. I do a fair amount of trading and i guess u could bank off it if i sign up under u.. i am not asking u for anything, i just feel like the markets make enough money and if i can help someone out with free money then dmanit im gonna help out someone on steemit! Lol.. anyhow, let me know if thats good with u and text me the code on discord if u want.. same name. Take care.
While I think the referral code is part of it, BNB is large to. On other crypto forums/groups you always see Binance mentioned, without referrals, but with "make sure to buy some bnb to reduce fees!". Its the easiest coin to shill, as you are giving legit advice.
The other part, of course, is iota. They had it, others didn't, it 4xed .
And lastly, its obviously the only exchange you should hold neo on, as they actually payout the gas.
I recently started using and have found it great to use. However the live trading chart is a bit annoying as I can't seem to expand it to a longer history of trading.
Yesterday I found 500 Tron in my Binance account, first thought was: What the fuck is this Tron? Never heard about...Turned out they did an airdrop!
Not much but they put a smile on my face lol
Thank you for the details insight .. I have heard of it but have not yet open an account .. for now I use bittrex. But will
I like that pokémon. I guess the acid was a good investment :)
I've been locked out of my binance account for almost a week now. I messed up my phone and didn't have my authenticator codes backed up (yeah I know I'm an idiot, I thought my restore would..well, restore them).
They have given me a way to reset my 2FA, and I've sent them the required info, but still haven't been able to resolve the issue.
I am very not happy with Binance at the moment.
Let me beat the dead horse - STEEM needs to get on Binance ASAP!
good