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October 10, 2018

What is Binance?

This review is going to be part of my "Best Cryptocurrency Exchange" set of reviews. Im starting with Binance as it has been a central figure in the crypto space lately and always makes a lot of noise with its outspoken leader CZ.

Binance was founded in July 2017 in China. In April this year, Binance relocated its operations to Malta. Speculation for the move to Malta was it has very lax rules on Cryptocurrency regulations and Binance was escaping the Chinese governments massive control. As China imposed a ban on all cryptocurrencies (even though the government is creating its own version of Bitcoin)

For a company that has only been opened just over a year, they have had a mercurial rising in the Crypto world. As of July, Binance stated it expected to make $1 Billion in profit for 2018. This is no small number. To give you an idea of how much $1 Billion dollars in profit is, here is a list of companies that makes less than 1 Billion a year:

*Standard Chartered Bank Ranked 309th in the world by Forbes had $893 million in net profits in 2017.

* Japan Post Holdings Bank ranked 319th in the world has $442 million in net profits in 2017.

*Heineken Holding (Beer) ranked 390th in the world with $1.1 billion in net profits in 2017.

*General Motors ranked 439th in the world and actually lost $3.2 billion dollars in profit in 2017.

The list goes on. These are companies that have been around for decades that have built up services, infrastructures, staff, product and more that are relevant in the Global Economy.

And then you have Binance. A company opened for around 15 months now swooping in and putting itself squarely into the Worlds 500 Most Profitable companies. Most people would not even be able to tell you what Binance is. Nor would they believe how much money they are making.

Money moves fast, and in crypto, money moves like lightning. 

 Learn to Trade Cryptocurrency on Binance 

 

Binance offers multiple videos on trading to help teach you how to trade.

* Introduction to Candlesticks

* What are Makers and Takers

The learning section on Binance is somewhat limited yet can still be useful. Candlesticks and trading on TA can be very helpful to beginning traders.

Binance also offers multiple trading options for traders to use. With a simple interface as well as an advanced view mode, traders that are new and experienced alike can both take advantage of the features on Binance.

Note: Binance is only a Crypto to Crypto exchange at the moment. That means you cannot add your local currency into your Binance account and start trading. You will need to import other coins in order to trade on Binance. For US traders coins Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic can be added directly from your Coinbase account.

From there you may use these coins to purchase over 120 different cryptocurrencies. As for liquidity, here is the daily volume number for Binance (Oct 8,2018)

Binance Daily Volume

Pairs traded on Binance

BNB- this is the Binance Coin (half off trading fees for using this to trade)

BTC- the original King of Coins

ETH - ethereum volume 

USDT - tether volume. This is essentially US dollars. It works the same way.

 Binance has great liquidity and a ton of coins for which to choose from. Learning to trade on Binance might be a bit of a stretch though. The trading section only has two videos which would make it difficult to actually learn how to trade with.

It does however give you a good start as to what you need to be looking for when trading.

And remember , there are multiple ways to trade and invest. If you are looking to invest your money, then you won't need a lot of technical knowledge. All you need is to research some of the coins you are interested in and then buy them and hold them until it hits your target price. 

If you are looking to day trade or swing trade then the contents of the Binance trading section will not be enough for you. You will need better Technical Analysis as well as Fundamental Analysis and a good knowledge of Price Action. Thats TA + FA + PA. You can Google all of these terms and get the kind of answers you need to become a good trader.

  Is Binance The Best Cryptocurrency Exchange?

 You can read many reviews out there that won't ever actually tell you this answer. Im going to come out and give you the best answer possible and tell you why. 

I believe that currently, Binance is the best exchange for you to buy and sell cryptocurrency on. Such feature like a high amount of liquidity, great customer service with a very secure website safe wallet can make trading very easy on Binance. 

All these factors and over 100 different trading pairs make this exchange top on the list for Bitcoin and cryptocurrency trading. People will always have favorites and many of the guys that have been in the Crypto scene would pick a whole host of other exchanges before they picked Binance. For the newer person just starting out trading though, its one of the simplest and easiest to use exchanges out there. 

Im giving Binance a rank of 8.5/10


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