Binance is the leading virtual currency exchange in the world by adjusted trading volume. However, its rise to the top has not been by sheer luck; it has taken effort and commitment with the wellbeing of cryptocurrency traders being at the center stage. Click here to see more on the Binance site.
Here are some of the reasons why Binance is the place where the best traders go:
1. Low Trading Fees
What is more important than knowing your profits won’t be overly charged? Binance offers some of the lowest trading fees among cryptocurrency exchanges. Typically, a trader will only be charged 0.10 percent without a cap on the traded volume. Such a standard fee provides a level trading ground for both large and small traders.
It gets even better when a trader chooses to pay the fee using the platform’s native token; Binance Coin (BNB). With BNB, trading fees are reduced by 50 percent. i.e from 0.10 percent to 0.05 percent.
Withdrawal fees, although it’s variable, is equally low. For example, withdrawing top coins such as Bitcoin (BTC) attract a 0.001 fee while Ethereum (ETH) and Litecoin (LTC), have a fee of 0.01 each. Withdrawing NEO and GAS is free.
2. A Fair Affiliate Program
Binance runs an affiliate program that lets you earn 20 percent of all trading fees charged on the friend you bring on the platform. Unlike on other exchanges where the program is for exclusive users, Binance gives an equal opportunity to all users. This a smart way to market the exchange by rewarding its users for spreading the word. The earnings are credited to your account in real time. As Binance puts it, “it pays to have friends.”
The process of referring your friends is also simple; register on Binance, join the referral program, grab your referral link/ ID, or QR code and share it with your friends.
3. Quick Payouts On Forked Coins
Cryptocurrency traders sometimes wait for months before the forked coins are credited to their accounts. But, with Binance, forked coins are received within a few days of the fork happening. Binance expressed its support for Ethereum’s Constantinople hard fork that was scheduled to take place early this year before the fork occurred.
“We will handle all technical requirements involved for all users holding Ether in their Binance accounts. Should there be any other hard forks or airdrops during the Constantinople hard fork period, we invite these respective project teams to contact us.” It is such support that makes traders flock to the exchange.
Airdrops are used to market new crypto projects by crediting crypto holders with free coins. Binance has in the past increased its support for airdrops consequently gifting its user with free coins once in a while. The main point behind airdropped coins is to ignite interest in the new project. Receivers can sell the free coins, hodl, or swap them with other coins.
4. A Wide Range of Listed Altcoins
Binance has over 450 listed cryptocurrencies and even a more significant number of trading pairs. This is more than what other exchanges like Coinbase and Gemini offer. With such a wide range of tradable digital currencies, traders can switch from one to the other in pursuit of profits. It also helps traders to mitigate losses since some altcoins tend to have a relatively stable price than others.
5. Its Own Coin, Binance Coin – BNB
Binance Coin’s BNB is pulling cryptocurrency traders to the exchange at an alarming rate. The coin now has a market capitalization of $3.1 billion. This gives a rough idea of the number of traders who have invested in the coin.
To take it even further, Binance has started curating products that put BNB at the center stage. For example, the exchange recently launched the Binance LaunchPad. A platform for issuing Initial Exchange Offerings (IEOs), a direct competitor of Initial Coin Offerings (ICOs). Since its launch, the platform has recorded tremendous achievements. For Example, the BitTorrent issued an IEO on the platform and was sold out within a record 15 minutes.
6. Its Place In The Future
It is usual for cryptocurrency traders to look out for the prospects of a crypto exchange before they decide to stay.
Binance understood this early enough and it’s already implementing the future today. Part of the implementation has been the development of Binance DEX. A decentralized crypto exchange that will facilitate peer to peer cryptocurrency trading.
This has been hailed as the next technological advancement for virtual currency exchanges. Notably, the development of Binance DEX which recently launched, does not involve funding from venture capital firms. This ensures the final product is adequately tested and implemented without any external interference.
7. Binance Contests
Binance has been running trading competitions to keep the traders engaged and coming back for more. The prizes offered are also mouth-watering. For instance, Earlier this year, the exchange conducted the BitTorrent Token (BTT) trading completion to celebrate the listing of BTT on Binance LaunchPad with 200 million BTT marked to be shared among winners.
This was followed by the ‘Binance DEX Simulated Trading Competition’ with the exchange putting 10,000 BNB up for grabs. A month later ‘#MyBinace Contest’ started. The last competition is even more fascinating since no trading is involved.
Apart from being a Binance user, you are required to fire up your creativity and recreate the Binance logo with whichever material or method possible. The first winner gets $250 worth of BNB while the second and third winner gets $100 worth of BNB each. Additionally, the most creative user gets $50 in BNB.
8. Binance Global Reach and Security
Binance is available in over 190 countries. In some countries like Uganda, the exchange supports fiat trading.
With hackers targeting cryptocurrency exchanges, cryptocurrency traders have been very cautious about where they trade. Binance’s history of never succumbing to a security breach has been a significant attraction for cryptocurrency traders.
Last year, the exchange detected and thwarted a security breach. This added to the confidence the exchange enjoyed among crypto traders.
9. The Binance Trading Platform Advantage
The crypto exchange offers a simple trading interface for beginners and an advanced option for those comfortable with complex charts. However, both options provide enough market analysis tools such as volume and candlestick charts.
The trading platform has a high uptime with a capacity of over one million orders per second. This helps Binance provide fast transaction, and the traders are guaranteed that the platform will be working when they need to conduct a trade. With speed and timing being the difference between a loss and profit in the cryptocurrency world, this feature adds to why crypto traders flock to Binance.
It is evident that Binance has not miraculously reached the top ranks, but it’s a culmination of calculated moves towards the wellbeing of cryptocurrency traders. A simple trading platform, low fees, and ensuring the security of traders’ funds are some of the reasons Binance has been attracting virtual currency traders in large numbers.
Additionally, a wide range of altcoins to choose from, running competitions, and its focus on the future are other significant contributors as to why crypto traders shun other crypto trading platforms and stick with Binance.
Steering away from controversy has held boost its professionalism. Binance can be viewed as a road sign indicating how a cryptocurrency should be operated.