Binance Review 2018: Comprehensive Crypto Coin Exchange
Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume.
Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version.
Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review.
Below is the “standard platform” look:
Below is the advanced display:
BINANCE Advantages
Large Cryptocurrency Pairings Supported
The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins.
Low Fees AND LIMITS
The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit.
Ease of Setup
Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange.
Binance Provides Significant Trading Volume
Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power.
Wide Support of Cryptocurrencies
No Verification Requirements
Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies.
Ease of Use
You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction.
BINANCE Disadvantages
No Leveraged Margin Trading
Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open.
No Fiat Functionality
This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported.
Relatively New
Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E.
Conclusion
Accessible option for obtaining Different Cryptocoins
Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading.
The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.
Why Should You Use Vehicle Insurance?
"Auto insurance? Compulsory?"
Hi Kompasioner, have you ever thought about using vehicle insurance? Before that, you have to know what vehicle insurance is. Vehicle insurance is a type of protection for motorized vehicles. Ranging from motorcycles, cars, even trucks. Vehicle insurance does not look at the type of vehicle. All types of vehicles can use vehicle insurance services.
So for you vehicle owners can use vehicle insurance services. But is it mandatory for every vehicle owner to buy insurance? Of course not, the choice to buy insurance returns to the choice of each vehicle owner.
However, vehicle insurance can be considered for purchase. Purchasing insurance is intended to reduce losses when unwanted things happen to your vehicle. Such as accidents, damage, and so on.
Usually people buy auto insurance for new vehicles. Because people will think if something happens to the new vehicle it will be very detrimental.
However, for used cars or other than the main car, insurance is usually not used because usually other than the main car is rarely used. So the possibility of an accident is very small. People will think twice about buying insurance on used cars or cars other than the main ones.
What are the benefits of vehicle insurance? Of course the name insurance has various benefits. Some of the benefits of insurance can be your consideration when you want to use vehicle insurance services along with some of the benefits.
Provides a Sense of Security
Vehicle owners will feel safe in their vehicle if something unexpected happens. A sense of security and comfort is something that is promised by the insurer to its service users
Reducing Expenditure For Repairs
The use of insurance services provides funds for vehicle repairs if something undesirable happens to the vehicle. However, assistance is in accordance with the insurance agreement and if it meets the insurance claim requirements
Become an Investment
When your vehicle uses insurance, get good care. Good vehicle conditions can maintain the selling price of a vehicle if one day you want to sell it.
The benefits above can be used for consideration if you want to buy a vehicle insurance. For some people, driving with caution is enough without buying insurance. But no one can guarantee that if you are careful then an accident will not happen. Many accidents happen because of other motorists. The accident can occur at any time without us being able to predict.
After knowing the benefits of using vehicle insurance services, you also have to know the type of insurance. For example, for cars, there are types of All Risk and Total Loss Only insurance or called TLO. Both types of insurance have differences in the coverage of a vehicle. You have to be able to choose carefully which one to buy.
All risk type insurance is insurance that will replace all types of damage. Starting from minor abrasions to severe damage that occurs due to accidents or others. Keep in mind that the All Risk guarantee can be used for damage below 75% of the market price. In this insurance coverage must pass warranty claims in accordance with the agreement when purchasing this All Risk type of insurance.
Unlike All Risk, TLO or Total Loss Only insurance coverage can be used in the event of a damage of 75% or more of the market price of the vehicle. In this insurance coverage, loss is also included in the insurance, provided that the vehicle is not found for 60 days.
Kompasianer need to be careful in choosing the type of vehicle insurance. The reason I give an example of car insurance is because the costs incurred for cars are higher and most people use insurance services for cars, trucks or other expensive vehicles. Avoiding the loss of expensive vehicles is preferred because the more expensive the car, the more expensive repairs are usually.
Now kompasaner already know more about car insurance. Now is the time for you to decide whether to be part of the person who uses vehicle insurance services or to be part of those who do not use these services. Everyone has their own reasons for making decisions. The decision is back in your hands. Don't forget to always look after and care for your vehicle because it could be an investment for the future.
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