Binance – Our Review
Overview
Binance launched in July 2017 after a successful ICO for over 15 millions. The Malta based company, spearheaded by its CEO Changpeng Zhao ( aka CZ ) has grown at an impressive speed month after month, constantly evolving, adapting to user’s requests and slowly becoming the most complete trading platform out there. The array of services is astounding, and covers every possible trader’s need.
Trading Platform
Binance offer spot trading with the vastest selection of tokens and pairs on the market. It has a clean, customisable interface that adapts to your expertise level, with is great for both beginners who want something that is the closest thing to 1 click buy/sell that we could find in the market, as well as for experts that can choose conditional orders and get creative with their trading.
Their margin and futures trading platform is also very impressive, with the highest liquidity and volume in the market as well as, again, the largest selection of trading instruments. As of the time of writing they offer 25 alt/usdt pairs on their perpetuals, as well of course as BTC, offering up to 75x leverage on alts and 125x on BTC. The interface is simple and powerful, it has conditional orders, it’s quite responsive and provides decent liquidity even for the smaller alts.
Services
But it doesn’t end here. As we mentioned before Binance has slowly covered every aspect of the crypto markets. So we have Options, for even further diversification of futures exposure. They have one of the strongest fiat onramps out there, with endless local fiat currencies support, including one click credit card buys with very competitive rates. They also have various instant loans options, as well as staking options for the creation of passive income sources for their users, a feature that is more and more in demand, especially for non tech savvy experts that want the exposure to Proof of Stake coins without the hassle of a master node setup. Here’s an example of just a few alt coins they offer staking for. They have almost 30 coins on offer for this service and they keep adding new ones every month.
The list of features and services goes on and on. An Academy with interesting insights in the industry and powerful learning tools for beginners, a strong OTC desk and the very innovative Binance Cloud, a white label solution to build your own exchange while sharing in Binance’s liquidity.
Tournaments
And finally, Binance has the biggest crypto Tournaments in the space. Although held quite rarely unfortunately, they have the biggest prizepools in the space, with up to 1 million dollars up for grabs in their Team competitions. Generally they offer both a pure ROI daily competition, an overall PNL leaderboard and finally their team competitions, where they really shine.
Usually this is how the Team competition works : All teams that trade in perpetual contracts on Binance Futures during the competition period will be ranked based on their total USDT Team Profit, aka the sum of the top 10 individual USDT profit results within the team. Team Leader Gets 30% of the teams total reward. Top 10 performing team Members will then divide 20% of the remaining corresponding ranking reward equally. All Other Team Members will share the remaining 50% of the teams total reward will be shared equally amongst them, irregardless of their performance.
We at ccan.io will always create a Team for these competition and you can easily see how important and lucrative it can be to simply be a part of such a competitive, winning team. You’ll get to learn for free, and win alongside our coaches, while strategising together in the Team Builder channel. If you want to get updates for our tournaments offerings, join this newsletter or jump in our telegram channel ! We also offer free resources to improve your tournament game in our Tournaments page.
Verdict
And finally, Binance also has its own exchange token, BNB, which opens the doors to a vast array of benefits. First and foremost, you get pretty strong, tiered fee discounts on both spot and futures. Then, you get access to their exclusive IEO’s, which has historically been amongst the best performing in the space. And finally, BNB is the gas to their DEX, cause of course yes, they also have a Decentralized Exchange branch ! We will have a complete review of their dex in the next couple of weeks.
So is this gonna be the one review with no cons at all ? Almost. Our only negative with Binance comes from their mobile app. Although very well designed, fully featured and easy to use, unfortunately it glitches quite often, especially during heavy volume/volatility times, which is exactly where you’d need it at it most responsive. So although it’s a nice little extra to have, we suggest you be at your desktop in times of heavy trading activity.
Other than that, Binance in our opinion is undoubtedly king of the hill, and wins our best exchange overall vote. Powerful, complete, with an impressive array of financial instruments. Although other exchanges might do some very specific things better – crypto.com for easier, better staking for example, or Interdax for daily tournaments offerings – if we had to pick one and only one exchange for all of our needs, Binance would definitely be it.