BINANCE : A REVOLUTION IN CRYPTOCURRENCY EXCHANGE
In this article we explained about Binance exchange. We explained every possible positive point about this high level exchange and also we tried to include negative points also.
Binance Exchange History
Origin country of Binance Exchange is China but due to cryptocurrency regulation rules in China, Binance shifted its servers and headquarters from China.
Decision of shifting Binance server was taken by the founder of Binance exchange prior to the cryptocurrency regulation new rule. Founder of Binance exchange thought that new rules of Chinese government about cryptocurrency may ban Binance services and in that situation international cryptocurrency trader will face big problems of shifting their funds and assets to another exchange and such types of things will leads into a type of fear in the mind of cryptocurrency investors.
In less than one year of the launch of Binance Exchange, Binace was the biggest Exchange of Jan 2018 with market capitalisation of $1.3 billion. Even
This clearly shows how much people have trust with the BINANCE from the point of security.
In 2019, Binance announced his new independent service of cryptocurrency exchange named Binance Jersey ( now closed). Main aim of Binance Jersey was to include fiat-crypto pair trading including Euro and British Pound.
Founder Of Binance Exchange
Founder of Binance Exchange, Changpeng Zhao is not only a businessman. At first he was a software developer related to currencies wallet, then he became the founder of Binannce Exchange.
Changpeng Zhao also worked as a member of cryptocurrency wallet at blockchain.info.
So here we can say, The founder of Binance Exchange is really a highly knowledgeable person.
Positive Points Of Binance
Binance growth in the cryptocurrency market is very fast. Binance team is trying to cover all possible services with Binance.
Funds or assets that people have at Binance Exchange are safe by the use of SAFU concept.
Binance bought a indian exchange Wazirx, since ownership is not officially under Binance company but almost all control are under the Binance.
People can do transactions between Wazirx exchange and Binance exchange including many types of cryptocurrency without transaction fees instantly.
List of partnerships by Binance has a big number. Here we only explained those partnership and ownership projects which are famous in cryptocurrency market.
Negative Point Of Binance
To talk about the negative points about Binance exchange is very tough, Because there are no negative things known about Binance yet.
Only one negative thing about Binance is “Theft of 7,000 BTC” worth of $40 million at the time ( 7 May 2019)
No doubt almost every exchange was a victim of security breach in the history of the cryptocurrency market. But here about Binance, we can’t expect such types of things.
Because team of Binance is very talented. Even the founder of the Binance exchange worked in the cryptocurrency wallet projects at blockchain.com. So how a hacker can attack on Binance exchange.
Mr. Changpeng Zhao said “hackers uses multiple types of techniques like phishing, viruses and attacks to steal Bitcoin”.
Savings Feature Available At Binance Exchange
We can treat Binance Exchange as a bank account. Because At Binance Exchange we can put our assets to get interest.
We can make 1.2% to 10% return of the holding funds at the Exchange. This variation in the % depending upon the type of the crypto asset.
There are three types of options. In the first option we have a choice of flexible Deposit. In a flexible deposit scheme, we can unlock or withdraw our fund at any time without any restriction of time limit.
In the second option there is an Activity section where we can hold particular coins for particular days of interval ( 15 days to 30 days) but this section depends upon availability of offers which are not usual indeed. In this section rewards % remains in range of 6% to 30% and more.
In the third option we have the Locked section. In the locked section we can lock our fund for 7 days to 90 days at a particular amount of percentage return.
Interest rate of the Locked section part varies from coin to coin. For example we can get 6.31% PA to hold stable coins like USDT , BUSD.
If we will lock our fund in this section then we can’t undone our action before the lock period.
Beside to lock funds at Binance Exchange to get earnings, there are 3 additional options are available to earn high profit on savings.
P2P Trading Feature At Binance
Even though we have an option of high volume in trading pairs but still beside all these Binance gives us the option to use P2P buy-Sell of cryptocurrency at Exchange locally at zero trading fee.
Earning With Liquidity Pool
Binance exchange tried to provide all possible earning options at exchange directly.
At Binance Exchange we can enter in NFT and Defi market directly.
We can participate in the liquidity pool directly at Binance Exchange. Since Defi concept is now no more profitable for new projects but still Investment in Defi Liquidity pool is a better option of earning.
Our Opinion About Binance Exchange Services
According to the whole analysis about Binance Exchange by TrueBitcoiner team, Binance is the most secure cryptocurrency exchange than any other exchange.
Since Binance was victim of “Bitcoin Theft” but still from every point of view Binance is best. Because beside the security of the funds, Binance covers high volume trade of the cryptocurrency market which is an advantageous factor for traders.
So it will be the best choice for a cryptocurrency trader or investor to go with Binance Exchange.