So for the last few days i have been testing Chinese based crypto currency exchange and ICO launch platform Binance, and thought i would take a closer look at this exchange which has had over 1 million registrations so far.
Binance is a Chinese based crypto currency exchange that recently did an ICO, raising 15 million in 16 days. It’s still unclear how the 200 million BNB tokens created for this platform will be used, and whether or not they will pay dividends like exmo exchange – which i indeed hope they do.
Binance is currently running on a standard web based platform like many exchanges, although the funds from the ICO will be used to create a new decentralized system capable of handling many more transactions, along with being much more secure. With the Chinese government creating new crypto currency laws all the time i am sure the Chinese know the importance of having decentralize exchanges that can’t be hacked or shut down.
The first thing i noticed about binance was how fast it was to do trades. Simply type in the initials of the coin you want to trade, and the pair will appear right away. Click on that, and the page will load very fast with all the buy and sell orders for that coin pair. You can navigate all the different pairs and make many trades very easily. We are told Binance can currently perform 1.4 million transactions per second, although once the system is decentralized this will be much more.
The main feature that sets Binance apart from most of the exchanges is the fact they are launching new ICOs on the platform, which will mean a massive boost in trade and many new money making opportunities for investors. As Binance is a Chinese based company, many of the ICOs and new coins added to the exchange will be Chinese, so this will mean western investors will have the chance to invest in the early stages of new Chinese coins they may not have heard of before. YOYOW is a good example, a new Chinese social media site built on the same technology as steem, currently selling at 30 cents while its Western counter part is sitting on $2.
So far i only see one ICO in the launch pad.. and sadly i missed out on this one. 15 Million GIFTO Tokens sold. More new coins and web based businesses can be launched and traded on this platform, and with the huge Chinese market involved in this i think binance will grow exponentially over the next couple of years.
Another thing that sets Binance apart from the competition is the affiliate program. If you refer users to the site you can earn up to 50% of the fees collected by Binance. I see some of the top earners have made over 30BTC.. if you happen to refer a whale or some sort of trading genius you could make a good amount of passive income over time.
I found this great info graphic which has alot of useful information about the first 5 months of Binance and how it has performed so file, along with some milestones:
And finally.. here are a few good videos to watch and learn about binance.
Here is the Official video from Binance released before the ICO, explaining the system and what the team plans to build.
Watch Binance burn 1.5 Million dollars, very painful to watch LOL, or perhaps not if your a BNB investor it’s a good thing, making the supply that bit smaller.
And here is a good tutorial video showing you how to use Binance and make crypto trades, it runs for about 26 mins and will have you trading like a pro in no time.
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