Unlike most other major exchanges, Binance is still fairly new. Namely, the Chinese Binance was founded in 2017.
Founder Changpeng Zhao and his team have ensured that Binance has become the largest Bitcoin and altcoin trading platform within a record six months. Binance stands for “Binary or Bit and Finance”. Both the token and the platform were launched in early July 2017. Binance applied a “zero trading fee policy” for one month, or trading without costs. Binance has gained popularity so quickly due to multiple factors, including support provided in multiple languages (English, Japanese, Korean and Chinese) and the provision of two interfaces (“beginner” and “expert”). In addition, Binance claims that the platform can handle 1.4 million transactions per second, which is well above the market average.
Binance Token (BNB):
Binance launched its platform at the same time as the Binance token (BNB). If you pay your trading fees on the Binance platform with this BNB token, you will receive a 50% discount on your trading fees. A total of just over 197 million BNB tokens have been created, of which approximately half are currently tradable.
Binance currently applies a “fixed fee” of 0.1% on every trade. This is currently one of the lowest fees, if you do not consider exchanges with a fee schedule. If you have BNB tokens and use them to pay trading fees, the trading fees with a 50% discount will become 0.05% of each trade. This is by far the lowest fee in the crypto world.
On Binance you can only trade in cryptocurrencies and therefore not with fiduciary money (euro, dollar). Binance does not have a deposit limit but, like all other exchanges, has a withdrawal limit. The latter limit is determined by your “Verfication tier”, or degree of identification. Without submitting any verification details, you are at level 1 and you can withdraw cryptocurrencies with a maximum total value of 2 BTC.
To be successful as an exchange you need good customer service, a team that answers all questions and requests in a timely manner. Despite the fact that Binance can still make improvements in customer service at the moment, they are quick to respond in terms of content and usually offer excellent support to “traders” who need this. There is as yet no live chat support or a telephone number with which you can call customer service. In addition to customer service, Binance also has a FAQ where you can familiarize yourself as a beginner with how the exchange works. For more information about creating an account and trading on Binance, take a look at our Binance Guide.
Create an account
Creating an account with Binance is done in a few steps. All instructions are self-explanatory. However, we always recommend that you use “two-factor authentication” or “Google Authenticator” immediately after creating your account. This is not an unnecessary security measure. To create an account, click on the button below.