Understanding the Binance Cryptocurrency Exchange
Binance is a cryptocurrency exchange and wallet. They are one of the top exchanges for trading altcoins, have low fees, and have become the number one exchange for Bitcoin by volume as of 2018.
Bottomline: Binance is a popular low fee altcoin exchange. They offer a wide array of coins and are often more generous with perks than other exchanges.
NOTE: Use our affiliate link to sign up for Binance today: https://www.binance.com/?ref=35633776, or simply go to Binance.com and click the register button. Either method has the exact same effect, the difference is whether Binance offers us a kickback when you trade or not. 🙂
The Pros and Cons of Binance
As noted above, Binance is one of the most popular exchanges in the world here in 2018.
One reason it is popular is because it is a global exchange with a large selection of altcoins.
Another reason it is popular is because Binance has a good reputation, very low fees (the lowest of any major altcoin exchange), and generally offers perks other exchanges don’t (for example you’ll sometimes get forked coins after they fork and you get GAS for holding NEO on Binance).
Another reason it is popular is because they have a generous referral program which incentives people around the world to shill Binance on the internet (see the affiliate links above for an example).
Since Binance has a very large user base and high volume, they generally have smaller “spreads” and better “liquidity” than other exchanges (meaning it is easier to buy or sell a coin at market price when the time comes due to there being more orders on the books).
Thus, in short, the reason we are praising Binance and are comfortable shilling Binance, is because it is a good choice for an altcoin exchange with a good reputation here in 2018 (i.e., the affiliate program is just icing on the cake).
With that said, you probably want to know more than just a few selling points, and the reality is one always has to take into account risks.
One general risk is that Binance is a new exchange. They opened their doors in 2017. That means that unlike some other exchanges, they don’t have a long record of success behind them.
Another risk of sorts, for U.S. users at least, is that Binance is not a U.S.-based exchange. The exchange was based in Tokyo (as their CEO was previously involved in equities and crypto markets in Japan), but is now based in Malta due to Malta embracing cryptocurrency.
That isn’t a pro or con specifically, it is just another factor that should be considered (if you want a U.S. exchange with a solid selection of altcoins, try Bittrex).
All that said, Binance is a top exchange with a good track record and low fees that offers many cryptos and a range of trading pairs (and sometimes even offers futures on forks)… and that is hard to beat.
There are a lot of reasons to choose Binance as your primary crypto exchange. Just remember, there are always benefits and risks to weight against each other! To be on the safe side, never leave too much money on a single exchange and always enable two-factor authentication.
NOTE: Like with any exchange, to trade you’ll need to get verified. That means giving some personal information and proof of identification. There is no way around that. It is the same for any exchange you use. Always use crypto exchanges at your own risk!
TIP: If you feel nervous about using a foreign exchange, try following Binance on Twitter or get to know “down to earth Chinese-Canadian billionaire” Binance CEO Changpeng Zhao (see his Wiki page or Twitter).