Binance: the best platform for trading cryptocurrencies?
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Launched in July 2017 by Changpeng Zhao, the BINANCE platform has quickly established itself as one of the world's best cryptocurrency trading platforms.
Good to know: Binance is not a cryptocurrency "purchasing platform" where it would be possible to transfer euros or US dollars; Binance is a cryptocurrency trading platform. Bitcoins or altcoins are transferred there so as to exchange them for other cryptocurrencies.
Binance is above all a simple and intuitive cryptocurrency trading platform. Binance's rapid rise is largely due to tradeable cryptocurrencies. Where some platforms only offer a dozen or so cryptocurrencies to trade, Binance now offers more than 100. At the end of 2017, when a cryptocurrency was newly listed, Binance was very often the first trading platform on which traders could trade their altcoins for this new cryptocurrency. With new high flying cryptocurrencies, traders quickly switched from their trading platform (like Bittrex) to Binance, to be able to buy these new cryptocurrencies as quickly as possible.
Good to know: When a new cryptocurrency is launched on Binance, traders compete to get it and this often causes an increase in the price . Some traders are just waiting for the launch of new cryptocurrency rates (without taking an interest in the project or the blockchain behind it) to buy these cryptocurrencies and record a nice capital gain. To follow new cryptocurrencies that can be exchanged on Binance, simply go to the Binance announcements (https://support.binance.com/hc/en-us/categories/115000056351-Announcements).
Binance's affiliation system also generates a large number of new customers. Each trader can invite friends, or generate an affiliate link to be used on the net. Crowds attract crowds, Binance quickly established itself as THE reference cryptocurrency trading platform.
And to distinguish itself from Bittrex, Binance also launched its own cryptocurrency to reduce transaction costs. The basic fee is set at 0.1% per transaction (which is already very low compared to the competition, but if you own Binance Coins (BNB), the platform token, then the fee will be paid directly in BNB and will be divided by two, or 0.05% per transaction.
During the Christmas and New Year holidays, cryptocurrency traders must surely have talked to friends and family about their great capital gains through cryptocurrency trading. Result: On 4 January 2017, Binance recorded an impressive peak in registrations and was forced to temporarily close new registrations (the time required to manage those in the process of being validated).
At that time on Binance, this is what it said:
Since January 8, 2017, Binance reopened registrations daily on a limited basis to be able to manage the influx of customers.
Cryptocurrencies attract more people every day;)
Still a victim of its success, the Binance platform was forced to close its doors for a few days...
Here are some of the messages they posted:
At the beginning of February, the Binance platform made improvements and extensions. Everything now seems to be back to normal. The platform is running well and the inscriptions are no longer restricted.
Note that in addition to trading cryptocurrencies on platforms like binance, its also possible trade cryptocurrencies via CFDs on cryptocurrencies or futures on cryptocurrencies.
CFD providers like IG or brokers who offer futures trading may be less likely to be affected by long term technical issues of this type.
Since any given platform could have a technical problem which could block trading for awhile, it could be a good idea to have accounts with multiple providers in case a problem like this prevents you from trading .
Good to know: Binance is not a cryptocurrency "purchasing platform" where it would be possible to transfer euros or US dollars; Binance is a cryptocurrency trading platform. Bitcoins or altcoins are transferred there so as to exchange them for other cryptocurrencies.
What made Binance successful?
Binance is above all a simple and intuitive cryptocurrency trading platform. Binance's rapid rise is largely due to tradeable cryptocurrencies. Where some platforms only offer a dozen or so cryptocurrencies to trade, Binance now offers more than 100. At the end of 2017, when a cryptocurrency was newly listed, Binance was very often the first trading platform on which traders could trade their altcoins for this new cryptocurrency. With new high flying cryptocurrencies, traders quickly switched from their trading platform (like Bittrex) to Binance, to be able to buy these new cryptocurrencies as quickly as possible.
Good to know: When a new cryptocurrency is launched on Binance, traders compete to get it and this often causes an increase in the price . Some traders are just waiting for the launch of new cryptocurrency rates (without taking an interest in the project or the blockchain behind it) to buy these cryptocurrencies and record a nice capital gain. To follow new cryptocurrencies that can be exchanged on Binance, simply go to the Binance announcements (https://support.binance.com/hc/en-us/categories/115000056351-Announcements).
Binance's affiliation system also generates a large number of new customers. Each trader can invite friends, or generate an affiliate link to be used on the net. Crowds attract crowds, Binance quickly established itself as THE reference cryptocurrency trading platform.
And to distinguish itself from Bittrex, Binance also launched its own cryptocurrency to reduce transaction costs. The basic fee is set at 0.1% per transaction (which is already very low compared to the competition, but if you own Binance Coins (BNB), the platform token, then the fee will be paid directly in BNB and will be divided by two, or 0.05% per transaction.
Binance, a victim of its success
During the Christmas and New Year holidays, cryptocurrency traders must surely have talked to friends and family about their great capital gains through cryptocurrency trading. Result: On 4 January 2017, Binance recorded an impressive peak in registrations and was forced to temporarily close new registrations (the time required to manage those in the process of being validated).
At that time on Binance, this is what it said:
Since January 8, 2017, Binance reopened registrations daily on a limited basis to be able to manage the influx of customers.
Cryptocurrencies attract more people every day;)
Still a victim of its success, the Binance platform was forced to close its doors for a few days...
Here are some of the messages they posted:
Fellow Binancians,
Due to a significant increase in users and trading activity, Binance will need to extend the System upgrade and is expected to be completed by 2PM (UTC).
Our team is working hard to complete this upgrade as quickly as possible. We will make an announcement to all users if completed ahead of schedule.
Withdrawals and trading during this period will remain suspended. We apologize for any inconvenience caused and thank you for your patience.
Thank you for your support.
Binance Team
2018/02/08
Fellow Binancians,
We are currently using 3 different methods of data recovery. The fastest method will take approximately 1-2 hours, the slowest will take 9 hours. We will notify you if we complete the upgrade ahead of schedule. In the 30 minutes prior to the commencement of trading, users will be able to log-in, deposit, withdraw, cancel orders and use all other account related functions.
We sincerely apologize for any inconvenience caused and thank you for your patience.
We will continue to post regular updates throughout the upgrade.
Thank you for your support.
Binance Team
2018/02/09
Fellow Binancians,
Binance has completed its system upgrade and we expect all trading activity to resume at 10:00 AM (UTC).
In the 60 minutes prior to the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions.
To show our gratitude for your unwavering support throughout the upgrade process, Binance will provide all users with a 70% discount on trading fees (0.03% on all trades, 0.015% with BNB) until 2018/02/24 00:00 AM (UTC).
We sincerely apologize for the inconvenience and your patience is greatly appreciated.
Thank you for your continued support.
Binance Team
2018/02/09
Binance came back
At the beginning of February, the Binance platform made improvements and extensions. Everything now seems to be back to normal. The platform is running well and the inscriptions are no longer restricted.
Fellow Binancians,
The scheduled System Upgrade is now complete. Thank you for your patience.
Thank you for your support.
Binance Team
2018/02/11
Note that in addition to trading cryptocurrencies on platforms like binance, its also possible trade cryptocurrencies via CFDs on cryptocurrencies or futures on cryptocurrencies.
CFD providers like IG or brokers who offer futures trading may be less likely to be affected by long term technical issues of this type.
Since any given platform could have a technical problem which could block trading for awhile, it could be a good idea to have accounts with multiple providers in case a problem like this prevents you from trading .
