What is Binance?
Binance is a newer exchange that has been on fire this year (2017), and in a very good way. They have one of the best user interfaces and even have their own cryptocurrency called Binance Coin (BNB). Trading pairs are offered in BTC, ETH, BNB, and USDT. They currently have over 65 cryptocurrencies that you can buy/sell, and they are quick to add new ones. Binance also issues GAS on a monthly basis if you store your NEO on their exchange. Check out my post on how to stake NEO for GAS for more info about that passive income stream.
The Binance Coin (BNB)
BNB has a limit of 200,000,000 and there will never be more. It is an Ethereum ERC-20 token, so you can store it in a regular Ethereum wallet. Check out my guide on creating an Ethereum Wallet with MEW if you don’t have one yet! Half of the BNB supply was sold in the ICO, with 40% going to the founding team and 10% going to angel investors. There are a couple of reasons you will want to have some BNB if you plan on using Binance.
1. BNB can be used to pay for any fees on the platform (Exchange fee, withdraw fee, listing fee, etc.). Using BNB gets a significant discount,
2. Every quarter Binance uses 20% of its profits to buy back BNB and destroy them. They will do this until they buy 50% of all the BNB back. This will leave 100,000,000 BNB tokens. Generally, buybacks increase the price of a token because it is removing supply from the market.
3. Binance will build a decentralized exchange and BNB will be used as one of the key base assets. It will also be the gas spent on the decentralized exchange.
Trading Fees: 0.1%
Deposit Fees: Free
"One of the best cryptocurrency exchanges at the moment.
+ Good performance, sleek and intiutive UI
+ Pro Exchange view (similar to Bitfinex and GDAX but somewhat easier to use) with built-in TA tools & indicators
+ Low fees (that you can further cut in half by using their own token BNB for paying the exchange/transfer fees)
+ No verification required unless you withdraw more than 2 BTC daily
+ Supports 39 of the most popular cryptocurrencies at the moment (with hosted wallet for each)
+ The only exchange which credits (monthly) GAS to all NEO holders (I am happily one of those)
+ Great API (supporting also WebSockets) for developers and 3rd party integrations
- Still somewhat lower trade volume, compared with other popular exchanges like Bittrex and Bitfinex"
Join the Exchange Here now.