Originally created in China by Changpeng Zhao, Binance moved to Tokyo, Japan after a ban in China on cryptocurrency exchange in September 2017. Binance (BNB) is derived from the words Binary and finance. Binance is the most popular Asian based cryptocurrency for digital exchange and trading. Launched only in July 2017, Binance has recorded one of the greatest growth in cryptocurrency history.
Updates on Binance (BNB) in the Crypto Market
On Wednesday (10th January 2018), Binance recorded a staggering 240,000 new members within 24 hours, forcing the founders to stop new members from registering. Binance is however opened to new registrations now, but with a limited number of new accounts per day.
A large percentage of the new registration can be attributed to the difficulty people faced with Amazon recently. Binance also recorded $6.25 billion of exchange within the last day. TRON was the most traded cryptocurrency, accounting for 10% of all trades.
Status of Binance (BNB) in The Cryptocurrency Market
Binance recently recorded a 21.16% increase in value. 1 BNB coin is now valued at $19.11. Binance is currently ranked at 27th on the cryptocurrency chart, with a market cap of $1,891,555,803. Binance is also working to get exchange license from Japan’s Financial Service Agency (FSA).
What You Need to Know About Binance
Trading with Binance is done using Binance Coins (BNB). Unlike most other cryptocurrencies, Binance does not support fiat or flat currency exchange (example USD or Euros). You also cannot buy or trade Binance coins for fiat. Binance is built on BlockChain technology for better security.
Binance is regarded by its co-founder Zhao as a true cryptocurrency. Binance revolves around cryptocurrency to cryptocurrency exchange. To fund your Binance wallet, the funds would have to be in another cryptocurrency account. Preferably a well-known cryptocurrency like BitCoin, Ether, TRON or any other highflying cryptocurrency.
NOTE: When you use the BNB to pay for transaction fees, withdrawal fees, and commission listings, you get 50% discount on them (offer lasts for one year).
PROs of Trading With Binance.
- Binance token reduces costs for trading.
- Supports trading with more than 100 cryptocurrencies.
- Compatibility many platforms (Android, IOs, PC client, HTML5).
- Low trading and withdrawal fees (0.1%).
- Worldwide access, provided with multiple languages.
- Binance spots a clean and easy to use interface.
- Records high liquidity rate.
- Binance has a high output technology. Supporting up to $1.4 million per second.
CONs of trading with Binance.
- Binance does not permit flat currency exchange.
- Current rush increases the risks involved.
- Recent reports of difficult access on Android devices.
- Delays during withdrawals.
Binance (BNB) coin has grown incredibly under one year of its creation and still more potential. This can the attributed to their professional team headed by Changpeng Zhao. Visit CoinBase to easily create an account to start trading with Binance and cryptocurrency exchange.