- Sep 2, 2006
- Reaction score
Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its impressive coin offerings and insanely low trading fees.
Although the company was launched just a few months ago (via ICO), the exchange is already being promoted as a good alternative to Bittrex.
Company Location : Shibuya-ku, Tokyo
Company Launch : 2017
Deposit & Withdrawal Methods : Cryptocurrency
Available Cryptocurrencies : Bitcoin, Ethereum, Litecoin, +45 more coins
Community Trust : Great
Security : Average
Fees : Extremely low
Customer Support : Good
How It Works
There are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.
Binance currently charges a flat 0.1% fee on each trade. For an exchange that doesn’t use a fee schedule, this is one of the lowest fees I’ve seen.
If you pay using their own token (BNB), you currently receive a 50% discount on the trading fee – bringing it down to 0.05%. With this discount, Binance easily has the lowest fees in the industry.