Binance Review 2018: Comprehensive Crypto Coin Exchange
Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume.
Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version.
Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review.
Below is the “standard platform” look:
Below is the advanced display:
BINANCE Advantages
Large Cryptocurrency Pairings Supported
The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins.
Low Fees AND LIMITS
The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit.
Ease of Setup
Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange.
Binance Provides Significant Trading Volume
Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power.
Wide Support of Cryptocurrencies
No Verification Requirements
Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies.
Ease of Use
You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction.
BINANCE Disadvantages
No Leveraged Margin Trading
Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open.
No Fiat Functionality
This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported.
Relatively New
Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E.
Conclusion
Accessible option for obtaining Different Cryptocoins
Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading.
The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.
You think you’re making healthy choices by buying products approved by the American Heart Association. But unhealthy processed meats have “earned” the AHA’s heart-check nutrition mark, as has a sugary drink called Chocolate Moose Attack. Why? Because food companies pay for endorsements by the AHA, a nonprofit, says Barbara H. Roberts, MD in her book The Truth About Statins: Risks and Alternatives to Cholesterol-Lowering Drugs.The AHA is a nonprofit organization with a mission to “build healthier lives free of cardiovascular disease and stroke.” It actively solicits donations from individuals and companies, and reports assets of almost $1 billion.
Integrity in Science (ISS), a project of the organization Center for Science in the Public Interest (CSPI), reviews studies and other scientific literature for conflicts of interest between researchers and industry. As detailed on its website, “For the fiscal years from 03–04 to 06–07, AHA reports receiving $30,158,173 from pharmaceutical and medical device companies.” Thirty million dollars can buy a lot of influence.
Contributions from industry help to support lavish salaries for AHA executives. In 2008 the AHA paid CEO M. Cass Wheeler a whopping $1,089,331 in salary and an additional $53,238 from the AHA and “related organizations”—for a thirty-eight-hour workweek. This is many multiples of what your average primary care doctor earns working sixty hours a week. With this kind of money at stake, the AHA is unlikely to espouse positions that would compromise Big Pharma profits.
The AHA also rakes in millions of dollars each year from other corporate sources: namely, food companies, which pay big bucks to gain the “heart-check mark” imprimatur from the AHA. The foods so anointed have to be low in fat, saturated fat, and cholesterol. The Integrity in Science website notes that the AHA charges anywhere from $5,490 to $7,500 per product in the first year to give permission to add the heart-check mark to a product’s label. There are hefty renewal fees each year.
What are some of these supposedly heart-healthy foods? Would you believe a whole list of processed meats, including Boar’s Head All Natural Ham (340 milligrams of sodium in a 2-ounce serving) and Boar’s Head EverRoast Oven Roasted Chicken Breast (440 milligrams of sodium in a 2-ounce serving)? In order to be classified as “low sodium,” according to FDA guidelines, a food has to contain 140 milligrams of sodium or less, but apparently the AHA is not interested in the salt content of the food it endorses. This, despite the fact that a high sodium intake raises blood pressure, thus increasing the risk of ASCVD. And you have to wonder if these meats are from animals who were pumped full of hormones and antibiotics to accelerate their growth and maximize profits for the large conglomerates that have taken over most food production in the United States.
Not only is processed meat high in sodium, but there is excellent evidence that eating even just one serving a day increases the risk of diabetes as well as heart disease. In a review of almost 1,600 studies that included more than one million people in ten countries on four continents, the authors of a recent meta-analysis showed that a 1.8-ounce daily serving of processed meat raised the risk of diabetes by 19 percent and of heart disease by 42 percent. The list of supposedly heart-healthy foods also includes lots of “reduced” fat or “lean” ground beef. But the leanest ground beef still contains 4 percent saturated fat, which is way too much, especially given the supersized portions many people consume.
But drugs, medical devices, and foods are not the only potential sources of income that the American Heart Association has tapped. In May 2010 the AHA was taken to task in the media for endorsing Nintendo’s Wii gaming system. As reported by MedPage Today in an article entitled “Is Wii Worthy of an AHA Endorsement?,” Nintendo paid the AHA $1.5 million over three years for an “exclusive relationship.” In an interview, Dr. Clyde Yancy, president of the AHA, defended the endorsement, despite doubts about the amount of exercise that Wii users will actually achieve. The article quotes Janet Fulton, an epidemiologist at the US Centers for Disease Control and Prevention (CDC): “The amount of activity one achieves from this active gaming is really inconclusive in terms of its benefit on health.”
In the same article, Dr. Yancy was asked about another product that carries the AHA heart-check mark: a drink called Chocolate Moose Attack. The interviewer pointed out that this beverage contains more sugar per ounce than regular Pepsi. Dr. Yancy defended the AHA’s decision by saying that “the totality of the product is what we have to evaluate. Low fat, low sodium. We have to look at the entirety of the package.”
How can the AHA’s recommendations about diet, not to mention drugs, be trusted when the organization is so beholden to Big Pharma and giant food corporations? Simply put, they can’t be. These recommendations were bought and paid for, and we consumers are the losers.
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