Binance is an up-and-coming Chinese cryptocurrency exchange platform. They have some very unusual trading markets right now, but the team keeps adding new coins and tokens on a regular basis. It is certainly worth keeping an eye on this company for now.
There are many cryptocurrency exchanges in China. Every digital asset creator and coin developer want to ensure his or her project gains entry into China in one way or another, and having a fiat currency gateway for the Chinese yuan is always helpful. One of the up-and-coming Chinese exchanges is Binance, although very few people seem to have heard of it. Now would be a good time to look at what this platform has to offer.
Binance has Potential, But Caution is Advised
Every time a new cryptocurrency exchange launches and starts to make a name for itself, users need to be wary of the potential dangers. It is not easy to launch a new exchange, especially in China.
The Binance team is doing things a bit differently, as they do not provide CNY support at this time. Instead, all of their markets revolve around the trading of digital assets and cryptocurrencies, which should keep them out of most regulatory troubles for now.
Some of the exchange’s most popular markets are those for its own Binance Coin, BNB. This particular currency can be traded against both Bitcoin and Ethereum. It is always interesting to see exchanges create their own coins. In some cases, this can be seen as a way to defraud investors, although it usually acts as a legitimate way to earn a passive revenue stream by supporting up-and coming exchanges. Time will tell in which category Binance Coin belongs.
Other popular markets on this platform include NEO, Ethereum, Gas, and Litecoin. Bitcoin can also be traded against USD Tether, but not fiat currencies. The company recently introduced Bitcoin Cash trading, but that market has not generated too much volume yet, according to CoinMarketCap.
There are also some unknown tokens and currencies to be traded on this exchange, which can be disconcerting to some people. It also appears Binance will soon support trading for MCO, the native token created by the Monaco debit card team.
Glancing over the rest of the Binance website, the platform looks pretty professional. Users will certainly enjoy their 0% deposit fee structure, although there is a 0.1% trading fee in place.
They also have an ICO launch platform which may attract some money, but it remains to be seen how that venture will play out. There is nothing to dislike about using the platform across different devices either, as everything works well on computers, tablets, and phones.
It is not easy to come across any reviews of the platform, which is not necessarily a good sign. Even though Binance claims it is the fastest-growing exchange in all of China, one would expect more people to talk about it by now.
Cryptocurrency activity is still kept under wraps by most Chinese consumers right now. This is understandable, given the uneasy regulatory situation in the country.
From what we can tell so far, Binance appears to be a perfectly legitimate exchange. Their ICO token is always a bit of a concern, although it seems to be received well so far. Their platform is capable of quickly processing large amounts of transactions, which is something the cryptocurrency world most certainly needs right now.
It is an interesting exchange to keep an eye on. It may not be the most appealing solution for people living outside of China, though, but Binance will find its place in the market eventually.