Binance review reddit 2021

Binance review reddit 2021

With strong development of cryptocurrencies, demand for crypto transactions and storage is increasing. One of the best crypto exchanges out there, it’s amazing how fast Binance is now listing new tokens. Through article below, itigtrader will evaluate Binance exchange in detail for those interested them.

This post is for viewing purposes only, virtual currency seems unsafe and not transparent, it is ambiguous. Has also been banned under President Donald Trump for nefarious covert activities.

What is Binance?

Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao. Currently, Binance is the world’s largest virtual currency exchange in terms of trading volume with more than 800 virtual currencies.

General Review Binance

Brand Name Binance
Operator Changpeng Zhao, Yi He
Establish 2017
Architecture Malta
Headquarters Malta
Language Chinese, English, Japanese, Korean, Russian and Spanish

Binance is a Chinese company and Bitcoin (Cryptocurrency) are known for a transaction fee as low as 0.1%, along with fast transaction processing of Binance smart chain.

With ability to process over millions of orders per second based on Binance exchange technology. This puts name of a cryptocurrency exchange with most potential in future in terms of trading volume (Binance is currently in top of Coinmarketcap site).

Of course, Binance also supports trading of Cryptocurrency like USDT, BTC, ETH and BNB. Recently, Binance has added different payment methods: Binance Visa Card and Master Card credit cards have made it possible to trade crypto assets directly. But, itigtrader recommends not to use this method because cost is very high, about 3-5% of fees.

Binance ecosystem diversity

Binance ecosystem diversity

Binance has many forms in provided ecosystem such as: Futures, JEX, Lending, Margin trading, DEX, P2P…

  1. Binance Futures: futures trading platform
  2. Binance JEX: Derivatives trading platform acquired by Binance from JEX
  3. Binance Lending: A form of crypto lending
  4. Binance Margin Trading: margin trading
  5. Binance DEX: Decentralized Exchange
  6. Binance P2P: Peer-to-peer cryptocurrency trading platform
  7. Binance Launchpad: activate tokens for blockchain projects
  8. Binance Cloud: Open a Cryptocurrency Exchange
  9. Binance Options: open American options contract
  10. Trust Wallet: a decentralized cryptocurrency storage wallet

Features on Binance

Features on Binance

Here are some of features advertised by Binance:

  1. High performance: can handle over 1 million orders per second.
  2. High liquidity.
  3. Support more than 271 different coins
  4. Using multi-tier architecture system.
  5. Support Android, IOS, HTML5, WeChat, other platform and web browser operating systems.
  6. Multi-language support.

Binance commission get discount

In addition to itigtrader fee mentioned above 0.1%, 30 days trading volume on BTC Holds BNB Maker & Taker Maker & Taker uses BNB

General <50 BTC or >=0 BNB 0.1000% & 0.1000% 0.0750% & 0.0750%
VIP 1 >=50 BTC & >= 50 BNB 0.0900% & 0.1000% 0.0675% & 0.0750%
VIP 2 >=500 BTC & >= 200 BNB 0.0800% & 0.1000% 0.0600% & 0.0750%
VIP 3 >=1500 BTC & >= 500 BNB 0.0700% & 0.1000% 0.0525% & 0.0750%
VIP 4 >=4500 BTC & >= 1000 BNB 0.0700% & 0.0900% 0.0525% & 0.0650%
VIP 5 >=10000 BTC & >= 2000 BNB 0.0600% & 0.0800% 0.0450% & 0.0600%
VIP 6 >=20000 BTC & >= 3500 BNB 0.0500% & 0.0700% 0.0375% & 0.0525%
VIP 7 >=40000 BTC & >= 6000 BNB 0.0400% & 0.0600% 0.0300% & 0.0450%
VIP 8 >=80000 BTC & >= 9000 BNB 0.0300% & 0.0500% 0.0225% & 0.0375%
VIP 9 >=150000 BTC & >= 11000 BNB 0.0200% & 0.0400% 0.0150% & 0.0300%

Binance deposit and withdrawal fee

General transaction fee is set at 0.1%. As currently, Binance payments offers free -Deposit deposits, for -Withdrawal withdrawals, depending on different Coins, there will be different applicable fees.

For example: If you have BNB coins in your exchange wallet, you can choose BNB to reduce transaction fees up to 25%, for VIP accounts with lower discounts.

Binance has a system that will automatically discount BNB-deducted fees in that account if there are enough, and BNB price will depend on market price. That is, system will convert from amount of Coin / Token paid into BNB in account with a 25% discount.

Some points to note about Binance withdrawal costs are as follows:

  • Withdrawal fees vary for each cryptocurrency.
  • Calculated by same type of Coin / Token when making withdrawal orders.
  • Frequent fluctuations due to condition of Blockchain.
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