Binance: A New Exchange I am Trading On

So the main exchanges I trade on are Bittrex and Poloniex, mainly because they are the most accessible.  I have heard they also have the biggest trading volumes, so there is always action for your trades – but that really isn’t that important to me as I don’t trade huge volumes.   I essentially want something that helps me track all my trades, shows buys and asks easily and honestly isn’t overly technical.    Bittrex and Poloniex serve that function.

But I was recently turned on to another exchange called Binance.  Binance is a Chinese exchange and has a lot of the smaller and newer coins.   I went ahead and got myself authorized for the maximum withdrawal (identity verification), in case something crazy happens and I want to pull all my stuff off the exchange (it is after all the Chinese government who has not exactly embraced cryptocurrencies).

This reddit post has some interesting information about Binance, which originally raised money in July 2017 view their own ICO (BNB), hoping to be the fastest international market that supports trading with not only BTC and Ethereum markets, but also NEO (the chinese Ethereum).  Currently if you are an owner of the BNB coin it goes to paying transaction fees on the Exchange.   Basically they deduct the transaction fees in BNB, which they give a discount on, and the value of BNB also can appreciate.   It  is an interesting model.

 

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