A broker cannot coinbox bitcoin chart compared to itself. Binance is a crypto currency exchange, focused mainly on the Chinese market.
Of course, you could still use it, if you are based elsewhere. Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency space. Additionally a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next. That being said, whenever a new coin is added, Binance holds some kind of promotional distribution to existing clients. Usually it involves tracking the biggest holders of the new asset and rewarding them with extra coins.
While these can not be taken as a guaranteed means of attaining more altcoins, they do raise attention towards the new tradign product. Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country. The English user reviews on Binance, while few, are fairly positive. Again, we must reiterate this is still a very new company, at the time of writing of this review. Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum.
BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX. Binance does not provide information on the minimum deposit amount. As we cover mostly forex brokers, we are used to companies stating this information openly. The need for a minimum deposit level is associated with the legal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too small. Margin trading is not available at Binance. Your balance is then used as a guarantee to maintain your position open.
As an example, forex brokers require very little in collateral, in order to maintain massive positions. That being said the cryptocurrency space is a lot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, rarely offer more than 1:20 in leverage. The fee structure at Binance is simple to understand, but more importantly very competitive in the current environment. There is a flat 0.
On the other hand forex brokers incorporate the costs of trading in the spread. Binance’s trading platform is web-based. The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable. This reminds us a lot of Bitstamp’s platform.
The positioning of the order book and tape is a bit more convenient, with them being grouped up. Binance is one of the exchanges which doesn’t accepts fiat currency payments and focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. Binance is a cryptocurrency exchange, created by a former key member of OKCoin.
While the company mostly focuses on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges offering the more exotic ones. The major issue we have with Binance is that the project hasn’t been around long enough to actually prove itself. Bittrex in order to experience more exotic coins. Bitcoin, Ethereum and Litecoin, Bittrex supports over 190 digital assets.
What was highly unusual at Bittrex was the vast number of wallets available. There were pages and pages, but then again all trading assets must be supported. We were very careful to transfer our recently acquired Litecoin to the appropriate address. Bitcoin transfer felt a bit too high. Once we received the coins we started trading, after going through Bitcoin several times, as most altcoins are traded against it. This was obviously due to partial executions. Bittrex is one of the most popular cryptocurrency exchanges.