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.
Art Of Astonishing Power And Simplicity From The Land Of Nunavut
If you think Inuit art is just polar bears and walruses - think again.
New and seasoned Inuit art collectors have an online resources to view, research, and purchase evocative sculptures and prints from the Canadian North.
From the frigid, snow-swept land of Artic Canada (part of which became the Inuit nation of Nunavut in 1999) comes art that interprets and records the close relation the Inuit have always had with wildlife and family.
Inuit sculptures and prints demand attention not just because of their energy and intensity, but also because of the unusual story of how Inuit art came into being.
Up until World War II, the Inuit of Artic Canada survived as their ancestors did - by hunting and living close to the land. The few modern conveniences introduced by outsiders changed their world very little. But economic hardships forced the Canadian government to intervene, and by the 1970s the Canadian Inuit were living in settlements - a foreign way of life to them.
Forced to change their traditional lifestyle, the Inuit found solace and income in producing art the world has never seen before - compelling images of the land, family, and mythology. The artists create their sculptures only from stone mined in the Canadian North. The range of stone types and colors is as varied as the artists' styles, which runs the gamut from highly stylized to naturalistic.
Interest in Inuit art is growing thanks to international demand - especially from France, with its history of colonizing Canada and interest in art from other cultures. A 2005 Inuit art exhibit in Paris, "Inuit: When Words Take Shape," was a smashing success. Even French president Jacques Chirac, an Inuit art owner, attended.
But even as interest in Inuit art is on the rise, the number of Inuit artists is decreasing. Many Inuit youth no longer maintain ties with the land or the art that has sustained their people. Instead, they seek out larger cities or government jobs from the new government of Nunavut. If demand for Inuit art continues to grow while the number of artists dwindles, the value of these fine examples of Inuit craftsmanship and imagery will only increase.
Art lovers should only invest in signed Inuit art with an authenticity tag. In fact, Inuit carvings should be one-of-a-kind - with no duplicates existing. Also, in order to ensure that artists receive a fair price for their work, buyers should only shop with retailers that purchase their art directly from the artists or artist cooperatives.
Traveling to the Canadian Arctic and Native Inuit Communities
There have been more travelers going to the Canadian Arctic region in recent years for both business and tourism. Adventure tourism companies are beginning to promote the Arctic as a unique destination to experience the natural beauty and wildlife of the north as well as the culture of the native Inuit who live there. As a result of the creation of the Nunavut territory and government, the capital city of Iqaluit has been growing as Inuit from smaller Arctic communities migrate to the city for more job opportunities. This growth has created the increase of business travelers to the Arctic.
Getting to the Arctic has always been a problem for travelers since there are no roads that go up there from southern Canadian cities. The Arctic communities are very isolated from the rest of Canada as well as from each other. Flying in has been the only option although many coastal Arctic areas are serviced by cargo boat during the summers as well. For the average traveler, the air option is the only way to go. Although travel to the Canadian Arctic has increased, the number of travelers going up north is very small compared to number of travelers between southern Canadian cities. As a result, the major Canadian carrier Air Canada and certainly none of the US carriers service the Arctic. The only commercial airlines which service the Arctic (Nunavut and Northwest Territories) for the average traveler are First Air and Canadian North. A smaller airline called Air Inuit services the native Inuit communities in Nunavik (Arctic Quebec). First Air and Canadian North both fly out of Ottawa. First Air also flies out of Montreal while Canadian North also has flights departing from Edmonton and Calgary. These Canadian North flights will stop in Yellowknife in the Northwest Territories before continuing to Nunavut. So travelers will have to get to one of these Canadian cities from their points of origin in order to connect with an Arctic carrier. Getting to a smaller Arctic community such as Cape Dorset will involve an additional connection in Iqaluit.
The number of all flights to the Arctic is predictably few in comparison to other domestic flights in Canada. Therefore, Arctic flights are always expensive no matter which travel day of the week. Staying for a Saturday night will not result in cheaper airfares either. The high cost of flights has always been the major obstacle for Arctic travel and will likely not change in the near future. The growth of Arctic tourism will still be limited because of the expensive travel involved. However, if one is willing to pay for it, a trip to the Canadian Arctic is one that will certainly be memorable and satisfying.
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