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.
Professional Electric Motor Repair Services
An electric motor is one of the most important components of a machine. Any problem with this component could render a piece of machinery unusable. It is therefore, best to keep it in good working condition through regular maintenance. Nevertheless, you can never be too careful. Sometimes things just go wrong. When they do, you need to seek out the services of an electric motor repair provider. They can troubleshoot the motor and figure out where the problem lies and whether it is rectifiable. In some instances, it may not be necessary to seek out the services of a professional. If you have a knack for things mechanical, then you could easily fix some of the issues.
The most common problem is when the motor will not start. Usually, this is as a result of faulty power supply. To solve this, you should check whether the fuse has tripped or the power supply is in good working condition. If everything is in order, then the motor might need to be cleaned. To do this, let the motor cool down if it was on then clean it using an air compressor. If this does not work then, you should consider having it replaced.
If you detect noise coming from the electric motor, it could be a sign of a defect. This is usually the result of a vibration problem which if left unchecked could lead to further damage. If not addressed immediately, it could lead to the damage of the bearings and windings. This condition is more often than, not as a result of a misaligned motor shaft or a problem with the mechanical system.
When the motor is under-ventilated it can at times heat up. Overheating can cause it to malfunction. To overcome this problem, ensure that the motor's fan is working. Remove any dirt and debris that may be preventing it from rotating. You might need to replace the fan if it is damaged.
While it is sometimes prudent to solve the above problems yourself, it is not ideal in all situations. You may save some money, but the time lost cannot be recovered. Moreover, you risk aggravating the damage further. Below are some of the reasons why you should consider seeking the services of a professional.
A professional has the requite experience to identify and solve most mechanical problems. It will take them a shorter time and they will handle the job more efficiently. They may also detect other non obvious issues that could bring problems later. Since most of these professionals are certified, They give their very best on every job.
Convenience is another factor to put into consideration. You can get your motor up and running within no time. Instead of waiting days to find the problem and fix it you can call a provider with 24 hour emergency service to bail you out. Having a machine down for long could cost you more in down time than it would cost to hire a professional.
One thing is for sure the fastest and most efficient way of solving any glitches with your motor is to hire the services of a professional electric motor repair professional.
When to Replace the Brushes in Your Power Tools
Because there are so many working things in your power tools, it can sometimes be difficult to precisely ascertain which component is keeping your tool in the infirmary. In the case of brushes, however, your tool will give you a few clear indications that your brushes need replacing.
Before we begin though, I will digress for a moment to give a little shout-out to power tool brushes: despite their small size, your brushes are essentially the backbone to any working motor; they are the tie that binds your power tool and its components, the bridge that allows your power tool perform at its peak, and they will literally wear themselves to nothing to ensure your jobs get completed better. Its a hard-knock life to be a power tool brush, and although it is the nature of brushes to wear slowly, gradually over time, it is because they work so hard that you can so accurately perceive when your brushes require replacement.
Firstly, your power tool will usually loose the spring in its step. For example, you may need to joggle or shake the tool to achieve activation, it will likely loose RPM and energy during performance, and the tool will usually emit of smell of "malfunction" or burning. You may notice more sparking than is usual for you power tool; by peering through the motor's cooling vents, you can usually keep a consistent eye on any sparking, usual or unusual, that occurs within the motor. Additionally, if the tool stalls or cuts-out during use, it is very likely your brushes have simply worn themselves out.
Although it's a generally fail-safe game-plan to wait for your power tools to show you it's time for a brush replacement, it may not always be the wisest option. As with any other power tool component, it is important to maintain and monitor your brushes. This, of course, is not necessary with every use, but periodically (depending on degree and frequency of use) it is beneficial to take a quick peek at the tool's brushes. As a general rule, if either brush has worn to about a quarter inch long, it is time to replace it. If the carbon (a brush is essentially a carbon block with a metal spring tail) shows any signs of breakage, crumbling, or burning, the brush needs replacing. Additionally, if you find any abnormal coloration such as rainbow patterns on the spring, if there is a broken lead in the spring, or if the spring has collapsed, your brushes should be replaced. It is also important to note that if a worn brush is used for too long inside your tool's motor, they can damage or destroy the armature (the commutator bars on the armature that the brushes make contact with) - needless to say, an armature is a much more spendy and complicated repair than is a few carbon brushes.
Ultimately, with poor performance, zero performance, sparking, or bad smells, your tool will show you when its brushes need replacing; it is, however, always better to be safe than sorry, I'd recommend checking-up on your brushes from time to time to ensure you continually reap superior performance and superior results from your power tools
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