Is Binance Truly The King Of Exchanges?

Binance dominates the Crypto Currency market, with a whopping 9 Billion dollars of trade done on an average day, commanding 22% of the overall market. That being said, the entire crypto currency world has depreciated 40% in the past month alone.

Then there was Binance

Binance was created by Changpeng Zhao,  born in Jiangsu, China and then later immigrated to Canada in the 1980s. Spent much of his teenage years working in Macdonalds, he graduated from McGill University with a degree in computer science.

Interested in stocks and trading, he found himself immersed in developing software to match orders similar to that of the Toyko Stock Exchange. After a few years of gaining experience, he moved on to the crypto world, working as head of development for for about 8 months.

In 2017 he created his own coin as an initial coin offering or ICO, raised $15 million dollars, (not too shabby), and then there was Binance…albeit, 11 days later.

Initial projections were that 5000 new users were joining a day and by the end of the first month there were over one hundred thousand new crypto traders on the platform. Within the first 166 days in operation, it was the largest crypto exchange in the world.

A King Covers His Subjects

Binance became a victim of a large-scale hack in May 2019. 7,000 bitcoins were stolen by an coordinated attack on their 2FA systems, API and user information.

Hackers were able to target the whales at Binance, but due to Binance sophisticated monitoring and alarm system, the exchange automatically locked and tracked the extracted coins to a single hot wallet. The 7,000 bitcoin was about 2% of Binance bitcoin holdings at the time.

Luckily, Binance has a Secure Asset Fund for Users (SAFU) which covers users. Nothing engenders trust like insurance of your users hard earned cash.

Easy to Use

Crypto trading is not the easiest to understand, nor the easiest to predict,. That’s a topic outside of this mini-review. However, Binance has catered for the novice, intermediate as well the seasoned cryptocurrency enthusiast. Their charts are easy to navigate, creating addresses in a flash and support rivals major banks.

Having used Binance for quite a bit of time, I’ve realized that compared to Poloniex and others, for novices it and peace of mind, one should start at Binance to get your feet wet before venturing into other exchanges or the murky waters of swapping.

There are load of functions like staking, pools, futures, margin, being offered by Binance which will come in handy once the novice cryptocurrency enthusiast levels up to advanced. So do your research before investing what you can’t risk. It is not for the fainthearted.

Author: Isa Misao