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. Its 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 dont need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binances 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 Binances 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 youd 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, Binances 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 doesnt 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 locations governing regulatory bodies.
Ease of Use
Youre 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 youre 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 dont have a history. Despite all the good things people are saying on Reddit. its 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. Its 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.
Do You Really Need Rental Car Insurance?
If you have never rented a car but plan on doing so in the future, you should know more about the rental insurance that many companies offer. Rental car insurance is essentially a waiver of collision damage. In other words, it covers damages on the car while it is in your possession. You are also covered if your rental car gets stolen. These are important to have in any case, but there are also more options you can add to the basic insurance such as personal effects coverage (if anything of yours is damaged or stolen) and personal accident insurance (which pays for your medical expenses and death benefits).
Rental car companies have probably fooled you into getting rental car insurance in the past, or maybe you are just wondering if declining insurance was a bad idea last time you rented a car. It is very important to know that rental car insurance is not a requirement. If you feel pressured by a company to add on the extra insurance, make sure you let them know that you are aware of the fact that it is not a requirement; if it were, it would be added on to the price by the company instead of being "offered" to you. In fact, there are some states that have made it illegal for these companies to imply that the insurance is a requirement, so you should check the laws in your state to see if this applies to you.
One thing to note about the insurance, however, is that there are some very good reasons to purchase it, as well as to decline it, when you rent a car. Being aware of these situations can help you avoid issues later on, so read on to find out when rental car insurance is important to have.
Getting the insurance can actually be a bit redundant because chances are that you are sufficiently covered through your own car insurance. However, you must get rental car insurance if you have liability-only insurance on your current policy. You also must get the "extra" insurance if you are not covered for theft and fires, or if someone causes an accident in your car and they are not on your insurance. However, you should know that if you are traveling for business, your company's corporate travel policy may include full coverage already, which makes the collision damage waiver superfluous.
Many people who drive older cars tend to have less insurance coverage, especially regarding accidents, fire and theft, all of which are required to be purchased for your rental car if you do not already have it on your own insurance policy. Being aware of exactly how covered you are by your policy is important at all times anyway, but most especially when you rent a car. If you need to check insurance rates, you should do so online to make the process streamlined. You can also read about additional insurance for rental cars.
Shopping Online For The Best Car Insurance
Even though it may not be something that you are used to, you might want to consider shopping for your insurance for your car online. When you shop online, you will be able to make sure that you are getting the best deal possible. You will also not have to worry about wasting your time driving from one insurance company to another. Not only would that be a huge waste of time, but you would find that it can be rather confusing. You might not end up with the best possible insurance if you do prevent yourself from making some pretty big mistakes.
Before you get started though, you really want to make sure that you are stopping to make sure that you are taking the time to learn about all of your different options when it comes to cover for your car. There are actually quite a few options. If you pick the wrong option, you could find yourself in a lot of trouble. If you pick the right option, you could find that you will have a great policy for your car and you will save a lot of money as well. Just think, even if you were able to save a couple hundred pounds a year, there are a lot of bills that you might not have to deal with any more. Or, you could take the money saved on insurance and put it into a savings account.
After you know what kind of insurance policy you need for your car, you will want to make sure that you are checking out as many online options as possible. You will want to make sure that you are willing to check out some newer companies, as well as the company names that you have heard of for years. Just because an insurance company is new, does not mean that it cannot give you the cover you need and want.
Of course, with any company, you will want to make sure that you are checking them out online real fast. You want to do a quick search on their company name online. This way, if there is any real bad news about them, you will be able to find it. You should have no problem figuring out if there have been many consumer complaints or any recent lawsuits that you should be aware of. Once you have cleared the car insurance company, you can then look at the prices you are being quoted.
Now, it is important to remember that the free quote you receive online may not be exactly the amount that you will be asked to pay. You might find that the actual end price will be slightly different once they run your information a little more. If you gave all of the correct information in the beginning, then you should not have to worry about ending up with too large of a price difference. Just take your time and make sure that you are shopping around online for the car insurance and you will surely be just fine.
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