How Binance Became the Largest Cryptocurrency Exchange Platform


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Binance, a China-based cryptocurrency trading platform, is currently the biggest cryptocurrency exchange in trade volume and this happened after only 8 months of live trading.

Binance is a centralized cryptocurrency trading platform that gives access to its users to many charts, trading tools and security features.  The exchange offers Basic and Advanced exchange interfaces which gives the chance to beginners to  make simple trades and more experienced investors to use other more complex tools.

Features:

  • Coin to coin exchange only.
  • More than 100 available cryptocurrencies.
  • Safe exchange: offers user to  to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications.
  • One of the fastest exchange platform with an order speed of up to 1.4 million orders per second.
  • Binance is the first multi-language trading platform including English, Chinese, Japanese and Korean.
  • High liquidity
  • Low transaction and withdrawal fees.
  • Strong team behind the project with a lot of experience in crypto and finance.
  • Reward programs for the community
  • Mobile application available
  • Good support team that is reachable

Binance Coin (BNB)

The China-based platform was the first cryptocurrency exchange platform to have their own currency called BNB. Even if it was launched in July 2017, the BNB token was one of the best-performing coin by the end of the year. The success of the BNB token helped Binance considerably to be the biggest cryptocurrency exchange. They use 50% of the fees  collected on the exchange to burn BNB coins, this reduces the supply, which, in theory, gives them a higher price per coin.

Binance partnership with Uplive

By the end of the year 2017, Binance  has partnered with Asia’s premier high-end live video platform Uplive, to bring Uplive’s more than 20 millions users on the exchabge. Over 25 million virtual gifts are purchased on Uplive every month which gives Binance a great visibility. Uplive created Gifto to decentralize the virtual model from Uplive and it gives the chance to any content creator in the world to make their own virtual gifts.

When announcing their partnership, He Yi, co-founder and CMO of Binance said,

“The founders of Uplive and Gifto have extensive successful startup experience. Their team has excellent execution, with world class product development and operation capabilities. Gifto is based on the proven, real world market demand from Uplive, and will enjoy benefit of jump starting from Uplive’s huge user base… These are the main reasons for our cooperation, we prefer teams that act more than talk.”

On the other hand, Andy Tian, co-founder and CEO of Uplive mentioned,

“It is our pleasure to work with Binance in such a mutually beneficial and innovative fashion. We believe that blockchain technology can really benefit mass consumers around the world, and we are honored to be have a partner such as Binance to bring these benefits to millions of users who previously may not understand blockchain or cryptocurrency… Binance’s world class engineering, operations, and customer care capabilities are key to their rapid ascension, and we are honored to be able to assist.”

Binance’s plans for the future:

  • Decentralized exchange
  • Margin trading
  • Spot trading
  • Anonymous instant exchange

Because of all the efforts they have put in being creative and changing the way people can exchane cryptocurrencies, Binance is now the biggest cryptocurrency exchange in trade volume. With the ever-evolving market that is cruptocurrency, they will have to continue to update their platform if they want to remain on top.