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Getting its start in 2017 Binance was founded by Changpeng Zhao in China. It is most well known for its exchange, which covers a wide variety of tokens. Binance has a lot to offer as an exchange. They are used by a lot of veteran traders for analytics and actual trading. Even if you do not have an account with them, they allow you to use all their market tracking data for free. They list over 500 different tokens as well. The cost of trading on their blockchain is a standard .1% unless you pay using BNB. By doing this, you can get a 25% discount on the trading fee, according to their website.
The main token used is BNB, which is a POS and proof of authority (POA) combination. POA is a very unique system to use. POA is where there are certain validators that are known to be reputable. This is done by either making their identity known or by putting up collateral to prove they are invested in the success of the blockchain.
POS/POA Token
Circulating Supply 825,623,433 BNB
Total Supply 888,888,888 BNB
Max Supply 888,888,888 BNB
Being able to offer low fees and fast transactions draws in a lot of users. They also have a great system in place to attract new people to crypto by offering the use of metrics for free. When setting up an account with them, it only takes around fifteen minutes and is not overly difficult. Other platforms do offer trading data, but the number of options with Binance is large. Having a large user base does create a stable platform that can weather market swings.
Some downsides to mention are that they have had a spotty record with customer support. There are times when people have mentioned that response times were great. Others have said it took a few days to get a reply. They were banned in the US in 2019. To allow US customers to use their site, they had to open an office in New Jersey called Binance US that was separate from the main office and had to register with the Financial Crimes Enforcement Network. You can still use their main site in the US, but not trade on it. They have been under several investigations in different countries for supposedly violating digital currency laws.
All Binance features are not available for US residents.
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