There are many cryptocurrency exchanges in China. Every digital asset creator and coin developer wants to ensure his or her project gains entry into China in one way or another, and having a fiat currency gateway for the Chinese yuan is always helpful. One of the country’s up-and-coming exchanges is Binance, although very few people seem to have heard of it. Now would be a good time to look at what this platform has to offer.
Binance has Potential, But Caution is Advised
Every time a new cryptocurrency exchange launches and starts to make a name for itself, users need to be wary of the potential dangers. It is not easy to launch a new exchange, especially in China. The Binance team is doing things a bit differently, as they do not provide CNY support at this time. Instead, all of their markets revolve around the trading of digital assets and cryptocurrencies, which should keep them out of most regulatory troubles for now.
Some of the exchange’s most popular markets are those for its own Binance Coin, BNB. This particular currency can be traded against both Bitcoin and Ethereum. It is always interesting to see exchanges create their own coins. In some cases, this could be seen as a way to defraud investors, although it usually serves as a legitimate way for investors to earn a passive revenue stream by supporting up-and coming exchanges. Time will tell in which category Binance Coin belongs.
Other popular markets on this platform include NEO, Ethereum, Gas, and Litecoin. Bitcoin can also be traded against USD Tether, but not fiat currencies. The company recently introduced Bitcoin Cash trading, but that market has not generated too much volume just yet, according to CoinMarketCap. There are also some relatively unknown tokens and currencies to be traded on this exchange, which could be disconcerting to some traders. It also appears Binance will soon support trading for MCO, the native token created by the Monaco debit card team.
Glancing over the rest of the Binance website, the platform seems pretty professional. Users will certainly enjoy the 0% deposit fee structure, although there is a 0.1% trading fee in place. It also has an ICO launch platform which may attract some money, but it remains to be seen how that venture will play out. There is nothing to dislike about using the platform across different devices either, as everything works as it should on computers, tablets, and phones.
It is not easy to come across other reviews of the platform, which is a somewhat troublesome sign. Given that Binance claims to be the fastest-growing exchange in all of China, one would expect more people to have written about it by now. Cryptocurrency activity is still kept under wraps by most Chinese consumers right now. This is understandable, given the uneasy regulatory situation in the country.
From what we can tell so far, Binance appears to be a perfectly legitimate exchange. ICO tokens are always a bit of a concern, although Binance Coin seems to have been received well so far. The platform is capable of quickly processing large amounts of transactions, which is something the cryptocurrency world most certainly needs right now. It is an interesting exchange to keep an eye on; that much is certain. Though it may not be the most appealing solution for people living outside of China, Binance will surely find its place in the market eventually.
