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. It’s 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 don’t need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binance’s 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 Binance’s 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 you’d 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, Binance’s 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 doesn’t 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 location’s governing regulatory bodies.
Ease of Use
You’re 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 you’re 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 don’t have a history. Despite all the good things people are saying on Reddit. it’s 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. It’s 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.
Cars For Kids - Donations Like a Car Can Help Kids in Need
Many people in our population are well off, perhaps an equal never gets by, and there is the other group that requires our help. The poor, the needy, the sick...they all need aide. There are ways to donate cash, to donate household items, to volunteer. Another way you may help those in need is to donate a car. Adults and kids alike can benefit from the gift and cars for kids works specifically with charities for children.
How do you go about donating a car to charity? There are several things to be aware of first, about your car and your responsibility. Your car's title needs to be in the name of the donor. If you donate to cars for kids and the title is not in your name, unfortunately we will not be able to accept it. No liens can be had on your car. Most of our fifty states have charities that accept car donations. You may find these charities online or in your yellow pages, for instance. Many have pick up service available. The charitable donation of your car for kids will be processed based on its value. Obviously, the more the car is worth the further your donation will go. Make sure the charity you wish to donate your car to has the right set of ethics to be able to have your donation fulfill as much as possible for those in need. The percentage of your donation that is used for the needy will decrease if a broker is used for the transaction, otherwise most of the value will be donated.
Once you find the charity you wish to donate your car to it will be processed to help a family directly. Kids and adults alike can benefit as they will now be able to make it around town with your donated car and that can exemplify their home life. Donating to cars for kids can be tax deductible, if you choose to write it off. It is suggested to check with the IRS for all the laws and forms to claim your car as a donation. Checking with Kelley Blue Book can give you an idea as to what the Fair Market Value of your car may be.
The different ways your donated car can work for cars for kids can vary. Charities supporting medical research, famine, victims of abuse or disasters and outreach programs are a few. There are hundreds of thousands of ways the donation can actually be used. Donating your car can offer a child or family a rebirth of hope as they receive a second chance in life when the vehicle goes directly to them. Kids can benefit from school supplies, safe centers to gather, music and sports programs and educational opportunities.
What you can do to make the world a better place by donating your car for kids can leave you with a sense of euphoric accomplishment. There's nothing that can warm the heart more than to offer your time, your talents and your gifts to those who truly need them. If you car hasn't gone anywhere for quite some time, why not clean it up and get it donated to your local charity? Fill the heart of a kid you don't know with hope, peace and love. It'll make their day.
How To Donate Old Cars
One of the most commonly asked questions is whether it is possible to donate old cars and get tax deduction. The answer is yes it is possible to donate old car as long as they are running.
In order to determine how much a donor will gain out of donating a used car, it is important to have documents stating the original value of the car. If for example the car was initially worth up to $500, then it is up to the donor to determine the fair market value, without making a mistake of exaggerating the figures because they might land you into trouble. This is to determine the amount the car will be sold at by the company given that job by the charity organization It is good to remember that there is no time that tax deductions can be more than the adjusted total gross income.
An example of a good donation centre is the Salvation Army. Since the 1880, the Salvation Army church has been receiving different types of donations and because of that, if a person decides to donate old cars to them, then the Salvation Army will definitely give you a good value for your money.
Another frequently asked question is what happens to the cars after they have been donated.
The usual procedure that the car goes through inspections and reconditioning, and then after the mechanics are through with them, the donated old cars are then subjected to a public charity auction.
Before the auction the public is notified through advertisements and other form of notifications in order to bring more potential customers on board. The reason behind holding public charity auctions is because the customers involved pay more for the cars than a car dealer would. The advantage is that the higher the car is bought on the auction, the more the charity gains in terms of funds. Some charities tend to keep some of the donated old cars for their own use such as moving of goods and kids transportation.
It would be better if the donor follows and makes sure that the charity the car has been donated to is eligible in receiving non-cash and cash donations.
So instead of just dumping an old car that is in a good condition on the yard, it would be really good if it is donated for a good cause.
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