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.
Should I Do Full Body Workouts Or Body Part Splits?
This is a question that many people in a fitness program ask themselves and it is a very valid question. If you Google this topic, you will likely see a variety of answers for both sides as to which is better. Truth is, the real answer is... IT DEPENDS!!! Both are very valid strategies and both have their pros and cons. I have also gotten results with clients using both strategies but how to decide which to do can be a tough proposition. Here is a breakdown that can help guide you to your decision:
You should do a full body workout if:
You are brand new to working out
For those who are new to working out or are starting back after a very long break, full body is best. Your muscular endurance is low and needs to be built back up. Most people will see plenty of results in the first 2-4 weeks with just 1-2 exercises per muscle group.
You are inconsistent in following workout plans
The last you want to do when doing any sort of fitness program is to create muscle imbalances due to inconsistent training. If you start out with body part splits (Chest/Triceps one day, Legs next, etc... ) and you start missing workouts, you put yourself at risk of developing muscular imbalances since not all of your muscle groups are being trained the same. For example, if you train your chest every week but forget to train your back, you are likely to develop postural issues which can lead to stagnation in progress and even injury.
Looking for a simple, quick way to work your full body each time you workout
Most people like the feeling of being efficient with their time when in the gym as they have busy lives and workout times are at a premium. There are many ways to do full body workouts and provides plenty of variety for most people.
Only have 2-3 days per week to commit to resistance training
Similar to above if you only have 2 to 3 days per week to commit to resistance training then full body is best. While it is possible to do body part splits in 3 days, it is more beneficial to work your whole body 3 times over the course of a week instead of just once per week.
You should do body part splits if:
You want to resistance train 3-5 times per week
If you are like me, you enjoy lifting weight and like to do so most days of the week. Body part splits are a great way to break up muscle groups over the course of 3-5 days and really focus on 1 or 2 muscle groups at a time.
You want to focus on only a few muscle groups each workout
Once you have been working out for a while, you may decide that your muscle groups need more attention that just 1 exercise per workout. In body part split workouts, you will do 2-6 exercises per muscle group depending on what muscle group or groups you are working.
You have been working out consistently and have stuck to a plan for longer than 3 months
If you have been consistent enough for 3 months (consistent meaning working out at least 4-5 days/week every week) then you most likely have the discipline to start doing body part split workouts. It is extremely important that you possess this discipline because if you don't, then you are at greater risk of developing muscular imbalances from missed workouts.
As you can see, there is no right or wrong with these styles, it's a matter of which fits you best. Some people jump back and forth between full body workouts and body part splits, which can be a great way to really switch up your fitness program and jumpstart your results.
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