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Why is Binance the Most Popular Bitcoin Exchange?



Why did Binance become the most popular bitcoin exchange? You can really ask yourself that. On the one hand, the fact should be mentioned here that the Binance CEO Changpeng Zhao, usually simply called CZ, is a great master in marketing. On the other hand, Bitcoin trading on Binance is cheaper than anywhere else. But Binance has a couple of pretty special features. More on this in this blog post.


CEO CZ

Changpeng Zhao is a Sino-Canadian businessman who has been the founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume, since April 2018. Zhao was previously a member of the team that developed Blockchain.info. Previously, CZ worked as Chief Technology Officer of OKCoin.

Critical first

Binance is in the headlines from time to time and has been attacked and in some cases also hacked a number of times. However, customers were never harmed and CZ was able to reassure customers and Twitter community in good time with its legendary slogan 'Funds Are Safu'. Even in the event of interruptions in retail, the CEO often informs personally and promptly:


Critics also keep saying that you don't know exactly where Binance is headquartered. The company's headquarters were relocated to Malta after strict regulations regarding cryptocurrencies had come about at the actual company location in Shanghai and in Japan. Binance has also opened several offices in Taiwan.

However, some locations have come under pressure. A few months ago, Binance had to close its offices in the UK. Binance cannot offer the so-called margin trading in all countries either. In addition, at Binance, as with many other large exchanges, there are occasional so-called glitches, i.e. flash crashes due to errors in the software. Although these are actually especially dangerous for margin trading.

Binance is much more than just trading

Binance around the charismatic CEO is simply an institution. In addition to the trading platform, Binance has founded its own university and research department, which always stands out with interesting studies. Binance is now part of the most popular Bitcoin chart site Coinmarketcap. Binance offers pretty much everything there is in Bitcoin trading. Trading, margin trading, lending, staking, etc. Binance has also already gained a foothold in options trading. The Bitcoin exchange introduced futures contracts for cryptocurrencies. Binance also works with some governments. Most of the time it's about developing stablecoins.

Trading fees

The usual trading fee is 0.1 percent: Depending on the VIP status, this fee can be reduced. Those who also trade with the in-house Binance Coin receive a 25 percent discount on the trading fee. There is no deposit fee - but there is a withdrawal fee: the exception is fiat money. Withdrawal fees for cryptocurrencies differ from coin to coin: Depending on the network, there is a minimum withdrawal amount and corresponding fees.

Binance Coin

Binance Coin was created as an ERC20 token and was originally supported by the Ethereum blockchain. But in 2019 the coin moved into its own blockchain. The ERC-20 standard continues to be accepted by the Binance exchange. The Binance Coin is completely independent. If you want to invest in Binance BNB, you don't necessarily have to have an account with Binance. BNB is so successful that this coin has now also been introduced on other exchanges. Anyone who owns BNB can reduce trading fees or buy goods or services directly. There is a decentralized exchange, Binance DEX, based on the Binance blockchain. The idea of ​​the Binance Coin has also inspired exchanges such as KuCoin and Bitpanda to create their own token.

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