Binance is a crypto currency exchange, focused mainly on the Chinese market. Of course, you could still use it, if you are based elsewhere.
The company, security of funds
Binance is a relatively fresh Chinese company, created by experienced professionals te the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.
Binance wasgoed created after attracting funds via an ICO (Initial Coin Suggesting &ndash, creating a fresh digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used spil a method of paying your trading fees, which will reduce them by 50%. Additionally a puny portion of the coin has to be paid to the company to personages your vote ter the community poll, which determines which altcoin will be added to the exchange next.
That being said, whenever a fresh coin is added, Binance holds some zuigeling of promotional distribution to existing clients. Usually it involves tracking the largest holders of the fresh asset and rewarding them with toegevoegd coins. While thesis can not be taken spil a ensured means of attaining more altcoins, they do raise attention towards the fresh tradign product.
Given its epistel history, it is not surprising that Binance has not yet bot hacked. That being said, the most evident punt with this exchange is the fact it operates te China. Given the latest moves by the particular authorities, it wouldn&rsquo,t be surprising to see them register ter a different country.
The English user reviews on Binance, while few, are fairly positive. Again, wij vereiste reiterate this is still a very fresh company, at the time of writing of this review.
Trading instruments (cryptocurrencies)
Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since fresh ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, Joy, BQX, XVG, ZRX and BQX.
Ondergrens initial deposit
Binance does not provide information on the ondergrens deposit amount. Spil wij voorkant mostly forex brokers, wij are used to companies stating this information openly. The need for a ondergrens deposit level is associated with the justo costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too puny. That being said several companies don&rsquo,t have a required ondergrens, like the FCA-regulated industry leaders at IG.
Margin trading is not available at Binance. For those of you who are not corriente with the trading world &ndash, this is a system which permits you to trade with more money than you actually have te your account. Your oscilación is then used spil a assure to maintain your position open. Spil an example, forex brokers require very little te collateral, te order to maintain massive positions. The so called leverage ratios can go spil high spil 1:500 or more. For example, XM offers 1:888 te leverage.
That being said the cryptocurrency space is a loterijlot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, infrequently offerande more than 1:20 ter leverage.
The toverfee structure at Binance is elementary to understand, but more importantly very competitive te the current environment. There is a vapid 0.10% toverfee on all trading. Other exchanges often separate clients based on their trading volume and the way they inject/uitgang a transaction (traders who provide liquidity to the exchange usually get some benefits).
On the other mitt forex brokers incorporate the costs of trading ter the spread. While comparing them is a bit like comparing apples to oranges, wij have made a side-by-side review of both services here.
Related movie: Winklevoss brothers: Crypto currency is here to stay
Binance&rsquo,s trading toneel is web-based. Furthermore it offers two distinct trading layouts, a more ordinary one and a &ldquo,Voor&rdquo, version. Visually it reminds us a loterijlot of the toneelpodium provided by Bitstamp. Here is how the &ldquo,standard podium&rdquo, looks:
The order book is placed on the left and more interestingly is arranged vertically. While being a bit avantgarde, this is by no means unique. The gauze is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems pleasurable. The &ldquo,Voor&rdquo, version, on the other palm looks like this:
This reminds us a loterijlot of Bitstamp&rsquo,s toneelpodium. The positioning of the order book and gauze is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it&rsquo,s not even close to the forex industry standard which wij have grown acquainted to, MetaTrader4 (MT4).
Methods of payment
Binance is one of the exchanges which doesn’t accepts fiat currency payments and concentrates only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.
Binance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly concentrates on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges suggesting the more exotic ones. The major punt wij have with Binance is that the project hasn&rsquo,t bot around long enough to actually prove itself. Here are the pros and cons of this exchange:
Gemini is a relatively elementary cyptocurrency exchange. It offers a few instruments, but on the other arm accepts USD canap transfers spil a method of payment. There is also a more specific type of trading &ndash, auctions, which wij will get to zometeen on te the review,
The company, security of funds
Gemini Trust Company, LLC.
US Trust regulation
Gemini is a brand possessed by t Gemini Trust Company, LLC. They are regulated by the Fresh York State Department of Financial Services (NYSDFS), but not under its infamous BitLicense, but simply spil a trust. This assures some consumer confidence, while avoiding the hassle with the unpopular chunk of legislation. If you are not conocido with the case, the aforementioned Fresh York regulators desired to create a licensing system for crypto exchanges. The idea wasgoed to make the Big Apple a major cryptocurrency trading centre, just how it is te traditional finance. That being the case the project wasn&rsquo,t appreciated by most of the companies ter the field, spil a loterijlot of them didn&rsquo,t apply for it. Those who argue this makes it basically worthless are backed by the rate at which licensing wasgoed given to the companies who did apply. At the time of writing of this review, two years since the legislation came into effect, only three companies have bot granted the license.
The name Gemin comes from the owners of the company, the Winkelvoss twins. While they may be most famous for suing Facebook creator Mark Zukerberg overheen their idea for a social networking webpagina, they also have rente te the crypto-space. It is worth pointing out, the famous rowers were also involved ter Bitinstant, a company which wasgoed involved ter facilitating transfers for drug deals. The brothers claimed they were only passive investors and were not aware of the operations.
When it comes to security, Gemini hasn&rsquo,t experienced any large-scale hacks yet. This is generally a good sign, albeit it does not assure anything for the future.
Related movie: Bitcoin could go up 20 times from today: Cameron Winklevoss
The user reviews on the company aren&rsquo,t that many, which can be explained by the fact it doesn&rsquo,t operate te the entire world. Here is a opbergmap of all of the regions, which they support (click to zoom-in):
That being the case most of the complaints are focused on slow account verification.
The most unique feature of Gemini are the auctions, which are held twice a day. The way they function is similar to the ones which occur at the opening and closing transactions on stock exchanges (not to be confused with &ldquo,the highest bidder wins the voorwerp&rdquo, auctions). This is where relatively big, ter terms of volume, transactions are usually made. Traders can place buy or sell orders which are then matched at a single price. While of of this is happening, trading on Gemini still occurs. This creates an interesting dynamic, just like it does on the Fresh York Stock Exchange &ndash, after eyeing the pending orders for the auction (known spil the &ldquo,imbalance&rdquo,) traders can speculate on them moving the market te the brief term. For example, if a relatively large buying imbalance is placed, most will expect the price to rally. That being said, this type of trading is very risky, spil fresh orders may come to meet the imbalance, even te the last 2nd. Furthermore the initial imbalance creator may have set a limit price for his order, above (te the case of buying) he does not want to participate. Trading on imbalances is tricky and while some traders used to love doing so on the NYSE, they can all tell you stories about times when they lost a lotsbestemming of money on a last 2nd turnaround. This is undoubtedly not recommended for beginners.
Related movie: WINKELVOSS TWINS’ FATE Fated?!?
Trading instruments (cryptocurrencies)
The trading instruments available at Gemini are only Bitcoin and Ethereum. Both coins can be traded against the US dollar and against each other. Obviously, this is limiting, but clients who wish to pursue altcoins can always transfer their BTC or ETH to an outward wallet or another exchange, like Bittrex.
Ondergrens initial deposit
Gemini does not mention any ondergrens initial deposit, unlike the majority of forex brokers, which wij mostly voorkant. Ter that industry, it is finta common for a company to specify an amount, below which one can&rsquo,t open a fresh trading account. The levels are fairly low now, with FXCM requiring $50, for example.
Margin trading is not available at Gemini. More aggressive clients will not appreciate this fact, albeit there is enough volatility ter cryptocurrencies already. The forex brokers who suggest Bitcoin trading, provide leverage. Spil an example the FCA-regulated industry pioneers at IG have a 1:13.Three ratio (7.5% margin requirement) for Bitcoin trading.
Gemini offers relatively competitive fees. The maximum is ter line the current industry standard of 0.25%, with discounts for fatter trading volume. On top of that, fees are lower for market &ldquo,makers&rdquo, (traders who passively place their orders ter the book). The fees actually turn into rebates above a certain point ter volume (only for ",makers",). Spil a comparison, forex brokers usually condense all of their fees ter the spread. This makes comparing the two types of services a bit tricky, albeit wij have done so te this postbode.
The verhoging provided by Gemini is web-based and rather simplistic, with the order book being the main concentrate. Here is a preview:
Wij vereiste note this is an old screenshot, which wasn&rsquo,t taken by us, due to the confinements on accepting clients. That being said, the podium may have bot improved ter the meantime.
Methods of payment
Gemini accepts Canap Transfers spil well spil Bitcoin or Ethereum ones. Not a loterijlot of exchanges accept handelsbank transfers nowadays, with the major two ones being Coinbase and Bitstamp.
Gemini is a US-based crypto currency exchange. The company is registered spil a trust, which should give investors a bit more confidence, when compared to a lotsbestemming of other entities ter the crypto-space. The people behind the company are the Winkelvoss twins, which you may be común with. Gemini offers little multiplicity, ter terms of the trading instruments, but accepts canap transfers. The company operates te a relatively puny number of countries. The Auctions which they suggest are a neat idea, but most traders will very likely not feel the need to use them. Here are the pros and cons of Gemini :