Binance Exchange (pronounced as “Binance”) is one of the largest cryptocurrency exchanges in the world, with its headquarters located in Hong Kong. According to the cryptocurrency portal CoinMarketCap, Binance ranks first in terms of total daily trading volume, number of new and active users, liquidity, and web traffic (ranking, search engine query statistics, etc.). The exchange is also a cryptocurrency startup that has its own 'native asset' used in the Binance ecosystem as 'main gas' (internal payment unit).
👍 Binance's strengths compared to competitors are:
low commissions due to liquidity and trading volumes. High platform performance;
availability of its own coin BNB, which can be used to reduce the commission amount;
availability of its own cold wallet - a guarantee of the security of cryptocurrency asset storage.
👎 Weaknesses of Binance company:
complex verification procedure;
no margin trading;
lack of regulation. Complete insecurity for traders;
there are technical issues. The platform may go offline for an indefinite period at the most inconvenient moment;
there are complaints about the technical functionality of the platform;
confusing commission and reward accrual mechanism (Maker/Taker tiered system);