The world of crypto exchange is no cakewalk. From hacking attacks to large-scale layoffs to the pressure of competing against a new rival every other month-crypto exchanges have huge challenges before them. Not all exchanges have been able to survive past the few initial years. And, amidst such cut-throat competition if an exchange manages to dominate the #1 position for years, it certainly deserves a round of loud applause. It’s not for nothing Binance is almost synonymous with the words “crypto exchange” today. Yes, there have been tough times but every time Binance has been able to prove its mettle, rise up stronger and command the numero uno stand like a boss.
Binance has been claiming the #1 position (in regards to trading volume) for almost two years at a stretch now, since 2018. Ask Changpeng Zhao (Binance founder) about the huge success of the exchange today and he will mostly credit his “good luck”. But, being a fellow crypto expert and a friend of Changpeng Zhao, I do know about the massive amount of hard work that has had been dedicated to scale up Binance where it is today.
Based in China, Binance is undoubtedly the most sought-after exchange today and for obvious reasons. The exchange was launched in 2017 and in just 6 months, Binance was able to gather as many as 3 million users. As of now, the platform offers trading in as many as 100+ cryptocurrencies, including Bitcoin, Binance coin and all the major and emerging coins. The exchange is extremely particular about security and practices most advanced security features to ensure the safest possible environment for traders.
The story of Binance CEO Changpang Zhao is the perfect tale of rise from rags-to-riches. A man who has to sold out his only home to invest in Bitcoin a few years back, is now the chief of the topmost crypto exchange in the world.
Zhao speaks about luck while in reality, it’s mostly his great strategic steps that have catapulted Binance to where it is today. To start with, he has deliberately designed Binance to not allow trading in fiat currency. It has helped him to steer clear of regulation hassles which are common with government currencies.
The next best thing Zhao has done is creation of a solid team that has helped to support Binance with state-of-the-art infrastructure. Thanks to its seasoned team, Binance was able to rope in a whooping number of 3 million users in just 6 months of its inception.
Another thing that I believe keeps Zhao’s exchange on top is the exchange’s consistent focus on a user-centric trading environment.
Binance witnessed a hacking attack in 2018 March. But thanks to the exchange’s edgy risk management system, all the attempts of withdrawal were disabled. Hackers could not take out any money and even the very VIA coins that they had deposited were frozen. Since then, Binance had witnessed two more hacking threats and every time, it’s the exchange that had swallowed the costs to keep the traders safe.
Binance is bustling with a host of rewarding features that altogether keep the exchange ahead in the game. The platform offers smooth trading experience for both novice and veteran traders and it sports two different trading sections (basic & advanced) for them. Then, despite being the #1 crypto trading platform, Binance charges a very humble 0.10% trading fees while the market average is 0.25%. Then of course, Binance has been able to gain trust far and wide with its cutting edge security features that includes powerful measures like 2-factor authentication and multi-tier system architecture.
Besides, the exchange promises committed 24/7 multilingual support ready to cater to users even at the oddest of hours.
I am confident Zhao and his Binance team will keep the exchange on top of the game with each passing year.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
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