Crypto Exchange Binance Beats the Competition

Crypto Exchange Binance Beats the Competition

If you are interested in buying or selling a cryptocurrency, have a look at the one of the world’s largest cryptocurrency exchange by trade volume, Binance.

Founded in 2017 by Changpeng Zhao – who earned the number-one spot on CoinDesk’s 2018 Most Influential list – Binance rose to prominence during the historic crypto market-wide bull run in 2017 by supporting a wide array of cryptocurrencies in what was, and perhaps still is, one of the fastest and most reliable trading platforms.

In fact, Binance became so popular, so quickly that CZ and Binance both became worth more than $1 billion in less than one year, officially making it one of the first companies to achieve “unicorn” status in the cryptocurrency industry. The data shows that Binance has, by far, the highest average USD return on IEOs across the examined exchanges while Bittrex has the lowest (and negative) USD return

Yet despite its reputation as a destination for crypto traders, it’s not exactly easy for users who lack a traditional trading or investment background to navigate their way around.

To celebrate its second birthday, Binance has been rolling out a flurry of new products and announcements this week. Chairman CZ has been even more active on Twitter than usual, providing teasers of what’s to come and revealing events such as the introduction of fiat-crypto pairs for Binance Singapore. Today, the exchange launched its margin trading platform, allowing it to go head to head with Bitmex, the home of 100x leverage on BTC and other leading crypto assets.

Binance was launched as a retail-oriented cryptocurrency exchange, but as the wider distribution in the industry shifted toward attracting institutional clients, companies adjusted their strategy accordingly. Registered in Seychelles, Bitmex does not require KYC and therefore is not suitable for institutional clients who require stricter regulatory guarantees. Binance hopes not only to seize the retail market share for margin trading, but also to establish itself as a leading institutional exchange for derivatives. However, it will face fierce competition on both fronts as the retail market becomes especially tight.

Now that margin trading is just a few clicks away, the wave of Binance users will be exposed to high octane sensations and dangers in the coming weeks. The likelihood that institutional investors will join them so far seems unlikely. In addition to its huge user base, Binance boasts a more stable trading engine than Bitmex, which is prone to crash during peak hours, and the user-friendly Binance interface is more attractive to beginners. But taking into account the fact that over the past 24 hours, $ 3.6 billion was sold at Bitmex. USA, at some distance, he remains an unbridled market leader. Binance, for comparison, reported a volume of 1.6 billion dollars over the same period. Binance is already ahead of Coinbase and Bitstamp, becoming the world's leading cryptocurrency exchange. Bitmex is now next on its hit list as it seeks to claim the crown of derivatives.


Other news

Building a Bulletproof Pitch: Interview With Victor Larionov

There are many great ideas for blockchain and DeFi projects, but most founders are struggling to access funds to scale. Due to this development, venture capitalists (VCs) get pitched countless times a…

  • 02 Sep 2021

EURxb Ushers in Mainstream DeFi Investment with Fixed Interest Rate

The concept of autonomous and distributed financial services is somewhat experimental and volatile at the moment.

  • 28 Apr 2021
View more update