Benefits of Trading on Binance

Recently I began using Binance for the first time and the experience has been quite simply excellent.

I traditionally traded on Bittrex when looking for lower cap alt coins but over the past few months Bittrex seems to have slowed down, become more buggy than usual with laggy chart data and delayed notifications (like hours late).

I originally switched to using Binance due to them listing some unique projects not available on Bittrex yet such as IOTA and WTC, two solid projects that have been storming up the coinmarketcap rankings.

Why I love Binance and what are the benefits?

Here are several reasons why I am enjoying using Binance.

1) Forks

Many exchanges and web wallets don't pay out your Bitcoin fork coins very quickly, in fact as of publishing 4 months on Coinbase users still don't have their Bitcoin Cash.

One benefit with Binance is how quickly they support forked coins. If you hold Bitcoin on the exchange then pretty much as soon as a fork happens you will have that same number or equivelent number of coins from the fork in your wallet.

So far on Binance I have had Bitcoin cash, Bitcoin Gold, Bitcoin Diamond and Bitcoin silver the name a few.

2) Airdrops

Airdrops are a relatively new marketing tactic for new coin owners that has mostly been rewarded to Ethereum holders using the MyEtherWallet however Binance is now supporting an increasing number of these free airdrops where you literally look at your account and think "I didn't buy these coins" and "wait, what even are these coins". It's a good thing because it's free but the aim of the coin creators is to encourage you to then research the coin and hopefully buy more. Either way selling these can be a nice little bonus for your crypto portfiolio.

3) Fees

The fees on Binance can be reduced automatically by opting in to pay using their own BNB token, this is a smart idea and also shows that the BNB coin itself is a solid investment as it grows in value due to its increased use on the exchange.

The main fee is 0.10% for all customers on all trades regarless of the customers volume, which we think is a fair way to do things, not favouring the whales. If you opt to use BNB coin to pay the fees (which doesn't involve any manual work on your part) then your fees reduce to 0.05% on all trades. Excellent!

4) Access to New Coins

Using Binance gives you the ability to buy a lot of coins that may not yet be available on Bittrex, it also provides one of the most trustworthy and safe exchanges to buy such coins and is far easier than muddling your way through EtherDelta unless you know what you are doing or have no other choice. While I use EtherDelta if there is no other way of buying the Tokens I would always prefer to buy via Binance.

5) Referral Commissions

Despite affiliate marketing getting a bad name over the years one thing is for sure, it works! It generates interest and it empowers it's users to do the marketing instead of spending that budget elsewhere. The caveat is that it can end up with people misleading the public in the hopes of generating commissions. A double-edged sword if you will.

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BONUS: Free GAS!

I will be the first to admit that keeping your coins on an exchange for long periods and when HODLing goes against conventional wisdom BUT hear me out. Binance actually pay the gas rewards on any NEO you are holding in your wallet. So with Binance you can stake your NEO like you would in the official wallet.

While this isn't as safe and secure as using your own wallet for this it's another example of Binance innovating and providing solutions that are most welcome.

That said, Binance sharing a % of their fees with users on a basis of who invited who is a very smart strategy and certainly works.

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