Binance Review 2018: Comprehensive Crypto Coin Exchange
Binance is a Chinese cryptocurrency exchange. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project. Changpeng Zhao, former CTO at OKCoin is currently at the helm of Binance. They are known for fast processing speeds coupled with an ability to process enormous numbers of transactions (1.4 million) each second. It’s been quickly gaining ground in market share cementing a place as a top 20 exchange in terms of volume.
Binance transaction has reached a new level and currently score tenth place in the world. Binance offers a generous daily withdrawal limit. They don’t need identity confirmation when the per day remittance is within limit of 2 BTC.
Binance Features
Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version.
Their ICO has created tokens named BNB that are traded on the exchange. They can also be used as a method of paying your trading fees, which will reduce them by 50%. Binance offers their own startup incubator platform as well. The trading functionality of the platform was of more interest so we focused on that for the purposes of this Binance review.
Below is the “standard platform” look:
Below is the advanced display:
BINANCE Advantages
Large Cryptocurrency Pairings Supported
The competitive advantage of Binance’s platform is the ability to trade every major cryptocurrency pairing in existence. Coinbase and Gemini only offer trading of a handful of the larger market capitalization cryptos, whereas Binance allows users access to trade over 100 crypto coins.
Low Fees AND LIMITS
The fee structure is simple as well as being priced. There is a flat 0.10% fee on all trading. The 0.10% fee on trades is one basis point. If you were to buy a cryptocoin at 100 you’d have to sell it higher for 101 to profit.
Ease of Setup
Setting up an account is straight forward, similar to signing up for an account with other service providers. Another advantage is there is no lengthy waiting time, users are able to get setup and running within minutes. This is due to the fact that fiat is not accepted on the exchange.
Binance Provides Significant Trading Volume
Binance is currently the third largest exchange by cryptocurrency trading volume, according to coinmarketcap. At the time of writing, Binance’s volume was an astounding $5,441,711,452 in the last 24 hours! This volume demonstrates their users clear trust in the exchange, as well as the accessibility of the exchange and ease of transacting. This type of volume requires substantial servers and computational power.
Wide Support of Cryptocurrencies
No Verification Requirements
Binance doesn’t require identity confirmation in instances when the per day remittance is within the limit of 2 BTC. The attractiveness of setting up an account with Binance may be greater for a user in a jurisdiction where certain exchanges choose not to allow new users because of restrictions imposed by that location’s governing regulatory bodies.
Ease of Use
You’re able to buy and sell crypto pairings with market or limit orders while specifying the amount or percentage you wish to trade for each transaction.
BINANCE Disadvantages
No Leveraged Margin Trading
Margin trading is not available at Binance. Margin trading is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open.
No Fiat Functionality
This has both advantages and disadvantages. Government fiat deposits are not currently enabled in Binance, instead this exchange focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange. This means that you’re not able to deposit or withdraw in fiat currency, only cryptocurrency is supported.
Relatively New
Binance was started in only July 2017, according to this Reddit post. This is a major concern, as they don’t have a history. Despite all the good things people are saying on Reddit. it’s worth mentioning as many exchanges have come and gone. Binance appears to have a visible co-founder, unlike BTC-E.
Conclusion
Accessible option for obtaining Different Cryptocoins
Binance is the most rapidly-growing and communally praised cryptocurrency exchange available. It’s China based location may spell issues in the future due to rumors of a “crackdown“. that currently accounts for a large amount of volume. Although Binance targets high frequency traders, it is quite useful for those getting beginning with altcoin trading. Their lack of fiat money deposits may be difficult to swallow for beginners, only supported cryptocurrencies may be deposited. Binance boasts a large number of various cryptocoins for trading.
The main benefit is the ability convert between cryptocurrencies. For instance exchanges such as Coinbase and Gemini are more limited in the number of cryptocurrencies offered. The interface is also conducive to support shorter duration hold time day trading of cryptocurrencies if one were so inclined to deploy that strategy. Binance is an exchange worth looking into and integrating into crypto trading just for their large amount of supported crypto coins.
Filing a police report after a car accident is an important step in making sure all the details of the car accident are documented and all parties involved are protected.
When You Need to File a Police Report After an Accident
You should contact the police anytime you have a car accident. Contacting the police is a requirement in some states, and even in the states where it is not, you are better off to contact them and let them decide if they will come to the scene.
Then you have done your part in following the law which will work to your benefit if there is a lawsuit filed following an accident.
File a Police Report Regardless of How Small the Car Accident Seems
Even if there is only minor damage it is important to still make sure an accident report is filed. Sometimes there is more physical and medical damage later that is not always apparent at the time of the car accident.
Filing a Police Report and Making a Claim
Just because you file a police report does not mean you automatically are making a claim. The police report serves as a record of the incident. Sometimes after a car accident, people would rather handle the financial issues themselves than contact their insurance companies. You still need to file a crash report with the police, it may even be a legal requirement in your state. You don't know what the other person in the car accident will decide to do or say after you have left the scene.
The police can help make sure the details are accurate.
Police Reports and Personal Injuries
No one is at their best after a car accident. You will likely be shaken up and not in a position to judge how you are doing. Police have experience in spotting potential issues and can be of help. They will also deal with the third party for you, this will relieve a lot of stress.
Then they will fill in the report. Sometimes you can have personal injuries that only show up a day or two after the accident, if you didn't file a police report and there is no record of the incident, it may make things harder for you in the long run.
Why You Should File Your Accident With the Police
Filing the accident report will not only provide your insurance company with a basis on how to properly handle your claim but it will also give them an accurate crash report. An accurate accident report will ensure protection for you if there are any legal problems that occur from the car accident. The police can file a car accident report and may help submit it to the DMV for you if required. Do not leave the scene until the police file a full report.
If the Police Does Not Come to the Accident
There may be a situation in which a police officer is not available because of your location or other reasons. Reasons the Police May Not Come to the Scene of the Accident
In some states, the police are not required to go to the scene of an accident if the property damage value is too low. If you are concerned about injuries or other issues you should make the police aware when you call it in so they can make a decision if they will come anyway based on your description of what is happening.
The police may make the decision not to come if there are no injuries
If there is a public emergency or disaster underway, they may not be able to make it to the scene of the accident.
You should always make the call to the police on the scene and let them decide. If you are in a situation where the police do not come to the scene of the accident, then make sure you document the accident and damages thoroughly.
What Information Should You Get at the Accident Scene
If the police tell you they can not make it to the accident, then ask them what you should do, and make sure you take all the information necessary using a car accident form or information checklist. Also take the name of the person you spoke to when reporting the accident, in case you need it later in court or for a settlement.
Find witnesses if possible
Write down, take pictures or audio or video record (with your phone) the damages, location and the third party or witness versions of what happened at the scene if possible.
Then file your police report as soon as you can and give the police officer the information you collected.
You will need the information to file your own report and insurance claim if the police are not there to help. Here is a list of information you need to collect at the car accident if the police do not come.
Information collected from the car accident can be one of the most important tools in determining fault and who is financially responsible for the car accident.
Filing a detailed and accurate police report keeps the claims process smooth and quick.
Always be honest and detailed with the police officer, it will help you in the long run
What the Police Will Do on the Scene of a Car Accident
Take the basic information
Make sure the area is secure and safe for traffic and all people involved
Call any emergency services that may also need to get involved (like ambulances and fire trucks) to help
Give tickets if this is required due to violations or negligence
Speak to witnesses or any third parties (other people) involved
Evaluate the situation which can avoid scams or other questionable circumstances
Prepare a report you can later use to file your insurance claim, or use in court if needed
The police are there to help
Know How to Get in Contact With the Police Officer Who Filed Your Accident Report
After the accident report is filed make sure you get a card and/or direct contact information from the police officer who filed the accident report.
Often after an accident, you may only remember additional details later and these details can be very important, especially if the car accident claim snowballs into a lawsuit.
If you find you have remembered some key details after the accident report is filed, contact the police officer and see if you can add these details to the accident report.
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