In this article, we will be making a full Binance review that would provide you with all the necessary information to handle your cryptocurrencies. That being said, Binance is an exchange that supports the Ripple (XRP) cryptocurrency. This is going to be very useful for many traders and Ripple enthusiasts in the industry.
In this Binance review, we will be sharing which are the most important features of the exchange and what differentiates the platform from others. It is also important to take into account what clients believe about it and which are Binance’s future plans.
This Binance Review should be used by users to better understand what Binance is and how it works.
Binance Review - Basic Information
Binance was created back in 2017 as a cryptocurrency exchange with a large number of trading pairs. Indeed, Binance was founded in the middle of the bull market that pushed Bitcoin to $20,000, its all-time high. The main feature of the exchange was to offer a large number of tokens and trading pairs.
At that time, Initial Coin Offerings (ICOs) were releasing hundreds of tokens almost every single month. Many investors wanted to have access to them. Binance was the platform that allowed these users to get the tokens they wanted. While Binance was doing this and its popularity was growing, other exchanges were only offering just a few trading pairs.
Thus, Binance became a leading exchange with hundreds of trading pairs. Users could not only exchange Bitcoin, Ethereum or Ripple but also a wide range of tokens in the space. This is certainly one of the key points of this Binance review.
The founder of the platform is Changpeng Zhao (CZ), who raised $15 million during an ICO to launch this exchange. This company is located in Malta and it has offices in other countries.
In addition to it, Binance was one of the first exchanges to launch its own virtual currency. Binance Coin (BNB) can be used to pay for fees at a reduced rate. In the last years, the use cases of BNB have been expanding. Nowadays, it is possible to pay for goods and services with BNB and even invest in other crypto projects.
At the moment, Binance handled a volume of $2.42 billion. In the last 30 days, traders moved over $27 billion in virtual currencies through this platform.
To have a good Binance review, we need to understand which are the services the platform offers. It does not only allow investors to trade digital assets but it is also providing insights about the crypto industry. Through its Binance Research initiative, the company provides in-depth reports about different topics.
Throughout the years, investors became much more sophisticated and they requested new features. Nowadays, Binance users can easily trade digital currencies using leverage. This is one of the most exciting features offered by the platform.
Margin trading is still not available in many other platforms. However, when a user makes a Binance review, they seriously consider this option. Traders will have the possibility to improve their trading strategies with margin trading.
Although leverage trading is very risky, it also provides great opportunities for traders. Users can easily increase their profits if they know where the market is headed. Traditional trading platforms such as Coinbase are still lagging behind in terms of features and markets.
Binance has also decided to improve the ICO industry. Many of these ICOs were considered scams. Nonetheless, Binance found a solution to this problem by launching the Binance Launchpad. Binance Launchpad is a token launch platform for projects in the crypto market.
This platform is very useful for investors. Binance does all the necessary research on the project. After it, users can simply purchase the tokens of the projects they want. Binance Launchpad launched tokens such as BitTorrent Token (BTT) or Celer (CELR).
As a market leader, the Binance Launchpad became an example for other exchanges. Other platforms are now offering similar solutions to Binance, however, with a lower impact on the market.
This is similar to what happened with Binance Coin. After being one of the first exchanges with its own token, competitors started to launch their own crypto solutions. At the moment of writing this Binance review, BNB is the 9th largest cryptocurrency. It currently has a market valuation of $2.75 billion and a price of $17.66.
The Binance Coin has also been subject to quarterly burns that allowed the digital asset to reduce its maximum supply. For this Binance review, we consider that BNB’s market performance was more than acceptable. BNB reached an all-time high in 2019, compared to other altcoins that feel to new lows.
Binance Ripple Integration
At the time of making a Binance review, it is necessary to take into consideration the cryptocurrencies accepted. One of the most traded and important digital assets is Ripple (XRP). As reported by Binance, Ripple has a large number of trading pairs.
Currently, XRP can be traded against Ethereum, Bitcoin, Binance Coin, USD Coin (USDC), True USD (TUSD) and Paxos Standard (PAX). Additionally, it can also be traded against Tether (USDT), the largest stablecoin in the market. Binance has also added a new trading pair: XRP/BUSD.
In the last 24 hours, XRP trading pairs reached a trading volume of $89,636,680 million, mostly for USDT ( check the Ripple Price Now ). This stablecoin has one of the largest trading volumes in the market besides Bitcoin.
Binance users have been requesting the company to get closer to Ripple. The XRP virtual currency could be used to easily send and receive payments between exchanges. Although there is no official information about integration with Ripple, it could certainly happen in the future.
Early in 2019 Changpeng Zhao said that ‘sooner or later the exchange would partner with Ripple. This is specifically related to the on-demand liquidity solution. This solution would make transfers very fast and simple. Meanwhile, Ripple could get a new exchange that would support its worldwide operations to increase the liquidity on its platform.
During a conversation through Periscope, Changpeng Zhao commented:
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner”.
There are currently some other platforms working with Ripple’s solutions. Bittrex and Bitstamp are already helping Ripple offer better services around the world.
With the Liquidity on-demand solution, Ripple enables fast and cheap cross border transfers. Indeed, it is possible to send and receive funds in just a few seconds and in local currency. The whole process can be processed using the XRP digital asset as a bridge currency.
This shows that Binance and Ripple have a very close relationship. In the future, these two firms could easily help each other expand even further. Ripple could bring new clients to Binance and the exchange could increase XRP’s liquidity.
Binance DEX and Binance Chain
If you are reading this Binance review, it is important to understand Binance has a decentralized exchange. In addition to it, the platform has also released its own blockchain network called Binance Chain.
While centralized exchanges are fast and user-friendly, decentralized platforms are lagging behind. Binance is trying to change this with its Binance DEX solution. This platform has already been released to the market and it has attracted several traders.
The Binance Chain is also a massive project for Binance. Some firms are already launching their tokens on top of this independent blockchain network. Before doing this Binance review, the exchange was using the Ethereum blockchain to power its BNB digital asset.
Nowadays, projects can simply start working on the Binance Chain and create their own solutions. Some firms have already launched stablecoins and the whole Binande DEX is running on top of it.
Users should also know that Binance has very good customer support. In this Binance review, we consider it to be a very important thing for users. If you need help with handling your funds in this platform, Binance team will be ready to help.
Although this doesn’t usually happen, if you have troubles, the support will answer you in less than 24 hours. Moreover, you can also give feedback or share your opinion about the exchange. Users can also request new tokens or trading pairs. XRP is a very large digital asset and Binance would be glad to add new XRP trading pairs.
If you care about the support provided by an exchange, Binance will have a great answer for you.
In this Binance review, we aimed at sharing with you some of the most important features of this platform. We told you which are Binance’s services and what can traders do on this platform. Moreover, we have explained to you that a future integration with Ripple could be very profitable for the exchange.
Binance is more than just an exchange. The company has already established a network of solutions. They are offering many products and services to solve the needs of as many users as possible. In the future, new solutions could be launched to the market as well.