Everyone, involved in Crypto Industry, knows about Binance. Just think about it: this exchange is very young (it was launched just a year ago) but the latest data shows that Binance counts more than 3 million users, which makes this cryptocurrency exchange the biggest and the most popular among cryptocurrency exchanges. How come that this exchange became worldwide popular? What made it achieve the highest volume among the competitors?
When talking about Binance coin exchange one cannot but mention its founders – Changpeng Zhao (CEO) and Yi He. The expertise of these people in cryptosphere is remarkable. They used to specialize in the development of the software for exchanges, so they have considerable knowledge in this field. Moreover, their marketing strategy and campaign was quite elaborate, well-organized and very creative (a way better than that of competitors). They managed to raise 15 million dollars at Initial Coin Offering for its ERC20 BNB token, which was a superb start for both: Binance cryptocurrency (Binance Coin) and Binance exchange.
One of the advantages of the exchange is Binance Coin. Its purchase can appear a very perspective investment as BNB is steadily rising in price. Moreover, the coin offers many opportunities for its holders on Binance itself. For example, one can trade BNB on the exchange along with other cryptocurrencies. This coin is used to carry out exchange transactions and the users, who hold this token on their balance sheet, receive a discount on trading transactions.
It should also be added that the commissions on the Binance exchange are generally quite low. This fact also attracts many users. The transaction will cost only 0.1% (do not forget about the discount for BNB owners: they will pay only 0.005%). By the way, the exchange does not take interest for deposits but before you withdraw funds, it is better to learn more about the tariffs of the company.
Among other advantages of the exchange is a generous referral program: each partner receives 50% of the commission fees from the users they attracted.
All of the above mentioned together with more than 80 cryptocurrencies available (no fiat ones but this does not stop the users), large trade volumes, fast processing of the transactions, high level of security, user-friendly interface and extremely convenient mobile app paved the road for Binance fast and stunning success.
With new exchanges constantly appearing and the growing competition it is no wonder that the topic of creating your own exchange is in trend today. Binance is a comparatively young exchange but it managed to surpass the giant ones, which are on the market for a long time. The team of Merkeleon has managed to meet Ted Lin, head of international markets at Binance. We met and talked to him at one of the many international crypto conferences through which Binance popularizes its exchange. Our team can say that we really appreciate their success and think that Binance team totally deserves it: their hard work, knowledge, technical expertise and a creative marketing plan paid themselves off.
All in all, Binance is a vivid example of how it is possible even for newcomers and young exchanges to become leaders on this fast-developing market. People, working on launching their own exchanges, should consider and have the following important things: marketing strategy, reliable top-notch software, the team with great expertise and experience.
There are many turnkey solutions for the exchange. A good way to start your own exchange is to look into such companies and to choose the right one for your business.