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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.

The foundational building blocks of every business are Processes (procedures/policy), People (employees), Customers and Resources (ideas/capital). Leaders, who strengthen and understand each of these blocks, build their business. Those who weaken or neglect these building blocks, find themselves with declines in both their top and bottom lines. Believe it or not, organizations can sometimes forget that creating and delivering top quality products and providing excellent services is their main objective. Organizations keep ineffective processes in effect because it is comfortable, safe and familiar. Leaders must regularly set aside time to define and redefine their processes, track defects and poor service, and make improvements to solidify these (5) major building blocks. Owner Mindset You've got to make the mental shift from running your businesses as a self-employed job/good employee to building a business you can one day sell, scale or own passively to fund your retirement. This means consistently reminding yourself that you are just a temporary producer, and that your business must eventually replace you from its day to day operations. Be Clear in Your Mission There's a reason you started a business and left your job (or didn't try to find a new one). Why are you doing this? Keep in mind that your personal mission and your company's mission can be different, as long as they're aligned and can co-exist. You did the mission statement in the business plan and it's on the bookshelf collecting dust. Network and Get a Mentor Get a business advisor or coach. It doesn't have to be someone professional, just someone who can share experiences to bounce ideas off of and tell you when you are losing teams, money and the mindset. Get your Business off the Road to Nowhere When the money gets tight and the momentum fades, you are left with day to day work of the business, this is when you learn how to make your business run. It can become grinding because sales are slow and you are learning how the business actually operates, to acquire customers, market products, understand how changing processes and products affect your financials, and every idea you have does not automatically work as you envision it to increase profits. At some point while running a business, your likely to experience that burned out or uninspired feeling. Work-life balance is important; there is a truth, in working hard and playing hard to unwind. Reading a daily devotion and taking a daily 30 minute walk can assist in relaxing the mind, etc. Customer Customer acquisition is expensive in order to acquire new customers, companies must effectively target, market to and convince customers to try their product or service. Many business owners do not take time to figure out who is their target customer. What are their target customers' likes, dislikes, needs and wants? Which types of media do they consume? What is the cheapest way to reach them? How much is the target customer willing to pay for their products or services? Where and how should we sell our products? Remember, it is cheaper to keep a customer than it is to acquire new ones. Master the Art of Engagement Being engaging is important in every part of your business, whether its communicating through email marketing, social media, blogs, videos and other commercial formats Grab social Media Attention Social media marketing plan should include Instagram, Facebook, Twitter and the company website to communicate with your customer. Use the same theme, pictures (banner pages) and similar products. Understand importance of Business Logos It is the first thing potential customers will notice about your brand, make sure it is presentable, professional and polished. Make sure the Logo connects with your customer needs and wants. Create an experience for your Brand Create fun and informative environment to solve your customer problems The Right Clients are more Important than the Most clients Most business strategy is get the cash in the door by any means necessary to get most clients in the door. Problem is you achieve all of this at the expense of quality, profit and sanity. The right clients will allow your company to do better work, build a better reputation, generate more profits and retain better employees. Focus on Your Goal, Objectives, Theme but most of all Profitability Don't try to be all things to all customers. Specialize in solving your 'target audience' problems and have fun doing it. Even the largest companies do their best when they focus on keeping the 'main thing the main thing'. Operations Processes Are the actions and applications that executives and teams put in place to achieve desired results. Leaders need to take a step back to review their processes-individually or in a cross-functional groupings--- to eliminate inefficiencies and optimize performance, annually or as the market changes. Systems Systems are the reliable processes and procedures that empower your business to consistently produce an excellent result for your client and profitability for you. Documenting automated processes can increase your company's efficiency and reduce costly mistakes; the checklists your employees follow to ensure that all orders are shipped correctly; the orientation process for all new clients when you begin working together; and the standardized contracts you use with all your new hires and vendors. Controls/Standards Controls are the processes, procedures and safeguards that protect your company form uninformed or inappropriate decisions or actions by any team member. They also are your business's way of making sure that key work is getting done on time and the right way. There are (4) main types of business controls: Checklists/Visual Business Process Controls Scorecards/ Business Performance Measurements Metrics by Function (KPI) Embedded Internal Quality Controls--- product/process quality checks Policy and Procedures--- written/measured Scalable Solutions Systems(using excel and quickbooks), Processes and Procedures that worked for a $1million dollar a year business, are not sufficient for $10 million dollar business or a $25 million dollar business. Scaling your business requires building it in such a way that your business model and systems can be rolled out and replicated on a much bigger playing field, based on increased product ordered/processed sales volume. Example, choosing a database solution or a 3rd party fulfillment should be based on actual growth rates, not potential or forecasted projected sales. Financials Cash flow and Financial Statements are your 'life line'. Learn how you are making and losing money. Understand profit and loss statements and what processes and procedures link to improving the 'profits' of your business. Resources The company's financial wherewithal additionally, the measurement tools necessary to manage and track finances and assets. Do you have the knowledge, competencies and skills necessary to use those tools to increase your profits? Small and mid-size businesses must master the ability to manage their working capital and cash flow. Every company has access to profit and loss, balance sheet and cash flow statements. Management is either using accounting software or someone is preparing the reports for management. How well does senior management understand the company's financials and it correlation to their strategy? Do these managers understand which parts of the company need investment, where cuts can be made on why? Managers must take the time to learn the relationships and interdependencies between their tools and the reports they use to maximize their resources. Teamwork makes DreamWorks You can't do it by yourself. It is critical to ensure that your business doesn't rely on the presence of any one individual. Even Steve Jobs and Bill Gates, needed a great team to help them execute, deliver and do everything behind the scenes to deliver their vision to customers. Surround yourself with the best people you can find. Hire people who are smarter than you, then step back and let them do their jobs. Remember championships are won by teams, not athletes. Employees are hired either to increase revenue or to decrease expenses in order to improve profits, no other reason. People People are not your greatest asset; the right people are. The wrong people are your greatest catastrophe. Mediocre people are your greatest drain on resources. Leaders must strive to create learning organizations where the organization is always pushing to improve. A organization where employees feel valued and are contributing according to their abilities. Effective management will create an organization where personal growth is expected and rewarded and employees are both challenged and satisfied. Employees who are motivated by the company's vision and mission will produce profitability, but frustrated employees will lead to losses. Vinson Primas is a certified business and life coach. He writes small business blogs to help small business owners make money. http://www.nomopofolks.com/small-business.html Article Source: http://EzineArticles.com/expert/Vinson_Primas/143970 Article Source: http://EzineArticles.com/9941752

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