Yuri Molchan

Binance Publishes New Video of its DEX, Promising Public Trials Soon

The global giant crypto trader Binance issues a new demo of its DEX on YouTube with a scheduled launch at the start of 2019
Binance Publishes New Video of its DEX, Promising Public Trials Soon
Contents

Previously, U.Today reported the plans of Binance to create an exchange that would be non-centralized (DEX) in the near future. Now these plans seem to have become closer to reality as today, on Wednesday, Binance has issued an educational video of its Binance DEX that will soon be launched on a testnet.

Along with the new decentralized venue, Binance will create a protected electronic storage space for crypto assets, as well as the explorer for Binance Chain (the native DLT of Binance).

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Details of the new dex

The new video reveals that the Binance DEX interface will be pretty much the same as the one of the centralized exchange. However, a couple of new features have been added.

Details of the new dex

One of them is that you can generate a mnemonic seed phrase consisting of 24 words that can be used as a user’s private key to enter the wallet and is given only when you are creating your wallet on the DEX.

Details of the new dex

Another novelty is that the new decentralized product has a “balance tab” from which users will be getting updates on the amount of funds on their accounts. Also, a ‘user icon’ has been added, which shows your personal wallet address.

The DLT explorer

The demo video says that traders will be able to utilize the blockchain explorer to search for an individual block and to view transactions that are part of a specific block.

It also explains that customers’ crypto on the DEX will be protected with wallet dapps, such as Trust Wallet. The latter has an infrastructure that does not use servers, so a user’s private key is stored only on a user’s hardware wallet/smartphone. That means only users can access their money, explains the video.

Users will have to pay a small fee in BNB, the native token of Binance, for transactions on the DEX.

Binance DEX

The DEX made by Binance is running on Binance Chain. The latter was first announced in early spring this year for convenient trading with low latency and to enable users to take advantage of decentralized custody for their funds.

Those traders that will be using the DEX will have an opportunity to transfer and receive BNB and other coins through trading pairs. Besides, a Binance rep stated that while at the moment BNB is an Ethereum token (ERC20), soon enough it will be taken to Binance Chain, when this mainnet is officially launched.

Similar moves of rivals

In the summer, the Huobi exchange located in Singapore publicly shared its plans to change itself into a separate DEX which will offer investments to help other companies launch a DLT protocol based on an open source code.

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Exchanges Guide George Shnurenko

How to Trade on Binance - Complete Beginner's guide

🎓 Exchanges Guide
Since its launch, Bitcoin has been such a phenomenon in the digital world.
How to Trade on Binance - Complete Beginner's guide
Contents

What is Binance?

Binance is a major Hong Kong cryptocurrency exchange which is widely regarded as the most convenient and reputable exchange due to a large number of available altcoins, high speed of transactions and a user-friendly interface which is suitable for beginners who only make their first steps in the crypto world. Despite the fact that this exchange was founded in 2017, it managed to surpass the majority of its competitors having the 4th largest trading volume as of June 2018. That’s why it is important to learn how to use Binance.   

NB! Binance only offers its users C2C exchange, so fiat money is not accepted here. On top of that, you cannot purchase Bitcoin on Binance.

How to Create an Account on Binance?
Binance: how to use this exchange before registration? The first thing that you have to do before buying any cryptocurrencies on Binance is to create a new account (if you do not have one). Go directly to https://www.binance.com and choose the ‘Registration’ option. Then you have to fill out the required information in order to create an account and verify your e-mail address.  

Binance security features include:

  • 2FA (SMS or Google Authenticator);
  • Anti-Phishing Code;
  • API.
2fa

You will be asked to enable 2FA to enhance the security of your newly created account, but this is an optional feature. 2FA may prevent scammers from stealing your coins. How to use Google Authenticator Binance? In order to log in to your account, you have to type in a unique six digits code from an ordinary SMS or a Google app. There are also some additional safety measures (Anti-Phishing Code and API). Those who take trading seriously have to learn how to use Binance API.

 

How to Deposit Funds to Binance?


If you want to deposit money, go over to ‘Funds’ and choose the ‘Deposit’ option. Here you can see all the assets listed on Binance that can be easily deposited (expect for those that have a yellowish exclamation point next to them). Type in any cryptocurrency and click on it to generate a deposit address. As an alternative, you can simply scan a QR-code if you have a mobile wallet. There are no fees when it comes to depositing money to this platform, but Binance charges fees for trading and withdrawals.       

deposit

 

How to Trade on Binance?

As mentioned above, it is relatively easy to start trading on Binance because of its highly convenient interface. Few people find it hard to learn how to use Binance exchange. Here’s a small guide for absolute beginners.

  1. Buy Bitcoin or Ethereum on Coinmama. It’s also worth reading how to use Coinbase and Binance.   
  2. Transfer your funds to Binance with the help of wallet transfer.  
  3. Decide what cryptocurrency you would like to invest in (you have to know how to use Binance to buy Ripple). There’s a plethora of altcoins available on Binance (about 50 and constantly increasing), so your choice is definitely not meagre. Always check coinmarketcap.com to monitor the fluctuation of prices. By the way, you can already see the biggest movers of the day along with the major markets on the Binance front page.
  4. How to use Binance app for trading? In order to start trading, go to the ‘Exchange’ section and choose ‘Basic’ while those users who already have certain trading experience can go with the ‘Advanced’ option. Try not to be confused by all the graphs and trading pairs which may be already familiar to you if ever had any FOREX trading experience.
  5. Your trading pair is displayed in the top left corner of the web-site together with the current price, the latest fluctuations (24h high and 24h low) and the trading volume. Most of the trading pairs involve BTC, but there are also some other alternatives. There is also a wide range of altcoins that you can buy with their local token BNB. The user has to simply pick a pair by choosing the desirable coin which can be traded against Bitcoin/Ethereum/BNB. Now you can a graph which vividly shows the fluctuation of prices.  trading pairs
    There are also to boxes on the left which show people who are currently selling or buying AION with BTC. At the bottom of the first list, the user will see the lowest price available on Binance. The second list shows people who would like to buy AION from you at a particular price.   
    In the middle of the page, you can see the chart which shows what a certain altcoin has been doing for the last timeframe. Different timeframes are available – from one minute to a whole week. Each of the indicators which are called ‘candles’ displays the volatility of price during a defined trading period.charts
         
  6. The next step is actually buying the altcoin of your choice. Go to the ‘Market’ and specify the amount of coins that you would like to purchase. The system also allows to set a specific percent of your active funds that can be exchanged into any altcoins (in this particular case it’s AION).
  7. You can learn how to use stop-limit on Binance and determine at what price you would like to sell or buy AION. If that’s the case, your order goes directly to the aforementioned boxes. Those who know how to use stop limit on Binance, can be very successful traderslimit.     

Binance Trading Fees

When it comes to trading fees, Binance is considerate to be a very reasonable exchange since they charge only 0.1% of what traders make. On top of that, there is also a substantial 50% discount involved if you use their native token. It’s absolutely safe to say that Binance charges the lowest fees on the market. Just go to how to use Binance reddit or how to use Binance site: youtube.com in order to find out more about this special offer.    

How to Withdraw from Binance?

Making a withdrawal from the Binance exchange is as easy as depositing money to your account. You only need to now the address of your wallet, but make sure that it is compatible with the cryptocurrency that you are going to withdraw. The same applies to the situation when you are going to send your funds from Binance to another exchange that doesn’t support the token you are sending. As mentioned above, it is also impossible to trade crypto for fiat money and withdraw it directly to your bank account (for that purpose one can use Kraken).  

Simply click on the ‘Funds’ tab and go to ‘Withdrawals’. In the following menu you can search for any desirable cryptocurrency or choose it from the drop-down list. You can type your wallet’s address and save it, so you can use it for further withdrawals.

withdrawl

Type in the amount of money you would like to send to your wallet in order to see the transaction fee and the final sum that will be withdrawn. Now you are to check your e-mail and open a letter from Binance that contains a verification link. Once verified, it usually takes only a couple of minutes for the transaction to be completed.   

Binance Withdrawal Fees

Unlike trading fees, the price of withdrawal on Binance varies from coin to coin. Some coins are very expensive to withdraw (so it would be cost-effective to leave on the exchange if small sums are involved), but at the same time there are currencies like NEO that are completely free to withdraw. Here’s the table which shows some of the withdrawal fees:

Bitcoin

0.0005

$ 3.06

Ethereum

0.01

$ 4.38

Ripple

0.25

$ 0.12

The full list of withdrawal fees is available here https://exchangebit.info/binance. When you are dealing with large amounts of coins, remember not to leave them on an exchange and withdraw them to a cold wallet where your assets can’t be compromised by hackers.

Exchanges Guide
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Darryn Pollock

Binance’s Exponential Rise Up the Ranks an Impressive Cryptocurrency Feat

Binance has set the precedent for success when it comes to running a cryptocurrency exchange, but how have they gotten so big, so fast?
Binance’s Exponential Rise Up the Ranks an Impressive Cryptocurrency Feat
Contents

Biance, arguably the world’s biggest cryptocurrency exchange, said back in July that it expects to make up to $1 bln in profit for 2018, a year which has been decidedly bearish. This cryptocurrency exchange is also not even two years old yet, but it has climbed the ranks to the top in quick time.

But what is it that has made this exchange such a success, especially in a bear market, and especially in a cryptocurrency space that has become so saturated and competitive in regards to exchanges?

The exchange started out on the right foot, with an innovative idea and a well-timed ICO for the Binance Coin (BNB) but from there, the growth of the company has been aided by its solid foundation. This in itself has allowed Biance to innovate and expand to new areas, including upcoming fiat-to-crypto exchanges.

It is a worthwhile exercise to look at Binance’s route to the top and discover if there is anything for other companies in the market to glean from their journey. In such a competitive market, there have to be competitors that are either looking to innovate, or potentially imitate.

Rocketing to the top

Binance was founded in early 2017 by Changpeng Zhao in China. They quickly moved to launch an ICO for a native utility token called the BNB. This was a timeous decision as July 2017 was when the ICO craze was really starting to take off and it ended up netting Binance $15 mln.

The intention with the BNB was to give its holders 50% off fees on the trading platform, which was an attractive proposition and surely one of the reasons why Binance accumulated so many users so quickly, but also why it’s token became important and embedded down the line.

It took Binance just 143 days from its launch to reach the top three cryptocurrency exchanges globally, and its growth did not slow down. At the beginning of 2018, the exchange boasted about 2 million users, but six months into this year that number swelled to 10 million.

It is for all of these reasons and this astronomical growth, that Binance is predicting its profits to top $1 bln this year.

The BNB’s role

Binance’s own token has surely been key to its growth as a company, but at the same time, the companies growth has also helped establish and expand the use of the utility token. Because it started out simply as a way in which users could lessen their fees, it was well received and attractive to new users.

The BNB thus was heavily traded, very liquid, and well distributed, all aspects that aid and help grow an exchange. Thus, as more people flocked to Binance because of the lessened fees through its token, the company grew, and the BNB expanded its reach and value.

BNB is now more than just a coupon for 50 percent, it has multiple roles on Binance, including being a voting token for Community Coin of The Month which is a way new coins can be chosen and listed on Binance, and it is being used for Binance’s LaunchPad, which aims to help raise funds for worthwhile start-ups.

A model for the future?

Binance is of course not without its faults, and it has been criticised for onboarding a number of cryptocurrencies, and also accused of charging exorbitant rates for doing so as a money making scheme to the determined of the ecosystem.

However, their story of growth — even in a quickly expanding space like Blockchain — is still impressive, and may well be setting a precedent for future exchanges to become established. Binance will face struggles down the line, especially with regards to regulation, and this is why it has already moved operations to Malta, but its foundation is already laid.

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Yuri Molchan

Things Are Looking Up for Tron Despite Bearish Market

Despite dominance from sellers, Tron remains stable in the roller-coaster market
Things Are Looking Up for Tron Despite Bearish Market
Contents

Coinmarketcap reports that TRX is currently trading at $0.022144, a price tag that has been reached after a small decline. Over the past fortnight, the coin has been drifting between $0.22 and $0.26.

The Tron community would perhaps like to see more from TRX, but, in any case, the coin has managed to do well enough by holding on without dropping through the floor. Concurrently, the Tron Foundation with Justin Sun have been very active of late.

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TRX makes its way to an untapped market

On Tuesday, TRX trading was launched on AltcoinTrader. It is a small-scale crypto exchange platform based in South Africa. Even though it may seem like nothing special, AltcoinTrader has opened an untapped crypto market for Tron. At present, this listing may not seem vital, but it might be in the long term.

Tron outperforms Ethereum by daily transactions

Even though the overall market sentiment has been negative, the Tron Blockchain has demonstrated a significant rise regarding network capacity and has set two transaction records close to each other in time.

On Oct. 18, Justin Sun tweeted that the Tron network had got over the 500,000 figure, thereby outperforming Ethereum. The Tron CEO stipulated it was the first time Tron had moved past Ethereum. The next record was announced on Saturday, Oct. 27, when many financial news outlets screamed about Tron getting over the 900,000 threshold of daily operations.

Tron cooperates with Binance Charity Fund

At this year’s World Investment Forum at the UN, Binance CEO Changpeng Zhao mentioned the contribution Tron had made to the Blockchain Charity Foundation (BCF) launched by Binance. In particular, Tron assisted with the transfer of funds to victims of the flood that had badly affected Japan in the summer, with Justin Sun having donated a substantial amount of that sum in crypto himself.

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At the same forum, Justin Sun commented on CZ’s speech, saying that he would do his utmost to improve society using crypto as a tool.

Tron Virtual Machine, dApps, smart contracts

Even though the Tron Virtual Machine (TVM) is still not completely ready and is being ‘fine-tuned’ as we speak by the Tron team in order to facilitate and simplify a dApp creation process, Tron’s weekly report shows that work is being done on a much wider scale than was previously expected by the community.

In addition, in the report, it was said that dApphouse had been released. Now the Tron Blockchain can also work with smart contracts through Tronscan.

To top it off, Justin Sun tweeted that according to a CoinTrendz survey, TRX remains the most frequently mentioned coin on Twitter.

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David Dinkins

Media Reports Binance Exchange Ordered to Cease Operations in Japan, Binance CEO Denies

Mainstream media outlets worldwide are reporting that the major cryptocurrency exchange Binance has been asked by Japan’s FSA to cease operations.
Media Reports Binance Exchange Ordered to Cease Operations in Japan, Binance CEO Denies
Contents

A local news outlet, Nikkei, has reported that cryptocurrency exchange Binance was ordered to cease operations in Japan following its unauthorized expansion into the country. Japan’s Financial Services Authority (FSA) is the regulator that oversees the nation’s licensing program for cryptocurrency exchanges. Following a half billion dollar theft from Japan-based exchange Coincheck earlier this year, the FSA has reportedly been cracking down on crypto exchanges.

Shortly after Nikkei ran its story, Binance CEO Zhao Changpeng denied the rumors, tweeting:

Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.

— CZ (not giving crypto away) (@cz_binance) 22 марта 2018 г.

Really big deal

Japan and Binance are both extremely important to the cryptocurrency sector. Japan presently has the largest Bitcoin trading volume in the world, with 56% of Bitcoin trades denominated in yen. Meanwhile, Binance is the largest cryptocurrency exchange in the world, by volume, with $1.7 bln in trades over the last 24 hours. Many of the top altcoins are heavily traded on Binance; the exchange is #5 by volume for Ethereum, #7 by volume for Litecoin, and #1 by volume for NEO.

Carrot and stick

Japan seems to be adopting a carrot-and-stick approach to dealing with Bitcoin. Last spring they made Bitcoin a legal payment method, but shortly thereafter began imposing licensing requirements on cryptocurrency exchanges. The strategy seems to be to offer an olive branch, then bring on the regulation. Put differently, Japan’s government seems to have some faith in cryptocurrency, but only so long as it remains within the nation’s existing regulatory framework. “Rogue” Bitcoiners must be shut down with alacrity.

 

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Thomas Hughes

Binance Set to Launch Own Blockchain And Decentralized Exchange (DEX)

Binance CEO Changpeng Zhao has confirmed they will be launching a DEX platform built on top of Binance Chain
Binance Set to Launch Own Blockchain And Decentralized Exchange (DEX)

Binance CEO Changpeng Zhao has confirmed they will be launching a DEX platform built on top of Binance Chain, an upcoming Blockchain where BNB (Binance Coin) will be the native coin. The DEX is likely to be released in early 2019.

Succeeding the announcement, BNB has spiked more than 25%, but most of the gains have been erased in a retracement that soon followed.

Chart Analysis – BNB/USD

Chart Analysis – BNB/USD

After the announcement and the initial rally, Binance Coin (BNB) dropped almost 14% (last 24 hours) against the US Dollar, trading currently at 5.54, from a high of 6.67.

The drop can still be considered a retracement, which is normal after a strong move up, but it has some worrying elements: firstly, this it is a very deep correction, which may endanger the current uptrend (the chart above is Hourly, but from a 4-hour perspective we are not dealing with an uptrend). And secondly, the bearish move has broken the previous support zone between 5.80 – 5.85.

All this suggests that a break of 5.50 would almost nullify the climb and would make way for an extended drop into 5.00. To the upside, the first victory would be a break above 5.85, which will open the door for a re-test of the highs during the days to come.

Support zone: 5.50

Resistance zone: 5.80 – 5.85

Most likely scenario: bounce higher after a failed break of 5.50

Alternative scenario: all gains are erased, and the pair moves into 5.00 territory

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