Of all the cryptocurrency exchanges currently circulating through the crypto ecosystem, Binance is the most well known of all. As you’ll soon find out, it didn’t get the reputation of being the best cryptocurrency exchange in the business for nothing.

Since 2017, Binance has pulled off a seemingly miraculous feat. It went from obscure digital asset exchange to rival some of the world’s most powerful financial institutions dollar for dollar in under two years.

How did Binance do it? Moreover, is it as great and secure of a cryptocurrency exchange in 2019 as everyone says it is? Let’s dig in and see.

From the Bottom to the Top

In the spring of 2017, Binance’s founder Changpeng “CZ” Zhao proposed the idea of a revolutionary crypto exchange to several other potential founding members. By the summer of that same year, Binance had successfully funded itself via an ICO, and a few months later was up and running.

If there were any doubts at the time of the ICO about whether Binance was serious or not, the speed with which they went from ideation to funding to launch spoke volumes. However, at first, every token that got listed on Binance foundered. 

The first few months of cryptocurrency trading using Binance were up and down. New users were flooding the platform but, at the same time, tokens being listed there were plummeting. This cause for worry was reflected in BNB’s token price, which stayed relatively flat during its first five months on the market.

Eventually, Binance began picking up unbelievable traction. Its policy of listing lots of new tokens helped it break upwards both in terms of popularity and BNB token price. Other popular exchanges like Coinbase, Bitfinex, and Poloniex were moving in slow motion. New coin listings never seemed to materialize, leaving traders with few options for finding new cryptocurrencies to trade.

When Binance opened its doors, traders realized they finally had a place to safely trade. No more opening an account on sketchy exchanges that were probably scams.

BNB Token Price Keeps Rising

An overwhelming part of Binance’s success is the BNB token. Unlike other exchanges which have no token associated with the platform, BNB plays a vital role in several ways.

  • Paying for trading fees using BNB token slashes those fees by 50%.
  • Binance uses profits quarterly profits to market buy BNB token, then burn it from the supply. This permanently reduces the supply of BNB token, which, along with steady or increased demand, raises the price of BNB.
  • Users need to hold an amount of BNB tokens in their wallet to participate in Binance Launchpad, the exchange’s top-rated IEO platform.

Binance Chain and Other Genius Moves

The hits from the Binance team don’t stop. Last year, CZ announced that Binance was developing its own blockchain and decentralized exchange. This year, both of them went live, propelling BNB to glorious new heights in terms of value.

Now, Binance is a centralized exchange, a decentralized exchange, an IEO platform, and blockchain competitor to Ethereum. If that wasn’t already enough, Binance has set its sights on world domination by creating exchanges specific to every geographic region.

Binance is the best exchange of 2019 bar none, and it’s likely that this time next year, we’ll still be heaping praise on this revolutionary piece of crypto infrastructure.

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