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Author Topic: Binance success  (Read 231 times)
ice18
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October 07, 2018, 06:53:55 AM
 #21

I remember years ago when I first knew about crypto trading my first trading platform I used is Poloniex and next is Bittrex then as time pass by more problems occur with this exchangers, delays, support, missing deposits and many other problems then Binance enter at the right time new, fast, great UI and of course the referral is awesome they launch some great marketing stuff that make it more popular among many traders and they also launch a trading app that bittrex and poloniex has none of this. 

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shinharu10282016
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October 07, 2018, 08:19:02 AM
 #22

I am using binance as a result of delays on Coinbase and other exchanges in getting verified. Is this the reason Binance is so successful?
What is actually the main reason?
It seems that Binance was founded in 2017 and by 2018 it became the most successful exchange. Coinbase was founded in 2012 and Kraken in 2011 yet they failed to achieve what Binance has achieved.
From a business point of view, what is the reason Binance achieved so much?

There are a lot of reasons why Binance is successful. Number one is that it is a very much anticipated secured exchange. All hacking attempts that happened inside it were given much thought on planning on how to solve it. The CEO is very hands-on on what to do about different things and they follow Chinese regulations. They do not let them be affected by any other things that are against the law. And number two for me is that they have less fees than any other exchanges out there.
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October 07, 2018, 12:23:57 PM
 #23

The main reason for their success is the affiliate program. It's so attractive to affiliate marketers and they shilled it everywhere. Therefore, Binance team didn't need extra effort for marketing to attract the potential traders.
The other reason is 2BTC daily withdrawal capability without submitting KYC. However, I think this would be a problem for Binance later as we already see that SEC is going after the exchanges who are accepting USA clients without their approval/license.

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CristianOff (OP)
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October 07, 2018, 01:07:36 PM
 #24

Thanks everyone for the kind replies. I have a better idea of why Binance is so successful now! I just found it difficult for a company out of nowhere to become a 'standard' in the industry. It definitely makes me think business from a different point of view.

I also found other reasons why Binance is great. The founder seems to have worked in the financial industry when programming certain brokerage services. He definitely knew what he was doing before founding Binance. Furthermore, I guess that his networking in the brokerage services allowed him to bring a base of customers to the business.

Respect Binance for being able to offer high customer service  Smiley
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October 07, 2018, 01:41:01 PM
 #25

The main reason for their success is the affiliate program. It's so attractive to affiliate marketers and they shilled it everywhere. Therefore, Binance team didn't need extra effort for marketing to attract the potential traders.
The other reason is 2BTC daily withdrawal capability without submitting KYC. However, I think this would be a problem for Binance later as we already see that SEC is going after the exchanges who are accepting USA clients without their approval/license.

The latter part of your of post is my fear for Binance in the long run. They're definitely in the bad books of the SEC for accepting US residents without the requisite license from them. Read the report from the Office of the Attorney General and it sure isn't looking for them

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October 09, 2018, 10:47:12 AM
 #26

Binance launched at a terrible time, when China blocked the exchange. Asian big market switched on Binance.
Binance the design is comfortable and reliable.It is unlikely that he is losing popularity in the near future.
I think no matter what we say the biggest success of them comes from the amount of they left for the customers itself. We decide which coin should be invested with voting system they have than they put up that coin there because we wanted it. They put up affiliate system which means we kinda own some sort of the website itself at least for the people we invited.

They managed to create a website where people (customers) feel like they are part of the system and they listen to feedbacks as well, the owner constantly tweets stuff and whenever they tried to get hacked they managed to defend themselves as well.
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October 09, 2018, 11:19:47 AM
 #27

I am using binance as a result of delays on Coinbase and other exchanges in getting verified. Is this the reason Binance is so successful?
What is actually the main reason?
It seems that Binance was founded in 2017 and by 2018 it became the most successful exchange. Coinbase was founded in 2012 and Kraken in 2011 yet they failed to achieve what Binance has achieved.
From a business point of view, what is the reason Binance achieved so much?

One important factor of their success is focus on Asian markets. They managed to grow rapidly thanks to untapped Asian retail crypto market. There is still a challenge in customer experience. Crypto exchanges including Binance tend to be quite bad in dealing with customers (rapid growth brings understaffing issues and unstable internal processes).
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