Binance is giving away money to them who are already rich!

[Tduty]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

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[avikz]

Take a look at this incident from an entrepreneur's perspective. Let's assume you run a clothing business and you want to retain your loyal and big customers. So you start with deep discount package for your customers who will buy clothes worth 1000 grand during a certain period and offer fixed 30% discount to them for their next shopping session. You don't give the same to your small customers because they aren't profitable for you. It's business buddy! Big clients are the ones who give business to the exchange so it's no wonder Binance would want them to retain by providing such cash gifts! Nothing unethical or wrong here!

Same goes for banks as well. We have so many banks who provides preferential interest rates to their "ultra high net worth clients" just to keep their account in their bank. In a market bustling with competition, will always see such kind of preferential treatment towards the deep pocket individuals!   

[khiholangkang]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

This does not only happen at Binance, but in many exchanges do the same thing. They hold a trading competition and the winners are those who trade the most

[shinratensei_]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

If you are aware of the basic formula about why binance was doing it. Remember more rich people will be joining the competition and binance will be getting more and more profit. As far as i know, if the majority of trading events on the various exchange sites have already made like this. You can take some examples from okex and another exchange site too.
This is the reality when the exchange site is looking for a huge profit.

[Tduty]

Take a look at this incident from an entrepreneur's perspective. Let's assume you run a clothing business and you want to retain your loyal and big customers. So you start with deep discount package for your customers who will buy clothes worth 1000 grand during a certain period and offer fixed 30% discount to them for their next shopping session. You don't give the same to your small customers because they aren't profitable for you. It's business buddy! Big clients are the ones who give business to the exchange so it's no wonder Binance would want them to retain by providing such cash gifts! Nothing unethical or wrong here!

Same goes for banks as well. We have so many banks who provides preferential interest rates to their "ultra high net worth clients" just to keep their account in their bank. In a market bustling with competition, will always see such kind of preferential treatment towards the deep pocket individuals!   

I know they are doing this for promotion purpose and there will be many new investors who will sell goods or coins to have 1 Bitcoin for trading in Binance. There is no wrong here, but as they are already the best exchange they should think about other traders who don't have 1 Bitcoin! Their all events are same, even their recent IEO bounty was the same which is not bearable for low volume traders!

[Bttzed03]

I noticed they reached 1.1M followers on twitter and this must be related to the giveaway.

Binance is the best exchange for everyone

It is for people who ignores the shady practices of this exchange (i.e. fake news of HQ at Malta) but it is NOT the best for everyone.

but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules!

Just drop that making rich people getting richer. You are only complaining because you don't have what it takes to join. It is their exchange and funds so it's only natural that they set their own rules. It will not be their last giveaway, they might launch another trading giveaway for users with less funds.

I really don't like this type of movements!

So what you gonna do? If you don't like it then you either ignore/don't use the exchange OR just get funds worth 1 btc so you can participate next time. Stop whining.


For everyone's reference Binance Launches 50,000 BNB Community Giveaway

[strunberg]

i think they just do good marketing program for binance customer that have high liquidty and loyal to them. there no mistake with this, we are not talking about rich or poor man when in cryptocurrency market. we just discussing which is best trader and active trader that deserve to received bonus from their activity in market. binance exchanges want their customer will use their services for long time , not only on giving away moment.

[Kotone]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

Of course that's how an exchange market will roll. They are getting income on the fees incurred in the market, and giving away such prize to increase the trading volume isnt bad idea. Many exchanges using this, if you dont like then dont mind it. As if Binance care with the likes of you. Haters are always like this, why not say that directly to Binance. I always check your post and mostly your topic is only complained.

[joshua123]

Binance is the best exchange for everyone!

You should stop here I think. Other messages arent necessary to continue. Why? It so shame that users will complained with thr giveaway Binance is extending or giving at will. Im not saying they will not benefit from it. Of course they will, trading volume will increase and people would love to trade with them.

This does not only happen at Binance, but in many exchanges do the same thing. They hold a trading competition and the winners are those who trade the most

Exactly not just Binance, I dont know why OP getting mad seriously this is just a normal trading competition, why so jealous of those rich trader and becomjng rich as they trade their asset well? People nowadays are just spatting nonsense thougt. Get a life, ignore if you cant take it. That's crypto works and I suggest live with it.

[Kemarit]

So what are you suggesting here? That Binance should 'donate' to other traders who is not that rich?

It doesn't work that way, they wanted to established whales in their platform and that is one reason why they remain on top of the food chain because the know how to feed them.

Don't be discourage though if you are like the rest of us here, just average joes in trading and is not rich as f**k. We should strive to be the best and not to look at others and says its not fair.

[ufaiz50]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

In this case we are talking about business matters. There is material about "what we spend and what we will get." with such rules, binance gets many users in their market automatically they also benefit from trading fees and in other ways. in the business world, don't expect too much in an easy way for too long.

[Ailmand]

They are running a promotion that incentivizes those who are active and giving profit to their platform who most likely is those who have a huge portfolio with huge trade activity. That is how business goes. If you are an entrepreneur would you give an incentive to those who are poor that provides a portion of income to your business or those who brings bigger income?

[sockpuppet1911]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

Why wouldn't they want to attract whales on their platform? Every exchange wants whales instead of small players. And they can do what they want with their money as they aren't non profit charity.

[TanakabZX]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

Simple, the trading competition is for those who have 1 Bitcoin, why don't you like it? This is not the first trading competition from binance and it won't be the last, it's not as if every binance trading competition requires only 1btc upward, you can also participate on KUCOIN as well, they have lower trading competition for people who don't have much

[Tduty]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

This does not only happen at Binance, but in many exchanges do the same thing. They hold a trading competition and the winners are those who trade the most

You are right! Most of the exchange does the same type of promotion. They are not helping new traders to grow rather they are making rich people richer! I have been following them years, see they did not come with a giveaway for everyone, always they bring opportunity for the rich traders where Kucoin is doing far better! They are promoting in a more greater way as you maybe know about the Kucoinplay 1 million USDT giveaway!

[mahilchii]

Actually it's staking rewards I guess, binance has just distributed for the month of February and its usual like other exchanges. At the same time they even have authority to disqualify the trades for any manipulation happens,  obviously this will give people more interest to invest in binance and the growth can been seen by everyone from now.

[Pffrt]

It's for increasing the total volume on Binance which will get them more fees and higher volume means better rank overall. A person with little fund can't assist them to fulfil their goal   It's normal and take it easy. Try to build your portfolio so that someday you also get the position to trade such a big amount.

[plvbob0070]

Binance is the best exchange for everyone but it seems they don't care every trader rather only the rich one! They are making rich people richer when they have no plan for every type of trader! Binance is giving away 1.1 Million USD worth BNB coin to them who will trade over 1 Bitcoin with some rules! I really don't like this type of movements!

Simple, the trading competition is for those who have 1 Bitcoin, why don't you like it? This is not the first trading competition from binance and it won't be the last, it's not as if every binance trading competition requires only 1btc upward, you can also participate on KUCOIN as well, they have lower trading competition for people who don't have much

Based on the reference that @Bttzed03 provided it's totally a trading promotion for their platform and it seems that only traders who have a huge amount of capital can only benefit from it. If you are an average trader on their platform maybe you can earn at least a few amounts of BNB but, if you are below average traders don't expect that you will receive BNB from their giveaway. I'm pretty sure that the whales will totally participate in their giveaway. To OP if you can't afford the amount required from their promotion or giveaway, try to look at other exchanges that have this kind of promotion and for sure, you can now participate with it.

[10BTCaDay]

it has always been and always will be. the rich people are getting richer. all the major players in this market are most likely has some relations with each other and they are doing everything possible to help each other to earn even more money(btc). we cannot change that. we also need to become very rich. this is the only solution

[Novatech8]

You need to ask yourself why would binance do that, what would be binance gain if investors with 1btc each start trading on their platform, it's simply to have more trading volume and Liquidity so this trading competition is not for those with 0.02btc, binance is doing the right thing, you just don't understand how things works