Binance launches Fiat Exchange

community

(Oldsport) #1

Minutes ago, Binance launched a Fiat Exchange platform, as stated by their announcement:

With their moving to malta, a Fiat Gateway had been announced long ago. They’re releasing today apparently.

You have to create a new account to trade. I wonder why they would do that.

EDIT: Here’s the Fee structure

image


User acquisition
(Behind You) #2

Well, that sucks.


(Oldsport) #3

I don’t think we should see any of this as bad. It’s healthy competition. Moreover any move towards global adoption of crypto is good for NEX as well :slight_smile:


(Behind You) #4

@Oldsport

Well, it is “competition”.

Imagine a world where Tesla is about to reveal their Roadster. (V1). But like a month before, Audi announces their first electric sportscar.

That means that Tesla would have some catching up to do. A lot catching up…But the advantage of Tesla was, that they could build a user-base before any other established car company started to build good electric cars.

So yes, competition is good, if you are already established in the market. But Nex is not.


(CryptoUK1) #5

Well done to them. It seems they plan to have different platforms for different products which I’m not sure is the best approach. Whereas with Nex, it will all be in the same place, on one website.

Still early days for Nex but in time we will see how it plays out. I’m fully confident.


#6

yeah i agree with Oldsport, this kind of stuff fm Binance is good for the whole crypto eco-system…with all the momentum coming from Binance [and soon Nex!] it will make a big diff…its all coming together!


(Nex Hodl) #7

Agreed!!! I just hope that we have a lower minimum fee on gateways!

Also we can do a more aggressive marketing except the obvious one’s (not your keys not your crypto etc)

  1. 0% trading fees for 7 days for the users that will sign up before we go live

  2. Free 30 usd (on stable token) for the first 10000 members that pass kyc


(Alex Forward) #8

I saw they offer referees 80% commission from trading fees… Expecting some buzz on Twitter targeting whales…

That made me wonder if NEX could actually do such promotion…


(The Ron) #9

I must say, I really like the approach from Binance. No announcements of announcements or anything like that.

Just suddenly: “BOOM here it is, FIAT gateway, have fun guys! And oh yeah, please subscribe quickly because you will get a bonus.”

As if it is nothing… :slight_smile:


(Alex Forward) #10

I expect them to merge integrate all platforms over time…Bit like Like Gdax / Coinbase Pro and Coinbase. Maybe its a matter of legal affairs.

What I like about NEX approach is that NEX is actually building an ecosystem acting as a hub to bring customers and service providers together in one place; Neonexchange…
instead of having a bankaccount somewhere in Malta, NEX is working with fiat on/offramp partners… So I assume the whole fiat story will be less custodial as with Binance. Because money will be sitting in different bank accounts… Maybe NEX customers will even be able to chose a bank were they are a customer already or know it by name… (more trust…)

  • Someone correct me if I am wrong about the fiat custody part for NEX Vs Binance…(or anything else I said)

Distinguishing factors NEX vs Binance (with FIAT gateway and DEX)
(Oldsport) #12

Of course it’s not pleasant for us to hear. I’d rather read that NEX is launching today with multiple awesome features.

However I’m happy to know where the competition stands. And I’m still convinced NEX will do much better, as it will integrate all those services in one platform, which is moreover a DEX (unlike what Binance just released).

And when I say healthy I mean token price growth will be more sustainable knowing what the biggest competitors have to offer.

Trust yourselves


(Bunder) #13

In the long run NEX will be better and will have more functions, more specifications than Binance. NEX is going to take a whole payment system from a lot of company’s. Like the payment system of Netflix.


(Jump Around) #14

Bit of a stretch to list specific companies like Netflix, no?


(Nex Azure) #15

binance is and remains for me a dubious exchange


(Oldsport) #16

That’s interesting. What makes you say that ?


(EC) #17

1% withdrawal fees are pretty steep, particularly when you compare Coinbase Pro fees which are a flat 15c regardless of fiat value or method used.


(FCC) #18

Very steep fees,

Coinbase:
Withdraw / Deposit: €0.15c + 0% / €0.15c + 0%
Trade: 0.3% Taker, 0% Maker

Kraken:
Withdraw / Deposit: €0.09 + 0% / €0 + 0%
Trade: 0.26% Taker, 0.16% Maker

Binance.je
Withdraw / Deposit: €0 + 1% (min €20, so min fee of €0.20) / €8 + 0%
Trade: 0.10% Taker, 0.10% Maker


(Seidler) #19

Binance as always shows how greedy they are.
Its the same with listing fees…they are just greedy, they dont think about the users or the technology or how to advance it.
They just want money


(Vt) #20

I saw this image passing by regarding EUR; supposedly from binance.je. Is this true? It’s different from @canesin’s post.
It’s really a lot, you seem to be setting the fee percentage yourself, depending on the size of your withdrawal/deposit.
image


(Oldsport) #21

Actually, it’s exactly what he wrote :slight_smile:

And if you check my original message, I have posted the same image as you, which is taken from binance jersey’s site.