Binance Eyes One Billion in Profits This Year

Slow death

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: IBXNetwork on July 10, 2018, 09:55:12 PM

Binance will soooner or later get really hacked. Funds are safe will be taken by the back and people and entire crypto will be in trouble. Im not saying a second MTGox but something its gonna happen.

Do not be too pessimistic, think positive.

Quote from: FXTradingPro on July 10, 2018, 08:55:42 PM

It is amazing that an exchange that is one year old is now looking at $1 Billion in profits and over 10 million users.

They achieved this success because poloniex, bittrex, cryptopia, yoshit started to provide very poor service, the case of bittrex having blocked accounts of many clients without warning was something that revolted many people and caused many people to stop using bittrex. Poloniex was already ignoring support tickets that his customers sent and yoshit and cryptopia already had many complaints and accusations of scam, so it was already expected that binance or any exchange that offered better services than the old exchange would be very successful.

fudster

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Binance had grown so much so its really possible. I wasn't a binance user until I saw the volume it had for the first time which forces me to register. Binance has become revolutionary due to its BNB coin which is a real deal here that you're btc won't have deduction because all the fees are taken as BNB which is why a lot of traders stick there. One billion is probably just small after several years later.

eternalgloom

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Don't forget that Coinbase has already made more than 1 billion dollars of profit in 2017.

https://www.newsbtc.com/2018/02/28/coinbase-reports-almost-half-profit-came-december-alone/

That's more profit than some of the bigger banks make, I think this definitely send out a powerful message.

Now it would be better if we see more competition among exchanges, but I think it's entirely possible that an even bigger exchange might be formed in the future.

BrewMaster

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There is trouble abrewing

Quote from: heavenknows on July 10, 2018, 09:04:09 PM

Yes it is possible, however the total market cap of all cryptos are a little bit low. Therefore there is a slight chance that they wouldn't reach this target as people are starting to go away from crypto because of fud

what the hell does market cap has to do with anything here Cheesy

why is it that some people run to market cap whenever there is talk of numbers? i am genuinely curious...

this is how they are headed to that profit: $1 billion profit in a year is $83.333 million per month. considering their fees which is (IIRC) 0.2% that makes their monthly volume $41,666 million or about $1,388 million daily volume. checking coinmarketcap.com their daily volume now is $1,049 million so the calculations makes sense.

btc_angela

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Quote from: FXTradingPro on July 10, 2018, 08:55:42 PM

It is amazing that an exchange that is one year old is now looking at $1 Billion in profits and over 10 million users. It is a testament to the strength of crypto markets.

https://forexmarketslive.com/binance-eyes-one-billion-in-profits-this-year/

Well what do you expect? Everyone is on the business of making money here so its obvious that the main front (trading exchanges) will really profited huge amount of money since crypto has started to took off in the last couple of years. And its global, so it makes sense that a lot of money will flow on the bitcoin ecosystem. If you just check the volumes per 24 hours, you will be surprised as how much money is pouring in the market so I'm not surprised that they will eventually profit $1 Billion. But I hope they channel their funds to strict security measures to prevent hacks and improved support and infrastructure.

Pamadar

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In some point it's indeed a success from this crypto community, knowing that there's really a huge money playing around this business, binance gather the attention and became number one exchange in a short period of time, they can achieved this profits since numbers of people are already well aware and used their service instead of using those well known exchange before, if this will continue considering the pumped and dumped project who also exist from this exchange, the outcome will be much profitable to this business exchange.

nidacoinlove

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Quote from: pooya87 on July 10, 2018, 09:45:25 PM

Quote from: FXTradingPro on July 10, 2018, 08:55:42 PM

It is a testament to the strength of crypto markets.

nah, it mostly shows how bad this market is if you ask me. it is a small market but a lot of money (trading volume) goes in it and 90% of it is from pump and dumps. and the fact that this exchange grew big and became number one is mainly because the other exchanges that were big and number one turned into shit. a year ago Poloniex and Bittrex were the biggest altcoin exchanges but they both turned bad while Bittrex scammed its users.
crypto market can not be strong as long as it is like this.

Yeah true it can't be practice for longer if the market penetration is so easy for a few individuals or group of individuals to influence the pump and dump whenever they want. On the other hand I don't it's easy to finish the influence of these whales in a short time. It will take decades for the market to come to a normal position.
Also we know that Poloniex and Bittrex made some mistakes or blunders that their businesses went down but at the same time the credit goes to Binance who maintained everything so well that they became Number One in a single year.

jademaxsuy

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That is a good target profit for the Binance exchange. I do hope that they could be able to get a low fee on their exchange for some of the good project to be listed on them. It does not matter how much profit they could earn but what important is to promote the welfare of all promising project that community should be benefited.

jademacoy

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Binance is one of an amazing crypto exchange but the only problem for those ICO who want to get listed on binance is the fee to be listed on their exchange is so high. If the project does only require a small amount of capital or the crowd's fund needed to implement then they could not be able to get a good exchange like binance.

tinyhunter112

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$1 Billion: Cryptocurrency Exchange Binance Eyes Record Profits in 2018 ... half of the year, from 2 million in January to 9 million in early June.

MaryKiTy22

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Binance virtual currency trading is known for its low transaction costs (0.1%) as well as its fast transaction processing. Binance flooring is one of the major cryptocurrency trading platforms in the world.

squatz1

legendary

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Flying Hellfish is a Commie

Not surprised with this exchange at all, they're a model for all exchanges in crypto to follow. The servers are fast, they have an amazing support staff, and they're standing up to governments when they want them to hand over user information by simply leaving the country in question -- this is a wonderful company which is going to be a pillar for crypto to come.

I even think that Binance is supporting some sort of decentralized exchange as well -- don't understand why, as this is going to cut into their profits. But, they've been amazing during times of crisis (hacks and such) and making sure that the users know exactly what is going on and aren't left in the dark.

I'd rather them make money then Coinbase anyway.

bitfocus

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yes Binance got some serious traders and they earn huge from the fees.

Red-Apple

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i believe it is mainly because of last year and the fact that literary every single altcoin in existence got pumped big time. and Binance being an altcoin exchange and receiving all those trading fees have obviously made a huge profit from all the volume that has changed hands during that time.

Hughes_Ryan

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Quote from: FXTradingPro on July 10, 2018, 08:55:42 PM

It is amazing that an exchange that is one year old is now looking at $1 Billion in profits and over 10 million users. It is a testament to the strength of crypto markets.

https://forexmarketslive.com/binance-eyes-one-billion-in-profits-this-year/

This is really a big surprise for me. Bitrrex and Poloniex are exchanges created before Binance, but Binance has made a billion dollars in just over a year. I think present Binance exchange is the best

Chacon994

newbie

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Quote from: FXTradingPro on July 10, 2018, 08:55:42 PM

It is amazing that an exchange that is one year old is now looking at $1 Billion in profits and over 10 million users. It is a testament to the strength of crypto markets.

https://forexmarketslive.com/binance-eyes-one-billion-in-profits-this-year/

Although Binance exchanges have been hacked twice this year. But investors always love and use the Binance exchanges. I think Binance deserves to become the king exchange for the crypto market

-Sinner-

jr. member

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Many people say " banks will buy exchangers", or " big institution will buy crypto related product".. i really think they are wrong. What if it will be the opposite? In my modest opinion in the near future will happen exact the opposite, Exchangers and crypto institution will buy banks. Infact also bittrex is buying a part of a german bank if im not wrong.

virendarnagpal

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One billion profit in a year for newly established company is really very big achievement. Congrats to the team.

Above amount of profit has been possible due to crypto market. Crypto / bitcoin is currently is facing negative periods. If someone earns so much amount from a customer base / market ; is not it in the benefit of that company if the health of their market remains good. Their future growth and profits depend upon the health of the market. Weak market may not give good returns to any.

So in their own interest and in the interest of the crypto market; shall not they contribute some percentage of their profits. I think they must take steps possible for them so that the faith in the market is strengthened.

Otherwise they will not be able to earn profits for long from a weak sick market.

IBXNetwork

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Binance will soooner or later get really hacked. Funds are safe will be taken by the back and people and entire crypto will be in trouble. Im not saying a second MTGox but something its gonna happen.

pooya87

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Quote from: FXTradingPro on July 10, 2018, 08:55:42 PM

It is a testament to the strength of crypto markets.

nah, it mostly shows how bad this market is if you ask me. it is a small market but a lot of money (trading volume) goes in it and 90% of it is from pump and dumps. and the fact that this exchange grew big and became number one is mainly because the other exchanges that were big and number one turned into shit. a year ago Poloniex and Bittrex were the biggest altcoin exchanges but they both turned bad while Bittrex scammed its users.
crypto market can not be strong as long as it is like this.

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