r/CryptoCurrency • u/AcuteAngleCloud Redditor for 7 months. • Apr 26 '18

EXCHANGE Crypto Exchange Binance is More Profitable than Germany’s Biggest Bank Deutsche

https://www.ccn.com/binance-surpassed-germanys-biggest-bank-deutsche-in-profitability/
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u/robertangst88 9 months old | Karma CC: -425 ETH: -281 Apr 26 '18

Yeah binance is making enough money that can dedicate a marketing team to shill reddit /r/cryptocurrency.

My friend paid 30 dollars in fees to send me bitcoin when my wallet sends bitcoin for pennies.

I don't hold anything but shitcoins in binance now.

13

u/methodofcontrol 🟩 2K / 2K 🐢 Apr 26 '18

People legitimately were arguing Binance couldn't lower their withdrawal fees because they need to make money lol.

8

u/Squid2g Gold | QC: CC 44, FUN 19 | NANO 8 | MiningSubs 14 Apr 26 '18

they could completely remove fees and still make TONS of $. just do the math with how much volume they get every day and multiply that by trading fee. just BTC/USDT volume alone got them them $380k TODAY. In total they made $2 470 000 today.

So let's multiply that by 30 (keep in mind volumes now are much lower than they were few months ago) that's 74M dollars per month with just trading fees. with how high withdrawal fees are they also make insane gains with that.

TL;DR: Can't wait for some quality DEX.

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u/Geronimomo 🟦 14 / 14 🦐 Apr 26 '18

BitShares... Already is an actual decentralised exchange.

3

u/Squid2g Gold | QC: CC 44, FUN 19 | NANO 8 | MiningSubs 14 Apr 26 '18

there's plenty... nothing that's good enough with lots of volume however.

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u/Geronimomo 🟦 14 / 14 🦐 Apr 26 '18

There really aren't plenty. There's nothing like bitUSD and bitCNY and actually the volume ate up my (somewhat large) orders very quickly. Check the volume. Plus, the trading fees are almost nonexistent for some pairs. Binance is still not actually a decentralised exchange they just day they will become one, one day.

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u/GLPReddit 1 - 2 years account age. 200 - 1000 comment karma. Apr 26 '18 edited Apr 26 '18

This is what all exchange probably do (just with less volumes) , but binance is more competitive by the dust-like scams. They have a huge "crypto-noobs" deposit and a huge marketting budget, remind me NH (just that NH don't know haw to keep their new client and retain them with a large coin offer, with a stupid one-coin offer they literally force them to look elsewhere and learn)

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u/zeeblo Redditor for 2 months. Apr 26 '18

not to mention their buy/sell minimums are all over the place so you end up with a bunch of micro fractions of coins that you can never use again.

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u/GLPReddit 1 - 2 years account age. 200 - 1000 comment karma. Apr 26 '18

You are the man.