Binance is without a doubt the world’s largest cryptocurrency exchange, but the journey to the top has not been easy. Changpeng Zhao, the exchange’s CEO, goes on to describe the secret to success.
The founder brought up the subject of the exchange’s astounding expansion as part of the “CZ’s FAQ” series. He started by dispelling the misconception that Binance grew because it was “crazy” or “wild west.” Users will not put their hard-earned money into a bitcoin exchange with a reputation for being “crazy,” he said.
He limited the variables that contributed to the exchange’s success to three: user protection, exceptional customer service, and creative products.
“It was costly, but we held to our ethos of protecting users. As soon as we announced it, we got overwhelmingly positive feedback from the community. Users flocked to us. We protected users and got more users.”
Zhao recalled being the first exchange to refund GAS tokens to NEO platform users, and as a result, the majority of NEO users flocked to the exchange. He went on to say that the move to “enable exchange-based airdrops and forks” made it easier for non-tech aware people to participate in drops, and that the platform’s gallant efforts to help consumers recover losses endeared users to it.
In terms of customer service, Changpeng Zhao states that rival exchanges took an average of two months to settle client complaints prior to Binance. Binance, on the other hand, flipped the script by introducing live conversations that were responsive within minutes.
Most bitcoin exchanges in 2017 featured a “novice interface” that didn’t precisely correspond to the needs of expert traders, according to CZ. To that purpose, Binance created two versions of single-page trading, one for beginners and one for intermediate traders.
The following item on the agenda was speed. Binance’s matching is faster than other exchanges, according to CZ, and the platform’s API is the fastest and most stable on the market. Prior to the exchange’s introduction, CZ remarked that the most popular exchanges could best be classified as “bitcoin exchanges,” with a limited listing of coins. Binance fills the need by supporting a wide selection of coins, with over 500 now listed.
“For something to succeed, you need to do 1,000 things well, plus a lot of luck. For something to fail, you just need to do one thing poorly, even after you did the other 1000 things relatively well.”
Unlike other platforms that spend a lot of money on marketing, Changpeng Zhao claims that Binance has the lowest fee exchange in the world. Binance supported nine languages during the first 30 days of launch to attract a worldwide market, and then increased the number to 31 global languages, surpassing any competitive exchange.