Monday, 14 May 2018
WHY BINANCE EXCHANGE IS THE BEST COIN EXCHANGE
I’ve been trading crypto for over a year now and let me tell you – crypto trading has come a long, long way in a remarkably short amount of time.
A few years ago, buying, trading and selling coins was a fucking nightmare. The technology was iffy, the software was unnavigable, and every time I clicked my mouse to ‘buy‘ or ‘sell‘, I did so whilst holding my breath.
But now that cryptocurrency is larger than the entirety of JP Morgan, the game is very very different and has become much more legitimate. Binance exchange has helped change the game for the better.
WHAT IS BINANCE
Binance is a digital asset exchange service. Basically it’s an online platform that allows people to buy cryptocurrencies using Bitcoin. Learning how to trade on Binance will get you in the cryptocurrency game and give the ability to trade basically any coin on the market. Best of all, unlike some other exchanges, Binance offers a truly staggering number of cryptocurrencies for you to buy and sell so you are very likely to find the coins you are looking for on the Binance platform.
WHERE IS BINANCE LOCATED?
Binance coin exchange is a Chinese based company, and because of this the website supports multiple languages. Binance exchange has recieved a ton of growth and investment. According to Craft.co, Binance has recieved over 10 million dollars in investment funding from various Chinese venture capital groups. Binance is, at the time of writing, one of the largest and most legit exchanges based out of China and this is a huge advantage. It seems likely that more and more cryptocurrency investment will continue to be driven from China so trading on a Chinese based exchange has some advantages.
Binance being located in China has it’s own set or pros and cons, but we’ll got over that in just a minute.
WHY BINANCE IS THE BEST TRADE PLATFORM FOR CRYPTOCURRENCY
Truth be told, there are a ton of platforms to trade cryptocurrency on.
Some of the more popular ones are Bittrex, Bitfinex, Kraken, and Poloniex – but there are hundreds of others. Each has their own unique set of pros and cons and many exchanges have now stopped taking on new members due to exploding in popularity.
Binance Exchange is one of the few, well regarded and trusted, exchanges remaining that still takes on new members.
I trade on several exchanges but in the past few weeks, Binance has become my go-to and I am now trading almost exclusively on the Binance platform. This is for a few reasons…
Pros of Binance
- Great reputation
The most important thing about the best cryptocurrency trading platforms is their reputation. The reviews for Binance are through the roof as it is easy to use and most importantly – SECURE! The team behind Binance has a proven record in both cryptocurrency and finance in general. Personally, I’ve had no problems with Binance thus far and when I did open a support request I found the team to be super fast and helpful at getting back to me.
- Good for newbies and pros
The interface is easy for beginners to use, and advanced enough for pros to really crush it.
- Access to hundreds of cryptocurrencies
The main reason I’ve now started trading almost exclusively on Binance is because of the massive range of coins available. Many exchanges don’t offer more than 20 or so coins, Binance offers hundreds. Binance focuses on hosting newer alt coins before other exchanges so often the cheapest place to buy certain cryptocurrencies anywhere online is on Binance, this can give you a massive edge if you pick up coins that are only listed in a couple of places and those coins then go on to do very well and get listed elsewhere; this will push up the price and you’ll make a killing just for entering early.
- Low fees on transactions and withdrawals
One of the biggest draws to Binance is the super cheap transaction fees. Since Binance are in the startup phase, the fees really are some of the least expensive out there. Binance charge nothing for new deposits of coins onto the platform and just 0.1% on the value of trades. To put this in perspective – if you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents.
- Capable of processing 1.4 million transactions per second
Knowing exactly what this means is unimportant. Just know that Binance is fast, and fast is good. I’ve had some real issues with lag on some trading exchanges, especially Poloniex, and sometimes this lag has cost me serious money on trades. I haven’t had this problem occur on Binance.
- Support is available in many languages
Good if you are bilingual!
- Great reward and affiliate programs
If you sign up to Binance through my affiliate link, I’ll earn a small kick back at no cost to you. You can then use your own account to invite friends and family and earn a small commission yourself.
CONS OF BINANCE
While Binance is my favourite platform for exchanging cryptocurrency, it’s not without it’s flaws. My experience has mostly been positive but I’ve noticed a few complaints online….
- Difficulty with Android version of app
I actually haven’t used the app yet, as I conduct most of my business on my laptop.
- Delays with certain coins
I haven’t had any problems but some users on Reddit have expressed frustration at coins taking a long time to turn up in Binance wallets. In my experience though, this is a recurring issue across all exchanges and the coins do always eventually turn up – assuming you haven’t fucked it up!
- Binance does collect and store some user data, such as logging IP addresses
But so does Bittrex and the other major trading platforms.
IS BINANCE SAFE?
Overall, the pros of Binance greatly outweigh the few cons. Truthfully, this platform is as good as it gets, so if you are wondering if ‘is Binance safe?’ – fear not! Just be sure to follow the golden rules of safe crypto trading – more on that later – and you shall be fine.
As you will see in the step-by-step guide, Binance is one of the most secure and best cryptocurrency trading platforms out there and if you’re new to crypto, Binance really is the most accessible platform with some of the simplest, easiest to read, charts.
I’ve been trading crypto for over a year now and let me tell you – crypto trading has come a long, long way in a remarkably short amount of time.
A few years ago, buying, trading and selling coins was a fucking nightmare. The technology was iffy, the software was unnavigable, and every time I clicked my mouse to ‘buy‘ or ‘sell‘, I did so whilst holding my breath.
But now that cryptocurrency is larger than the entirety of JP Morgan, the game is very very different and has become much more legitimate. Binance exchange has helped change the game for the better.
WHAT IS BINANCE
Binance is a digital asset exchange service. Basically it’s an online platform that allows people to buy cryptocurrencies using Bitcoin. Learning how to trade on Binance will get you in the cryptocurrency game and give the ability to trade basically any coin on the market. Best of all, unlike some other exchanges, Binance offers a truly staggering number of cryptocurrencies for you to buy and sell so you are very likely to find the coins you are looking for on the Binance platform.
WHERE IS BINANCE LOCATED?
Binance coin exchange is a Chinese based company, and because of this the website supports multiple languages. Binance exchange has recieved a ton of growth and investment. According to Craft.co, Binance has recieved over 10 million dollars in investment funding from various Chinese venture capital groups. Binance is, at the time of writing, one of the largest and most legit exchanges based out of China and this is a huge advantage. It seems likely that more and more cryptocurrency investment will continue to be driven from China so trading on a Chinese based exchange has some advantages.
Binance being located in China has it’s own set or pros and cons, but we’ll got over that in just a minute.
WHY BINANCE IS THE BEST TRADE PLATFORM FOR CRYPTOCURRENCY
Truth be told, there are a ton of platforms to trade cryptocurrency on.
Some of the more popular ones are Bittrex, Bitfinex, Kraken, and Poloniex – but there are hundreds of others. Each has their own unique set of pros and cons and many exchanges have now stopped taking on new members due to exploding in popularity.
Binance Exchange is one of the few, well regarded and trusted, exchanges remaining that still takes on new members.
I trade on several exchanges but in the past few weeks, Binance has become my go-to and I am now trading almost exclusively on the Binance platform. This is for a few reasons…
Pros of Binance
- Great reputation
The most important thing about the best cryptocurrency trading platforms is their reputation. The reviews for Binance are through the roof as it is easy to use and most importantly – SECURE! The team behind Binance has a proven record in both cryptocurrency and finance in general. Personally, I’ve had no problems with Binance thus far and when I did open a support request I found the team to be super fast and helpful at getting back to me.
- Good for newbies and pros
The interface is easy for beginners to use, and advanced enough for pros to really crush it.
- Access to hundreds of cryptocurrencies
The main reason I’ve now started trading almost exclusively on Binance is because of the massive range of coins available. Many exchanges don’t offer more than 20 or so coins, Binance offers hundreds. Binance focuses on hosting newer alt coins before other exchanges so often the cheapest place to buy certain cryptocurrencies anywhere online is on Binance, this can give you a massive edge if you pick up coins that are only listed in a couple of places and those coins then go on to do very well and get listed elsewhere; this will push up the price and you’ll make a killing just for entering early.
- Low fees on transactions and withdrawals
One of the biggest draws to Binance is the super cheap transaction fees. Since Binance are in the startup phase, the fees really are some of the least expensive out there. Binance charge nothing for new deposits of coins onto the platform and just 0.1% on the value of trades. To put this in perspective – if you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents.
- Capable of processing 1.4 million transactions per second
Knowing exactly what this means is unimportant. Just know that Binance is fast, and fast is good. I’ve had some real issues with lag on some trading exchanges, especially Poloniex, and sometimes this lag has cost me serious money on trades. I haven’t had this problem occur on Binance.
- Support is available in many languages
Good if you are bilingual!
- Great reward and affiliate programs
If you sign up to Binance through my affiliate link, I’ll earn a small kick back at no cost to you. You can then use your own account to invite friends and family and earn a small commission yourself.
CONS OF BINANCE
While Binance is my favourite platform for exchanging cryptocurrency, it’s not without it’s flaws. My experience has mostly been positive but I’ve noticed a few complaints online….
- Difficulty with Android version of app
I actually haven’t used the app yet, as I conduct most of my business on my laptop.
- Delays with certain coins
I haven’t had any problems but some users on Reddit have expressed frustration at coins taking a long time to turn up in Binance wallets. In my experience though, this is a recurring issue across all exchanges and the coins do always eventually turn up – assuming you haven’t fucked it up!
- Binance does collect and store some user data, such as logging IP addresses
But so does Bittrex and the other major trading platforms.
IS BINANCE SAFE?
Overall, the pros of Binance greatly outweigh the few cons. Truthfully, this platform is as good as it gets, so if you are wondering if ‘is Binance safe?’ – fear not! Just be sure to follow the golden rules of safe crypto trading – more on that later – and you shall be fine.
As you will see in the step-by-step guide, Binance is one of the most secure and best cryptocurrency trading platforms out there and if you’re new to crypto, Binance really is the most accessible platform with some of the simplest, easiest to read, charts.
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