The world of crypto is considered by many to be the wild west of investing. The cryptocurrencies exchanges are the meeting spots where investors, traders, and speculators meet up to transact in them. Buying and selling into cryptocurrencies from a reputable and reliable place where your assets will be secured might be hard to choose for many beginners. Choosing from more than 190 exchanges around the world in an industry that is just starting off is not an easy decision to make. In addition, every day there is a new exchange that comes up and there are a lot of factors that one needs to consider when choosing one. It is very important to spend time on researching your exchange and it features, almost as much time you should be spending on actually researching your crypto investments and trading ideas. Making sure that you have discounted for certain factors important to your trading when choosing an exchange is crucial for the security of your assets and investment/trading processes. In this article, I will quickly take you through some of the features of my favorite exchange Binance and the story of me coming about their services.
I knew about cryptos for a few years, but they never really got my attention until the end of 2017 when the Bitcoin craze was everywhere. At this time searching for exchanges and reputable brokers of cryptocurrencies was a daunting task as a lot of trust and uncertainty clouded the judgment of people who wish to get into the market. Coinbase, Poloniex, GDAX, and Kraken are all exchanges that I jumped on but quickly realized that they lacked availability of pairs to trade, high fees, or interface and functionality that doesn’t really work for me. A friend of mine referred me to Binance and assured me that they are “legit” and secure. So here I was in Binance, made by software engineers with extensive experience and protected by hackers from hackers. I moved all my cryptos from other exchanges and started familiarizing myself with the exchange and the large number of trading pairs they offer. In addition, upon registration and crypto transfers, I went through the fastest and easiest process of setting up which took less than minutes to open an account and transfer everything in. Aided by the seamless interface, I could quickly find my way through the different panels and tabs to deposit and allocate the cryptos. After 1 month in the exchange with a clear idea of which pairs I want to transact in and the availability of indicators to apply on my trading, I was up more than 80% considering the market was down trending.
One of the first things that really grabbed me about Binance compared to other exchanges is the simple, sleek and professional interface of the platform.
The interface and technical indicators functionality is top of the line with beautiful graphics and sets of indicators to apply on your charts. The picture above demonstrates the main trading window pane of the trading platform. On the lefthand side, you have trading pairs by the market while on the right-hand side you have your order book and trade history. In the center, you have candlestick charts with a range of indicators to add on such as Volume, Moving Averages, Bollinger Bands, Stochastics, etc.
Design and functionality are not only one of its strengths. Customer service is another area where Binance stays ahead of the competition. Always striving to answer all customer queries as soon as possible. The team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.
One of the main factors for me to move to Binance was the availability of trading pairs and security. The exchange currently offers trading pairs in BTC, BNB, ETH, and USDT. On the picture above we can see the interface of the BTC market pairs with their adjacent indicators. The exchange is constantly adding new pairs which positively affects both the cryptos added and the exchange. A recent example is Augur (REP), Golem (GNT), Loom (LOOM). With more than 200 pairs to choose from and constantly growing you get the option to keep your cryptos in one safe exchange with a multitude of products.
The second factor – security – has also been handled reassuringly well so far. The issue of trust and security comes at the front lines as numerous exchanges are getting hacked, and crypto assets being stolen from them on a monthly basis. There are the other ones that decide to run off with their user’s assets and disappear. Exchanges such as Mt Gox, Bitstamp, Bitfinex have already been hacked before incurring different amounts of damage for its users. Binance offers two-factor authentication (2FA) linked with your phone and authenticator which should be the norm for this industry. The email encryption and verification automatically send you emails everytime you log in to the platform, notifying you about the access with its timestamp. Personally, I also use only the desktop platform for added security as you can never fully trust your browser. Reputation is a major factor for exchanges. The fact that your exchange is getting on the news for all the good reasons and have proper physical offices around the world really adds up to the trust between the user and the exchange.
Bonus factor of great importance is liquidity. Liquidity is a major key to this investment class, as volatility is rife and having the option to exit your positions as quickly as possible is crucial. Binance provides exactly this liquidity between a range of pairs allowing crypto traders and investors to exit in and out of positions saving them slippage and being closed off in big losing positions. The volume of transactions that go through Binance on a daily basis is up at the top lists of exchanges by volume.
It is quick and easy to open an account and immediately transfer your digital assets and start trading right away in second. Flat fees of 0.1% trading fee and the fees for deposit are free. Variable withdrawal fees as per cryptocurrency.
Finally, Binance is undoubtedly one of the best crypto exchanges out there offering great service, fees, and trading functionality. I am happy to recommend it to both beginners and advanced crypto investors and traders. A place with a sleek design, professional structure and a wide variety of products to buy and sell. In addition, I can’t wait for the listing of cryptos to the exchange such as the recent Pundi X (NPXS), Odyssey (OCN), Switcheo (SWH), Matrix (MAN). An app for Apple iPhones is also very important as only android mobile app is currently offered. Ultimately, margin trading on major pairs and a short function would appease many speculators out there.
Thank you Binance for the great work so far and hope you keep surprising us, the your customers with new features and successes.