If you have been thinking of investing in Ethereum, Ripple, or Bitcoin then you are not alone. The cryptocurrency market is valued at more than $250 billion. The businesses involved in the buying and selling of cryptocurrencies are known as centralized cryptocurrency exchanges. These are online platforms where any investor can exchange one kind of a digital asset for another based on the market value. A total of 204 cryptocurrency exchanges were listed by CoinMarketCap. For a new time investor, the number of options can get scary.
We make your task easier.
Let us take a look at why Binance is the ideal Cryptocurrency exchange for first time users!
Binance for new-age investors
Binance was founded by Changpeng Zhao and Yi He in 2017. It is a noted crypto trading platform with its own cryptocurrency called Binance Coin (BNB). It used Binance coin ICO to raise 15million USD in 2017.
Binance is ranked the second largest in the list of 204 exchanges. The average 24-hour window trading volume is 1,261,129,677 USD. It is considered as the top exchange as it offers ease of trade and advanced security features advantageous for newbie traders to build trust in it. It is important to evaluate Binance based on these important indicators.
Currency services
There are primarily two types of currency services offered by exchanges namely Fiat trading and cryptocurrency trading. Fiat trading involves buying and selling cryptocurrencies with fiat currencies. Cryptocurrency trading allows users to trade one crypto for another. Exchanges offer pairs of currencies called trading pairs by which users will be able to exchange currencies listed as trading pairs.
Binance does not offer fiat trading insinuating that users can only trade with cryptocurrencies. But Binance offers a much better selection of cryptos with exchange offers on hundreds of popular and new-age currencies. Binance has 4 main cryptocurrencies that it offers trading pairs for:
- Bitcoin (BTC): 149 pairs
- Binance Coin (BNB): 74 pairs
- Ethereum (ETH): 146 pairs
- US Tether (USDT): 18 pairs
Outcome: Binance’s coin selection is one of the best on the market with new coins being added always. It offers a bombardment of coins and trading pairs, meaning you wouldn’t have to head to any other exchange.
Fees
Binance does not charge fees for deposits however charges a pretty reasonable withdrawal fee. While Crypto trading are charged on and cheaper with c a nominal 0.1% for all trades and also offers a 50% rebate for trades done in Binance coin (BNB). The fees schedule is as given below:
Outcome: For new traders, it is a welcome sign as Binance’s fees are very low and they are much easier to understand.
User-friendliness
Binance in comparison to other distinguished exchanges stands out as it offers on the most user-friendly interfaces. The layout is clean, seamless, and designed so well that a crypto newbie can easily navigate without being baffled. The advanced setting for veteran investors is more technical and advanced suitable to their needs.
Outcome: Its basic and advanced versions are tantamount to two different classes of investors making it the most user-friendly platform for exchange.
Security
The exchange uses two-factor authentication to guard user accounts. Every account has two passwords, one that is chosen by the user and the other that is sent to the user device or created with an app. Binance is very serious about preventing its user funds from hackers and intrusions.
Outcome: Binance has a better security print compared to most other exchanges. Customer safety is a top priority for them and they believe in being open and transparent about where the user’s funds are and their use.
Trading limits
This depends on whether the trader has a Level 1 or 2 verification. Level 1 users are given the leeway to trade up to 2BTC worth of crypto per day and Level 2 can make trades valued at 100BTC which is $650,000 per day!
Outcome: Offers some of the most competitive trading limits. It doesn’t have any limit on the deposits.
Finally….
Trading cryptos for the first time is both scary and expensive. That is why it is crucial to select the right one. For new traders, Binance is a great choice. It is one of the best places to upgrade and expand your crypto education.
There is no better time than to start Cryptocurrency trading than now!
Be part of the Binance Crypto experience, and let us know what your favourite trading pairs are!
Image Source – Flickr
