Why is Binance the best exchange?
William The Binance exchange is an exchange founded in 2017 with a strong focus on altcoin trading. Binance offers nearly 600 different trading pairs between different cryptocurrencies. It does offer some fiat/crypto pairs, but most of its pairs are between cryptocurrencies.
Pros
- Lower fees than other commonly used exchanges
- The large variety of cryptocurrencies and trading pairs
- More advanced charting
Cons
- Geared for more advanced users
- Binance US has fewer trading pairs than its international counterpart, though it still has over 100 trading pairs
- 13 U.S. states, like New York, are not supported by Binance US
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Fees: 0.1% for the taker side and 0.1% for the maker side. This scales down with trade volume to 0.02% for both sides of the trade. Using Binance’s native cryptocurrency, BNB lowers fees by 25%.
Currently, Binance dominates the global exchange space, making up a significant portion of crypto trading volume daily. The exchange does not currently allow for US dollar deposits but it does allow you to directly purchase a select number of cryptocurrencies with a credit or debit card. Deposits using over 20 other fiat currencies are allowed, including the Euro.
Binance is best suited to people who would like to trade or invest in lesser-known altcoins. For example, Coinbase only offers 22 different cryptocurrencies to trade while Binance has over 150. Binance is the ideal exchange for anyone who would like to trade altcoins or anyone who wants more advanced charting than most other exchanges.
Investing or trading in Bitcoin or other cryptocurrencies can be intimidating at first. There is frequently news about scams and people losing money. While this is true, and many scams have happened and continue to happen, it has never been so simple to invest in cryptocurrency. So much has advanced in the last few years that have made crypto trading safe and easy.
The foremost concern when trading and purchasing Bitcoin, or other cryptocurrencies, is safety and security. Whether you intend to purchase and hold long term, want to trade frequently, are interested in anonymity or privacy, or simply want the ease of use, the following exchanges are the best for any use case you may have.