Home Investing & Trading Is Binance the Best Exchange for Crypto Trading?

Is Binance the Best Exchange for Crypto Trading?

by Syed Shoeb
, Is Binance the Best Exchange for Crypto Trading?
To many, Binance is considered the best exchange for crypto trading and that opinion is pretty widespread. Ranked as a top cryptocurrency exchange, it is important to analyze the road to Binance’s success. Let’s do a quick review of their history. In the two years since its ICO, Binance has blasted through every critical milestone. In June 2017, the founding team developed the idea and foundation behind the Binance exchange and moved forward to launch and ICO went live in July 2017. The ICO was an instant success, raising $15 million just in time to catch the legendary 2017 Bitcoin bull run.

In the beginning, tokens listed on Binance would see an immediate price hike and that didn’t stop the exchange from immediately capturing large amounts of exchange market share. Binance set itself apart from other exchanges by providing an incredibly intuitive, simple, and fast user-interface that had little to no downtime. While users were trading on sketchy, difficult to use and poorly organized exchanges, Binance easily became a popular exchange among users. Binance’s strategy to list top altcoins gained more real user support.

Earlier this year, Binance suffered a major security breach with the loss of over 7,000 BTC ($40 million at the time). The attack highlighted the vulnerability of exchanges. In an act of complete transparency, CZ alerted the world about the attack immediately via all of the exchange’s social media channels, including his personal Twitter account, and reassured Binance users that the exchange’s SAFU fund would cover all losses. Binance’s world domination has been aided by a rapid expansion into markets with regionally-specific exchange sites Binance Uganda, Jersey, and Singapore — all in addition to its global service.

Binance is arguably the most feature-rich exchange among other competitors. Its launchpad has fostered the nascent Initial Exchange Offering (IEO) movement by introducing a platform for incubating and hosting IEOs. Previously, investors had to rely on their own due diligence concerning ICOs; quite a time-consuming and difficult endeavor for those who want to hop in while the markets are hot. Binance took the trouble of vetting projects ahead of time making it a valuable tool for traders and investors.

Most exchanges have scalability issues and downtime during peak performance and price action in the markets but Binance users have come to understand that unless the downtime is planned, there will be no disruption of the service at any point. With billions of dollars in daily trading volume on average, Binance is a financial hub unlike almost any other in the cryptoverse.

Comparing Binance’s fees to other exchanges, we conclude that it has a unique system for trading fees. You can either pay full price for your trading fees, or you can pay at a discounted rate on buying and holding BNB, and paying trading fees with that. Without using BNB, trading fees amount to 0.1% of every trade you make, else per trade it is .075%. Considering that most of the Binance Launchpad IEOs have gone north of 400%+ gains, it doesn’t hurt to keep a bit of BNB in your wallet and participate in launchpad lotteries.

Binance is nothing short of a feature rich exchange that has also become a crypto institution for most traders. It is synonymous with crypto trading and investing. The impressively wide range of product offerings, features, and liquidity make Binance a top crypto destination.

Binance also supports what we consider to be top Altcoins in the market. Binance is a go to exchange for advanced cryptocurrency users, institutions, and active traders. It is without a doubt, the best exchange for crypto trading.

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