When it comes to investing in cryptocurrencies, there are plenty of places where we may conduct such businesses. Many cryptocurrency exchanges are available to us with their own perks and benefits, however, which one is considered the best place to trade your crypto?
The best place to trade crypto is Binance. Binance is currently the world’s leading and largest cryptocurrency exchange platform. Minimal issues and speedy services are what Binance thrives on. Anyone can use this exchanger to invest effectively and with confidence.
As you can see, Binance is the cryptocurrency exchanger that we recommend using. Other cryptocurrency exchangers are available, but none of them are as good as Binance. In this article, we will explore more into why Binance is the preferred crypto exchanger and how other crypto exchanging platforms compete.
What are Exchange Platforms?
Before we go on to explain why we recommend Binance as the cryptocurrency exchange platform of choice, let’s quickly explain what an exchanger is in the first place.
In the world of cryptocurrencies, cryptocurrency exchanges are simple currency or stock exchanges. What we mean by this is that it converts real-world money into crypto values and vice versa. For example, think of it as converting USDs into pesos, euros, or pounds. Cryptocurrency exchanges follow this same principle. Basically, these are where the actual buying, selling, and trading of any cryptocurrency takes place. These act as facilitators for anyone wanting to start investing in their desired cryptocurrencies.
In the end, cryptocurrency exchange platforms are the only places where one may invest in cryptocurrency. There is no other way to invest without using a crypto exchange.
What is Binance?
Now that we have understood what a cryptocurrency exchange is, let’s now go into what makes Binance the best place to trade cryptocurrencies.
Binance was started back in 2017 by both Changpeng Zhao as founder and He-Yi as co-founder. As you may tell, the origins of Binance are Chinese, originally based in Hong Kong before moving out to other areas of the world where it would be more profitable, especially when China officially banned crypto trading in 2019, just 2 years after Binance was founded.
The excelled growth of Binance profits and value would nearly be instant compared to the current cryptocurrencies at the time. Binance came out during the rise and popularity of the crypto market and swiftly made a name for itself by providing speedy services, reliable security, and availability to new investors.
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Overall, this cryptocurrency exchange was making headlines and becoming one of the most reputable exchanges in the world. Of course, Binance has had its fair share of criticisms, but despite them, it persevered and proved that it could compete with the other cryptocurrency exchange platforms such as CEX.IO, Coinbase, Cardano, and others, eventually overtaking most of these becoming one of, if not, the largest in the world.
It is safe to say that Binance’s name is known throughout the crypto world and does not seem to be going away anytime soon.
Binance’s Low Fees
Perhaps one of the biggest benefits of using Binance is that it has an incredibly low fee rate.
Binance’s fee rate for using their service is only 0.1%. With this low fee rate, more investors can sink their money into whatever cryptocurrency they desire without sacrificing much loss from the fees alone.
The trading volume for Binance is more than acceptable, in fact, is preferable for most investors. Trading volume is simply an indicator of how many trades were made per period and considering Binance’s popularity and its user base, it can afford to charge an extremely low fee without losing any of the profit they earn from service usage.
In general, no one likes to pay fees, especially hidden ones, but you can’t invest in cryptocurrency without paying fees. With Binance’s low fee, investors can invest comfortably, knowing the fee will barely scratch the surface of their wallets.
Binance’s Speedy Service
Another great benefit to using Binance is that it is a service that does not delay in fulfilling orders and other requests. In other words, Binance provides an extremely fast service for investors.
According to many, Binance can fulfill about 1.4 million orders per second. This means that any investor using the Binance service can buy, sell, and trade quickly and effectively with minimal issues, not to mention its reliability in keeping it that way.
This will be especially important for those who buy, sell, and trade often. If you are someone who needs to use a crypto exchange often, look no further than Binance. They are there to get your orders fulfilled in a quick and orderly fashion. Other services may just as well be effective in their speedy services, but many reports acknowledge Binance and their already reputable practices.
In terms of its simplicity, Binance is simple in both design and how one interacts with it.
Binance is extremely user-friendly, and if you have never used the platform, it is extremely easy for you to learn how to do so. Binance also offers an “academy” where one, if they still are unfamiliar with how this exchange works or how an investment works, may gain further knowledge on how to learn and understand Binance, set up a digital wallet for exchanges, and learn what cryptocurrencies are and which ones are accepted on the platform. It is also a great place to learn additional information.
If you feel like you aren’t capable of understanding or using any cryptocurrency exchanger, don’t fret with Binance, as it is tailored to anyone’s knowledge and skill in crypto investments through its very accessible and easy-to-use features.
Another major factor as to why Binance is the best cryptocurrency exchange service is how many different types of cryptocurrency you can invest in on the platform. The primary cryptocurrency that is traded the most is Bitcoin, with Ethereum coming in behind it. Other coins such as Binance Coin (BNB), Lite Coin (LTC), and Ripple are also traded on Binance.
Overall, Binance offers more than 150 cryptocurrencies for one to invest in. So, whatever cryptocurrency you may have, it will most likely be accepted and used on Binance. Though convenient, only some will be purchasable through credit cards, while others will not be.
Binance’s Trade Orders
When it comes to what trade orders are supported by Binance, you’ll be happy to hear that it supports up to seven different types: limit order, Market order, Stop-Limit order, Stop Market order, Trailing Stop order, Post Only order, and Strategy order. We should also be aware that some of these orders are subtypes of the other. For example, Market orders and Stop Market orders are similar in the Market order type.
Before we talk about each of the types that Binance supports, let’s quickly go over what trade orders are.
Trade orders are simply security assets attached to an investment transaction to help secure and benefit the investor as best as possible to further promote quality and effective service. Other than the trade orders, we have briefly noted that are supported by Binance, other trade order types such as All or None orders, Immediate or Cancel orders, Fill or Kill orders, Good ’til Canceled orders, and Market-if-Touched orders are just small, out of many, orders that are available to the investor. Again, what exchange you choose to do service with, be aware of what types of trade orders they support and which one is best for your personal needs and goals.
Now, let’s go ahead and now talk about the seven types of trade orders that are supported by Binance, starting with the Limit order.
Limit orders are when you specifically set a price on what you want to trade. This is usually set at a higher price value. Two specific types of Limit orders exist: Buy Limit orders and Sell Limit orders. With the buy limit orders, if a Limit order is filled, that means the price either matches or is lowered than the price you specifically set. With sell limit orders, it is the opposite in that the Limit order is filled once the price is much higher than what you set.
With Market orders, it is simply when the prices match immediately at the best market price.
Stop-Limit orders are when the order is filled once a specific price is reached. Whether the price is lower or higher than the one an investor or trader may have set, it will be executed regardless. In other words, this is a subtype of Limit orders.
Stop Market orders are very similar to Stop-Limit orders, but instead of reaching a specific price, it will find the best market price and match it immediately, resulting in the execution of the order. And, you guessed it, it is a subtype of Market orders.
Trailing Stop orders are when someone set an order at a percentage level of the market price where they may gain profit when the market shifts in their favor according to the percentage set. The great thing about this one is that only the direction that is favorable will be profitable. It will not decrease in the other direction. For example, if the market price is trending not in your favor, then you will not lose money as the order will be immediately executed when a slight hint of a different direction, usually unfavorable outcomes, occurs. Basically, it sells effectively to prevent any loss in profit, even when you are not actively attending, or aware, of the market trends.
Post Only orders will focus on the investor or trader’s ability to place the order. It will not be part of the order book until an order is placed afterward.
Lastly, Strategy orders or Limit TP/SL orders are a type of Limit orders and will prevent loss and maximize profit. TP just stands for “take profit” and SL is “stop loss”. The investor or trader will be able to set a limit on where they can gain profit and where they may stop and execute an order. As the acronym suggests, our goal is to take profit and stop loss. Setting how much we want to take and how much we want to lose if any, are the basic tasks of this trade order. Overall, you set the price before you open an order position.
Since we have heavily talked about Binance this whole, that’s the point, I feel it is important to quickly make mention of other cryptocurrency exchanges to choose from if desired.
KuCoin is a type of crypto exchange that accepts over 200 cryptocurrency types such as Bitcoin, Ethereum, Litecoin, Lympo, and VeChain. Though slightly larger in cryptocurrencies accepted, the trading volume for this exchange is extremely low, making it a rough time for investors and traders alike to reliably get orders secured and processed. Other advantages include the availability of trading bots, low fees, and demo trading accounts. Some disadvantages other than low trading volume are limited payment options and education resources, and lack of support in other countries.
Gate.io offers and accepts over 400 cryptocurrencies. The advantages of this crypto exchange platform are acceptable trading fees, excellent security, advanced trading features, and over 50 accepted fiats (government-backed) currencies. The disadvantages are complex and complicated for beginners, no fiat currency withdrawals, and high deposit fees.
Kraken is highly regulated and secured, accepts over 120 cryptocurrencies, and has a beginner-friendly interface. The disadvantages to this platform are high deposit and withdrawal fees, debit or credit card deposits are only in euros, and reported losses due to hacks.
Now you know why we consider Binance one of the best exchanges for crypto trading and investing. Other exchange platforms are available for anyone to use, but Binance is the largest and most reputable exchange platform out there. Whether you want to put efforts into Binance or another platform is your choice, but if you want to invest in cryptocurrency, we wouldn’t recommend using another exchange platform, especially if you are just starting to invest in cryptocurrency.