(View this answer on Musing.io)
I like Binance and Bitfinex for different reasons, it depends what the purpose is.
Binance
Pro:
- A lot of coins are listed on Binance which gives you much choice.
- Low fees.
- Has a mobile app for smartphone or tablet that works very well.
- Easy to use interface with added functionalities and because of the big volumes there is a lot of liquidity.
- Anonymity is possible. (In some cases they require KYC)
Con:
- You can't go short on cryptocurrency.
- Doesn't support deposits in fiat.
- Trading platform can be slow responding sometimes.
You can open an account on Binance for free or request more information here: https://www.binance.com/?ref=35004361
Bitfinex
Pro:
- You can margin trade and go short, which makes it a good exchange for traders.
- Professional trading platform with a lot of volume.
- Anonymity is possible. (In some cases they require KYC)
- Many payment options, fiat is also accepted.
Con:
- Was hacked in 2016 so the security may be questionable.
- The company Bitfinex is behind the stablecoin Tether which is very controversial in the cryptocurrency world.