Hey guys,
I have been trading BTC for a long time, since late 2012. During that time, I ve seen it all in the world of Bitcoin trading, the famous fall of Mt.Gox., Cryptsy hack which turned into charade, issues with Poloniex withdrawals being late for some users and a lot of smaller exchanges stealing funds of their users. All these issues taught me two very important things:
never keep large amounts of money on an exchange and
to choose my trading platform very carefully.
Recently, I ve started trading on Binance and to tell you the truth, I am amazed how professional and easy to use they are. In light of these previous experiences, I did some digging about them, compared them with others and here is what I ve concluded:
Location and reputation
They are located in Hong Kong but most of their main servers are in Korea. They ve been set up and led by ChangPeng Zhao, ex OKcoin CTO, a guy with a lot of experience in crypto trading who s been trying to introduce a lot of innovation into the the crypto economy.
Speed and tech details
Their trading engine is capable of processing 1.4 million orders per second. I have never experienced lags or frozen pages I used to experience on Polo during peak periods when a lot users trade. I ve seen numerous complains on this forum how people were not able to execute their trades due to lags and inaccessible pages. I have never had these issues with Binance.
Multiple coins support
Binance offers trading in almost 50 trading pair, some exchanges offer much more, however, all major pairs are there including most of new and prominent ICO, which I specifically like.
Languages
They support English, Chinese, Japanese, Korean. Since it is an Asian exchange, languages from the region are predominant. However, having more global languages is must have. Hope to see improvements in this field soon.
Safety, stability and liquidity -
These 3 elements are MUST have for any serious exchange. As I've said, their engine s quite fast and stable, no issues there. Regarding safety, as far I was able to dig out, they have unique system which consist of a number of levels of co-wallets which contain funds used in trading. Not much is revealed about this but it seems to be some form of cold storage differentiation. Again, my experience with them is really great, however, never keep your funds on an exchange for a long period of time. Regarding liquidity, they re quite OK, not yet in the top 3 in the crypto world but they are going up.
Now a few things I like the most when using Binance:
User interface and trading experience
Oh Yes! Their UI is much more modern and easy to follow, especially when compared with some other exchanges. Trading experience is much closer to what professional stock market traders use, similar to financial trading tools. Users can choose between basic and advanced trading user interface where the latter offers everything you need for a deep market analysis. All major trading tools re there, MACD, Bollinger, RSI etc. IMHO, this is one their strong points, everything is easily accessible whether your re a newbie trader or a professional.
THE LOWEST FEES IN THE MARKET
This is why I started this post in the first place. I ve got sick and tired of paying 0.001 BTC withdrawal fees when withdrawing $100 worth of BTC from Bittex, for example. That is almost $8 ATM. $8 FOR A SINGLE WITHDRAWAL! This practice has got to stop. I do not want to be forced to plan my withdrawals and to mass my funds on exchanges so I could withdraw as few times as possible to reduce these fees. This is dangerous since it makes me keep funds one exchanges and it unproductive since it prevents me from moving funds around and trading. This is why I love BINANCE, their prices are much cheaper!
Binance trading fee is 0.1% which can get reduced 50% if you own and use Binance coin which is their ICO coin. So you can end up paying 0.05% trading fee which is acceptable. In contrast, Bittrex charges 0.25% trading fee which means Bianance is 5x cheaper compared to Bittrex. 5X!!!
Binance withdrawal fee is 0.0005 BTC compared to 0.001 BTC Bittrex will charge you when withdrawing BTC. Again, Binance withdrawal fee is 2x cheaper compared to Bittrex, for example. Yes, you read it right, you pay much more for the same job. Stop throwing your money away!
NEO and Gas One of my favorite coins
I wont discuss this coin here since a lot s been said about it. I ll just say it considered the next Etherum and its marketcap position number 7 after being on the market for a short period of time says a lot about it. I will stress the fact holding Neo in your wallet generates another coin, Gas. It is a form of divident and one of strong Neo points. Well, Binance gives you your Gas even if you have Neo sitting on the exchange which shows how fair these people are. Most of other coins keep whatever you PoS or dividend based coins generate for them.
This is the info I wanted to share with you guys. As always, do your own analysis but I think I ve presented enough evidence, especially regarding fees, to test Binance and draw your own conclusion. For me, they re currently number 1.
If you would like to reduce your trading fees and try Binance and appreciate my efforts to save you some money, please user my ref link. I thank you for that.