Why start trading cryptocurrencies on Binance
If you are a trader or you would simply like to start trading cryptocurrencies, sooner or later you will start thinking about the right choice of exchange. Here we have a look at the reasons for choosing Binance.
Exchanges hacks & Security
There are many exchanges on the market, but for security reasons, I would recommend selecting a proven one in a period of time. Why? Simply, because all your funds will be held on the exchange and therefore are at the risk of hack and being stolen. This was the reality of past years and also nowadays the exchanges are attempted to be hacked.
Not saying the small exchanges not, but obviously, the biggest players had to invest a significant amount of money to the security because their systems naturally have to ward off much more attacks than some smaller and almost unknown crypto exchange.
Wide range of altcoins availability
Traders usually do not stick to Bitcoin only. It is very interesting and exciting to play around with altcoins as well. Their gains could be much higher as well as the losses. It’s coming from the fact their market capitalization is usually much smaller and therefore they are way more volatile.
Crypto assets & FIAT
Binance is well known for its wide range of altcoins availability. Users can trade here around 400 crypto assets which are usually tradable with BTC and BUSD. The more common has available the FIAT pairs as well. Usually, you can choose more than just EUR and USD. For instance, you can find here as well TRY, RUB, GBP, BRL, AUD, etc.
Trading Fees on Binance
Each trader will be of course interested in the fee schedule. Its perfectly summarized in the comparison with Coinbase exchange, but let’s have a look on it once again with the focus just to Binance.
Binance has several levels split according to traded amounts. Its lowest level starts on the fee of 0,1% and it is up to the amount of 50 BTC traded in the past 30 days. Further levels getting even lower on the level of fees, see the table below.
If you will be holding some BNB tokens, you can get as well quite significant discount on fees.
On the further levels are different fees for Taker and Maker trades in result your orders will be a bit cheaper than the market orders.
All in all, you will be hardly searching for an exchange with such a wider range of available altcoins, low fees, and reliable security levels proven by a period of time. Therefore I personally trade on Binance.
Binance offers much more than just simple trading. You can find here Leverage trading (Futures), P2P Trading, Farming, Staking, and much more options.
CoinBase is another large cryptocurrency exchange where you can buy Bitcoin and other cryptos.
Do not leave your cryptocurrencies in the exchange if do not want to lose them – the most secure way is to use hardware wallets – use Trezor.
Hardware Wallet Ledger Nano X is another GREAT option to securely store your cryptocurrencies.