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Binance is a relative newcomer on the scene of crypto exchanges, since it was launched some three years ago, but it has nevertheless managed to attract huge numbers and volumes due to its massive offering of different cryptocurrencies, especially some less known ones that are primarily used in China. Binance is a very innovative and forward looking exchange, which revolutionizes many of the pre-existing norms in the world of crypto exchanges and often successfully creates a buzz around its name and what it offers.
As it consolidates its presence in the online crypto exchanges industry, what Binance offers and how this differs from its competitors becomes clearer to crypto enthusiasts. This clearer picture, coupled with the fact that the crypto exchanges market grows at an incredible pace and means that interested users are spoilt for choice and can use any of the numerous exchanges around, urges some to revisit their decision to join Binance and look around in quest for possible better alternatives.
Behind this decision lie some aspects of the Binance nature and offering, that merit improvement or cause frustration or doubts in the heads of Binance users:
Due to the fact that it offers significantly more cryptos and especially altcoins as well as offering more complex tools and additional services, Binance is perhaps too daunting for newbies. In fact, up until recently it was impossible to buy crypto on Binance using fiat currencies and thus it was by default also impossible for Binance to have been your first port of call. Essentially you had to go to another exchange to obtain crypto and pay with fiat, and then move on to Binance to transact using the crypto you had obtained. Another barrier, especially for casual users and inexperienced ones, who value speed and convenience, is that BINANCE does not accept or accommodate the use of debit or credit cards as a deposit method.
There have been complaints about the responsiveness and availability of Binance’s customer support, criticizing mostly that there was no direct contact phone number and that other electronic communication methods were not as responsive, often taking days to get back to is users. This is understandable especially periods of high traffic, demand and volumes and Binance has indeed experienced such times of simultaneously onboarding huge numbers of new users. It is also true that they seem to have acquired more customer support staff to meet higher demand, but customer support quality and availability is crucial, especially for beginners.
Claims it was hacked that were later refuted and a debate on where it is headquartered, which, following the Maltese authorities’ clarification that it is not registered with them and not permitted to operate from their soil, still remains a mystery of some sort may put off some potential or even existing Binance users off. Crypto currency trading is a massively risky endeavor given the extreme volatility of crypto coins as assets and the fact that the crypto industry in general is constantly plagued by hackers and fraudsters. It is therefore natural for some users, especially the inexperienced, novice ones, to be wary of newer established exchanges and prefer more traditional ones, whose track record and operation has long been proven to be safe and reliable, and which are more transparent about their location or whose creators are surrounded with lesser obscurity.
If you are to look for an alternative to BINANCE for your crypto trading needs, then you must make sure it is one that fares better than BINANCE in the aspects mentioned above, but that it also can meet the many pros that BINANCE offers its users, such as the huge variety of crypto coins and the very low service fees it charges.
Before you sign up to any crypto exchange, make sure it is accessible from and available in your own country and place of residence. Also check out if the crypto and alt coins you do want to trade are offered by the particular exchange and also check out the accepted deposit and payment methods to make sure they include at least some that suit your needs.
Moreover, be realistic about your own skill set and knowledge level and choose an exchange that you feel comfortable in, one you understand how to effectively navigate and use, in other words an exchange whose trading environment is both simple and intuitive, while at the same time offering additional features and tools for those who want to take the endeavor one step further.
Finally, choose a crypto exchange that you can trust, whose image, track record and overall disposition leaves no shadows or room for doubts and where all security concerns, both about the safety of your crypto transactions, as well as the security of your own personal data and details, are adequately met.
Coinbase is one of the biggest cryptocurrency exchanges in the world and it is also extremely popular due its high levels of security, which have also earned a very good reputation in the crypto exchanges industry. As such, Coinbase is one of the world’s favourite venues for buy cryptocurrencies and especially Bitcoin.
Kraken is one of the longest established cryptocurrency exchanges in the industry, since it was initially launched back in 2013. Kraken is the chosen crypto exchange for many users across the globe and the present review aims to help you discern whether it is the most suitable and appropriate venue for your own cryptocurrency exchange needs.
For those wishing to be part of the new digital reality when it comes to currency transactions, a relatively new entry on the scene, namely Zeply, presents an appealing option and should be seriously considered as your next venue for grabbing some Bitcoin. Zeply is a type of cryptocurrency exchange in the form of a platform where one can buy, exchange and store cryptocurrency using fiat currency.