As I begin my crypto trading journey it was important to, of course, find an exchange to actually buy them in the first place. The number of available exchanges seemed to small to choose from but I ultimately stuck with BINANCE as the exchange of choice. Here are the three reason why I ultimately decided to start here.
1) Fees!
This is of course a very important aspect of trading that should be managed as it can eat away at potential profits. Percentages can be a funny thing, even as seemingly small numbers, but in terms of exponential growth .1% and .2% can be a world of difference. With the growing volatility in the market I chose to scalp trades often going in and out of positions up to twenty to thirty times a day! Therefore, with extremely affordable rates it makes trading fees very fair. Plus, with a number of BNB( Binance Coin) to pay for the trades, a discount of 25% is deducted from the trading cost.
2) P2P Trading
Often times exchanges and brokerages acting as market makers themselves has always seemed a bit of a conflict of interest. I've seen this before with Binary Options as the brokerage takes the opposite bet on your trades. This all just gives more of an air of a casino and less of trading exchange. With Binance's peer-to-peer connection I am simply buying off of someone else's hand. Maybe this is something you do not think too much on but it does put me at ease a bit more.
3) Liquidity
Thus far I haven't had much server issues in terms of executing trades. I am able to freely move in and out of positions with little to no hassle and have yet to execute a trade at a price I did not intend. The limit orders I have set have seemed to acted exactly when intended and have filled the orders without trouble. Now a fair point is that I am currently trading at a low volume so this opinion may just be set to change if the account trades higher amounts in the future.
Now I am not saying that this is the best platform I have ever traded on as it definitely does have room for improvement (especially in need of more features on the mobile end). I am saying though that at a very fair cost it has suited my needs to start trading. Now this is where you usually see a referral ID to join but I am not too keen to do so. I am though interested to hear your experience with Binance if you've traded with the platform and your own recommendations for exchanges. In the next post I plan on sharing my scalping strategy that has had some great results lately! Until then, good luck traders!
