Binance Using Gcash

binance-vs-competition

With cryptocurrency going mainstream and getting legitimized here and there, it is only a matter of time before a huge population wants to get in on the action. Marketplaces that allow people to trade, buy, and sell digital assets are becoming crucial.

And right on cue, to fulfill the adage: “If there’s a demand for it, someone will try to fill up that demand.” As for this case, cryptocurrency exchanges came into the picture to remedy this marketplace demand.

By definition, a cryptocurrency exchange is an online marketplace where users can exchange one kind of digital asset for another. These exchanges will be determined by the market value of the assets.

Banks are real financial institutions that can receive deposits, store and transfer money, and are licensed in the real world. Banks, basically, regulate money. They are the only legal institution that can offer customers the ability to exchange fiat currencies for another.

Stock brokers can trade securities and stocks on a stock exchange. Stocks can only be bought or sold only if they are listed on an exchange. As such, stock exchanges are basically marketplaces where stock buyers and sellers do their business.

In the digital world, cryptocurrency exchanges provide similar services to banks and Stock exchanges.

Still, as with there are people who still treat cryptocurrencies with trepidations and agitations. Some people view cryptocurrency and cryptocurrency exchanges as illegal online marketplaces.

They believe that these places can facilitate the trade of unregistered securities. They believe that crypto exchanges can be places where suspicious people can launder money and have limited AML/KYC to evade the law.

Of course, some of these claims are not entirely unfounded. Just as with dealing with cryptocurrencies in general, using cryptocurrency exchanges come with its own inherent risks.

There is a chance that law enforcement will close down an exchange. When this happens, these exchanges might not be able to return your money because some operate illegally in gray areas.

There is also the possibility of your funds getting locked in the exchange, leaving you with no way of withdrawing or even selling your cryptocurrency and other digital assets. This can happen especially when the cryptocurrency exchange you are using has been seized by law enforcement or is under investigation by the proper authorities.

There is also the possibility that you will lose your money by speculating in cryptocurrency, and then have the rug pulled under your feet by the founders of these exchanges. This is especially true if these founders are scammers or hustlers who excel at what they do.

It is important to remember that cryptocurrency and any other related technology are always a risky business. Always be cautious. Like with gambling, there are more chances of losing than winning. High-risk, high-reward.

binance-logo
If you prefer to see the experience in a more visual way, Mark Farfan’s YouTube video review is for you. To get a comprehensive overview of Binance, you may still want to check out our article below, which compares it to some competitors.

Binance Exchange  Binance Using Gcash

Binance Overview

Binance is the most popular cryptocurrency exchange in the entire world. It offers the largest number of trading pairs and has the highest trading volume among all crypto exchange services.

Binance was founded in 2017 by Chinese-Canadian entrepreneur and business executive Changpeng Zhao. The company was initially based in China, but with the growing crypto restriction on crypto in the country, it was moved to Japan and soon to Malta.

Back then, the company had no place to call home.

The company is currently based in Malta. That said, Binance serves most countries around the globe, except for the United States, where a specific version of the platform, Binance.US, had to be established.

Binance’s popularity with its user base is because of its low fees, a large number of available cryptocurrencies, as well as its innovative products. Binance has many products that are based upon cryptocurrency.

These products/services offer the opportunity to earn, trade, stake, derive and NFTs. The service allows you to get loans, make payments and even apply for credit cards.

Cryptos Under Binance

Binance has its own tokens and cryptocurrency. In fact, there are two.

The first one is called BUSD. It is a fiat-backed stablecoin issued by Binance and Paxos. Each token of this stablecoin is backed 1:1 with US dollars in reserve. The company created BUSD as a means to provide a more stable cryptocurrency alternative for traders and investors wanting to avoid the volatile nature of the digital asset market.

The second is called BNB. Formerly called Binance Coin, it was launched in 2017 through an initial coin offering (ICO) as an asset for users when Binance was still in its infancy. It was originally an ERC-20 standard token that was built on the Ethereum blockchain.

It is currently a native token in Binance, where it powers operations. It’s used to pay trading, listing and exchange fees as well as other expenses that users incur on the platform.

Binance Perks

  • Low fees

This is why Binance is the most popular crypto exchange platform in the world. Binance trades are as good as free. The platform uses a maker/taker fee structure. The trading volume and Binance Coin balance will determine the fees.

That said, the platform still charges fees for some services, such as withdrawal and payment types.

  • Large Selection of Cryptos

The number of cryptocurrencies on the market will determine how good a crypto exchange platform is. Binance is the largest crypto exchange platform. This means that it has a lot of digital currencies.

There are even decentralized finance (DeFi) tokens available, as well as stablecoins, altcoins, and other popular cryptos.

Some of the available currencies include:

  • Binance Coins (BNB)
  • VeChain (VET)
  • VeThor (VTHO)
  • Harmon (ONE)
  • Matic Network (MATIC)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Cosmos (ATOM)
  • Cardano (ADA)

There are many other options.

  • Earn Multiple Ways

For those wanting to get more mileage out of their investments, Binance allows you to earn more from your crypto assets. Customers can earn income by adding liquidity to token pairs. There are also staking options on the platform.

That said, most of these opportunities carry great risk, so it is up to users to discern and weigh these risks. That said, trading and dealing with crypto is already risky in itself.

  • Advanced trading tools

Binance wouldn’t be considered a crypto-exchange platform if it didn’t have trading tools.

Binance offers advanced trading tools that make it easy to tailor trading options. It is easier to place limit orders to buy or sell crypto at a certain price.

Then there are charting tools that can be very useful for veteran traders making decisions. You can even sell leveraged tokens to make trading easier.

Binance Trading Experience

Binance’s overall trading experience is excellent. It provides various trading tools that allow for smoother and faster transactions. You can even use real-time charts with moving averages, which makes it easy and accessible.

When trading, you do not need to be stuck to your computer. You can use Binance in any way you like. You can do it through the Binance App, the Binance website, or even the Binance desktop app.

Traders will not need to use multiple platforms or other tools to keep track of their portfolios as the platform already does it for them. Even those who want to keep track of their trades will only need to access their trade history, which is also available on the exchange platform.

Even how they view their trading can be customized. This makes it easier to understand data. Users can even choose how they want these data presented. This makes it easier for users to identify the most important.

Binance Trading Fees

Binance trading fees will depend on the customers’ trading history and trading volume in the past 30 days. Another thing that will matter is the amount of BNB the user has.

Whether you are a maker or a taker will also determine how much you will get on fees. Takers, who remove liquidity orders from a market, tend to get higher fees than makers (those who add liquidity to it).

As Binance has its own native currency, the platform encourages using its payment for transactions. Whenever you use BNB for your trades, you get a 25% discount on the trading fee. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).

This chart can be used to quickly reference Binance’s fees.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Below 1,000,000 0.10%/0.10%
1 1,000,000 to 4,999,999 and at least 25 BNB 0.09%/0.10%
2 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 Between 20,000,000 and 119,999.999, with at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199,999,999 and at least 500 BNB 0.07% / 0.09%
5 Between 200,000,000 and 499,999.999,999 with at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 99,999,999999 and at most 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000 and at least 5,500 BNB 0.02% / 0.04%

Binance Issues

Despite being one of the biggest names in crypto, Binance has its issues and controversies.

The year 2019 was a bad year for the exchange platform.

Binance was the victim of a large-scale security breach on May 7, 2019. It was discovered that hackers stole 7,000 Bitcoins worth $40 million. However, customers were reimbursed by the site’s “Secure Asset Fund for Users (SAFU).

However, it wasn’t as rough as the year 2021 was. In fact, saying that Binance had a rough year in 2021 is an understatement.

The United States Department of Justice and Internal Revenue Service, on allegations of money laundering and tax offenses, investigated the company.

It was also forced to cancel its planned launch in Britain of a digital asset marketplace. This was due to their application not meeting the anti-money laundering requirements set by their government.

The next year, it was once again put in hot water as it was reported that Binance was said to have shared client data with the Russian government. These said data included names and addresses of users in a bid to fight crime.

Then in October of the same year, it suffered another hack on its network. After discovering an exploit between two different blockchains, the company had to suspend transactions and funds transfers temporarily. As soon as the issue was discovered, it was resolved.

However, about $100m in funds remained unrecovered from a total of $570m that was stolen.

Binance Pros & Cons

Pros

  • Low fees
  • Easy Access to Passive Income Opportunities
  • Large Selection of Cryptocurrencies
  • Trading tools that are sophisticated
  • There are many ways to deposit money
  • Flexible Order Types and Trading Options

Cons

  • Non-beginner friendly. Many features can be overwhelming for beginners to use and access
  • Regulation Issues with many countries, including major ones like the United States, Japan, the United Kingdom, Thailand, and many more.
  • Due to regulatory issues, the service is not available in the United States. The US-specific service Binance U.S., which is a limited version of the service, is not available in all states.
  • There is no built-in digital wallet

3-binance-coins

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Binance Versus Coinbase

There are no two different cryptocurrency platforms whose approach can differ as much as Coinbase and Binance.

The one is an American-based exchange and is suitable for beginners. It has a simple interface with limited transaction types and is best suited for veterans.

The difference between Coinbase & Binance lies in who their primary audience is and how they cater.

Coinbase Overview

Coinbase, also known as Coinbase Global, Inc, a publicly traded American company that acts as a cryptocurrency exchange platform. The platform is a distributed business, so all employees work remotely.

As such, the company does not have a physical headquarters because they don’t need one. It used to have a company headquarters in San Francisco, but this palace was abandoned, and the company changed operation to remote-first.

Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. He started coinbase by enrolling in the Y Combinator startup incubator program, where he received a $150,000 cash infusion.

After seeing Armstrong’s Reddit post, Fred Ehrsam became his co-founder. This was back in the days when bitcoin was only $6 and was only known to “a few nerds online” (Ehrsam’s words not mine).

They believed bitcoin was an insane idea that would revolutionize finance and money. Both men shared the belief that bitcoin would be huge. They wanted to make crypto more mainstream and easy to use. This was the impetus behind Coinbase.

Coinbase is now the largest crypto exchange in America and the world, but its humble beginnings are not glamorous. In truth, Coinbase launched out of a two-bedroom apartment that was shared with another company. Binance Using Gcash

Cryptos Under Coinbase

Coinbase doesn’t have any original coins or cryptocurrency. The platform supports over 100 cryptocurrencies. They also regularly add more cryptocurrencies as the need arises.

Here’s a look at the various cryptocurrencies that coinbase offers:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Polkadot (DOT)
  • USD Coin (USDC)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Shiba Inu (SHIB)
  • Algorand (ALGO)
  • Stellar Lumens (XLM)
  • Polygon (MATIC)
  • DAI (DAI)
  • SushiSwap: SushiSwap (SUSHI)

Coinbase Perks

  • A wide selection of cryptocurrency

There is a reason why coinbase is the biggest cryptocurrency exchange in the United States. The market offers a wide range of cryptocurrencies.

A Bitcoin (BTC-focused exchange. Coinbase has grown to offer over 150 types of cryptocurrency on the platform. In fact, you can trade currencies like Bitcoin (BTC) and other major coins for smaller and newer digital tokens.

In fact, few cryptocurrency exchanges could compete with Coinbase in terms of selection in the U.S. Market.

  • Simple and advanced trading

Coinbase offers two trading tools to make it easier for users to access their accounts. Users can choose between a simple trade option or an advanced trading option.

Simple trading options are easy to use for beginners. This option has one drawback: it charges higher fees. This is contrary to the crypto investing philosophy of keeping fees low.

Meanwhile, advanced trading offers more features, such as charts, a live order book, and even the ability to limit orders. While this option has lower fees, the trade-off is that it is less intuitive, more complex, and intimidating to new users.

With that said, placing your trades in advanced trading is highly advisable just to maintain low fees.

  • Get Free Crypto

Coinbase offers a cool feature to help customers earn more cryptocurrency. Coinbase Earn allows users to earn crypto for learning more.

It is encouraged that users read more about cryptocurrency through educational modules. Once they have completed one module, coinsbase will allow them to earn more.

Although the feature doesn’t offer much, it is still useful. Besides, even a few crypto bits are always a blessing, especially in this economy. Besides, whoever declines free money is always a fool. Even if that amount is

  • Educational Content

As lightly touched above, coinbase has a library that is a well of educational resource. These resources include tips and tutorials, as well as information about crypto basics. Market updates are also available. It is for this reason that Coinbase is the ideal platform for those just starting to invest in crypto.

  • Mobile App

Coinbase has made it easier for users to access their accounts via a mobile app. Like the web platform, their mobile app provides user-friendly ways to buy, sell, and manage your cryptocurrency.

This Coinbase App is not just something that is not some garbage or bloatware. It’s legit and gets high ratings from both the Apple App Store as well as Google Play Store.

  • Crypto Rewards

You can earn interest on many cryptocurrencies through your Coinbase Account. Coinbase automatically pays interest on certain stables like USD Coin (USDC).

This allows you stake certain cryptocurrencies such as Solana (SOL), and Ethereum (ETH).

Staking is how many cryptocurrencies verify their transactions and allows participants to earn rewards on their holdings. You commit your crypto assets to support a blockchain network and confirm transactions when staking in cryptocurrencies. Binance Using Gcash

As said, staking on cryptos will give you certain free rewards. This is not possible for all cryptos. It varies depending on your region as well as the cryptocurrency.

  • Coinbase Debit card

Aside from trading, Coinbase allows users to access and spend their hard-earned wealth using the Coinbase card.

A Coinbase account allows you to apply for a Coinbase Card, which is a prepaid Visa debit credit card that can be linked to your Coinbase balance. It allows you to spend cryptocurrency to purchase certain services, especially those that accept Bitcoin or other crypto payments.

You can also use the Coinbase card to earn crypto rewards. You can even choose which crypto from a rotating list you earn for this rewards

Coinbase Trading Experience

Coinbase offers a different kind of service than Binance, which has lower fees and more advanced training tools. Coinbase’s target market is those just beginning their crypto journey.

This platform provides tools to enable crypto traders to quickly and easily trade. This is in line with their original goal to “make Bitcoin easier to use.”

They are determined to realize this vision and allow users to earn cryptocurrency by watching tutorial videos that are geared towards beginners.

This doesn’t mean veteran traders only have beginner tools to play with. Coinbase Pro is the perfect platform for you. A platform that is specialized for seasoned traders. Binance Using Gcash

Coinbase Pro is different because it was designed for professional traders. It gives them more tools that allow for greater customization of their trades. Examples include the ability to choose among several order types, such as stop or limit order and margin order.

You can also view real-time charts, trade history and order books, as well as price charts. This can help them create more informed decisions when moving their positions and doing their trades.

Although it states pro on the can, that doesn’t necessarily mean users will need to pay a fee for Coinbase Pro. There is no such fee. Anyone with a Coinbase account can already access and use the pro version.

Coinbase Trading Fees

The thing with Coinbase is that they do not give away their pricing and fees. Their entire fee schedule was removed from the online help section. That said, this doesn’t mean you will pay your fees blindly. Costs are still shown when entering a trade, so you still know how much you will pay.

This is where coinbase falls short of the rest. The fee structure is too complicated and difficult to understand. The fee structure is based on three factors that can be confusing:

  • Coinbase charges a spread for cryptocurrency purchases and sales. There is a huge charge that rates will vary depending on market fluctuations.
  • Coinbase claims fees are also based on factors such as the selected payment method, market conditions (volatility and liquidity), and even the order size.
  • Coinbase charges fees for transactions executed on external blockchain networks that support cryptocurrencies. Binance Using Gcash

Coinbase Pro’s pricing structure is simpler. It is based on the customer’s monthly trading volume and liquidity of the asset at the time of purchase. Also, Coinbase pro users are required to make deposits and withdrawals through a bank account.

Below is a chart that shows you the fees you can expect from the main coinbase platform.

Trade Size Coinbase Fee
$10 or less $0.99
$10 to $25 $1.49
$25 to $50 $1.99
$50 to $200 $2.99

Trades over $200 are subject to a percentage-based fee instead of a flat fee.

For Coinbase Pro, a general idea of the fees is shown in the chart below.

Pricing Tier Taker Fee Maker Fee
Get up to $10K 0.60% 0.40%
$10K – $50K 0.40% 0.25%
$50K – $100K 0.25% 0.15%
$100K – $1M 0.20% 0.10%
$1M – $15M 0.18% 0.08%
$15M – $75M 0.16% 0.06%
$75M – $250M 0.12% 0.03%
$250M – $400M 0.08% 0.00%
$400M+ 0.05% 0.00%

Coinbase Issues

There is a good chance that cryptocurrency will be a legal issue because it is still a new area of technology.

Coinbase acknowledged that customers were being charged more for cryptocurrencies they purchased with debit and credit cards than they originally intended. This was due to problems that started when banks and card issuers charged the merchant category code (MCC) of crypto purchases earlier that month.

This was due to the fact that cryptocurrency payments were classified as “cash advances”, and banks and credit card issuers may begin charging cash advance fees for these purchases.

According to a Financial Times article Visa, the credit card company, initially blamed Coinbase. However, it later rescinded those statements and clarified on the Coinbase blog that the “issue was not caused by Coinbase”

Coinbase received more customer complaints than ever in 2018, with an increase of over 100%. These complaints were mostly referred to as “money not available when promised.” Coinbase solved the problem by increasing customer service staff to decrease wait times.

Coinbase was also involved in the first-ever case of insider trading regarding cryptocurrency. The company’s former product manager shared information about tokens. Prosecutors were provided with all the information necessary for an internal investigation by the company.

Coinbase Pros and Cons

Pros

  • It is very easy to use and user-friendly for people just beginning in cryptocurrency
  • It supports a wide range of cryptocurrencies
  • Provides opportunities to earn cryptocurrency while, at the same time, learning about them.
  • Offers simple and advanced trading depending on user preference
  • Offers coinbase debit card, which allows for easy withdrawing of funds Binance Using Gcash

Cons

  • Complex and complicated fees structure, which is not transparent
  • Some transactions attract high fees
  • Limited staking and interest opportunities.
  • A lot of altcoins are missing from their selection
  • Customer service issues

binance-coins-arranged-in-3-columns

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Binance versus Kraken

Both Binance and Kraken are giants of the cryptocurrency world, with both platforms amassing millions of users. It might seem that there is a big gap between these two platforms if we compare their ranks (Binance at the top and Kraken at the bottom), but there are more to it.

For example, US-based Binance users are severely hampered by the fact that they can only access Binance’s U.S. platform (Binance.US.) while Kraken is widely available in the country.

There are a lot of similarities between these two platforms, with both offering advanced trading options, low fees, and even mobile apps. Their target audiences are the same as they are geared towards seasoned or even veteran and advanced cryptocurrency traders.

Customers will ultimately decide which platform they prefer by choosing the most important features. Binance will be the one to choose with their lower fees, large selection of coins and extra way of managing funds. Kraken or Binance with their high security standards that won them a Wyoming bank charter approval in 2021. Binance Using Gcash

Kraken Overview

Kraken is a fully functional crypto exchange characterized by its low fees and a good selection of tokens, coins, and cryptocurrencies. One of the most defining characteristics of this platform is that it is one of the only U.S. crypto exchanges to provide advanced trading tools like margin.

Kraken’s primary goal is to be the most secure and reliable crypto trading platform. Kraken is praised by traders and users alike for not being involved in any kind of suspicious activity against their users… and that doesn’t follow questionable corporate policies.”

In connection on the November 2022 FTX Controversy, Kraken founder and former CEO Jesse Powell tweeted: “…Happy to live simply, take a fee for matching trades. A balance sheet is mostly Bitcoin, some ETH.

Jesse Powell (alumnus from California State University, Sacramento) and Thanh Luu, co-founded Kraken in 2011. However, it was only launched in September 2013, offering Bitcoin, Litecoin, and euro trades. Additional currencies and margin trading were to follow.

Powell started working on Kraken to replace Mt.Gox (another bitcoin exchange, based in Shibuya Tokyo, Japan). He was a consultant for that exchange before its collapse in 2014 due to failing security audits.

Kraken had also joined other US Bitcoin players to form the “Committee for the Establishment of the Digital Asset Transfer Authority” as the industry’s self-regulatory group. Binance Using Gcash

Kraken was very successful in 2014. The company received a Series A investment of $ 5,000,000 from Hummingbird Ventures in March 2014.

It was later listed on Bloomberg Terminal as one of the first bitcoin exchanges. Then it has chosen to assist with investigating the lost bitcoins of Mt. Gox, CEO Powell’s former employer. Because of its track record of being secure, Kraken is trusted.

In September 2020, Kraken became the first cryptocurrency exchange to hold a special purpose depository institution (SPDI) charter in the United States after Wyoming granted such a charter to the company.

September 21, 2022, saw CEO Powell stepping down as CEO of the platform citing “spending more of his time on the product of the company, user experience, and broader industry advocacy.

Dave Ripley replaced him as CEO.

Cryptos under Kraken

Kraken supports at least 110 cryptocurrencies. Some of the more popular and well-known currencies include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Ripple (XRP)
  • Stellar Lumens (XLM)
  • Solana (SOL)
  • Sushi (SUSHI)
  • Uniswap (UNI)

Aside from that, Kraken also supports some stablecoins which include Tether, USD Coin, as well as Dai. Kraken also has a limited currency exchange that is available in select territories. This includes converting US dollars into Canadian dollars, Japanese yen, and Swiss francs. Binance Using Gcash

Kraken Perks

  • Beefy Security

Since its founding in 2011 and launching in 2013, Kraken has been a mainstay of the cryptocurrency industry. Its eyes were focused on security from its first day, and it never kept its eyes off it after all these years. It is actually the only cryptocurrency exchange to have not been hacked.

This exchange, which is based in the United States, is the industry’s leader in terms security. Some in the industry associate Kraken with financial stability and physical security. This is a claim Kraken is too proud to make.

  • A healthy range of available cryptocurrencies

Kraken has over 160 coins and seven fiat currencies available to trade on its platform. It’s not the largest amount but it’s still quite healthy and comparable to the top crypto exchanges. Binance Using Gcash

Kraken’s liquidity is high, which allows Kraken to make it easier for users to buy and sell at fair prices.

Kraken works using currency pairs, a one-to-one equivalency between two currencies. It is the price of the exchange rate between two currencies that are traded on FX markets.

In the case of Kraken, one currency pair would be using dollars to buy Bitcoin and vice versa. You will always swap one currency for the other if you use dollars to buy Bitcoin, and then Bitcoin to purchase Ethereum.

In the case of Kraken, not all of its currencies are exchangeable for the others.

  • Advanced trading features

Kraken is the only exchange that offers margin, stop orders and crypto short sales. Kraken also has a dark pool where high-volume investors can trade without their names being known.

Kraken allows you to leverage a currency pair by up to 5x. Pro clients who are eligible can get up to $500,000 in margin. Margin trading is still risky.

  • The fees are affordable.

Although it’s not the most expensive on the market, Kraken’s fees remain competitive and comparable to other exchanges. It is even cheaper than other exchanges.

There are no fixed trading fees. They will vary from one exchange to the next. One sure factor, though, is that your fees will depend on your monthly trade history. While we will talk about fees in depth in another segment, it is important to know that fees are higher when using the instant buy feature rather than the pro platform.

  • Strong Staking Options

Kraken offers a variety of stake options. Users have the opportunity to stake over 15 different cryptos. Users can earn as much as 20%, up to 0.25%.

Staking refers to the act of holding your coins in order to make a contribution to the security of a specific blockchain. It can be a great way to passively earn an income.

Kraken Trading Experience

Kraken users can choose between Kraken and Kraken Pro. Kraken Pro is the cheaper of these two exchanges. Both platforms are available to anyone with a Kraken account.

Kraken is a trading platform that’s geared towards intermediate-to-experienced users. The platform is accessible to beginners if they wish. It is suggested that they start with the central Kraken platform to learn the ropes. Binance Using Gcash

Kraken allows verified accounts to quickly buy cryptocurrency from linked bank accounts. It is easy to sell or convert your crypto to your account. The website has a simple form that allows you to place orders. It usually takes a few seconds.

It is easy to purchase cryptocurrencies with your bank account balance. Your account doesn’t need to be funded first.

In terms of security, you can keep your Kraken account safe by enabling two-factor authentication (2FA). As such, you will need your device to log in to your account.

On the other hand, Kraken Pro is Kraken’s more advanced trading platform. At first glance, it has a more complex interface than the regular Kraken exchange. This makes Kraken Pro very intimidating, especially to trading newbies. However, it is worth learning. Binance Using Gcash

Some features added to it are more detailed asset information, active charts, and even a view to open orders.

Kraken allows you to pay lower fees, as we have already stated. So if you think you are ready, it would be better to make the same trade with Kraken Pro instead of Kraken. You will pay less but earn more in the end.

Kraken Fees

Kraken’s fees fall in the middle of the market, as we have already stated. It is not the lowest on the market and it is not the highest. Other factors may affect the price of the fees you are about to pay.

Prices and fees may vary depending on the platform. Kraken Pro will always be cheaper than regular Kraken.

In normal Kraken, fees for instant purchases include 1.5% for most cryptocurrencies and 0.9% for stablecoins using the U.S. dollar or another stablecoin.

There are also additional fees that depend on how you fund your purchases. For funding with a bank account, these fees range from 0.5% to 1.5%. Meanwhile, 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet. Binance Using Gcash

Kraken Pro’s pricing however is quite different. The fees for Kraken Pro are generally lower than those on the main Kraken platform. Fees will be calculated based on the volume of your trades over the past 30 days. Remember that transactions are subject either to a 0.16 maker fee or 0.26% taker fees.

Below is a chart showing their maker-taker fees for a volume of 30 days in US dollars.

30- Day Volume (USD) Maker Taker
$0 – $50,000 0.16% 0.26%
$50,001 – $100,000 0.14% 0.24%
$100,001 – $250,000 0.12% 0.22%
$250,001 – $500,000 0.10% 0.20%
$500,001 – $1,000,000 0.08% 0.18%
$1,000,001 – $2,500,000 0.06% 0.16%
$2,500,001 – $5,000,000 0.04% 0.14%
$5,000,001 – $10,000,000 0.02% 0.12%
$10,000,000+ 0.00% 0.10%

Kraken Issues

There really are not many issues concerning Kraken aside from disagreement with a work culture which is something the company has already worked on and moved on

Kraken’s security record has been excellent and Kraken is the only major cryptocurrency exchange not to be hacked.

That said, Kraken has its fair share of issues regarding government regulations.

Kraken refused to cooperate with an investigation by New York Attorney General’s Office in April 2018 on questions about crypto exchanges’ measures to protect customers from market manipulation and money laundering.

Kraken believes that this would be a bad business decision.

The Office of Foreign Assets Control began investigating the exchange in September 2021 for possible violations of sanctions by allowing trade with Iranian customers. In late September 2021, Kraken was ordered to pay a fine to the Commodity Futures Trading Commission for $1.25 million allowing unregistered margin trading.

Kraken Pros and Cons

Pros

  • Advanced and sophisticated features like margin trading and staking.
  • Excellent and reliable customer service
  • Relatively low Bitcoin (BTC) withdrawal fees
  • Provides a wide range of educational material.
  • Most secure exchange in the market
  • Simple user interface

Cons

  • Base Kraken platform has pretty expensive fees compared to the Kraken Pro version. Luckily both modes can easily be accessed as long as you have a Kraken account.
  • Kraken only accepts a few fiat currencies
  • Some users have complained about having their accounts hacked. Binance Using Gcash
  • It is not available in all U.S. States

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Binance versus crypto.com

Binance and Crypto.com have become some of the most popular cryptocurrency exchanges. Both provide a variety of features such as low fees and staking as well advanced trading. However, it does not mean that the two platforms are identical.

While one exchange is better than another, that doesn’t mean you should always choose the highest-ranking exchange just for numbers. There are many factors that influence which exchange is ranked higher than another.

The better way to choose your crypto exchange is to examine both options and determine which one appeals to you more. You can choose to go with Binance, which has a wider range of crypto currencies, but you will also have the option to choose Crypto.com, which is more user-friendly and charges lower fees. Binance Using Gcash

Crypto.com Overview

Crypto.com was founded in Hong Kong back in 2018. The founders of Crypto.com, Gary Or, Kris Marszalek and Rafael Melo originally called it Monaco. It only became Crypto.com when the company purchased a domain that cryptography researcher and professor Matt Blaze owned.

Domain sellers might sell the domain for a larger sum, with the domain being valued at between US$5 and 10 million.

Crypto.com is a platform that does the same thing as most cryptocurrency exchanges. It allows users to trade, invest, put a stake in some currency and much more.

It also has a huge selection of currencies numbering at least 250 different currencies, reasonable fees, and even discounts to some specific customers (like those with huge stakes in the Crypto.com’s very own coin, the cronos (CRO).

Crypto.com’s main selling point and focus is in their exchange. However, that is not what they all do, they also offer a variety of crypto services which include their own crypto wallet, and even an NFT shop. Shopify has partnered with the company to accept cryptocurrency as a payment method.

Crypto.com can be described as a cryptocurrency platform that allows traders and investors to do more than just buy and hold. With Crypto.com, cryptocurrency can also be currency.

Cryptos under Crypto.com

Crypto.com offers a wide selection of currencies. It support more than 250 currencies for spot trading with a subset of staking. The platform supports the following currencies:

  • Bitcoin (BTC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Litecoin (LTC)
  • USD Coin (USDC)
  • Chainlink (LINK)
  • Polygon (MATIC)
  • Cardano (ADA)
  • Uniswap (UNI)

Cronos (CRO) is Crypto.com’s coin. A significant stake in this cryptocurrency will reward you with lower trading fees and higher stalking interest rates as well as higher credit card rewards. Binance Using Gcash

Crypto.com Perks

  • One-Stop Shop

Crypto.com is more than a trading platform. You can trade cryptocurrencies and buy and sell them on the exchange.

Crypto.com lets you spend your crypto with a prepaid Visa Card. Crypto.com places a lot of weight on cryptocurrency’s currency component.

  • Low fees

Crypto.com’s low fees are comparable to many other sites.

There are many transactions on Crypto.com that don’t require fees. You can deposit your money via wire transfer or electronic bank to your account.

Crypto.com allows you to buy and sell cryptocurrency at the true price, which is why you should know that “what you see is what your get”.

That said, the platform does charge you a fee for crypto purchases made with a credit card or a debit card. Payments made with a debit card or credit card might also be subject to a cash advance fee for crypto purchases.

  • Convert your Money Easily

While this is not a feature unique to Crypto.com, it bears being listed here. Users can convert fiat currencies to crypto with the Crypto.com app. Crypto.com only supports 20 fiat currencies.

These fiat currencies include USD, GBP, and EUR, among others. However, just because it is available for trade on Crypto.com does not mean that a fiat currency will be available to you for trade. You will be limited in your ability to trade certain fiat currencies due to the country you live in.

  • Cashback cards

One of the greatest perks that you can receive as a Crypto.com member is the availability Visa Cards linked to your Crypto.com account with its crypto currency.

Currently, Crypto.com has five types of prepaid Visa Cards available to its users. Granted, these cards will need to be topped up before one can fully utilize their uses.

Your CRO stake in the platform will determine which Card you can get.

Their Ruby Steel card is the lowest available tier, and it also offers a 1% cash back on your contribution. To be eligible, you must have at least $400 in stake.

For those with deeper pockets, Obsidian tier is available. This earns you 5% cash or crypto back, along with loads of extra bonuses. To qualify, you will need to have at least $400,000 in stakes. Binance Using Gcash

Midnight Blue, Jade Green/ Royal Indigo and Frosted Rose Gold/ Icy White are some of the other cards that are available. All these cards have no annual fee and give you a set number of free ATM withdrawals and foreign transactions each month.

  • Earn Interest

Crypto.com is more than a place to purchase tokens and coins. It’s a one-stop shop that offers everything crypto. Crypto.com accounts can earn high interest rates. Crypto.com offers some of the highest-yielding savings accounts on the market.

You may have to keep a lot of cash in CRO to benefit from this perk, but the maximum interest you can earn is below 10%.

The interest rate you can acquire will depend on factors like the duration of time you leave your money, the currency you save, and the amount of CRO you have staked.

The app allows you to increase your interest rate in many ways. One way is to stake more than 4,000 CROs. It is even possible to get more if you stake up to 40,000 CRO, but that may be asking for too much.

If you make a deposit for a term of one month or more, the interest rate can be increased to 3 months. Between these choices, depositing for one-month terms might be more flexible, but three-month term deposits yield better rates.

Finally, stablecoin investments can also increase your interest rate. Stablecoins usually peg their values to an external reference. Some can even be tied to the U.S. Dollar. These stablecoins allow you to earn more interest.

Stablecoins, being stable, are less likely to appreciate in value than normal cryptocurrencies. That also means they are also less likely to depreciate in value.

It is risky to keep your crypto savings. Cryptocurrencies are still a volatile entity, and if it fails, your savings may be reduced… by a lot.

  • Gifts Cards and Phone Top Ups

Crypto.com also offers phone top-ups and gift cards. You even earn cash-back benefits by buying gift cards from several popular brands.

Crypto.com offers gift cards from popular brands covering different industries like hotels, general retail, games, airlines, education, and even entertainment from at least 41 countries. You can also find gift cards from the United Arab Emirates, Norway, Singapore and Spain.

Brands include Macy’s, Barnes & Noble, Airbnb, and many more.

The amount of cashback you get will still depend on how much CRO you have staked and what type of company it is.

Crypto.com Trading Experience

When using Crypto.com, your trades will mostly revolve around its mobile app, which serves as the platform’s central hub. So those who are already used to trading stocks on a phone or tablet will have a breeze of time and will find the experience pretty similar to that. Binance Using Gcash

This app shows the user their portfolio and lists of their most popular assets. It offers everything that Crypto.com claims it can. With it, you can trade currencies, earn through staking in crypto, make payments with cryptocurrency, and even sign up for a Crypto.com credit card.

Where would you pick up a trading application without its chart tools. The Crypto.com app shares a simple set of data which aims to not overwhelm or intimidate users. These charts provide enough information for users to understand the cryptocurrency and blockchain, which might be useful before they buy.

Crypto.com offers a wide range of fiat currencies. More popular ones include the Australian (AUD) and Canadian (CAD) dollar, the euro (EUR), the British pound sterling (GBP), the ever-popular U.S. Dollar (USD), and even the Brazilian real (BRL). This allows users in multiple countries to purchase and get into crypto using their local currency.

Crypto.com Fees

Crypto.com’s trading fees are very competitive. They are actually among the few that offer the lowest trading fees on the market. Trade volume can be higher and qualify for lower fees, as low as 0.4% for makers or 0.1% for takers. This is even with no CRO.

Users who have at least 5,000 CRO in their bank account can get discounted trading fees. Higher stakes result in lower rates.

However, Crypto.com users who are newer than 25 000 USD will be charged 0.4% for trades that have a monthly volume less than $25,000.

Below is a table showing fees for spot and margin trades for customers with no CRO stake amount.

30-Day Spot Trading Volume (USD) Maker Taker
Less than 250,000 0.0750% 0.750%
Greater than or equal 250,000 0.0700% 0.0720%
More than 1,000,000 or equal 0.0650% 0.0690%
Greater than or equal to 5,000,000 0.0600% 0.0650%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0500%

Meanwhile, the table below is the maker and taker rates for those who have less a stake of than or equal to 100 CRO (3% discount)

30 Day Spot Trading Volume (USD) Maker Taker
Less than 250,000 0.0728% 0.728%
Greater than or equal 250,000 0.0679% 0.0698%
More than 1,000,000 or equal 0.0631% 0.0669%
Greater than or equal to 5,000,000 0.0582% 0.0631%
Greater than 10,000,000 or equal to 10,000,000 0% 0.0485%

As said, the higher your CRO stakes are the bigger your discounts. Maker fees for those with stakes greater than or equal to 50,000 CRO become zero. People with even higher stakes may be eligible for rebates.

Crypto.com Issues

Like most cryptocurrency exchanges, Crypto.com does have its fair share of problems.

On January 2022, Crypto.com was the victim of a serious hack. According to reports, the company had lost US$15 Million worth of Ether. After users reported suspicious activity to their accounts, the company lost US$15 million worth of Ether. The company immediately halted withdrawals, which were then restored. The company reported that no customer funds were lost alongside the restoration of withdrawals.

Crypto.com’s problems were mostly caused by the decline in cryptocurrency. Crypto.com was forced to lay off hundreds of employees that had been working since May. The company was forced to lay off between 30% and 40% of its employees in October 2022.

In November of 2022, their exchange token Cronos (CRO) has lost approximately $1 billion in value. This was in part due to the collapse of FTX. Crypto.com CEO Marszalek reassured that the exchange was operating normally.

Crypto.com Cons and Pros

Pros

  • Competitively Low fees
  • Provides lots of avenues for paying with crypto
  • Convert money quickly
  • Great cash back rewards with Visa card Perk
  • Allows you to earn interest on crypto
  • Pretty big selection of cryptocurrency coins and tokens Binance Using Gcash
  • Strong security

Cons

  • The exchange interface is not easy to use.
  • Coins are not universally available, and availability will be dependent on country and location
  • Some areas are lacking customer service and some of it is very poor.
  • THere is a lack of educational resources.

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Binance versus Kucoin

Comparing KuCoin to Binance side-by-side, it is clear who the winner is. Binance is the clear winner, and it is by quite a bit. KuCoin, despite being one of the earliest platforms for trading cryptocurrencies, has been left in the dust by the likes of Kraken and FTX (at least before they went bankrupt).

KuCoin is still available to its users, but most traders avoid it like the plague. The exchange has been troubled by many negative reviews, each with different reasons ranging from semantics to highly alarming.

KuCoin Overview

KuCoin was founded in 2017 by top tech geeks Micahel Gan and Eric Don. It is a cryptocurrency exchange platform that was launched by Top Lan, Kent Li. John Lee, Jack Zhum, Linda Lin, and John Lee. The company was established in 2013.

KuCoin was founded by MichaelGan, who was eager to learn more about blockchain and the potential applications. Eric was his boss and he told him about Bitcoin. He then got involved in the action.

The impetus came when he found out that the biggest cryptocurrency exchanges during that time were very difficult for beginners to use. This was in direct proportion to the impact blockchain had on the world, particularly with the way that crypto and Bitcoin changed the global financial system.

By the end of 2013, Michael and Eric wrote down the first code of what would become KuCoin in a cafe. This was the beginning of the platform that would become the “People’s Exchange”.

 

Cryptos under KuCoin

It is not surprising that the exchange is an older cryptocurrency exchange platform. This means there are a lot of cryptocurrencies that you can trade and buy.

Veteran traders looking for a wide selection of assets may appreciate this extensive selection of coins and tokens. KuCoin’s greatest strength is its ability to mine altcoins for tokens and coins. Binance Using Gcash

It was also one of the main reasons why the company was founded in the first place, to give fewer mainstream currencies their spotlight and allow people to access them.

These less-known coins can be more risky than the stable and well-known ones. People need to be aware of what they are getting into.

KuCoin also has it’s token, simply called KuCoin Token (KCS). The following are some other popular coins that can be found on the exchange platform:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • XRP (XRP)
  • Chainlink (LINK)
  • Filecoin (FIL)
  • Internet Computer (ICP)
  • Wrapped Bitcoin (WBTC)
  • USD Coin (USDC)

Bear in mind that these are just a few selections of what you can find in the exchange platform

KuCoin Perks

  • Wide range of Coins

KuCoin offers a wide range of tokens, coins and altcoins that are available for trading on their exchange. It is actually the top echelon for coins that are available on the exchange.

It is also easier to find smaller coins than other platforms on these platforms. KuCoin is the ideal platform for traders looking to diversify into less-popular crypto.

After all, it is one of the main missions of KuCoin, to give smaller and newer cryptocurrencies a fighting chance. They even have a Spotlight section that promotes new currencies.

This is a good thing for users and the coin, as it allows them to start using a new currency earlier.

  • Low Fees

KuCoin has very low trading fees. Although it’s not the lowest on the market, it’s still low enough to be competitive with other exchanges.

In KuCoin, you don’t have to pay any monthly account fees. The withdrawal fees are the same as other exchanges and deposits to KuCoin are free. That said, you will still need to pay a fee to deposit fiat money, such as U.S. dollars. Binance Using Gcash

These fees depend on the transfer method you choose and what third-party app that you use.

  • Earn through interest on your crypto

KuCoin, like most cryptocurrency exchanges lets you make money with your crypto. KuCoin Earn is the name of the KuCoin service.

With KuCoin earn, you are given two ways to earn from your crypto. First, you can take coins through Pool-X, a company backed by KuCoin. The second way is to loan out your crypto and get paid the interest.

Your interest rate for borrowing crypto is higher than the one you would get from a savings account. That said, the coin and its demand still affect how much you earn.

The exchange claims that you can make a lot of money this way, with an average earning rate of 8% to 12.5%. KuCoin uses this money to finance margin trading. Although it might seem risky, the company assures that all lenders will be fully repaid.

That repayment might come from the borrower’s collateral or a KuCoin margin insurance fund.

  • Advanced Features

KuCoin provides veteran users with plenty of toys and extra features to play with. They allow for margin trading, which allows users to leverage their position, which means borrowing money to buy more crypto.

KuCoin also allows the use of trading bots in its mobile app. This means that you don’t have to buy and sell your cryptocurrency yourself. Instead, you can let a computer handle that task for you. This is pretty convenient as you do not always need to be online to do your business.

That said, using bots can be pretty risky. Bots can be prone to glitches, and being too dependent on them may cost you a lot of opportunities. You don’t always know their strategies and perimeters when you trade with them.

The convenience bots offer may not be worth the uncertainty about how they handle your assets.

KuCoin Trading Experience

The KuCoin trading experience can start either through an online portal or an Android and iOS mobile app. Each platform offers a variety of tools and features that you can use to trade on it.

After logging into your KuCoin account on mobile or desktop, you can access KuCoin’s dashboard or front page. Users can view markets, trade, buy, lend, or trade cryptos from there.

The platform supports four order types. These are market order, limit order, stop-limit order, and stop-market order.

Users have access to orders as well as margin, futures and P2P trading. You can stake your crypto to earn some back or get a discount on trading fees. Binance Using Gcash

Recently, the exchange has just added a Trading Bot feature to help simplify the whole trading process.

KuCoin is a great cryptocurrency with many advanced features. This might be a boon to veteran traders. They can be difficult for novice traders, as they aren’t user-friendly on mobile platforms.

KuCoin Fees

KuCoin breaks down trading fees by levels. These trading fees will mostly depend on 3 factors. To determine the trading fee level, you have to look at the Minimum KCS Holding within the last 30 days, and the Spot trading volume last 30 days (BTC), or the Future Trading Volume within the last 30 days (BTC).

Below is a table showing which trading level corresponds with which.

Trade Fee Level Min KCS Holding last 30 Days Spot Trading Volume Last 30 Days (BTC) Futures Trading Volume Last 30 Days (BTC)
LV0 0 <50 <200
LV1 1000 >=50 >=200
LV2 10000 >=200 >=400
LV3 20000 >=500 >=1000
LV4 30000 >=1000 >=2000
LV5 40000 >=2000 >=3000
LV6 50000 >=4000 >=6000
LV7 60000 >=8000 >=12000
LV8 70000 >=15000 >=20000
LV9 80000 >=25000 >=40000
LV10 90000 >=40000 >=80000
LV11 100000 >=60000 >=120000
LV12 150000 >=80000 >=160000

These levels will determine how much you’ll have to pay for taker or maker fees. Spot trading fees will be charged based on the base currency of the trading pairs. Paying fees with KCS will net users 20% off.

KuCoins also has a 24-hour withdrawal limit.

Trade Fee Maker/Taker 24-hour Withdrawal Limit
LV0 0.1% / 0.1% 200
LV1 0.09% / 0.1% 200
LV2 0.07% / 0.09% 200
LV3 0.05% / 0.08% 200
LV4 0.03% / 0.07% 200
LV5 0% / 0.07% 500
LV6 0% / 0.06% 500
LV7 0% / 0.05% 1000
LV8 -0.005% / 0.045% 1000
LV9 -0.005% / 0.04% 2000
LV10 -0.005% / 0.035% 2000
LV11 -0.005% / 0.03% 3000
LV12 -0.005% / 0.025% 3000

KuCoin Issues

KuCoin doesn’t have the best reputation in this industry, to be honest. You can see the extent of dissatisfaction by just looking at the reviews.

In Trustpilot reviews, it got an average of just 1.7 out of 5 stars out of 600 reviews. Most of these negative reviews are about problems with customer support, the withdrawal process, and even making deposits Binance Using Gcash

KuCoin was also accused of manipulating the market. Some even claimed that their assets disappeared randomly from their accounts. This can be a very big problem, especially when we talk about assets, money, and finance.

Security is another issue.

While KuCoin is a generally secure crypto exchange, it was subject to a major hack back in 2020. About $280 million in crypto was stolen from hot wallets and sent to hackers by the exchange. This was a concerning security breach despite the assets being covered by an insurance fund.

KuCoin Pros and Con

Pros

  • Low fees
  • Strong user base
  • Large range of coins
  • Earn interest on your crypto
  • Advanced trading features
  • Good customer service

Cons

  • The U.S. has not granted license for this product.
  • Limited payment methods
  • Can be intimidating and overwhelming for new traders
  • Has limited education resources

coins-on-paper

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Bittrex versus Binance

Bittrex is a crypto exchange that has more similarities than differences than Binance. Both offer similar features that users can enjoy. That said, these two platforms do have their major differences.

The key difference between the two platforms is their size. Bittrex is more focused on a scaled-down experience, whereas Binance has the highest trading volume of all the exchanges.

There was once a time when Bittrex was once among the global leaders in the cryptocurrency industry. Binance was able to surpass them despite having stricter Know Your Customer (KYC), and anti-money laundering policies.

Bittrex Overview

Bittrex, a cryptocurrency exchange, aims to provide a high-quality service with trust and focus.

It was co-founded by three Amazon cybersecurity engineers: Bill Shihara (co-founder and CEO); Richie Lai (co-founder and chief information officer); and Rami Kawach (co-founder and chief tech officer). Its headquarters can be found in Seattle.

The platform initially offered only crypto-tocrypto trading. However, it quickly added fiat-tocrypto trading. Binance Using Gcash

Despite the newness of their fiat trading, they still offer a wide selection of cryptocurrencies and stablecoins. Also, they are available in 46 U.S. states, excluding Hawaii, New York, and Vermont

Cryptos under Bittrex

Bittrex has a wide selection of cryptocurrencies and stablecoins available in their exchange. Like most exchanges, this variety makes platforms very enticing to traders.

Their selections include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Chainlink (Link)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Tether (USDT)
  • Polygon (MATIC)

Bittrex Perks

  • Huge selection of cryptocurrency

As stated above, Bittrex has a rather sizable option of cryptocurrency available in their market. Customers looking for niche, but more risky trades will find it attractive.

  • Low fees

Bittrex also offers low fees, which start at 0.35%. This can get lower depending on the trade volume. It is still not the lowest on the market. Some exchanges have lower fees compared to them.

  • Execution of fast trading

Unlike other services, Bittrex has a custom-built trading engine that allows faster trades. This even keeps up despite having a heavy demand. Investors would love this as it allows them to capitalize on the many price movements that happen in a volatile market such as cryptocurrency.

  • Cardano staking

Cardano (ADA), cryptocurrency holders would be thrilled to have this platform. Bittrex lets users stake their Cardano cryptocurrency throughout the exchange. You can get up to 5.5% in reward. Binance Using Gcash

  • Educational Content

We all know how complicated and elusive finances can be. So by association, cryptocurrency is just as mind-boggling and arcane. Any way you can educate yourself about the topic is a blessing.

Bittrex has an impressive library of educational resources available in its Discover section. Here, users will find articles and references for various crypto topics. There are references and lessons for topics ranging from crypto taxes to how crypto mining works.

You can even see a breakdown of some of these cryptocurrencies on the platform, which will give you an idea about what you’re betting on and whether it is worth your time.

While it does not fully remove the risk in cryptocurrency, at least it helps users make more informed decisions. Binance Using Gcash

  • Referral Program

Bittrex offers a referral program. If someone you know opens an account with Bittrex and uses your link, you’ll earn 10% on all trading commissions.

This may not seem like much. Referring a serious crypto whale can net you substantial rewards. Although unreliable, it is a good and less risky way to passively earn crypto income.

Bittrex Trading Experience

Bittrex trading is simple and straightforward. Users just need to log in, and then they can access their trading dashboard. It can be accessed via a desktop or mobile app.

The desktop interface offers a simple “instantbuy/sell” option. This option lets users quickly make trades or purchase crypto with a debit card, bank account, or Bittrex account balance.

A real-time view of all the market data available on the platform is also available to users. Users also have the option to place more complex orders. Stop, stop limit, trailing stop, and laddered orders.

Bittrex Fees

Bittrex uses a simple maker/taker fee structure, making their fees more transparent than most exchanges. You still receive fee discounts for trades that have higher volumes. These fees are generally quite low, but not the lowest on the market.

 

30-Day Volume (USD) Maker Taker
Below $25,000 0.35% 0.35%
$25,000 – $50,000 0.25% 0.30%
$50,000 – $100,000 0.15% 0.25%
100,000 – 1 Million 0.10% 0.20%
$1 million – $5 million 0.06% 0.16%
$5 million – $10 million 0.05% 0.15%
$10 million – $60 million 0.02% 0.10%
$60 million – $100 million 0.00% 0.08%
$100 million + 0.00% 0.05%

Bittrex Issues

Bittrex has received negative reviews from users. Most of these issues stem from account lockouts, frozen assets, and problems with identity verification. Most of these problems are common across many crypto exchanges.

The platform hasn’t experienced any major setbacks or controversies.

Bittrex Pros and Cons

Pros

  • High security
  • Extensive selection of available cryptocurrency
  • Fairly low fees
  • Advanced trading tools
  • Pretty helpful educational content

Cons

  • Customer support is mediocre and often unhelpful
  • For beginners, it can be difficult

Binance versus eToro Binance Using Gcash

eToro and Binance are two pretty famous cryptocurrency platforms. They are both very well-known and have a strong market presence.

But there is one thing that separates them. That is, they are very different platforms. Binance is a cryptocurrency exchange. eToro, however, is not. It is, in fact, a cryptocurrency broker.

Binance sells a wide range of digital assets ranging from the usual cryptocurrency to NFTs and other services. A cryptocurrency broker also sells crypto along with other investment products such as stocks and fractional shares.

eToro Overview

eToro was not founded as a cryptocurrency platform, unlike most companies in this review. Rather, the Tel Aviv-based company was originally an online forex broker under the name RetailFX. This was in 2007.

When RetailFX started offering commodities, indices, and stocks, it changed its name to eToro. It later launched the innovative social trading feature, which allowed users to copy trades from successful traders on the platform.

eToro was only able to get involved in the cryptocurrency market after it added support BTC in 2014. This enabled users to buy and sell CFDs (to non-U.S. users). The world’s most popular digital currency. Four years later, it also added support for Ripple (XRP) and Ethereum (ETH). Binance Using Gcash

Also, in 2018, eToro went full steam on the crypto industry. More coins and currencies were added to the platform. The company even launched its digital asset platform, eToroX, and even its crypto wallet.

Cryptos under eToro

eToro and its digital asset platform have few cryptocurrency selections. They were not originally set up as an exchange, but rather as a brokerage. Nevertheless, the service does include some of the most popular currencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Dash (DASH)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Polygon (MATIC).
  • Solana (SOL)
  • Stellar Lumens (XLM)

eToro Perks

  • CopyTrader

CopyTrader is eToro’s most distinctive feature. It was a feature that existed before the platform dabbled in the crypto industry. Binance Using Gcash

This allows eToro users simply to copy trades made by their favorite traders. The trade can be initiated by setting the money that the user wants to spend.

The platform will then set the funds and attempt to match the positions of their favorite eToro traders proportionally.

What is surprising about this tool is that it is entirely free. There is a need to pay an additional fee for this feature, which can be used as much as the user wants.

  • Invest more than crypto.

It was expected that users would still be able to participate in the action since the platform began in foreign currency.

eToro is one of the few places on the internet that allows you to own cryptocurrency and stocks in one account. The platform also offers stock trading at zero commissions and the possibility to purchase fractional shares.

Even for people who want to test out stock investing, eToro offers a virtual brokerage account that lets you simulate owning stocks without putting real money at risk.

  • Deposits to Fee Debit cards

Unlike other cryptocurrency exchanges that charge fees, eToro doesn’t charge users to make a debit card payment. Investors can deposit fiat money using a bank transfer or debit card for no additional fees.

Users should be aware that there is a conversion charge for transactions not in U.S. dollars.

eToro Trading Experience

eToro can be used as a web-based platform or as a mobile app.

Starting in the platform is as easy as depositing fiat currency from a debit card or bank account, and then they can trade immediately.

A trading tab provides an intuitive view of the current prices, buys, sales, and converts crypto.

The top perk CopyTrading makes doing trades pretty simple and easy. It even allows users to do trades proportional to high-performing traders in the platform.

The platform provides basic market and limit orders. However, it lacks some of the more advanced conditional orders and more advanced charting capabilities.

Also, the lack of cryptocurrency choices limits the cryptocurrency fairs the platform can offer.

It is also eToroX, the flagship digital asset platform with all the bells and whistles users would expect from an institutional-grade exchange.

Some of the new features included in eToroX include U.S. dollar deposits, margin trading, trading APIs, and fast execution.

eToro Fees

When it comes to fees, eToro is a breath of fresh air. Unlike other cryptocurrency exchanges that don’t list their fees, eToro lists its fees when trading crypto.

eToro users are charged a flat fee of 1% per trade in crypto. The platform refers to this 1% market fee as a bid-ask spread. It is also included in the platform’s price when users open or closes their position.

However, most users do not like that on eToro, and you pay for the “round trip” upfront. This is different from other exchanges, which only charge fees when an asset is purchased or sold.

With eToro, you pay 1% for the eventual sale of the coin in advance, plus a $1 fee on the purchase.

Users can have this problem if they transfer their coins to another wallet. As they can no longer return them to the trading platform.

eToro Issues

It is not surprising that there have been many controversies about the platform due to its age. Most of these do NOT involve the cryptocurrency market.

One that does, though, happened during the 2021 closure of leveraged position. The following was notified to European clients of the platform in the early part of that year:

Margin positions for all leveraged crypto position should be changed from leveraged to non-leveraged. Otherwise, they will be closed in less than four hours.

This was a bad move and many users and lawyers expressed their intent to file a lawsuit as a group. This led to the revocation of the eToro licence in Cyprus.

eToro was also in a feud with Redditors of /r/wallstreetbets after the GameStop short squeeze.

eToro Pros and Con

Pros

  • A platform that is already established
  • Regulated in many jurisdictions
  • CopyTrading is a unique feature that is only found in the platform.
  • There’s more to it than just crypto trading.
  • Fee is transparent

Cons

  • Stock, ETF, and cryptocurrency trading only available in 44 U.S. states
  • Margin trading is not available for U.S. users
  • There is a limited selection of cryptocurrencies.
  • The 1% fee is quite high in comparison to other fees.

Binance Using Gcash

binance-review

Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.

Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. As such, it doesn’t rely on banks to do transactions.

So what does it use? It relies on a peer to peer system that allows anyone to send and receive money from anywhere. This currency exists purely as digital entries and is recorded on an online database that describes specific transactions.

Every transaction made with cryptocurrency funds will be recorded in the public ledger. Each owner of a cryptocurrency has their funds stored in a digital wallet.

Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. Cryptocurrency can only exist digitally and virtually because it uses encryption methods only computers can understand.

This advanced coding used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.

The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It is still the most well-known cryptocurrency today. It is not the only cryptocurrency. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.

Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a digital currency exchange (DCE).

A Cryptocurrency Exchange is a business that allows customers trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.

Crypto exchanges have functions that are similar to online brokerage platforms. They provide you with the tools to buy and sell digital currencies and tokens for different kinds of cryptocurrencies.

Crypto Exchanges can accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies.

Binance is one such dedicated cryptocurrency exchange.

Binance and Overview Binance Using Gcash

binance-logo
Beau Troxclair’s YouTube channel 0xBeau has a video review of Binance. For those who like a visual experience, this is the video. To get a comprehensive overview of Binance, you may still want to check out our article below.

Binance is still the best cryptocurrency exchange in the world when it comes to cryptocurrency trading. Binance has the largest trading volume of any cryptocurrency exchange and offers users the most trading pairs in cryptocurrency.

Binance got its start in 2017 through Changpeng “CZ” Zhao. It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. It has been moved around from Japan and Malta, but it did not have a permanent home.

However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Binance Using Gcash

Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. Currently, the platform offers a multitude of crypto-based products.

From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.

Binance also has its set of unique tokens and cryptocurrencies. One of which is BUSD, a stablecoin, and the other is BNB which is known as a strong performer due to its low fees.

However, Binance has its problems and dark sides.

In 2021, the company was investigated by the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities in June 2021. That said, the scope of this ban was limited, and that non-registered firms can still interact with UK consumers.

It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.

In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. This was a Russian government way of helping them combat crime.

Binance Perks

Large Crypto Selection

Given that the company is among the biggest cryptocurrency platforms in the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are available. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and popular cryptos.

A few examples of this include:

  • Binance Coins (BNB)
  • VeChain (VET)
  • Harmony (ONE)
  • VeThor (VTHO)
  • Dogecoin (DOGE).
  • Matic Network (MATIC).

Binance offers support for popular cryptocurrencies like:

  • Dash (DASH)
  • Compound (COMP).
  • Bitcoin (BTC)
  • Ethereum (ETH).
  • Litecoin (LTC)
  • Cardano (ADA)
  • Cosmos (ATOM)

Low Fees

Trading currencies and tokens are not offered free on any platform. Binance is a trading platform that offers deals that are often as good as free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. The highest spot trading fee so far is 0.1%.

The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. The fees for trades that involve high volumes are generally lower. Binance Using Gcash

What’s more, is that users can also get fee discounts for some services. Such as:

  • Using Binance (BNB) coins in trades
  • If you achieve Very Important Person (VIP status) by trading a certain amount of assets.

However, Binance users still have to pay additional fees. There will be different fees depending on the type of withdrawal and payment type. The chart below is an example.

Payment Type Fees
  • Wallet
  • Debit Cards
  • ACH transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • No cost
  • $15 for U.S. Customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

In a later section, we will discuss fees.

binance-coins-with-dollars

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Passive income from crypto assets

Binance lets you earn crypto assets. These come with different levels of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.

The platform offers more staking options. They also pay higher rates than other exchanges.

You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. Before you jump into these opportunities, you need to be aware of what is at stake.

Advanced Trading Tools

Binance’s advanced trading tools provide an easy way to customize your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. With its “convert” function, it even caters to beginners.

For veteran traders, the charting tools in the advanced trading interface are something to behold. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.

The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. This is an opportunity for customers to multiply their positions in a particular currency. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.

The Binance Shortcomings

Not for Newbies

Binance is not for beginners. It is a complicated platform created with experienced and veteran traders in mind. This platform’s goal is to maximize the profits of these traders.

We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. The thing is, most of these features will only be useful when you know what those things mean and what you are doing.

The most risky opportunities are where novice traders and beginners lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.

It can be difficult to navigate the vast market selection and in-depth dashboards offered by the platform, especially for those just starting out in crypto investing.

Once you are comfortable with the platform, it will be very simple to manage your assets. Binance also has a simple interface that is suitable for beginners. You also have a lot of educational resources.

Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. Binance is not the place where you can just buy Bitcoin and then relax. Binance Using Gcash

Pay attention to regulatory matters

As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. It is currently in the crosshairs of several countries, including Japan, Canada, Singapore and Thailand.

The United States authorities are investigating the platform for potential money laundering, tax evasion, and even insider trading. Binance has not been charged and no criminal charges have been filed. Only time will tell if anything comes out of this.

In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. This could be difficult as many of the products that Binance customers love are also those that attract regulatory attention.

Not Available in the U.S.

In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. The U.S. version Binance offers fewer features and less cryptocurrencies.

Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. It is also not available in all countries. It is not available in Hawaii, New York or Texas.

stock-market-data

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How it all Works

Now that we’ve seen some of the good and the bad of Binance, we can finally talk about how it works.

Binance is a cryptocurrency exchange, as we all know. It has a huge range of services. Some of these include:

  • Buy, Sell, or trade cryptocurrency
  • Set up recurring buys
  • Earn passive income
  • Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
  • Trade non-fungible tokens (NFTs)
  • To get exposure to new cryptos, you can join Binance’s Launchpad or Launchpool
  • Get portfolio insights and live tracking, as well as alerts
  • Its tax reporting tool will help you keep track of all your tax obligations

That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. Binance warns users about the potential risks of investing on the platform.

It also has an anti-addiction setting just in case users become too involved with trading. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. It encourages them to rest and hold back on their trading activities.

The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.

These are all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.

Sign up for your Binance account

It takes just minutes to create and register your Binance account. You are also given the choice of two types of accounts: Verified and unverified accounts.

For Unverified users:

  1. Click the register button on the Binance homepage
  2. Enter Email address
  3. Create a password
  4. Accept Binance’s Terms of Use
  5. Click “Create Account”
  6. Register by email to confirm your registration

For Verified Accounts

  1. Register for an unverified account.
  2. Login to your account
  3. Click Identity Verification in the User Center
  4. Select Personal
  5. Fill in your Details
  6. Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
  7. Upload a file or take a picture of the document
  8. Take a picture of yourself
  9. Click confirm after you have uploaded the document and image.
  10. Binance will then review your submission as soon as they can. Binance Using Gcash

To verify your account, you will need to wait for Binance to send an email.

Trading Experience

As we’ve mentioned, Binance offers a variety of trading tools. These tools include real-time charting with moving averages or exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.

The platform allows traders to view their trade history and portfolios. They can view the order book and price charts. You can also choose from a variety of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.

Also, users can choose different trading views to easily comprehend data or view them in a way they prefer. There are many views to choose from, including classic, margin and OTC views.

increasing-value

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Trust Wallet

Binance provides a custodial wallet through its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It is easy to withdraw from Binance to a Trust Wallet or other external crypto wallet.

Withdrawals are usually completed in 10 minutes and the fees are very low. Since you can use Binance via a multitude of platforms such as desktop, mobile, or through a web-based app, users will need to provide some personal information to verify their account to get started.

Fees

Binance is known for its low fees. This does not mean users are exempt from any charges. Binance users are still subjected to some fees needed for the platform.

Deposit and Withdrawal Fees

The currency used to pay and the method of payment will determine how much deposit fees are charged. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.

Depending on your country, Binance might allow credit or debit card payments, bank transfers, and peer-to-peer payments.

As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw crypto to a wallet or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Using Gcash

Trading Fees

The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. The amount of BNB you hold will also matter.

Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.

The platform also encourages the use of its own native currency, the Binance Coin (BNB). Anyone doing so can get a 25% discount on the trading fee. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).

The chart below shows how VIP status, the 30-day trade volume, and maker/taker are related.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4,999,999 and at least 25 BNB 0.09%/0.10%
2 Between 5,000,000 and 19,999,999 with at least 100 BNB 0.08% / 0.10%
3 Between 20,000,000 and 119,999.999, with at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Security

Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.

Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It uses address whitelisting, device administration, and the ability restrict device access.

Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This is meant to cover any losses from hacking, an incident that Binance is familiar with (more on that later).

This insurance is not the same as having a third party doing it, but it does give users some protection.

Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is to avoid any contact with hackers.

Customers should be cautious about Binance, however, as it has a poor track record in security. In early 2019, the platform was hacked for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.

There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. The customer side can at least see how the platform handles them and their customers when these incidents occur.

Binance quickly responded to the hack and reimbursed all those affected through their Secure Asset Fund for Users. This cold storage wallet keeps enough capital to cover users’ losses.

Customer Service

In terms of customer support, Binance offers three basic options. You can submit a ticket, ask a basic question through chat, and reach out via Twitter.

You simply need to fill out a form on the Binance website for tickets. You will be able to get email assistance by submitting a ticket.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.

Lastly, Binance has a chat box on the bottom right corner of the support screen if you want a more direct approach. This can be accessed on the Binance website.

lucky-coins

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Binance Pros and Cons

Pros

  • Low fees

Low fees are one of the main reasons Binance is a top choice for crypto exchanges. It is a no-brainer. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.

  • Ability to earn passive income in many ways.

It is impossible to not desire passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. That said, these opportunities also carry inherent risks in them. These opportunities are not for the weak-hearted. Binance Using Gcash

  • Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).

BNB is the platform’s crypto. These multiple selections allow crypto traders and investors flexibility in their choices.

  • Advanced Trading Tools

A trading platform will only be as good as the tools it provides its users. In the case of Binance, it gives users enough tools for a more flexible trading experience. As such, traders and investors will not have a hard time doing trade on the platform.

  • There are many ways to deposit money

You cannot start trading if you have no money at stake. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds

  • Flexible Order Types and Trading Options

Bear in mind, trading is like a gamble. The assets and stock own may be valuable now, but you will never know when their values will drop. Binance, one of the best trading platforms, should allow users to trade in any way they like. Binance Using Gcash

Cons

  • Platform can seem overwhelming to beginners.

Multiple options and advanced tools can be a bad thing. A multitude of choices can overwhelm beginners and make it difficult to choose from. Some experienced traders even claim they are intimidated by Binance’s many available options.

  • Issues with Regulation in many countries

Binance has been faced with numerous legal and regulatory issues. In fact, this is a glaring issue that has multiple investors considering other exchanges.

That said, the platform has been trying hard to remedy these regulatory issues and doing its best to meet the requirements to comply with and solve these issues.

  • It is not available in the United States

Binance was temporarily banned in the United States due to problems with US regulatory bodies. That is why the parent company created Binance U.S., a U.S.-exclusive version of the platform.

Binance U.S. has a smaller selection than the original Binance. Furthermore, it is also not available in some U.S. states like New York and Vermont.

  • No built-in digital wallet available

Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. For some reason, Binance does not. Instead, it recommends Trust Wallet, a third-party service. Although it is a well-respected service, they may not be able to offer sufficient support. Binance Using Gcash

Binance Last Thoughts

Let me begin by saying that I’m a complete beginner when it comes crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.

Binance was the best platform for me because it charges very low fees. I entered cryptocurrency because I wanted to see what the fuss was all about. I am not planning to take this seriously (yet).

It took me no time to create my account and verify it. Within just a few minutes, I could look at the UI and everything the platform offers. Let me tell you…..

With confidence, I can say that Binance is not for beginners. Binance presented me with a lot of options that were overwhelming and intimidating. I needed a friend to help me understand the complexities of all this stuff.

So with his help, along with some tutorials found in Binance Support, I was able to get some of my bearings and begin trading. Although it is still confusing at times, I am slowly getting the hang of trading.

Right now, I hope I bet on the right horse, not the wrong one.

coin-standing

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Common Questions about Binance Binance Using Gcash

Is Binance Safe?

It is safe but not with a great track record.

While Binance has its own set of key security features, it still is a blight on its record that it was hacked twice. Although the company increased its security, it will be determined if they can withstand attacks.

How do you decide if Binance is right for you?

To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services yourself.

You may find Binance a good fit for you, if you:

  • You are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
  • You want a service that charges low fees and carries many currencies.
  • You are looking for a service with many advanced features.
  • You are an institutional trader carrying a high or ultra-high net worth.
  • You live outside the U.S.

Does Bianance Offer FOREX Trading?

No, Binance does not offer traditional Forex (Foreign Exchange Trading).

It lacks the currency pairing required to join FOREX. To enter FOREX-only exchanges, a company needs access to thousands. It is a far cry from Binance, which only has over 50 currency pairings.

CFD trading is offered by Binance

Binance offers CFD (Contracts For Difference) trading.

These are still controversial in the crypto industry, as many prefer to own native assets. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. However, CFDs have their advantages. They can be extremely liquid.

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