My Honest Opinion After Using Binance for 6 Months
In this cryptocurrency boom, who doesn’t want a piece of the pie? But the question which many new traders ask is, which cryptocurrency exchange to use? Before buying my first crypto, I also researched various cryptocurrency exchanges. After going through a ton of videos and articles, I decided to choose Binance. Why? Probably because Binance is the world’s leading crypto exchange. It has been more than 6 months since I am using Binance for all my crypto dealings. And here is my honest opinion about the exchange.
Starting as a Beginner
As a beginner, the platform can be quite overwhelming. You may find everything a bit complex on the first day. But with time, the system will appear as a piece of cake. Residing in India, the problem that I faced with Binance was to buy the initial USDT for further trading. Yes, there are options to buy crypto with Debit Card, Credit Card, or through P2P. But transactions with my debit and credit card failed due to unknown errors. Also, Binance applies a fee if you are purchasing crypto via card.
For spending 100$, I would have received 96.52 USDT, after a fee of 2%. This was not all, I would have been charged by my bank an additional currency conversion rate on the transaction. On top of that, banks sell the dollar at a higher price. So purchasing USDT via card appeared to be a bit expensive. But Binance has worked hard for its Indian consumers to get a seamless experience. They have included an option of P2P. Now you can buy crypto directly from a third party using the escrow method offered by Binance.
Using the P2P method, you can directly buy cryptocurrency from a fellow Indian in Rupees. But the catch here is that merchants with higher reviews and conversion rates, tend to sell their cryptocurrency at prices higher than the market price. Also, you require to complete KYC for using the P2P platform. My major concern was not losing money because Binance Escrow services are top-notch. But if the other party does not transfer crypto due to some reason, I would have to file an appeal. And after an investigation, they would release crypto into my account if I had transferred the money into the seller's account. All I was afraid of as a newbie was, all this would take time. I wanted to buy crypto quickly! So I used the Indian exchange WazirX to buy USDT and transferred them to Binance without a fee. Binance has invested in WazirX so they allow free transfers.
What I Learned: Even if you are a beginner, getting familiar with Binance is no big deal. Getting to know all its features and its works is no rocket science. Although, do not expect to master it on the very first day. The only problem I faced was to buy USDT. Depending upon your country, you could face minute issues like cards not getting accepted or high fees. But, Binance has a solution for every problem. So just get to know the system better and you will be fine!
Getting to Know The Platform
To be honest, buying and selling cryptocurrency on Binance does not need any lesson. It is the other stuff which you need to learn like some advanced features, futures trading or different types of tokens available, etc.
What I Learned: As a beginner, some things that you would like to focus on are, the difference between a limit order and market order, how to put a stop-loss, how to check the liquidity in the order book at lower or higher levels than the levels that are displayed, using the charts, etc.
One more thing which I came across is the Binance Up and Down tokens. It is a safe way to play futures being in the spot market. They can be a little overwhelming to understand. The bottom line is that Binance is such a large platform that even after using it for 6 months, I am still learning something new every then and now. So never stop learning!
Extremely High Liquidity
Apart from Binance, I have traded on WazirX for a fair amount of time. It's a relatively good exchange in an emerging crypto market but be the thing that I did not like about the platform is its poor liquidity.
Look at the order book of ZEC/INR in WazirX. The difference between buy bid and sell bid is more than 200 INR. No doubt it is a good exchange but for some coins, it just does not have enough liquidity. On the other hand, Binance has a pool of liquidity! C’mon it's the world’s leading exchange. For the record, I haven’t used any other exchange except WazirX and Binance. So, I would not be able to comment on the liquidity of other exchanges in contrast to Binance. There is a simple reason for not using other exchanges. I did not feel the need to, after using Binance.
What I Learned: Binance has so many options and so much liquidity. You can trade in BNB pair, USDT pair, BTC pair in more than I don't even have a clue how many coins!
A Pool of Amazing Features!
Binance offers not only trading, you can also stake your crypto to earn interest, take loans in USDT on your holdings, participate in launchpads to earn crypto, and much more!
Look at this, you can even trade stocks using BUSD.
What I Learned: Binance has tons of features. I use staking to earn interest. To try out staking, I staked 2.99 DOT for 15 days. I accumulated 0.00228258 DOT coins every day as a reward. Binance is an evolving cryptocurrency exchange headed by CZ, a very well reputed name in the crypto community. It will continue to bring new features and products for its consumers.
Other Factors that Make Me Love Binance
Other factors that never led me to migrate from Binance include a relatively low trading fee as compared to other platforms. Further, since the time I have started using Binance, they never gave me even a single reason to contact their customer care even once! This makes their day-to-day operations top-notch. In another way, I did not get a chance to review their customer service.
Apart from this, did you know that in 2019 Binance got hacked and lost around 40 million dollars to hackers? However, Binance did not let it affect the users. It bore the loss out of its pocket.
Binance also set up SAFU
I have been using Binance for close to 7 months now. In the end, I would like to say that Binance never let me down in any way. If some roadblocks came, they always have a way around them. It is backed by a great team and has a worldwide presence. It is user-friendly once you settle down, is trusted, and is constantly evolving every day.
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Note- Cryptocase is not a financial advisor and the above is not financial advice. The information is solely for educational & informational purposes only. Cryptocase is and shall not be responsible for any profit or loss incurred by you