As mentioned in "Welcome to Cryptocurrencies" by Felix, this article will be giving my opinion on 3 of the most popular cryptocurrency exchanges used for trading, namely Binance, Bitfinex and Bittrex.
Let's start with Binance, a Chinese cryptocurrency exchange based in Shanghai. I have been using Binance for a week, Felix has been using it for a while and I must say it's quite good for the experienced trader. Binance offers a wide selection of cryptocurrencies to trade from, but not as large a selection as its competitor, Bittrex.
Binance
Pros:
It supports a lot of cryptocurrencies
No deposit fees
Trading fees 0.1%
Allows for deposits of cryptocurrency, USDT (token) and Fiat currency (EUR & USD)
Gives you a brief overview of some cryptocurrencies, explaining what they are about and aim to do.
Has high-security features such as 2-factor authentication
Offers its own coin (BNB) for trading
Strong team behind it
Able to carry out more than 1.4 million orders per second
Cons:
Complicated to use and not user-friendly
The graphs used, lack of quality and do not offer a key explaining the different components, tricky for beginners to grasp.
When trying to buy and sell a cryptocurrency you have other currencies on the side which is a great idea but the display is too complicated
It only offers depth and candlestick graphs offered.
Verdict: Not good for the inexperienced trader. They'll struggle to use it, may even be discouraged to trade cryptocurrencies altogether. For the experienced user, Binance is effective as they can trade whilst keeping an eye on other currencies and have a range of information available.
Overall score: 7/10
Bittrex
Bittrex is a US cryptocurrency exchange based in Las Vegas. Bittrex is the cryptocurrency exchange I started trading with and is my personal favourite. Bittrex supports 190+ cryptocurrencies (more than the other two) giving traders the option to trade more cryptocurrencies.
Pros:
Fairly user-friendly
Offers a wide selection of graphs
Supports 190+ cryptocurrencies
Offers trading: in USDT, Bitcoin and Ethereum
Offers information for some popular cryptocurrencies
Offers two-factor authentication
Cons:
Quality of graphs is poor and doesn't allow you to clearly see how a cryptocurrency has been doing in the last few months.
You cannot monitor the rest of the market while trading one cryptocurrency, hence not for the experienced user
Customer support is not good for ID verification
The website often glitches, half loads or does not load at all.
Trading fees 0.25% (relatively-high)
Verdict:
For the inexperienced trader, Bittrex is easier and less confusing compared to Binance and Bitfinex. For the experienced user, Bittrex is rather frustrating as it limits multitasking and market monitoring. I personally prefer it as I use Coincapmarket for monitoring the market whilst trading with Bittrex. So I have found a workaround for the problem faced by most experienced traders.
Overall score: 7
Bitfinex
Bitfinex is yet another Chinese cryptocurrency exchange, this one is based in Hong-Kong and is the exchange with the biggest volume compared to all other Bitcoin exchanges in the world. Bitfinex offers margin lending for both USD and cryptocurrency via leveraging.
Pros:
Wide selection of graphs providing a lot of information
Graphs are made of high quality and include professional tools
Offers information for trading whilst also allowing you to keep an eye on the market
Offers Margin lending via leveraging
Offers a selection of the most popular cryptocurrencies
Cons:
Not user-friendly, complicated to use. I still haven't fully mastered it.
Fees vary from 0.1%-0.2% depending on what type of trade you make
Does not explain any of its features and how they work
Verdict:
Bitfinex is too complicated for the beginner-average trader. The graphs are hard to understand if you don't know what to look for. If you are a beginner and don't know what margin-lending and leveraging are then you should research what they are or stick to simple trading. For the experienced user, Bitfinex is perfect as it is very professional, providing users with a lot of information.
Overall: 8.5
If you have any questions about any of the above feel free to post a comment or send us an email and don't forget to follow us on Twitter at: https://twitter.com/crypto101blog
Cryptolad over and out!
Disclaimer: This article expresses our personal opinions, predictions, and market speculations based on the way we interpret the information we have available to us. It is by no means to be considered expert advice. We take no responsibility/ liability for any actions taken by you based on anything we have mentioned.
We are in no way affiliated with any companies, sites, crypto-currency exchanges and crypto-currencies that we mention in these articles, these are simply the ones we choose to use due to our personal preference.
