The cryptocurrency exchange scene has been problematic all year. GDAX is considered by many to be the most reliable cryptocurrency exchange, but you only have access to 4 cryptocurrencies (BTC, LTC, ETH, BCH). The exchanges to trade cryptocurrencies outside of these 4 have so many headaches. We recently found a new exchange that has all the features you need to trade altcoins successfully. Here are some of the many benefits of the Binance exchange.
Amazing Trading Platform
The Binance trading platform is the best platform out of all the altcoin exchanges currently. The Binance charts have a lot of features for just a brokerage platform. You can add in basic indicators, and it also gives you a lot of flexibility with your layout. It has a desktop platform as well. Bittrex and most other altcoin exchanges have a terrible trading platform. These exchanges have web based platforms, so this is a huge upgrade from the other altcoin exchanges. The desktop platform is much more professional, and gives you all the information and features you need to trade cryptocurrencies in one place. Here’s what the desktop trading platform looks like:
The fills on Binance are amazing. Almost every other altcoin trading exchange (Bittrex, Kraken, ect) has horrible fills. Your trade takes minutes for an order to fill, where on Binance, it fills in a matter of seconds. This is key for intraday trading, as cryptocurrencies have such crazy volatility that you need to be able to enter and exit your positions at the prices you want.
Stop losses actually work on the Binance exchange. This is huge problem with Bittrex and other exchanges, as you will often get serious slippage stopping out while using them. Altcoins are especially volatile, so the slippage can become very problematic. This also makes trading altcoins very time consuming and stressful, since you cannot trust the stop losses, you feel like you have to be watching your positions 24/7. With Binance you can actually take your eyes of your altcoin positions and not worry about getting screwed with slippage.
Bittrex doesn’t have a mobile app. This is a major downside for those who travel a lot, and want to trade altcoins. Binance has a great mobile platform. Cryptocurrency trading is a lot easier when you can place orders on your phone, since it’s 24/7. This makes trading altcoins a lot less stressful as well. You don’t have to carry your laptop every where to jump in and out of your positions. With the mobile app you will miss a lot less big moves. When you see an altcoin about to breakout and you’re not by a computer, it will only take you a minute to place your order on the app and jump in.
Binance has significantly lower fees than the other Altcoin brokers. The trading commissions are only .1% commission. Bittrex charges .25% commission, and most of the other exchanges charge even more than that. This difference may not seem like much, but imagine if you are buying and selling $1000’s worth of cryptocurrencies in a day (very easy to get in the 10,000’s if you’re day trading them, even with a small account). It is the difference between spending $250 and $100 on commission per day. That could add up to saving hundreds of dollars a week just on commissions.
Huge Array Of Altcoins
Binance has a massive selection of altcoins. Although Bittrex also has a great selection as well, it has so many other drawdowns that Binance doesn’t. The fact that you have this huge selection in a safe platform with all of these features is a rare combination. We go into more depth in this video about the best altcoins to trade on Binance:
How To Open An Account
Setting up a Binance account is a simple process that takes under 5 minutes. Just click the register button in the top right and it will be a quick and straight forward process. We recommend depositing coins from a Coinbase account to fund it. Do not use Bitcoin to fund the account, the process fees are huge, and it takes much longer to transfer. You should use Litecoin or Ethereum instead. You can open an account here with this link.