what is an Alternative to Binance?
What is Binance?
Let’s start by talking a bit about Binance and why it is so important. Since 2018, it is considered the exchange platform with the highest trading volume in the world. In recent years, however, Token swap platform development it has had some setbacks that have exposed it as a company that is not entirely legal in various countries around the world. In fact, it was declared illegal in the United Kingdom and Italy, to give just two examples, and it is investigated in a large number of countries for money laundering, for example Japan or the United States.
Beyond this, its customers do not seem to be aware of the lack of regulation it has, and it remains the largest exchange in the world . You may or may not like what I have to say, but investing in Binance, like many other exchanges, has its risks.
Alternatives to investing in Binance
Many times it happens that when we feel comfortable with something, we tend to never change it. We have that feeling throughout our lives, so it is also included with financial entities in all their forms, in this case, cryptocurrency exchanges as well .
Risk diversification. a good choice
If you feel comfortable with the Binance platform , it is difficult for you to dismiss it just because of rumors of illegality. But it may be convenient “not to put all your eggs in one basket”, as the popular saying goes, and diversify the risk of your investment
Let us explain that diversification is a technique that consists of combining several types of assets within a portfolio in order to minimize risks and generate higher returns in the long term . Another way to diversify portfolios is to have your investments in different financial entities, in such a way as to reduce the risk of defaults or bankruptcy.
Most finance professionals agree that, although diversification does not guarantee that losses will not occur, it is the most important tool to achieve long-term financial goals, thanks to the possibility it provides of having a controlled risk.
Alternatives to investing in Binance
As we mentioned, there are countless exchanges that allow you to exchange cryptocurrencies and other financial assets in Spain . Some international, such as Binance, and other national, such as some bank brokers.
The important thing when diversifying the risk is not to have all your investments in the same place , but to have them in different entities, and in turn, keep a percentage of your holdings in liquid money, either to use in case of unforeseen events, such as so also to take advantage of investing in quick opportunities. Before depositing your money on any crypto exchange, we need to poke around the company a bit. The first thing we should look at is what type of regulation it has, who controls the company, if it is controlled. Other points to take into account is the issue of commissions, since there can be a lot of difference between one and the other.
coin base
This exchange, which is listed on the Nasdaq in New York, is one of the largest in the world, and the main direct competitor of Binance. Where obviously you can also invest in bitcoin .
Rates
To deposit, a flat fee of 0.5% for all purchases.
Also, a variable fee depends on the country and the payment method.
The flat fee ranges from $0.99 to $2.99, depending on the total amount of the transaction.
Domestic withdrawals are free for funds up to $200 and increase to 1% after that amount. International rates are the same, up to 200 euros and subsequently increase up to 2%.
Fees for domestic transactions are 0.2%, while those for international transactions are 3%.
kraken
Kraken is an exchange based in the United States and was created in 2011. It offers conditional trading, including the Stop-Limit feature, and futures trading, a way to amplify profits with 50x leverage.
Rates
The fees are not fixed, but depend on the volume registered in the previous 30 days and whether the order is from a taker or a maker. In this way, the fees range between 0-0.16% (maker) and 0.1-0.26% (taker).
For stablecoins the fees range between 0-0.2%
Margin trading fees are a flat rate of 0.01% + an additional 0.01% every four hours for BTC and 0.02% + 0.02% every four hours for peer-to-peer trading.
Deposit fees (worldwide) are 35 USD + 0.125%, and take 1-5 business days to complete. There is a minimum deposit allowed of $150, and it can only be made by bank transfer.
