Challenge #3: Jason finds out his best exchange

jehoshua-shey (71)Memberin WORLD OF XPILAR • 4 years ago (edited)

Challenge entry: Jason finds out his best exchange

Ever since he eavesdropped on Nathan's discussion with his friends two days ago, Jason had been searching for the best exchange with a well defined list of requirements. He was after

Geographical reach / availability
Security
Privacy / anonymity
Customer support
Trade volume
Transaction fees
Reviews and
Payment methods.

Jason had spent days scanning through different exchanges and had come up with a couple of options. He had gone to google search and had listed out as many exchange options as he could find. These options all met with his demands of 'the best exchange' in one way or the other. Then he began researching on each of them to see how much of his requirements they matched. He came up with a reduced list. He did an extensive research on reviews on the exchanges on this reduced list and at the end of the day, after matching the features of the exchanges on this list against his requirements for 'the best exchange', Jason further reduced his list to just four exchanges. They were

Bittrex
Coinbase
Kraken and
Binance.

All provided excellent features including the bank transfer option as a payment method. Kraken gave him assurance of security. From his research, he found out that kraken was immensely secured. Matter-of-factly, security was one of the major reasons why it was created in the first place. It was also a good place to perform margin and future trading and with transaction fees at 0.26%, buying coins were affordable. However, using Kraken required a lot of patience. The process was slow. Coinbase was better in that aspect only that coinbase was also not decentralized and that was an issue with his privacy/anonymity. Coinbase was also expensive with fees set at 2.99% per transaction. It was however easy to use and a good start for beginners like him. Bittrex was another vault but the transaction fees were no where affordable at up to 3% for purchasing coins. It also charged 0.2% on all transactions.

Binance actually came up with all the best features these other ones had and even more. It had future trading, margin trading, staking, lending and other passive income features. It supported deposits in his fiat currency and 38+ more fiat currencies. It offered some the cheapest transaction fees in the industry and it's customer support was 24/7. Binance looked like the winning card but then, he decided to hear from his uncle Cassie.

Uncle Cassie's pro tip

Uncle Cassie was a big fan of Uniswap as he loved pools but Jason had called him for an honest advice. Sentiment apart, uncle Cassie asked him if he planned on exploring cryptocurrencies as a trader. Jason's reply was positive and so uncle Cassie recommended Binance. His reason was that, binance was for the crypto trader, not just the beginner or the bitcoin, ethereum, litecoin and ripple enthusiasts. Whatever you wanted from cryptocurrencies as a trader, binance was the surest place to find it. It's features were unrivalled and it was far cheaper than his other options. The 150+ crypto currencies it offers and the 500+ trading pairs available makes it a trade haven.

According to uncle Cassie, "Trading features and transaction fees are the qualities to look out for in an exchange if you want to be a crypto trader". Uncle Cassie argued that if there was any other good feature aside these, binance most probably had it. Also, if Jason wasn't going to be withdrawing up to 2 BTC daily, he could remain anonymous.

Jason ended the call. He had gotten the advice he want. Ever since he joined crypto and began to earn, he had decided to go deep into crypto trading. Yes he was still going to learn how to but now he already knew where to. Uncle Cassie's pro tip resounded in his ears.