Challenge #3: The Best Exchange - Altcoins

jehoshua-shey (71)in #steemcryptochallenge • 4 years ago (edited)

Challenge entry: The Best Exchange for Altcoins

I'd like to join in this challenge and talk about which exchange I think is the best.

Before I tell you my best, I'd like you to know that there are multiple criteria which I look at before choosing the best exchange. It's difficult to see an exchange come out as the best in all the criteria because one way or another, some exchanges appear to better others. To comprehensively select a best, I decided to select based on different criteria and today, the criteria is ALTCOINS

A l t c o i n s

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By definition, altcoins are other cryptocurrencies apart from bitcoin. Any other cryptocurrency you can think of that is not bitcoin is an altcoin. There are 5,000+ coins in existence. Each posing as a better alternative to bitcoin in one way or the other. Yes they may have some advantages over bitcoin which stops us from wondering why a lot of people get interested in these altcoins.

Many exchanges offer more than bitcoin though the number of altcoins offered by each exchange vary. Now, as far as exchanging altcoins is concerned, it is, the more the merrier. When one wants to deal with different cryptocurrencies, they would like a place where they can get as many coins as possible. This is because they'll want to be able to acquire a coin they think might appreciate and wouldn't like a situation where the exchange they're using don't offer such coin.

Best exchange

In this regard, for the criteria of offering a large number of altcoins for trade, the best exchang for me is BINANCE

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Binance was founded in 2017 by Changpeng Zao and has grown rapidly since then. It is the best for Altcoins because it has large numbers of cryptocurrencies and trading pairs. It has over 145 cryptocurrencies and over 500 trading pairs. It currently averages $1 billion+ in daily trades and is the largest exchange for Altcoin trading.

Best features of binance

Binance has lots of features but the best amongst them are

Large number of cryptocurrencies: Binance has well over 145 cryptocurrencies including popular ones like Bitcoin, Ethereum, Ripple, etc.
Low fees: Binance fees are comparatively lower. It offers one the lowest fees amongst exchanges. For crypto-crypto trades, you're charged 0.1% of each transaction.
High trade volume per-day: As was stated earlier, Binance has the largest Altcoin trading among exchanges, averaging $1 billion+ each day. Since lot of trades go on on Binance, it takes lesser time to buy or sell a crypto currency. If trade volumes were to be low, one who wants to buy a cryptocurrency may hardly find a seller and vice-varsa.
Security: Binance secures its accounts with industry standards. It uses the CryptoCurrency Security Standard (CCSS) and also a Two-factor authentication on registeration.

Personally, I haven't began trading crypto outside steemit yet though I'm studying a lot about different exchanges. I definitely know where to go whenever I want to trade and I can also recommend anyone to at least check it out.

As far as Altcoins trading is concerned, if anyone needs a recommendation from me, Binance is my call.

Thanks for reading.

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