There are tons of different cryptocurrency trading platforms available—both online and as an application. Throughout the last years, Binance has remained one of the most important, in terms of trade volume and new coins. For that reason, Binance is the best exchange for new traders, and our recommendation if you’re just getting into crypto trading.
The cryptocurrency exchange has been in the market since July the 14th 2017 and has been offering important services for cryptocurrency users. But is this platform specifically designed for new users or it has more professional features? In this article we will analyse whether this exchange is pretended for new users, more experienced investors or for both.
Is Binance for New or Experienced Traders?
Binance a virtual currency exchange that only works with virtual currency trading pairs. That means that if a new user that does not have any virtual currency wants to enter for the first time to the market, it will not be able to do it through Binance.
To start trading in the Binance platform it is necessary to send some funds in a cryptocurrency eligible for trading like Bitcoin or Ethereum. From there you can trade for several of the hundreds of coins that Binance lists. You can also use Binance’s own coin (BNB) for trading and for discounted fees.
Those experienced crypto traders will discover that this is a very simple mechanism. If they have currencies in any other exchange or wallet, with just some simple clicks they could start using Binance for trading.
For new investors, this may seem like extra steps, but it is commonplace amongst most major exchanges, and to get most coins that are not in the top few in market cap, you’ll need to trade with BTC or ETH. Binance offers the easiest trading experience given these similarities.
Two Different Platforms
Binance displays two different exchanges, one known as Basic and the other known as Advanced. The basic one, as the name suggests, is for users that just want to exchange some virtual currencies for others. In general, these are the users that trade some few pairs and that do it sporadically.
The advanced platform, on the other hand, has been built for more professional traders. That is, users that perform day trading activities, that trade different crypto pairs every single day, or that trade less pairs but very intensively.
The advanced platform has more complex features for traders that need detailed statistics and information. There are some trading pairs that offer graphics with better options and advanced information.
That means that the basic platform does have trading options but not so advanced and detailed as the other platform for experienced users. If you are just starting with virtual currencies the best what you can do is to use the Basic option, you will find it more intuitive and user friendly.
In sum, Binance is a great virtual currency exchange. At the moment it is the second most used trading platform with $448 million dollars in trading volume in the last 24 hours. The exchange offers an important number of trading pairs and has added support to hundreds of tokens offered in different ICOs.
Additionally, the platform is working with different governments in Europe and all over the world in order to start accepting US Dollars, Euro, Great British Pound and other Asian currencies. If that’s confirmed, in the future, the results could make it an even better option for new traders.