In this article we will list the top 10 reasons why we trade on Binance.
Binance has established themselves as the largest crypto exchange and is definitely on of the best crypto trading sites.
They have a good reputation and they deliver really good trading products.
On top of this, they offer their services for the lowest fees.
Lets break down the top 10 reasons to trade by Binance, one-by-one.
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1. Binance has the lowest Trading Fees
Binance trading fees are the lowest you can get in almost all cases.
On top of this, you can reduce your fees even further with 500 Binance coins in your balance.
Also, with our referral code you will get -20% on all fees charged from Binance.
In the table below you can see Binance trading fees compared to some of the top Bitcoin trading sites.
This table have been reduced to be able to easily compare the trading fees. Trading fees are often dependent on your trading volume for the last 30 days. This means that you can get even lower trading fees than given above. Also, some other fees are not in the table, like margin interest fees, for example.
2. Binance has Low Spreads
Binance has extreme low spreads in the market.
Spreads are extreme important in trading since it directly eats of your net trading result.
Spreads are the difference between the lowest sell order and the highest buy order in the order book.
Lets take an example where we compare the spread in the ETH/BTC market between Binance exchange and Huobi Global. We took the screenshot with one second between them.
- Binance highest buy: 0.031512
- Binance lowest sell: 0.031515
- Binance spread: 0.031515-0.031512 = 0.00003 BTC
- Binance spread in percentage 0.031515/0.031512 = 0.0095%
- Huobi Global highest buy: 0.031507
- Huobi Global lowest sell: 0.031511
- Huobi Global spread: 0.031511-0.031507 = 0.00004 BTC
- Huobi Global spread in percentage = 0.0127%
Spread is often correlated with trading volume. With higher trading volumes in the market comes lower, or tighter, spreads.
Above you can see a screenshot from the ETH/BTC market in the Binance order book the 2nd of December 2020.
Above you can see a screenshot from the ETH/BTC market in the Huobi Global order book the 2nd of December 2020.
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3. Binance has High Trading volume and Low Slippage
Binance is the most popular Bitcoin trading site and has therefor the highest trading volume in many markets.
Since Binance has the highest trading volume in many markets, they also have the lowest slippage.
Slippage is the difference in price between the market price and what you actually pay for your order.
This is extremely important for high volume trader since they can drain parts of the order book in the market. On the other hand, a trader can place a limit order but it might take very long time to fill that order if the volume is low and the slippage is high.
Lets take an example. We can reuse the previous screenshot from Binance.
Lets say you want to buy 10 ETH at market price. Look at the sell order book in the Amount /ETH) column. Here, you can see the lowest sell order only include 0.745 ETH and next 6.258 ETH. You must also buy from the 3rd line, Sell 3, to fill you order which will look like this
- 0.745 ETH for 0.031515 BTC
- 6.258 ETH for 0.031516 BTC
- 2.997 ETH for 0.031517 BTC
Remember, that this example is taken from a liquid market with high trading volumes. If you are about to trade smaller markets you must check the order book before you go for a market order.
4. Binance has Many Cryptocurrency Markets
Binance has many cryptocurrency and fiat markets to trade.
There is no reason to list them all and the easiest way to explore if Binance support the market you are looking for is to go to Binance markets and search for your trading pair.
If you know what market you are looking for but you want to find a particular exchange to trade a specific trading pair, you should go to Coinmarketcap and follow these steps.
- Go to Coinmarketcap
- Click on the cryptocurrency you want to trade
- Click on market pairs
- Here, you can see all the market pairs for that specific cryptocurrency and all the most liquid exchanges.
5. Binance has many trading features
Binance has definitely most features of all cryptocurrency trading sites and platforms.
Just to mention a few trading features on Binance
6. Binance Community Reputation
Binance has a great reputation in forums and among the online community.
If you create a thread asking for the best crypto trading platform, Binance will be the dominant answer.
While Binance scores quite bad on Trustpilot almost all review sites give Binance a top score.
7. Binance offers and campaigns
Binance has great offers and campaigns and they are launched on a continuous basis with short gaps.
Below, you can see a screenshot taken 2020-12-12 and there are four great campaigns for different features and targeting different audiences.
- Binance and Dusk Network have committed a total of $75,000 in DUSK tokens as prizes to celebrate Dusk Network’s recent share acquisition of Dutch Stock Exchange NPEX.
- Binance and the Swipe team have committed up to a total of 100,000 SXP in rewards to celebrate the introduction of the Binance Card to users in the EEA region and the upcoming Christmas season.
- Binance P2P has launched Lucky Thursday promotions with prices for December to reward P2P traders for their support.
- Binance has introduced ZERO fees for all bank deposits made via Single Euro Payments Area (SEPA) for EUR and Faster Payments (FPS) for GBP.
8. Deposit options and fees
Binance can offer you many different deposit alternatives and the fees are low.
- Deposit Cryptocurrency
- Deposit via credit card
- Deposit via bank transfer
9. Binance VISA card
Binance has a VISA card with great benefits and rewards.
Binance Visa card lets you convert and spend cryptocurrencies at more than 60 million merchants worldwide.
You can transfer crypto from your spot wallet to your card wallet.
Summary of benefits
- The Binance Visa card is free
- You can get up yo 8% cashback
- You can hold crypto on the exchange until payments
- According to Binance, your funds are protected with the highest security standards
10. Binance Trading Academy
Binance has developed and published its own trading academy.
Of course, this is good for Binance itself since they earn more money if their users earn more money.
Binance academy has published over 200 articles covering everything from computer security to economics.
In addition, they’re in 17 different languages.
Read more about Binance academy.