Binance is the most popular trading site among all top Bitcoin and crypto platforms and investors.
We analyze and break this question down into what crypto traders are looking for and how Binance offers this to it’s customers.
What are crypto traders looking for?
Binance delivers high quality to the end users serving their crypto trading clients.
How do we know that Binance delivers the highest quality, and how can we measure this?
Let’s break down and analyze some of the essential aspects to check before you sign up with a new crypto trading site, deposit, and start trading.
We have narrowed it down to four categories.
- Low trading fees
- Good deposit options
- Trading features options
- Listed pairs and trading volume
1. Low Crypto Trading Fees
Binance has among the lowest crypto trading fees among all trading sites. They generally have the lowest trading fees in all categories, but they are not always easily comparable since they depend on many factors.
The default Binance trading fees are low. However, you can achieve super-low trading fees by
- Sign up through our referral ID to get -20% off all spot trading commissions
- Reduce your trading fees up to -25% by paying with BNB
- Level up your tier level by trading more or holding more BNB in your account
Binance and Kucoin offers the lowest crypto trading fees among all crypto trading sites. See the full comparison of the lowest spot crypto trading fees.
2. Fiat Deposit Methods with Low Fees
The first step to enter the crypto market is always to deposit fiat in one way. Therefor, a crypto trading platform must have many fiat deposit options with low fees to attract new users.
Today, many crypto trading sites offer deposit methods via bank transfer and credit card. However, they charge different fees for these services.
Binance accepts users worldwide, as you can read about in our Binance VS Kucoin comparison. Also, they are doing this with very competitive fiat onramp deposits and fees.
Binance accepts users from around the world, giving them the option to deposit in fiat currency. However, they don’t accept US customers like Kraken or Binance US.
3. Many Trading Features Options and Possibilities
You don’t want to transfer your funds to the new crypto trading platform just because you want to trade the derivative market instead for margin trading.
Also, there is a lot of KYC connected to creating new accounts, so if you are about to select one trading site, you want it to have as many trading possibilities as possible.
Transfers are also connected with a cost.
Read more about Binance as the best crypto leverage trading platform.
Binance has the most trading possibilities and features among all trading platforms. Kucoin and Gate.io might be able to compete in the total number of services offered. However, if you provide a trading market, you must also have liquidity in the market, and here Binance is superior to its competitors with few exceptions. One is crypto options, where Deribit has the most trading possibilities and the most trading volume.
4. Listed Pairs and Trading Volume
Most crypto investors and traders want to explore more than a few markets and maybe even find a new crypto gem to invest in.
Therefore, a great crypto trading site must offer many listed trading pairs and even a launchpad for new projects.
In addition, a listing is not enough since the market must have a trading volume and liquidity. Hence, the spread is narrow, and there is a possibility of entering and exiting a position at any time.
Binance has many markets listed but is not the number one trading site for most listed cryptocurrencies. Here, Kucoin and Gate.io have more listings. However, as previously stated, the markets must also be liquidity. Otherwise, they don’t add much value. Binance is superior to all other platforms regarding liquidity and trading volume in almost all markets.
Summary - Most Popular Trading Site
Binance has an excellent overall quality product as the number one trading platform for cryptocurrencies. Binance has attracted the most users even if the platform is younger than Kraken or Coinbase.
Also, Binance has managed to supply liquidity and trading volume in many smaller crypto markets.
Lastly, Binance is innovative and often early to list new cryptocurrencies or adopt new crypto trading features.