Binance, Bitfinex, CoinMarketSolutions - Review Of Advantages And Disadvantages

With a range of developments made in the blockchain sphere, you’re left with different options to exercise. Recently, there has been a range of cryptocurrency exchanges all over. We’re here to help you figure out what cryptocurrency exchanges are, how to go about choosing one, and which one holds the best options for you. We will mainly look at the three most popular exchanges that include Binance, CoinMarketSolutions, and Bitfinex. 

What Is Cryptocurrency Exchange?

Understanding what a cryptocurrency exchange is is not difficult. Think about the normal stock exchange where you trade different stocks that hold different values. Now, since cryptocurrency is digital money, this is more of a digitized way of exchanging your assets, as opposed to the normal stock trade. Your given asset will have a particular market value that your cryptocurrency will denote. And, just like a normal exchange, the cryptocurrency exchange takes place where you trade your assets with one another.  But there’s a catch to this, you will need to make sure that you are opting for the best cryptocurrency exchange and ensure a safe transaction. Knowing about different exchanges is important, so we’ve provided you with the ultimate cryptocurrency exchange review.


How To Choose A Cryptocurrency Exchange?

Before you go ahead and seal the deal, you should make sure that you use the right cryptocurrency exchange platform. If you wish to find the ideal one, then you will need to consider the following aspects.

  • Fees: You need to make sure that you take a look at what you’ll be paying before you make any decisions. It’s essential to do so to ensure that you don’t lose out on your money. Also, be wary of exit fees as they can sometimes be very high; 
  • Quickness: Be aware of any given time limits that might hinder your transactions. Verify their effectiveness, and how quickly you’ll get your return by looking at the history; 
  • Reputation: The best thing that you can do is to get to know whether other people have positive reviews for the cryptocurrency exchanges or not;
  • Security: You want to make sure that your assets and information are secured by the exchange. View their credentials and past experiences to verify whether the exchange is secure enough for you or not. 

Binance

Launched in 2017, Binance stems from the combination of two words - binary and finance. It was created in China and has proved to be a trustworthy cryptocurrency exchange amongst the masses. It currently has a high volume of assets being traded through the platform and is widely appreciated for its easy functionality and minimal fees. 

The exchange is known to regularly have an average trading volume of about 1.2 billion, with about 1.4 million transactions every second. 


Features

  • Access to over 500 individual assets
  • Access to margin trading
  • Buy cryptocurrency with cash
  • A user-friendly application that displays all the relevant information in one place
  • Mastercards and Visa accepted
  • Available in different languages

Pros

  • Easy setup and account creation
  • Minimal fees of 0.1% on every trade
  • Can make purchases with credit cards
  • 24/7 support team available
  • No deposit fees
  • A multitude of trading options

Cons

  • No regulations
  • No MetaTrader platform
  • Not traded in the US

CoinMarketSolutions 

Now, let’s get to the CoinMarketSolutions review. The CoinMarketSolutions exchange was established in 2018. Since then, it has worked to become a cryptocurrency exchange platform that many people opt for. There have been over 90 million transactions since its inception, and they continue to be on the rise. The platform complies with all the relevant regulations as it is heavily regulated by different authorities to ensure its legitimacy.  CoinMarketSolutions is a platform through which you can trade tokenized assets and digital currencies. You can now trade tokenized assets that include gold, oil, shares, and other items. It has proven to be an effective platform through which you can execute your trading.  


Features

  • Assets can be easily tokenized and traded
  • Implements the use of smart contracts
  • Heavily regulated by Estonian authorities
  • Access in Russian and English languages
  • Six trading pairs available
  • Easy navigation and usability
  • Use of analytics to assess trade
  • High-level security with SSL encryption

Pros

  • Security level makes it reliable
  • Minimal fees
  • No deposit costs
  • Virtual wallet service licensed by the EU
  • Dual trading - money and tokenized assets
  • High-profit potential

Cons

  • Relatively new in the market

Bitfinex

Bitfinex came into play in 2012 and it was quickly taken on board by many traders. It is an advanced cryptocurrency exchange platform that is fit for traders excelling in the field. It further extends services such as margin trading and lending. 

Bitfinex was all the rage when it came into existence; however, its effectiveness died over time as a result of consecutive issues faced by the platform. While it’s still in use, there are still some concerns regarding this cryptocurrency exchange.


Features

  • Advanced trading platform
  • Over 50 trading pairs
  • Customizable interface
  • 3.3 times leverage
  • Accepts fiat deposits
  • Fees start from 0.2%

Pros

  • High volume trading
  • API access and charting functionality
  • Easy lending to other traders
  • Provides over-the-counter trading facility 

Cons

  • Prone to hacking
  • Numerous security breaches
  • Bank issues 

Conclusion

Now that we have discussed all three of the cryptocurrency exchanges, there’s no doubt that the clear winner amongst all of them is the CoinMarketSolutions. While it is still a relatively new platform as compared to the two others, it offers you a range of features and advantages over them. When it comes to Binance, the fact that it is a centralized system with poor security levels, means that users are left hoping that things don’t go wrong. While this platform is still largely used, it’s effectiveness is bound to reduce with better platforms coming into play such as CoinMarketSolutions.

Bitfinex is the lowest reviewed out of all of them given the many issues that it has experienced. People lost faith in the exchange and want to pursue safer options. The right answer for your cryptocurrency exchange needs is, therefore, CoinMarketSolutions. CoinMarketSolutions gives you a combination of features that you need in a cryptocurrency exchange. With exceptional security and impeccable features, you’re sure to find this platform an ideal one when it comes to trading your tokenized assets. 

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