Many people are talking about how well the cryptocurrencies are performing these days. Bitcoin has broken its previous records and altcoin season has set in too. With two very distinct scenarios that might play out (further growth or retraction due to over-bought situation), this is the perfect time to know what exchange would be best suited for you if you want to buy or sell your digital assets.
Crypto exchanges are online platforms that have dedicated services towards providing a marketplace for people to buy, sell and trade cryptocurrencies. Over the years, hundreds of crypto exchanges have launched all over the world, providing simple services such as buying and selling, to complex trading and even leveraged and derivatives. Basically, crypto exchanges can be categorized broadly in the following ways:
- Peer to Peer: The most basic and simplest form of crypto exchanges, the platforms are basically a website where people register to connect with buyers and sellers. It involves the platform acting as an escrow agent and people transferring fiat to sellers in order to buy. For the once off or rare trader, this is most suitable.
- Centralized Exchanges: The most common type of exchanges, these are fully fledged trading platforms that offer a number of different pairs and trade orders. Some cryptocurrency exchanges go beyond the simple to offer complex leveraged products such as futures and perpetual, allowing traders to potentially multiply their profits many times over, with the higher risks of losing all their investment as well.
- Decentralized Exchanges: Blockchain based platforms for blockchain assets, these exchanges are non-custodial and traders only need to connect their personal wallets to start trading. DEXs are more secure but due to the nature of their operations, slower in speed.
Binance: A Well Rounded Crypto Exchange
Built by a developer who had experiences in high frequency trading software development, Binance was founded in 2017 and is today one of the largest crypto trading platforms in the world. The platform offers a diversified trading experience, with the plain and advanced trading interface, leveraged trading and even has its own Binance DEX. With its recent launch of P2P trading, the platform has become a holistic trading point for cryptocurrencies.
But even with all that, trading is limited to the human ability. With MindSynch’s Onebit trading bot, you can unleash your Binance account’s trading ability and continue to make profits 24/7. The cloud based bot adapts trading strategies to deliver the best.