Binance trading activity is 13x larger than any other exchange

[Milan1009]

GM fam. If you do trade on an exchange, wanted to ask you about your favorite option so far.

Last week I was discussing with some friends the benefits Binance offers: quick trading, minor crashes within each year, and also the liquidity it already has created over the years.

They told me they preferred more risky options and not the classic ones.
I regularly trade with [MT4 + Broker] tho.

Just curious about how you think the in-exchange trading is evolving at the moment with this topic or news like the one I shared below [read today].

Source: https://tokenist.com/binance-trading-volume-now-larger-than-the-next-13-biggest-exchanges-combined/

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[Oshosondy]

Trading on Binance is good. But know that you will have to be fully verified in a way your identity document would be requested for. Which means KYC is mandatory.

Binance trading volume is very much higher than other exchanges, but that does not mean that trading on other exchanges that are recommended are not quick to fill. I have used many exchanges like OKX, Huobi global and some others that having good liquidity as well. Although I trade high marketcap coins and nothing more.

If you want to know if a coin have good trading volume and liquidity. Go to Coingecko or Coinmarketcap, select the coin and check its market. You will be able to see the exchanges it is traded and if the confidence is high or not.

Not bad to use Binance, but never leave coins on Binance or any other exchange. Not your key not your coin and also that exchanges can be hacked.

[mk4]

They told me they preferred more risky options and not the classic ones.

Do they mean that they prefer using less reputable exchanges with higher chances of getting rugpulled or with higher chances of the exchange ending up being insolvent? Or am I missing something here?

[Luzin]

Trading on Binance is good. But know that you will have to be fully verified in a way your identity document would be requested for. Which means KYC is mandatory.

Have the rules changed? It used to seem like KYC was used as a condition for Withdrawing for larger amounts. Binance is their current largest exchange number one. So naturally their trading volume is large, and this benefits many traders due to the rapid changes. I think many traders choose echange because of various considerations. One of them is the convenience of security.
Regarding KYC, I think some exchanges do that for security. In addition to regulation as well, because I believe exchanges also have risks from rules in a government. The most important thing is that they take good care of the document. Although we don't know it for sure.

[Oshosondy]

Have the rules changed? It used to seem like KYC was used as a condition for Withdrawing for larger amounts.

Yes, it has changed many months ago. All Binance users have to get verified before any withdraw.

One of them is the convenience of security.

You mean convenience over security. Because exchanges are not considered to be secure and not advisable to have your money left on exchanges. Noncustodial wallet is better. Cold storage wallets are recommended.

Regarding KYC, I think some exchanges do that for security.

No, not related to security at all. It is related to regulators enforcing them, just like the case of Binance. Regulators wants exchanges to follow AML and CTF rules.

The most important thing is that they take good care of the document. Although we don't know it for sure.

There are data breach on exchanges times without number now. The perfect way your data is safe, is to remain just to you. Once given out, hackers might possibly be able to get hold of it. Customers data can even be sold by the company to third party. They can even voluntarily give it out to third party.

[Bobrox]

Trading on Binance is good. But know that you will have to be fully verified in a way your identity document would be requested for. Which means KYC is mandatory.

Binance trading volume is very much higher than other exchanges, but that does not mean that trading on other exchanges that are recommended are not quick to fill. I have used many exchanges like OKX, Huobi global and some others that having good liquidity as well. Although I trade high marketcap coins and nothing more.

If you want to know if a coin have good trading volume and liquidity. Go to Coingecko or Coinmarketcap, select the coin and check its market. You will be able to see the exchanges it is traded and if the confidence is high or not.

Binance exchange market have adapting with KYC procedure for trading, deposit and withdrawing assets, first time launching Binance still ability trade, withdraw and deposit fund under 2 BTC in daily days without fully verified account by uploading document ID and face selfies. No doubt with Binance is most recommended exchange global market for trading exactly when giving access trade using local money pair, I saw each country have local pair for trading in Binance and make easy for withdrawing to our local money account without have to trade stable coin again.

Not bad to use Binance, but never leave coins on Binance or any other exchange. Not your key not your coin and also that exchanges can be hacked.

All exchange market have potential hacked but depending our self how protect account keep activate with 2fa and always use private internet for access to Binance account, but true with long term holding assets better hold and save in private wallet than use Binance or other exchange market.

[palle11]

Have the rules changed? It used to seem like KYC was used as a condition for Withdrawing for larger amounts.

I think that KYC think was a requirement for most account holder and it also has some limitation of how much worth of btc can be withdrawn at a time, I think probably 0.6 in btc or something close to that I can't remember clearly. But apart from that I don't have fears with Binance, so far I have not heard of issues although it is wise to go with caution, it still a centralized exchanged.

[ningrum]

there is no need to question that, because Binance exchange is the number 1 top exchange in the world,
according to coinmarketcap the 24-hour volume has reached $24 billion,
this is a very fantastic number, compared to Coinbase which is only $2 billion.

[ShowOff]

They told me they preferred more risky options and not the classic ones.

Does it include trading features that Binance offers, such as spot trading or futures trading?

I don't know what you really mean, I hope you can explain a little more detail about "they preferred more risky options and not the classic ones".

Binance is generally one of the best exchanges out there. They have a very high trading volume, but I don't think they are good for all of investor or trader who cares about privacy especially if they don't like KYC.

[The Cryptovator]

If you want to choose a cex rather than using a dex then of course Binance is the right choice. I am not saying they are very good, but the good of bad. Usually, cex isn't preferable, especially to holding funds and providing personal documents. Keep in mind, whether you use Binance or not for KYC reasons, you have to be ready always to provide KYC documents you use any centralized exchange. For cex, I have been using Binance for a long time and hadn't faced any issues yet. But don't hold any amount there unless you are trading for a long time.

[blockman]

IMO, it's best for me to stay on Binance and any other reputable exchanges that have proven with the test of time for so many challenges that they've overcome.
It's better to trust them rather than gamble with new exchanges that offer some high and attractive promos as they launch. Although, if it's still about keeping money on exchanges, you better know the drill that it shouldn't be the place where you'll store most of your funds.

[hugeblack]

Binance may be the best choice if you level several factors such as identity verification, know the basics of trading and have sufficient balance but it is not the best choice in terms of speed of order execution and no withdrawal limits, therefore there are many options depending on your country and the level of data you are willing to provide.

In general, unless there is an independent party to measure trading volumes correctly, all data is subject to manipulation.

[danherbias07]

They told me they preferred more risky options and not the classic ones.
I regularly trade with [MT4 + Broker] tho.

I don't understand why would they want a risky exchange platform. Do those give more profits than reputable ones? I mean are there freebies whenever you make a successful trade?

Just curious about how you think the in-exchange trading is evolving at the moment with this topic or news like the one I shared below [read today].

Source: https://tokenist.com/binance-trading-volume-now-larger-than-the-next-13-biggest-exchanges-combined/

It was first because of their variety of options to trade. Then, they made events for a free listing and some more.
What they did was not done in a blink or just because they have reputable people/companies backing them up. They are good at keeping their traders to stick to them and not look for others.
IMO, I always prefer 2 exchanges to use and the other one is Kucoin.

[Coin_trader]

It’s more risky to use broker and MT4 compared to Binance that has a huge trading volume and different trading option. I’ve been trading before on MT4 and all I can say was it has a limited trading offer compared to binance that almost all financial feature are already there including savings and options which other broker don’t have.

The current strict regulation on exchange right is still a good event to protect user for possible exit scam which is the typical cons of crypto exchange before since no one regulates them. Exchange is evolving good through legal side which is good on long term.

[coinerer]

Trading on binance is not bad. I am also trade on binance. but you must verify your account here for trading. Although earlier one could trade here without kyc but now they have stopped it and made kyc mandatory. It is not any big problem because now almost all exchanges made kyc mandatory. Binance listed token always have more liquidity then others exchange. but i OKK and Kucoin is also good exchange like Binance

[Mpamaegbu]

I got on Binance in 2017, the year I came into crypto but that was after I had opened accounts with Poloniex and Coinexchange. I guess Coinexchange has gone extinct now with Poloniex just there with less patronage. Even in 2017, Binance had little or no reputation as an exchange that just newly got on board but I took my chances with it. Glad I did. Fast forward to today, and from years of experience, I would rather trade on an exchange whose trust rating in high but trading activities are low as against one with low trust rating but a high trading volume. This is why Binance continues to remain my favourite platform till hate. It has both favourable trust score and huge trading activities.

[adzino]

GM fam. If you do trade on an exchange, wanted to ask you about your favorite option so far.

Last week I was discussing with some friends the benefits Binance offers: quick trading, minor crashes within each year, and also the liquidity it already has created over the years.

They told me they preferred more risky options and not the classic ones.
I regularly trade with [MT4 + Broker] tho.

Just curious about how you think the in-exchange trading is evolving at the moment with this topic or news like the one I shared below [read today].

Source: https://tokenist.com/binance-trading-volume-now-larger-than-the-next-13-biggest-exchanges-combined/

Binance is the biggest, if not one of the biggest and well known exchange in the whole crypto market. Anyone who has heard of bitcoin has very likely heard of binance too. When they look for exchanges to buy or trade crypto currencies, they will  very likely have had stopped by at binance to have a look at the exchange. So it is very obvious that it will have one of the biggest trade  activity volume.

So why does your friends prefer more "risky options" and not the regular well known exchanges? Sounds plain stupidity to me.

[Silberman]

They told me they preferred more risky options and not the classic ones.

Do they mean that they prefer using less reputable exchanges with higher chances of getting rugpulled or with higher chances of the exchange ending up being insolvent? Or am I missing something here?

I was also confused by that part, maybe they mean other exchanges allows them to use more leverage or maybe they like to have a wider selection of shitcoins than what binance offers? In any case it is still odd, because one of the things traders must be actively doing is to monitor and to reduce their risk as much as possible, as this is the only way to survive for long in the markets, so someone which is looking to increase their risk even further is someone that in my mind will lose all their capital sooner rather than later.

[milewilda]

Binance is the biggest, if not one of the biggest and well known exchange in the whole crypto market. Anyone who has heard of bitcoin has very likely heard of binance too. When they look for exchanges to buy or trade crypto currencies, they will  very likely have had stopped by at binance to have a look at the exchange. So it is very obvious that it will have one of the biggest trade  activity volume.

So why does your friends prefer more "risky options" and not the regular well known exchanges? Sounds plain stupidity to me.

Totally sounds stupid and there are indeed people who do really love to put theirselves on risk even there's an available best option that they could deal with? Its just always been like that and this is what makes
things mind boggling or puzzling on why people need to act and made out decisions like that.We've been through on how many years of existence out of this market and we've been able to see wayback
on how Poloniex and Bittrex did really make out some dominance in the market in speaking with exchange platform volume but everything had been replaced by something new and that was Binance.
There's some other options though but lets not just put aside on to those probabilities despite of the current top ranking on this market.

[tvplus006]

...according to coinmarketcap the 24-hour volume has reached $24 billion,
this is a very fantastic number, compared to Coinbase which is only $2 billion.

Given the fact that the Coinmarketcap rating belongs to Binance, this is not surprising. But if these volumes are really real, then Binance is a monopolist, which negatively affects the cryptocurrency market. Nevertheless, despite the mandatory KYC, this exchange is really in the first place in terms of its functionality and security.