Introduction
Hey guys, I've been in the crypto world for about 3 months now and it's been an absolute roller coaster, massive ups and insane lows. One point tripling my money in one all in and at some point losing more than half of it over night (the big crash following china's news). Throughout my time I've used a lot of exchange.
The Exchanges I've Used
When I first started, I only knew how to use CoinSpot (Australian) and even did a review of it here which despite having 4 upvotes, has over 600 views! That site was incredibly user-friendly but had 3% fees for purchasing then 3% for selling.
Soon I discovered sites like Poloniex, Bittrex and even Etherdelta (which I hate). The fees on Bittrex (0.25%) and Poloniex were both pretty similar to me, despite Poloniex having reduced fees based on volume (which I could nowhere near meet). I enjoyed using both of them but they weren't perfect for me.
However, Etherdelta was hell. I'm not sure if it's just me but my experience on Etherdelta was horrible, losing money on several occasions due to stupid shit happening. One time I had a few orders for Modum and some where filled when I ran out of ether, so the others were closed automatically, or so I thought. When I transferred ether to my account, my orders went back up and I bought 3 ether worth of Modum at almost double the market price. Only thing I'd use Etherdelta now is for buying and holding, never trading. Their order books are also not up to date so I got baited a few times and your transactions take some time, also baiting me a few times.
My Favorite Exchange!
One I discovered recently (only a few days back) but I'm loving, is Binance! Firstly, it has 0.05% fees if you use BNB to pay fees or 0.1% fees normally. This is less than half of Bittrex and Poloniex and 5 times less than them if you use BNB tokens. As a day trader, minimizing fees is incredibly important to maximizing profit.
Binance isn't the biggest exchange but being the 12th largest exchange in the world by volume, it's big enough to be profitable for day traders. Furthermore, they are growing very fast! One thing that is accelerating this growth is their referral program which lets the referrer keep 50% of the fees his referee pays. I'll put mine on the bottom if you'd like to help me!
Binance also has a great user interface that I found simple to use and easy to navigate. However, the thing that separates Binance from the other exchanges are 4 simple buttons...
You can just press what percentage you want to trade!
Just to sum up why I like Binance
- Lower fees than Poloniex and Bittrex
- User friendly interface, therefore easy to learn
- Has more technical graphs (which I don't use so didn't talk about)
Toggle it on or off here: - Last but not least, the four buttons that makes my life so much easier :)
This is why I feel Binance is the best exchange to day trade cryptos such as bitcoin or other altcoins.