Steem Crypto Challenge Month #3 | The Best Exchange is...

I told you about my Bitcoin adventure before. I don't remember the exact year of the year, but I guess in 2014 I was getting 3000 satoshi awards every half hour. About two months later I earned dollars worth of Bitcoin. Earning only dollars over such a long period of time had depressed me. I stopped dealing with bitcoin when a few of my friends said never mind. I wish I hadn't listened to anyone.

At that time, I was saying something to my brother about Bitcoin. We were talking when Bicoin was just about $ 500. But we didn't. Because we didn't have much money to buy. Years have passed and Bitcoin has grown to almost $ 20,000. Actually, it's not because we can't take risks. We were upset that we didn't have money to buy just one bitcoin.

Source Pixabay.

Which is the best exchange in your view and why?

When I bought $ 10 Bitcoin, I immediately transferred it to a wallet on the phone. After that, I immediately transferred it to the BtcTurk stock exchange. After reviewing BtcTurk a bit, I stopped following Bitcoin because I had exams. But I kept my $ 10 bitcoin in bitcoin, not fiat money. If one day is worth it to be able to withdraw. BtcTurk is a stock market site owned by a Turkish businessman. Overall in Turkey, serving a market. BtcTurk was the company of the son of Besim Tibuk, owner of Net Holding, a well-known businessman in Europe. Kerem Tibuk later sold this company to Özgür Güneri, CEO of QNB Finansinvest. First of all, I used BtcTurk because it is a local stock exchange. Most importantly, Turkish language support. Because at that time I did not know very well English. I'm not doing well nowadays, but I'm trying to be good.

I think the best exchange is Binance. Binance is my choice, especially because it is one of the lowest commission rates. Of course, one of the most important criteria is security. I think Binance is one of the safest exchanges. In particular, there is two-factor authentication. And it is imperative to use it. There was a problem with two-factor authentication codes before, so several Binance accounts were accessed by others and 7,000 Bitcoins were said to have been stolen by hackers. In fact, did such an event exactly happen? I don't know, but in my later research I saw that Binance stopped all critpto buying and selling for a certain period of time. And accounts were not affected. In addition, it is already known that the stolen bitcoins are a very small part of the Bitcoins on Binance. But I know Binance hasn't allowed any accounts to be lacking anyway. It is useful to mention that. There is a lot of misinformation on the subject of Binance hacking. I just told what I know. It is necessary to investigate and find out whether the events are right or wrong.

Source Binance Website.

What are the best features about this exchange?

The best feature of Binance is that it is the exchange that hosts and opens the most Crypto money in the world. Even this feature alone is important for us to use Binance. That's why I recommend Binance to anyone who wants to enter the cryptocurrency exchange for the first time in their life and consider trading.

It is very easy to deposit money to Binance. You can deposit fiat money with your debit card or credit card. But you must have your name and surname on your cards. Because Binance wants to know if the card you send the money to is yours. You can learn this in more detail on Binance's website. As you can see, Binance has 4 different payment options for Euro. A low commission is charged for bank transfers and debit cards. but if you send euros with Advcash and Etana, no commission is charged.

Source Binance Website.

There are two options for those who want to deposit Turkish Lira to Binance and start their transactions. Papara and Asvcash. Submissions with Papara are charged 1 percent commission, while Advcash submissions are commission free as usual.

Source Binance Website.

Binance also has a handy mobile app. You can download the Binance Mobile App from the store for both IOS and Android. But my advice to you is to go to Binance's Desktop Website and click the "down arrow for rectangle" option next to the "Register" option to read the qr code and download Binance Mobile to your phone. I think it will be much safer like that.

Source Binance Website.

Binance has several types of commissions that apply. I want to share the Spot Wallet's commission rate. There are 10 VIP commission options for the spot wallet. The VIP 0 commission option is usually applied to new accounts. If your account has 0 BNB and fifty BTC or less, the commission rate will be 1 percent. In the VIP 9 commission option, if your account has a balance of more than 150,000 BTC and 11,000 BNB, the commission rate is 0.02%. In other words, as your transaction volume and bank increase, the rate of commission charged from you as a transaction fee decreases. Binance's most powerful agent.

Binance commission schedule.

For other commission charts, I recommend looking at the binance Commission charts. Remember that if you trade with Binance's own cryptocurrency BNB, you will receive commission discounts on many transactions. Especially in your leveraged transactions such as Binance Futures, if you transfer BNB to your wallet in Binance Futures so that the transaction fee is less, you will get a discount on all your leveraged transactions.

Binance Futures for USDT.

Binance has 6 different types of trade options.

-Basic

-Classic

-Advanced

-Matgin

-OTC

-P2P

Source Binance Website.

The Basic option is used to convert one crypto to another.

Binance Basic.

In Binance Classic trading option, you have options for borrowing, repayment and leverage as well as crypto money exchange. There are also charts and quotes.

Binance Classic.

I don't know because I haven't tried other options on Binance other than Basic vs Classic trade options. But I used Binance futures before.

Are there any features you think that the exchange needs to improve or add?

Binance has its own Cryptocurrency. this is called Binance Coin, BNB. I think a feature of Binance that needs to be changed should be the BNB conditions in the accounts. It is not enough to have only BTC in your account for the commission rate to decrease. It should be both BTC and BNB. In this way, you can benefit from one of the 10 VIP commission options.

What I want is that the BNBs requested in this commission schedule are reduced by half. Perhaps this will increase the trading volume on Binance more. According to some investors, the value BNB deserves should be much lower. I don't know the reason for this, but it's true that Binance company is doing successful business to increase the transaction volume of BNB. BNB's market value is 4.5 billion dollars and its 24-hour trade volume is more than 300 million dollars. Binance has issued 3 new tokens. We can buy these tokens by staking BNB. You can check the Binance Website for this. Perhaps BNB will approach $ 40 again as in June 2019.

Coingecko BNB chart.

How long have you used this exchange, and how did you find out about it?

I've been using Binance for more than a year and I am really satisfied. I just want a little less commission for people with low trading volume like me. For me, 1 dollar less than 100 dollars is a lot. You know that 1 US dollar is about 8 Turkish Liras right now. That's why commission rates are really high for me. Honestly, I can say that it does not affect much because my transaction volume is very low. But for those who want to make money from Binance, the commissions should be reduced a little more. Only for those with low trading volume. For example, a different commission schedule can be applied for those who have $ 1000 in their Binance account. If this happens, the trading volume on Binance can be further increased by the participation of new people.

How often do you use the exchange and what sorts of transactions do you do on it?

I am not a person who often uses the stock market. But I keep checking my account. A few months ago, there were constant fluctuations in Bitcoin due to the "Helving" season. Some days Bitcoin could gain more than $ 500. On some days, it could lose $ 500 in value, of course. I also researched Binance Futures a little bit. I watched videos on youtube so I learned about Binance Futures very well. I've traded with 20x leverage several times. Since I had little money, I was keeping the leverage a little high. As I mentioned above, if you are doing leveraged transactions on Binance Futures, send BNB to your wallet. Binance can get discounts when using BNB most of the time.


Warning for those who want to trade with leverage! You can win or lose in leveraged transactions. So be very careful about this. Leverages are usually done on high value cryptos such as Bitcoin, but can also be done on lower value cryptos. But the leveraged transaction you will do with low-value cryptos takes a long time. Always search and inquire!

Source Pixabay.

Has the exchange run any promotions or contests that you have taken part in?

No, I have never participated in any competition or promotion at any exchange before. I have been doing my research about companies and cryptos for the last year. I could not spare much time because of my lessons before. That's why I could not attend events such as competitions. I wanted to participate in a contest organized by Binance before, but could not. I don't remember exactly why, but I guess it was like staking a coin.

Would you invite your friends to join the exchange? Why?

Yes, of course I invite my friends to trade on Binance. But most of my friends opened a Binance account before me. My friends who use Bittrex are very satisfied. If someone opens a Binance account after me, I can ask them to open it with my reference. In this way, I can benefit from various discounts as well as them.

Source Pixabay.

If you didn't use this exchange what would be your next choice?

If I didn't use Binance, my next choice would be Bittrex or BtcTürk.

Why Bittrex?

Most of my friends use Bittrex more actively than Binance. Bitrex has one downside to me, right now, it charges twice as much as Binance. So while Binance charges one percent, Bittrex charges two percent. The biggest advantage of Bittrex is that it has been on the crypto currency exchange for about 6 years. This is a really big advantage for Bittrex. Binance was founded in 2017. But in terms of transaction volume, Binance is much higher than Bittrex.

Why BtcTurk?

BtcTurk is a local cryptocurrency exchange. As I mentioned above, Binance was founded in 2017. Bittrex was founded in 2014. BtcTurk was founded in 2013. With 7 years of experience, we can call BtcTurk a good stock market. In fact, the biggest advantage of BtcTurk is that the commission rates are lower than Binance and Bittrex.

Source BtcTurk Website.

In this picture, we see the commission rates of BtcTurk. Especially when we buy another cryptocurrency, the fee rates are half of Binance's commission rates.

When we buy Crypto money with Try, the commission rates are the same as binance for people with low transaction volume, while it is 0.01% for a person with a transaction volume of 50 million Try.

In other words, we can say that Binance applies VIP 9 (the lowest commissions on Binance) type commissions for accounts with 150,000 BTC and 11,000 BNB, BtcTurk only applies for 50 million Tries. But BtcTurk's is still lower. But the commission rates vary in both, of course. Therefore, if you are going to make high volume transactions, you should thoroughly examine the commission rates on the websites of these two exchanges!

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Thank you so much!

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