Post
Topic
Board Trading Discussion
Merits 1 from 1 user
Re: Is Binance the Best Exchange for Crypto trading?
by
johncarter123
on 04/07/2019, 07:30:18 UTC
⭐ Merited by ice18 (1)
It definitely is one of the biggest exchanges in terms of volume and trading activity, but if it is the best? That is very subjective and comes down to user preference. For example, I tend to avoid trading on any sort of centralized exchange such as Binance as they have much higher security risks.
Furthermore, questions are rising around centralized exchange’s orderbooks remember that as they control everything in their own backend, they can easily manipulate prices by making trade volume appear out of thin air. Just look at Bithumb being accused of insider trading for example: Bithumb exchange accused of insider trading. As we can see centralized cryptocurrency exchanges witness all the same problems as the traditional financial institutions on wallstreet: insider trading, manipulation and wash trading. They have indeed become the very thing that cryptocurrency was created to solve!

Luckily we also have the decentralized Cryptocurrency Trading Software! Here users can safely trade with the knowledge that orderbooks are completely on chain and cannot be altered. Furthermore in most cases decentralized exchanges operate in a peer-to-peer platform, meaning traders trade directly wallet to wallet without ever giving up control of their funds. Sure the age of decentralized exchanges is just starting, and volume may be a little lower, but it is only by adopting their use as the new standard that we can solve the true corruption that plagues our financial existence.