Few questions in life have clear-cut answers. Whenever we need to make a major purchase or decision, no matter how much research we do, ultimately, the final decision will come down to facts and personal opinion.
For instance, when you’re shopping for a new car, it’s unlikely that only one vehicle within your budget will be the most reliable, efficient, safe, and attractive option. You’ll have to choose which factors matter the most to you and pick the car that has the best ratings based on those criteria.
Cryptocurrency exchanges are the same. Each has their own strengths and weaknesses, as well as limitations as to who can trade on them. It’s up to you as the consumer to decide which exchange is the best one for trading your cryptocurrency assets. While you’ll have to do your own research and make your own decision, exchange ratings can help you make an informed decision.
To illustrate, let’s compare two popular cryptocurrency exchanges: Binance and Liquid (Quoine).
Binance – the world’s largest cryptocurrency exchange
Binance has long reigned as the largest crypto exchange by volume. They provide a relatively safe and reliable platform that is easy to use and provides users with access to a number of cryptocurrencies.
Beyond providing an exchange, Binance also has their own blockchain and cryptocurrency, and appears to be trying to entice projects to switch from ERC to the BNB blockchain. This has led to speculation that Binance is out to become an overwhelming giant in crypto, akin to how Amazon dominates e-commerce. Many who favor a more decentralized crypto economy are wary of Binance becoming too big and powerful.
To read a full review of Binance exchange, click here.
Liquid – An exchange with a vision
Binance isn’t the only exchange with big goals. Liquid, too, seems to have goals beyond simply providing a safe platform for trading cryptocurrency.
Liquid was launched by Quoine, an international cryptocurrency firm. Quoine was the first fintech firm to receive an official license from the Financial Services Agency (FSA) in Japan, and has a good reputation for their adherence to regulations.
The Liquid platform has its own cryptocurrency, called QASH, which gives users discounts on fees and other benefits.
Liquid is also pursuing a banking license, which would allow them to offer a wider range of services and better bridge the gap between fiat and crypto. While there are many companies out there attempting to offer crypto banking, not many have the good reputation that Liquid enjoys. Liquid’s trustworthy team and track record as an exchange should help foster confidence in newcomers looking for a safe place to trade cryptocurrency.
Liquid does not fully insure the crypto assets on their site. This common stumbling block could serve as a barrier for mass adoption of cryptocurrency. People want to feel safe and confident investing their money in cryptocurrency, and the difficulty in finding a fully insured exchange is probably deterring many from getting more involved in crypto trading.
For a full review of Liquid exchange, click here.
Just two out of many options
Binance and Liquid both have a lot to offer potential traders, but they’re just two out of the many crypto exchanges available to today’s users. Your choice might be influenced by which currencies you want to trade, what fiat currency you might want to make deposits in, and what language you want your platform and customer support to be available in. Exchange ratings and reviews can provide you with a valuable overview of the high and low points of exchanges, and from there, you can find the one with the features that suit you best.
The most important thing is to watch out for exchanges that have a history of multiple hacks or poor security for users’ funds. Likewise, beware of any exchange with team members accused of misconduct. One reason why Binance and Liquid both get such high marks is that they have trustworthy, skilled teams who are able to provide a quality cryptocurrency exchange.
Whatever you’re looking for in a crypto exchange, visiting an exchange rating list should help you find the right platform for your needs. For a full list of the top crypto exchanges, click here.
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