Which is Best: Binance or Poloniex? There are so many exchanges exists in cryptoworld but it is always confusing to choose trusted and authentic one so to help them today, we are going to make detailed Binance vs Poloniex review. In this article we will tell how both crypto exchanges works and what is the fees or they charge for trading and how is the response from support team so let’s get started without further delay.
There are number of ways to make money and become wealthy. May not be billionaire but you have become millionaire making some investments along with strategies. One of the best ways is making investments in Cryptocurrencies. Hence we have written this article of comparison of cryptocurrencies’ exchange. Today in this article we are going to see which the best exchange amongst Binance Exchange or Poloniex Exchange that offers you best services to its clients. The article addresses to all the doubts that any investor have for the first time.
We insist all the viewers to read all the details listed very carefully and only then to take decision. We are well aware, in the beginning any investor’s first question is which exchange is reliable and in which exchange to open the account. Hence here is the comparision between two of the most known and widely used exchanges which will clear the doubts in the minds of the customers.
Looks and UI
About Poloniex, when we open the website, we can see a very simple and common desktop. Not interesting and asking to create an account. The details are very simply listed there and nothing about the exchange is available nor can we find any new updates of the cryptoworld in the home screen.
Whereas the Binance shows little different picture. The colour combination attracts the viewers. Scrolling down the home page is a list of all the listed currencies available to trade in Binance with the data. We can find the latest and newest figure from the home screen itself.
Hence here we can say that Binance takes the place in terms of Looks and attractiveness.
Inbuilt Wallet Service
Offering wallet services by the exchanges is a very apt thing. Here both the exchanges i.e. Binance Exchange and Poloniex Exchange are offering their buyers the wallets services which is recommendable. Both the exchanges are offering this service for no cost and is completely FREE of charge.
But we don’t recommend you to store your funds in these wallets offered by exchanges. The main reason behind this is your cryptos are not with you but are lying with the exchange itself. And if at any point of time the exchange may shut down then you can’t go and ask them about your cryptos. Though it is very extreme case but your funds are at risk. Hence we advise you to transfer your cryptos in your personal wallets.
You can store your funds in the wallets of exchanges is you are trading very often then it is a very useful way. So here you can choose any of the exchanges to open an account.
As opening an account it is very much necessary to disclose the identity of the team of developers and the background of the exchange. Without the background the clients may feel cheated and distrusted and don’t open their account. Even for the safety and reliability the information of the exchanges should be aired to its clients.
Poloniex exchange is working from last few years but there is no information available of the team of developers or the office address where it is exactly situated. Moreover you can’t even trace any of the workers of the exchange. Even there is no registered contact information available on the website too. It becomes at times difficult when there is any problem with the account.
Once back in the past, the exchange was been hacked by a group of hackers and had stolen few Bitcoins from the clients’ accounts however the exchange immediately paid the clients back. But the main thing to see is that the whole exchange was hacked.
On the other side Binance is well verse with a team led by Changpeng Zhao and it gives an amount of trust to the account holders of Binance and to the new account holders also. Moreover the team of technicians always have constant eyes on the exchange for the safety and security of the account holders’ funds. Hence here Binance bags the market of trust and reliable team.
Range of Cryptocurrencies
The next parameter to compare is the wide range of cryptos traded on these exchanges. Because the traders are not keen on trading in only single crypto, they are always looking for new and latest currencies.
Poloniex as an exchange is available from last few years in the market and is having more than 70 cryptos available to trade in. This gives a kind of variety to the clients to trade in with the pairs as well as with the fiat currencies.
The other way, Binance has just come in the market not more than 1 year. But this exchange offers approximately 100 digital assets to trade in. moreover Binance lists most of the new currencies that are getting listed are available to trade in Binance. Even the range of variety increases with Binance to offer new cryptos for the clients to trade in.
We can conclude that here Binance is a better option to select when it comes to wide range of cryptos to trade in.
Last but not the least is the fees charged by the exchanges. Here we are showing you the fees charged by the following exchanges in the table form.
Poloniex Fees Structure
Poloniex is a very dynamic and flexible website that evenly makes changes in the fees. They calculate the trading volume of past 30 days and make minor changes in their fees. Below mentioned table will guide you with the exact exchange prices.
|Maker||Taker||Trade Volume (trailing 30 day avg)|
|0.15%||0.25%||< 600 BTC|
|0.14%||0.24%||= 600 BTC|
|0.12%||0.22%||= 1,200 BTC|
|0.10%||0.20%||= 2,400 BTC|
|0.08%||0.16%||= 6,000 BTC|
|0.05%||0.14%||= 12,000 BTC|
|0.02%||0.12%||= 18,000 BTC|
|0.00%||0.10%||= 24,000 BTC|
|0.00%||0.08%||= 60,000 BTC|
|0.00%||0.05%||= 120,000 BTC|
Binance Fees Structure
Binance is having the common fees rate of 0.1% for trading. Moreover you can avail a discount of 50% if you are paying with BNB to Binance exchange. There is a withdrawal fee charged by the exchange which vary with each digital coin. Again you can get the exact from the table listed below.
|31||Moeda Loyalty Points||MDA||2||MDA|
|56||Ripio Credit Network||RCN||20||RCN|
|57||Raiden Network Token||RDN||0.3||RDN|
|61||Basic Attention Token||BAT||15||BAT|
|63||BlockMason Credit Protocol||BCPT||14||BCPT|
|86||Time New Bank||TNB||70||TNB|
According to the experts and investors that are trading regularly we advise to open account in the Binance as it has a wider scope and with that you have great discounts waiting with the transactions.