Binance or Coinmarketcap? Discover the Better Platform Now!

The cryptocurrency market has experienced significant growth in recent years.

Focusing on the performance of Bitcoin, the leading and most valuable cryptocurrency, it surpassed the $13,000 mark in 2020—a level it hadn’t reached since 2017.

This substantial increase has attracted a growing number of people interested in entering the crypto space.

However, to succeed, it’s essential to rely on a trusted trading platform that acts as a bridge between sellers and buyers, ensuring safe and efficient transactions.

There are many trading platforms available in the market, and in this article, we’ll help you decide between two popular options: Binance or Coinmarketcap?

Both have solid experience and key features that should be carefully considered when making your choice.

Keep reading to discover the main points that will guide you in choosing between Binance and Coinmarketcap and start your crypto trading journey with confidence.

How do exchange companies work?

Before diving into the features, advantages, and disadvantages of the Binance and Coinmarketcap platforms, it’s crucial to understand how exchange companies actually operate.

Bitcoin and other cryptocurrencies function in a decentralized manner, without control or interference from any government authority.

Transactions are verified through complex mathematical algorithms. The primary role of brokers like Binance and Coinmarketcap is to connect buyers and sellers interested in trading cryptocurrencies.

To facilitate this, they provide a secure and encrypted platform. Users deposit funds into their exchange accounts, and it is within this platform that the conversion from pesos, dollars, or any other fiat currency into digital assets takes place, enabling the purchase or sale of cryptocurrencies.

Binance or Coinmarketcap: Which exchange to choose?

The market for Bitcoin and other alternative cryptocurrency exchanges has expanded rapidly, attracting an increasing number of participants.

With this growth in mind, selecting the best broker requires careful consideration of each option’s features, advantages, and disadvantages.

Today, we will compare two of the leading exchanges to help you decide between Binance and Coinmarketcap.

Features, advantages and disadvantages of the Bitcoin market

Coinmarketcap is a national exchange company officially established in 2013.

This brokerage facilitates the buying and selling of cryptocurrencies through an online platform serving over 2.5 million clients, with nearly half of them based in Brazil.

Today, Coinmarketcap stands as the largest exchange in Latin America, handling transactions not only in Bitcoin but also in other cryptocurrencies like ETH, XRP, LTC, as well as Brazil’s first cryptocurrency: WiBX.

Bitcoin Market Rates

In the Bitcoin market, users can make deposits and withdrawals in dollars, with the following fees applied:

• Withdrawal fee in BTC: 0.001 BTC
• Passive order fee (when the seller sets the Bitcoin price until a buyer is found): 0.30%
• Active order fee (when the Bitcoin price is based on the market value at the transaction time): 0.70%

One of the main advantages of Coinmarketcap is the high level of security it provides to its clients. In 2020, the platform was recognized by the Blockchain Transparency Institute as one of the 25 most secure and trusted brokers worldwide.

However, the fees charged by Coinmarketcap are not among the lowest in the market. Despite this, the platform features a user-friendly and intuitive interface, making it easy for clients to navigate and operate.

Features, advantages and disadvantages of Binance

Binance is a global exchange platform, recognized as the largest in the world by daily transaction volume—handling around $2 billion every day.

Founded in 2017, this Asian brokerage places a strong emphasis on providing its clients with a robust security infrastructure.

After suffering a major hacking attack in 2019, where approximately 7,000 BTC worth $40 million were stolen, Binance significantly enhanced its security measures and compensated all affected customers.

According to the CryptoCompare Exchange Benchmark 2020 report, Binance holds a Grade A rating and ranks among the top 20 safest brokers worldwide.

Operating internationally, Binance supports trading in over 100 cryptocurrencies, including its own native token, Binance Coin (BNB), allowing users to exchange their Bitcoins for a wide variety of other digital assets.

Fees charged on Binance

Binance offers some of the lowest fees in the market, ranging from 0.1% to 0.04% per executed trade. When transactions are made using Binance Coin (BNB), users can benefit from up to 50% discount on fees.

Withdrawal fees on Binance are dynamic, meaning they adjust according to the current market price. Additionally, Binance does not charge fees for deposits in cryptocurrencies or Brazilian Real.

A notable drawback of Binance is its customer service, which tends to receive mixed reviews from users on various platforms.

Among Binance’s key advantages are the ability to make transfers via PIX, a rewarding affiliate program for users who refer friends, and support for credit card payments.

So, can you now decide between Binance or Coinmarketcap? Both platforms have their strengths and weaknesses.

Consider your personal needs carefully and select the exchange that best aligns with your expectations—whether that’s in terms of service quality, fee structure, or security.

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