Cryptocurrency Exchange Comparison: Binance vs BlockQuake

With the release of a brand new crypto exchange from Bahamian company BlockQuake, we take a look at how this platform might shape up one of the industry leaders Binance. Does BlockQuake offer anything new to customers and does it solve any issues that exist for many of the top-tier exchanges?

With a whole host of exchange platforms available to customers, it can be difficult to find the right platform to suit your needs. With relatively new platforms like the folgory exchange, to ones still in the development and testing phase like BlockQuake, there is a wealth of choice for crypto traders.

BlockQuake

BlockQuake is a startup exchange that looks to enter the market with a niche making it competitive with an already saturated market. The market is moving so quickly, it’s important that BlockQuake, or any new trading platform, genuinely offers something unique. We saw Coinbase become the first crypto exchange to become a publicly-traded company on the Nasdaq this year. With a market cap of over $50 billion, the prospect of achieving what Coinbase has is certainly a mouth-watering prospect.

The slogan “Creating Seismic Shifts” is the kind of reality the leaders at BlockQuake need to achieve. They are currently pursuing MTL licenses, as well as MSB-related (money services business) registrations with numerous country jurisdictions. There is a sense that BlockQuake has come at the right time—the fact that cryptocurrency is becoming increasingly adopted by the mainstream, means the need for regulation and the influence of governmental regulation will be crucial in the coming years.

There has been a sustained effort to regulate the sector and BlockQuake offers a regulatory-driven business model. Cybersecurity concerns are prevalent, especially with late adopters. Given that the exchange industry is still in its infancy stage, there is always room for growth and the chance to offer something new.

The platform has been built by very experienced traders, with first-hand experience of all the niggles and frustrations of trading. The aim is to provide a trading experience that is similar to that of trading in traditional financial markets.

Another big selling point is the ability to deposit and withdraw with the top six currencies, which is more than any other exchange can claim to provide, with lower fees than most exchanges have. The platform will also offer 90% of the top cryptocurrencies and stablecoins at launch this quarter, providing customers with 100 trading pairs, interest capabilities for those who want to hold and earn.

Binance

Binance offers customers a fairly comprehensive crypto exchange service. Customers are able to buy and sell one of the biggest collections of coins on any exchange, with relatively low fees and able to do so with the confidence their money is in a safe place.

While BlockQuake is built for traders, by traders, it doesn’t offer the kind of flexibility for new traders that you’ll find at Binance. Binance offers a “Pro” and “Lite” version of it’s platform, making things much easier for novice traders. While some may argue this is beneficial, it could be said that it’s better to learn on a real platform rather than simplifying something that’ll you eventually have to learn about.

Trading on Binance is straight-forward. To get started you have to deposit funds, which can be done using trading pairs in BTC, ETH, BNB, and USDT. You can place your order and it’ll be processed quickly and without any complications. Binance supports a wide range of tokens and is quick to add the latest trending coins to its listing, so customers don’t need to go elsewhere.

Another big draw for Binance is the safety aspect of the platform. Customers will have the latest features of one of the newest crypto exchanges on the market, but also enter into a community that has the reputation of being one of the safest platforms on the market.

While the security is there, given the strong record the company boasts, there is no information regarding how they keep funds secure. There is little transparency from Binance, which is something many more experienced traders entering the crypto market will be concerned about. Two-factor authentication is available, with the network built on a multi-tier and multi-system architecture.

Conclusion

Ultimately, the two exchanges offer two quite different packages. Mainly due to the fact one is developing at a rapid rate and is already on the market, while the other is still in its infancy. There is a long road ahead for BlockQuake, but they do offer a unique selling point, which isn’t replicated anywhere else in the market. With the release of the platform coming this quarter, it will be interesting to see what kind of trading volumes they get in the first few months.

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