If you want to enter the cryptocurrency market, the first thing you need to know about is cryptocurrency exchange. It is an online platform that provides you with the opportunity to buy cryptocurrencies using your regular fiat currency. It is also called a currency exchange or a platform where transactions can be processed just like a stock exchange.
However, many people tend to confuse cryptocurrency wallet with cryptocurrency exchange. You cannot store your cryptocurrencies in exchange, a wallet is used for that purpose. Furthermore, cryptocurrency exchanges charge certain fees to process each transaction that you make.
To trade on platforms like bitcoin prime, you first need to buy cryptocurrency from some exchange. Two of the most popular cryptocurrency exchanges are Paxful and Binance so let’s check out the differences between the two and drive a conclusion about which exchange is best?
Binance
Let’s explore some of the most common features of Binance that has made it so popular:
Binance provides you with the single service trading for different cryptocurrencies with two interfaces: advanced and basic. The advanced interface provides you access to the advanced charting tools. Whereas, on the other hand, the basic interface lets you check the trading pairs and market. Thus, it makes switching pairs easy.
When choosing an exchange to buy cryptocurrency, you always look for the exchange that has the most number of coins so you have a wide range of options. Binance realizes this point so they support all major altcoins like Litecoin, ripple, bitcoin cash, and many others. The most popular coins like bitcoin, ether, tether and more of such coins are available. Apart from these digital coins, Binance also supports many cryptocurrency tokens. You could buy these tokens and trade them for a profit as well.
Binance is a completely crypto-to-crypto exchange so it does not support fiat currencies. The advantage of this feature is that it allows you to function freely without any red tape or regulations.
The deposits in Binance are free but there are withdrawal fees which usually relate to the transaction fees. This fee is updated regularly so that it is always fair.
Another reason behind the immense popularity of Binance is that it is multilingual. Thus, more people can access and understand the Binance website. Apart from English, you get language options like Spanish, Korean, German, Japanese, French, and Mandarin.
Paxful
Now let’s dive into the features of Paxful that are loved by the users and give a competition to Binance:
Multiple Payment Options
The payment options available at Paxful offer you a wide range of options and they can be categorized into cash deposits, debit/credit cards, gift cards, and online transfer. When you choose one of the available options then you would have a list of sellers who accept that payment.
To elaborate on the above statement, let’s take an example:
If you choose the option ‘gift cards’ then you would see multiple sellers that accept payments through cards like Amazon gift cards, Walmart gift cards, iTunes gift cards and many more. Similarly, if you choose ‘cash deposits’ then you will get a list of sellers who accept payments from MoneyGram, Bitcoin ATM, and Western Union.
No Direct Buyer Fees
The fees burden is off from buyers as it is only imposed on the sellers. However, it does not imply that the buyers will get a free service. A specific percentage of the transaction is charged as fees by the sellers.
Wallet Service
Cryptocurrency wallets are very essential to store digital coins safely so Paxful took the opportunity to assign you a wallet once you register with the exchange. It is a secure wallet that can be easily used for smooth and safe dealings in digital currency. You can use this wallet for storing your coins, or even for sending and receiving cryptocurrency just like other wallets.
Conclusion:
Both the exchanges have a lot of positive aspects but if you are a seller, you should go for Binance due to low fees. On the other hand, a beginner might prefer Paxful because Binance’s website is a bit difficult to navigate.
Disclaimer. This is a sponsored post. KryptoMoney does not endorse any content or product on this page. Reader discretion is advised and readers should do their own research before taking any actions related to the company or product mentioned in the article. Readers carry full responsibility for their decisions and this article cannot be considered as investment advice.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
