If you are trading crypto currencies on the major exchange Binance, then you may have already run into a very common issue with the platform itself- slow loading of the website.
In fact, during times of extreme trading volume, you may find it difficult to pull up the market/exchange screen on a desktop computer to initiate buy/sell trades of your crypto currency. Imagine being stuck on the sidelines without the ability to take out a huge position on a hot new coin that is starting to go to the Moon. Conversely, imagine trying to get out of a position while it’s still super profitable, or worse- trying to dump a loser trade unsuccessfully on Binance when it’s super slow and cut your losses.
All of these scenarios have brought Binance users some frustration, especially in the last few months when crypto trading volume has shot through the roof. While Binance is upgrading their infrastructure to deal with the exponentially rising demand to buy and sell Bitcoin and other popular crypto coins on their platform, folks like us will have to find other ways to get our trades through, which is why I’m writing this post today.
So let’s get to it!
If Binance is Too Slow, Use their App Instead
I’m 37 years old as of this writing, so I’m not big on using apps as a part of my everyday life. Sure, I use apps on my phone but normally if I need to do any serious computing I just hop on my laptop computer. However, the Binance App on my Android phone is amazing.
Why is the Binance app amazing? Mainly, because it is stupid simple to use effectively.
Because when the Binance website is slow, the Binance app still works fine for placing buy and sell orders.
I realize that is not going to fix the main Binance website from being slow. However, it is a solid work-around for when you absolutely need to place a buy/sell trade when it counts and time is of the essence. The interface is extremely easy to use and the design is very straightforward. Next time Binance is slow, just pick up your phone and use the app instead!
The Pros and Cons of Binance
*The main reasons I used Binance myself are the overall ease and convenience of both the website and app, coupled with the fact that they approved my user registration/application quickly during a time of high volume trading so I could get in the game and start buying and selling relatively fast.
*Binance also has affordable fees for transactions, they take a very small fee amount per transaction. As you’ll soon learn buying/selling Bitcoin and other crypto currencies, the price of transaction fees can quickly cut into your profits! Not so with Binance.
*In addition to this, Binance remains one of the largest exchanges that’s currently accepting new users.
Bittrex remains closed to new users trying to buy crypto
Bittrex is still attempting to upgrade its servers to handle the increased market demand for crypto.
Bitfinex is not allowing anyone in with less than $10,000
Good luck if you want to invest less than $10,000 USD in crypto, which is most people by the way. But Bitfinex apparently has switched their no-new-user-registration policy into a only-rich-people-need-apply policy.
Binance Re-Opens for New Users w/ Bittrex and Bitfinex Closed – Where to Buy Crypto Alt Coins
While Binance shut down for about a week in late December, they quickly opened their doors to new users and are presently accepting new users again. Here’s where you can sign up for Binance today.
Alternatives to Binance Include Cryptopia and Kucoin
Cryptopia is ok if you want to buy Electroneum, which is the only exchange that it’s currently traded on. I don’t really like the buy/sell operations on Cryptopia, because you have to manually enter the prices and wait for the system to ring in and execute your order. If the price goes up while you’re trying to buy, your order will wait in limbo for the price to come back down so you can buy, which you risk then not happening at all.
In addition to the manual price setting process for trades, many of the best crypto coins are not even available on this low-volume exchange.
Kucoin is another exchange that is based in Japan. It has a fair amount of solid alt coins that you can invest in. The only problem with them for me has been getting my documents uploaded and verified.
You will first have to buy BitCoin somewhere, regardless
Whatever exchange you choose, you will likely have to trade in your fiat currency of your home country into BitCoin first. For this necessity I recommend Coinbase, which is a very simple website that you can use to purchase Bitcoin, Litecoin, Ethereum, or Bitcoin Cash.
The Final Word on Buying and Selling Crypto on an Exchange
Regardless of which exchange you use, just remember that no one exchange is perfect and has everything you want. The most important thing is finding something that works well enough for you. I am pretty satisfied with Binance and Coinbase myself, and will continue to use them primarily for now.
Good luck and here’s to your wealth in 2018!