The cryptocurrencies predominantly need a Marketplace as they have flourished from a handful of them to 1500 different varieties till date. An intermediary is required which would help in the buying and selling of various kinds of cryptocurrencies across the world. This facility is being provided by many of the cryptocurrency exchanges which has been flourished with the inception of Bitcoin in the year 2009. The cryptocurrency exchanges are highly centralized in nature but can handle huge amounts of transactions in every seamless manner, but they seem to be compromising on the security which is very crucial in this highly vulnerable cryptocurrency space. let us understand and try to compare two of the most prominent cryptocurrency exchanges.
Binance easy one of the most recent cryptocurrency exchanges which initiated its operations from China in the year 2017. It has been one of the most popular cryptocurrency exchanges which offer a huge variety of options in the form of trading pairs to its customers. The Centralized trading platform supports a myriad of languages as well as cryptocurrencies when compared to the lesser prominent HitBTC. Hitbtc is another centralized cryptocurrency exchange which initiated its operations way before binance in the year 2013 itself. Nevertheless, the Crypto exchange has not been able to gather as much as popularity as Binance has. The Hong Kong best cryptocurrency exchange supports fever languages when compared to the former one but a higher number of trading pairs to choose from.
According to estimates, it has been found out that Binance supports approximately 123 cryptocurrency coins, whereas the hitBTC is deemed to support almost 228 different varieties of cryptocurrency tokens. Boudi cryptocurrency exchanges do not support any kind of Fiat deposits and only allows for the exchange between various kinds of cryptocurrencies. Security is one of the major concern and until now both the cryptocurrency exchanges have not been susceptible to any kind of hacks. They ensure security through a two-factor authentication process in order to safeguard the cryptocurrency funds. However, Binance requests higher verification procedures to be followed for an increased amount of withdrawal or deposits.
When it comes to the transaction fees Binance as implied 0.1% on both the maker as well as the taker fees, but hitBTC seems to be compromising and has levied the transaction fee only on the withdrawal of 0.1%. The China-based cryptocurrency exchange, Binance is Highly popular and the daily trading volume is estimated to be almost $2 billion. On the other hand the daily trading volume of the hitBTC accounts to approximately $450 million. It seems that the Binance has been able to attract the customers from all over the world through its hard work and dedication. They also believe in customer service and also have an interactive mobile application which allows the user to undertake the trading operations very similar seamlessly.
Even John McAfee has termed HitBTC as one of the most arrogant cryptocurrency exchanges that he has ever seen in his life. He points out the Anonymity of the exchange which is providing minimal service and extracting maximum profits out of the cryptocurrency funds. He was very furious with the CEO of it BTC as he alleges that the CEO of hitBTC and threatened him.
The HitBTC cryptocurrency exchange was one of the most preferred ones, during its times but has become unreliable in the current domain, and it has been and has significantly failed to adapt itself to the changing market conditions. The inability to innovate and keep up with the pace rendered them to become very unpopular, although it was one of the early players in the market. Binance, on the other hand, has been deemed to be on the fastest growing cryptocurrency exchange in the cryptocurrency market. It doesn’t require much verification until the withdrawal of 2 Bitcoins worth, and the transaction fees also kept very negotiable.
Most of the popular cryptocurrency exchanges like Binance, Coinbase, KuCoin, Kraken, Bitfinex, HitBTC, etc are centralized in nature which means that the primary keys are stored in their servers. It is highly preferred that the users withdraw their cryptocurrency funds each time, after the trading and store it in an external hardware wallet as leaving them on the exchange is highly susceptible and dangerous.