I think it's time to leave Binance, any alternatives? - page 6.

Oshosondy

legendary

Activity: 1610

Merit: 1193

Gamble responsibly

Quote from: Synchronice on April 04, 2023, 01:14:24 PM

Binance has features like: Futures trading, options, leveraged tokens, swap farming, DeFi Stacking, Liquidity Farming, Launchpad and so on. These features attract a lot of users but p2p exchanges lack them. So, there are people who choose centralized exchanges because of that.

You can see many decentralized exchanges that are offering derivative market like future trading, but people can be afraid of hack and exploit.

Quote from: Synchronice on April 04, 2023, 01:14:24 PM

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

I do not use a single exchange as I do not also keep money on exchanges. I use Kucoin for no KYC, I also use OKX and Huobi global. If no Binance again, I will add another exchange which most likely not Coinbase. Coinbase do not even provide derivative trading like future trading and also not offering margin trading.

BenCodie

legendary

Activity: 1666

Merit: 1037

Answer? No centralized exchange.

Operate by using Peer to Peer solutions for your bitcoin <-> fiat needs and use decentralized exchanges or no-kyc swapping utilities (if decentralized exchanges are not available) when you are on-chain. This way, you do not have to trust a third party with your blockchain usage data as well as your personal data and your risks of being exposed to potential pitfalls that come with using centralized exchanges as minimized.

If you are looking for peer to peer or privacy friendly options, I can recommend AgoraDesk for a local-bitcoins style marketplace and kycnot.me for tools that can be used to maintain privacy within the Bitcoin ecosystem and beyond. Some fantastic decentralized web3 tools exist on various layer 2 (arbitrum, optimism, polygon, etc.) for perpetual/margin trading if you will miss these features on the centralized exchange that you are currently using.

Synchronice

hero member

Activity: 882

Merit: 792

Watch Bitcoin Documentary - https://t.ly/v0Nim

As we see, things aren't going well for Changpeng Zhao and more likely for Binance too, especially when it's becoming very clear that they are into very shady things: Binance employees are helping users in China to bypass KYC, directly violated U.S. derivatives laws, manipulates with trading volume and probably manipulates with Futures Trading too.

Decentralized exchanges are good alternatives if someone wants to feel safe and secure and in control of their funds but they lack a lot of features compared to centralized ones. For example, Binance has features like: Futures trading, options, leveraged tokens, swap farming, DeFi Stacking, Liquidity Farming, Launchpad and so on. These features attract a lot of users but p2p exchanges lack them. So, there are people who choose centralized exchanges because of that.

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

Topic: I think it's time to leave Binance, any alternatives? - page 6. (Read 1066 times)