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Bitsane vs Binance: Comparing crypto exchanges

bitsane

Before delving further into some of today’s finest cryptocurrency exchanges, it’s critical first to recognize what a cryptocurrency exchange offers its consumers. Exchanges, as opposed to typical brokerage accounts, are distinct trading platform that uses blockchain technology and often provides crypto wallets to store your virtual money. In addition, unlike the stock market, crypto markets do not shut. You may purchase 24 hours a day and monitor the value till late at night. (It is also quite volatile.)

While a cryptocurrency exchange is a marketplace to sell or buy crypto, it also provides price discovery via cryptocurrency trading activity, as well as safe crypto storage. Although this is quite basic, there are hundreds of crypto exchanges to select from, so consumers must study appropriate sites for their requirements.

For example, crypto exchanges provide a variety of digital assets but do not provide access to all currencies. While most exchanges offer Bitcoin (BTC) and Ether (ETH), some exchanges also allow users to purchase other cryptocurrencies known as “altcoins.” An example of an altcoin is the ever-popular Dogecoin (DOGE).

When deciding which crypto exchange to utilize, security is also an incredibly crucial factor to consider. Unfortunately, online cryptocurrency exchanges are vulnerable to hacking. According to recent figures, $1.9 billion in cryptocurrency was stolen from exchanges in 2020. This figure increased even more in 2019, hitting $4.5 billion.

Bitsane crypto exchange overview

Bitsane exchange was a Dublin-based cryptocurrency exchange that was founded in 2016. Bitsane, founded in 2016, reached its pinnacle barely two years later, in 2018, when it was listed on CNBC as a site to acquire XRP.

Bitsane, an Irish cryptocurrency exchange, vanished without a trace on June 17, possibly taking hundreds of thousands of customers’ funds with it.

Bitsane  Cryptocurrency Exchange

Source: Forex Brokers

Bitsane exchange’s victims told Forbes that withdrawals of Bitcoin, XRP, and other cryptocurrencies stopped working in May, with Bitsane’s support staff saying in emails that withdrawals were “temporarily suspended due to technical issues.” Bitsane’s website was shut down by June 17, and its Twitter and Facebook profiles had been deactivated. Emails addressed to numerous Bitsane accounts are now marked as undeliverable.

Victims of the Bitsane scam are exchanging notes in a group chat with over 100 members on the messaging app Telegram, as well as in a similar Facebook group. Most users in the groups claim to have possibly lost amounts ranging from $1000-$5,000, although Forbes met with one person in the United States who claims to have $150,000 in XRP and Bitcoin saved in Bitsane.

Binance crypto exchange overview

Binance is the world’s biggest cryptocurrency trading platform. It is not exceptionally user-friendly due to its extensive trading choices and features. Binance is anticipated to have a high learning curve for investors of all ability levels.

Binance

Source: Binance

Binance provides a comprehensive range of trading options through its desktop or mobile dashboards, including an excellent variety of market charts and hundreds of cryptocurrencies. Users may also access several trading alternatives, including futures and spot trading, as well as a variety of order forms.

Binance provides a complete learning platform, an NFT platform, and other services in addition to its tools and features.

Binance Exchage advantages vs disadvantages

Advantages

  • Over 365 coins for worldwide trading: Binance provides hundreds of cryptocurrencies for global trading. As a result, it is a suitable alternative for aggressive traders looking to diversify their portfolios.
  • Low costs: Because the platform charges a small fee, traders may retain more investment and returns.

Disadvantages

  • Binance platform is unavailable to consumers in the United States: Binance provides hundreds of cryptocurrencies for trading abroad. Binance.us, it’s a platform for US users, is more restricted. Binance.US is also only accessible in 43 states. 
  • The platform is complicated and maybe perplexing: While Binance’s extensive set of services and trading opportunities is exciting, it can also be scary. Even experienced traders may get overwhelmed by the sheer number of accessible possibilities.
  • No built-in digital wallet: Unlike several prominent exchanges, Binance does not have a built-in digital wallet. It advises using Trust Wallet, which has a strong reputation but may only provide limited help if there are problems with Binance transactions.
  • Binance has had regulatory difficulties in various countries: Because Binance has had regulatory and legal concerns in several countries, crypto investors may wish to examine alternative exchanges.
  • Binance offers a variety of cryptocurrencies. Binance’s platform supports the trading of over 365 coins. It also accepts fiat currencies such as USD, EUR, AUD, GBP, HKD, and INR fiat currency. 7 Binance may provide 50 to 591 cryptocurrency pairings, depending on your region.

Binance features

Trading Expertise

Binance provides various trading tools, including real-time charting with moving averages and exponential moving averages. Users may execute transactions using the Binance app, the Binance website, or the Binance desktop software.

Traders may also utilize the Binance interface to check their order book and price charts, as well as access their portfolios and transaction history. Binance also offers a variety of order types, including stop orders, limit orders, stop-limit orders, stop, market orders, and trailing stop orders. You may also choose from various trading perspectives, ranging from traditional to margin and OTC.

Binance Fees

Binance’s fees are among the most affordable in the market. While US-based customers may pay somewhat more on Binance.us, the fees are cheaper than other top platforms. Binance has a maker/taker fee system, with costs varying depending on trade volume and Binance Coin (BNB) balance. In general, bigger volume transactions have cheaper costs.

Users may also get charge reductions for the following:

  • Using Binance (BNB) currencies in transactions
  • Bonuses for referrals
  • Obtaining the rank of a very important person (VIP) by exchanging a specified quantity of assets.

Other fees may also apply to Binance users. The graphic below provides a brief overview of the various costs connected with different withdrawal and payment forms.

Binance Fees (For Binance and Binance US)

Source: Medium

Binance Customer Support

Binance Customer Support

Source: CoinNews

Binance has three basic customer support options: sending a ticket, asking basic inquiries through chat, and contacting their social media accounts.

  • Users may file a ticket and obtain email support by filling out a form on the Binance website.
  • Social media accounts: Binance has a Twitter account (@BinanceHelpDesk) and encourages customers to tweet their problems to the firm.
  • On the Binance website, there is also a chatbox in the lower right corner of the help screen.

Customer Satisfaction

Binance has received just 2 out of 5 stars from over 2,000 Trustpilot ratings. A number of the complaints center on bad customer support and difficulties withdrawing cash. Despite the challenges that some users confront, some feedback is good. Many Binance users have a positive, generally smooth experience with the platform.

Account Monitoring

Binance dashboards may be accessed through a desktop browser or a downloaded desktop application. It also provides iOS and Android mobile applications downloaded from Apple and Google Play.

The Binance dashboard enables you to monitor charts, trends, your portfolio, and current and previous transactions. To manage your payment options, go to the account page and register any credit/debit cards and bank account(s) that you want to trade with. Deposit funds and withdrawals are as easy as going to the “Spot Wallet,” picking the asset you want to buy or sell, and following the on-screen instructions.

What exactly is Binance.US?

Binance.US was launched in 2019 with the goal of increasing money independence in the United States and improving the lives of people all around the globe. Changpeng Zhao, often known as “CZ” in the cryptocurrency industry, established it. Binance.US is a subsidiary of Binance, the world’s largest cryptocurrency exchange. It is run by BAM Trading Services, situated in San Francisco. Binance.US is suitable for US consumers searching for a more diversified variety of cryptocurrencies and a more complex crypto trading platform.

How does Binance.US operate?

Signing up with Binance.US is straightforward. To begin, go to the Binance.US website and click “Get Started” in the center or upper right corner of the page.

Simply enter your email address and a password of your choice to begin the account creation process. You must have a secure email that you often use since there are several security precautions in place when you login and withdraw using two-factor authentication, which will need confirmation by clicking an email link.

After clicking “Create Account,” you will be asked to do a security test by sliding a puzzle piece into a slot to show you are human. After that, you will be given a six-digit code. After that, you’ll be requested to protect your account and enable identity verification.

Then you may begin purchasing fiat deposits and depositing cryptocurrency.

Features of Binance.US

There is a wide variety of cryptocurrencies available. There are a lot of cryptocurrencies that are only available on Binance due to the company’s robust compliance staff, making it simpler to integrate new coins. Coins that may be bought and sold on the spot market are presently accessible for more than 50 different cryptocurrencies in the US.

Integration of Trust Wallet

 When it comes to cryptocurrency wallets, Binance has a significant edge over many of its competitors since it now owns the famous Trust Wallet. If you’re looking for a way to invest in crypto-assets and NFTs, you may do so using Trust Wallet. Coins like Shiba Inu and Safemoon are gaining in popularity since they can only be purchased via the trust wallet. Users of Binance.US may now safely store and trade existing crypto assets, as well as discover new ones, thanks to the integration of Trust Wallet.

Staking

Cryptocurrency users’ preference for one platform over another is increasingly being influenced by the availability of staking.   The United States does allow for a maximum APY of 10% to be staked. Staking is presently available for QTUM, EOS, Vechain, XTZ, and ALGO.

App for mobile devices

Nothing beats the convenience of being able to do the same tasks you do on your PC on your phone. Using the Binance.US mobile app, you may access all of the features that you would on a PC. The mobile version of Binance.US may be used completely from the beginning if you so choose.

For whom is Binance.US best?

Cryptocurrency enthusiasts that are looking to expand their horizons.

Those who are new to cryptocurrency and want to learn all the market has to offer should give Binance.US serious consideration. Stablecoins, bull and bear markets, staking, and more will all be covered in-depth by Binance.US for first-time users. There is an excellent blog on Binance.US that serves as a useful resource. New and experienced cryptocurrency investors alike may benefit from Binance.US’s educational resources and 24-hour customer service.

Individuals want quick and easy access to an array of digital currencies

Despite the fact that many of the most recent cryptocurrencies are meme coins or even frauds, the majority of them are genuine projects that aren’t traded on any major exchanges. With Binance, investors can get their hands on a wide variety of currencies that aren’t available on most of the other main platforms.

Traders who are more experienced

Binance.US is a good place to start if you want to become serious about cryptocurrency trading. On Binance.US, you may buy and sell cryptocurrency in a variety of ways, from the most simple to the most complex for advanced users.

Why is Binance.US not suitable for everyone?

Cryptocurrency has a plethora of platforms that are geared for the most casual of users. The user interface of Binance.US, although simple, is difficult to navigate. The Binance interface has a lot of moving components and is a lot more complicated than just looking at a single chart of your portfolio and seeing how much of each asset you hold over time.

Conclusion

As the cryptocurrency sector tries to shed its reputation as a risky asset class, Bitsane’s absence serves as a reminder of the dangers of investing in digital money. When it comes to crypto traders who want to put all their efforts into it, Binance gets a lot right, and it is also one of the hottest bitcoin competitors.

Most cryptocurrency enthusiasts will find something to their favorite among a broad range of popular coins. Because of the generally higher costs charged by other brokers, it makes sense that low trading fees and volume discounts would encourage more traders to join the platform.

However, if you want to trade other assets or just trade crypto as a sideline, you may be better off looking elsewhere.

FAQs about Bitsane

Can Bitsane be trusted with our bank account?

Bitsane is a rip-off. More than 246,000 customers’ bitcoin deposits may have been wiped out by the disappearance of Ireland-based cryptocurrency exchange Bitsane. Many of the company’s investors suffered severe losses due to its shutdown.

What happens since users could no longer access Bitsane?

You’re out of luck if you don’t conduct enough research before you invest. Bitsane is the perfect example of what occurs as users can no longer access Bitsane. That’s why it’s always a good idea to double-check a company’s credentials before investing with them.

Where can I find the Bitsane limited app?

Although there is no Bitsane app, the exchange’s website may be accessed from a mobile or tablet device.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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