Survey Finds Binance As The Most Popular Exchange
Most traders prefer Binance over other existing cryptocurrency exchanges. The platform finds itself in the leading position of a market that is yet to reach its full potential based on the responses highlighted in a survey conducted by Insights Network.
Cryptocurrency Exchanges Still Regularly Used
Based on the survey results, most traders prefer trading over exchanges as compared to other forms of crypto trading.
The reason behind the exchange preference is likely because of the long-term trading that traders undertake. Most traders purchase cryptocurrencies to hold them and sell them at a future date or once they reach a set price point.
Crypto exchanges offer the most flexible options when it comes to long-term holding. Further, short-term trading options are readily available to traders who want to make some quick money.
Security Is Still A Major Concern
Several crypto exchanges have been hacked in the past, including Binance and other big names. Because of the hacking incidences, while selecting exchanges, most traders consider security over other variables.
The safety of traders’ funds is essential in the cryptocurrency industry. Any compromise could easily affect thousands and lead to setbacks worth millions in USD.
According to the survey results by Insights Network, there is still a lot that could be done on the security front by cryptocurrency exchanges.
(Not) Living Up To The Hype
Crypto exchanges have failed to live up to the blockchain hype.
One of the most conspicuous arguments for blockchain was that it would reduce transactional costs. Most crypto exchanges are set up such that high frictional costs are the result of any transaction.
The cryptocurrency industry is still developing based on the success and challenges highlighted in the Insights Network survey. More still needs to be done for platforms such as Binance to claim their bragging rights truly.
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com