A recurring theme we encounter in the cryptocurrency world is volatility. It poses problems for investors from the very beginning. However, it is an impediment that easily becomes an opportunity. Being able to buy cryptocurrencies in a very short time, almost instantaneously, gives you a huge advantage, especially when trading small amounts. The speed of trading helps you take advantage of even the smallest price swings in the market.
Now that we’ve established that speed is one of the key factors in cryptocurrency trading, we have another question to answer. Between Binance vs Abarai, where can you trade faster and therefore more efficiently?
The two platforms are different in many ways, but ultimately their ultimate goal is the same, to exchange cryptocurrencies. Throughout this article we will answer the question posed above by weighing the features of each.
Binance vs Abarai: which cryptocurrency exchange is faster?
Trading speed itself doesn’t make a platform fast. Why? Because it can be overshadowed by other details of the buying/selling process, such as the IDs that platforms require. Also, account creation or KYC verifications further slow down the cryptocurrency trading process. Therefore, a truly fast exchange platform has solutions for these hindrances. Let’s see how the two platforms present themselves and which offers the more efficient option.
What is Binance?
Binance is a platform, in common cryptocurrency exchange parlance. Binance has a custodial operating mechanism (it stores user funds) that has very quickly become one of the largest in the world. It was founded in 2017 and is headquartered in Malta. Binance provides the user with a large repertoire of cryptocurrencies to choose from. Included are both more well-known options such as Bitcoin or Ethereum, as well as plenty of altcoins and smaller projects. The platform offers a range of services – from swapping between cryptocurrencies, to buying or selling cryptocurrencies with or for cash/fiat.
Main advantages of Binance
Diversity
As mentioned before, a big advantage of the platform is the variety of cryptocurrencies available on offer. Investors looking for lesser-known cryptocurrencies are especially attracted by this feature.
Advanced tools for investors
Binance has implemented a number of tools through which investors can set certain goals or limits for their trades. For example, you can enter a certain amount at which to sell resources from your wallet if the market price reaches that point. This is possible because the platform has access to your funds. If you want to use tools like margin or staking then a good option is the binance cryptocurrency exchange.
Mobile app
The idea of selling bitcoin from anywhere is possible with the app from Binance. With an interface suitable for both beginners and advanced, trading becomes easier right from your mobile phone.
Risks of trading on Binance UK
Mandatory KYC
A very inconvenient aspect of using the platform is the need to go through a screening process called KYC or Know Your Customer. Basically, Binance verifies your identity and then accepts or rejects your account. The problem with this model arises with users who want to maintain anonymity both about themselves and their transactions.
Always a target for hackers
Being a popular platform, Binance is always at risk of a security breach. Despite preventative measures such as 2FA (two-factor authentication), in 2019 around 40 million USD was stolen from the platform’s accounts. Following the event the platform still cannot guarantee the safety of user funds in case of another large-scale attack.
Poor customer support
There are not few cases when Binance does not allow certain actions or freezes/locks user accounts. You would think that for such a large platform, these problems would be solved instantly, right? Well, that’s not quite the case, and in this respect Binance are worse prepared.
An extra point, which would be worth emphasizing, would be the lack of a wallet. Sure, you have your own wallet within the platform, but it’s not as secure as a personal one that only you have access to.
What is Abarai?
Abarai is a new cryptocurrency exchange platform that aims to protect the interest of its users. It has a state-of-the-art infrastructure that helps every user exchange cryptocurrencies quickly, cheaply and securely.
Abarai’s main advantages
No verification processes
Using Abarai you can buy bitcoin instantly, without having to confirm your identity or make an account to trade from. The process is quick and the funds go straight into your personal crypto wallet.
Increased security
As the only one with access to your wallet, and therefore your funds, you don’t have to worry about security. By using Abarai to buy or sell cryptocurrencies, you have full control over all transactions.
Attention and support for all users
Whether you’re an experienced cryptocurrency trader or not, Abarai offers support and back-up for any concerns or questions.
Risks of trading on Abarai
The advantages of a non-custodial exchange platform like Abarai are like a double-edged blade. You have control over your account, i.e. 100% autonomy, but this comes with great responsibility. You’re responsible for both creating your digital wallet for the various cryptocurrencies, as well as any transactions that take place.
Finally, if we consider what makes a truly fast exchange platform, the answer to the article’s question is simple. On Abarai you can buy cryptocurrencies instantly without an ID, while on Binance you need to have a validated account and in some cases you also need validations from the platform. The difference in procedure makes Abarai the ideal option for trading or exchanging instant crypto without the need for identification.
In conclusion, the actual transaction speed is an empty promise. Accessibility is the feature that really makes the process easier. When we compare the two platforms, Binance and Abarai, we are also talking about the comparison between the users of the two. A person who prefers the privacy of personal data and prioritizes control and security over his or her resources would go for a non-custodial platform.