The 2017 Bitcoin boom made a lot of people a lot of money. However, as much as traders were making, exchanges were making even more. With millions being traded every day on a single platform, the established brands went from relatively small operations to major corporations overnight. In fact, such was the rise of crypto exchanges that operators from across the trading spectrum have moved to grab a slice of the action. Today, traders don’t even have to purchase cryptocurrency to make money from it. Using the social trading options at eToro, novices can follow experts just as they would on Facebook or Twitter. By following traders, users can set their own limits and let the software execute the same trades as an expert.
New Exchange Comes Out of Nowhere and Changes the Game
With the market on a high and people of all skill levels interested in making trades, one name has established itself as a veritable crypto monster. Launched in 2017, Binance is an exchange that’s literally rooted in the cryptocurrency world. Unlike other exchanges that raised capital through traditional funding methods, this company held an initial coin offering (ICO). By creating and then selling its own altcoin, the company was able to raise $15 million and quickly become one of the top three exchanges in the business. That’s impressive when you consider that the market leader, Coinbase, has been active since 2013.
However, the real reason Binance has become a behemoth worth an estimated $2 billion is that it can process 1.4 million transactions per second. As the crypto world evolved and expanded, many crypto exchanges have struggled to keep up with demand. Indeed, during the latter half of 2017 when Bitcoin’s price was surging, almost every major exchange, from Kraken to Poloniex, was forced to stop accepting new customers. The industry’s rising star was also forced to temporarily suspended registrations. However, once it was back online, it was able to offer the fastest processing speeds and, for many altcoins, zero fees. This combination of efficiency and affordability has made it one of the most user-friendly platforms.
Catering to All Traders is a Solid Investment
Indeed, when you look at how the cryptocurrency market has evolved, offering a simple service has become paramount. Although Kraken is still regarded as one of the leading exchanges, critics often say that it’s tricky to use if you’re a novice. In contrast, Binance feels a lot more intuitive thanks to its colourful interface, well-defined boxouts and guides. It’s a similar story when you consider eToro’s social trading provisions. By following someone in the know, you can be off and trading within a few clicks. Because Bitcoin trading is no longer the reserve of tech experts, exchanges that cater to casual investors are thriving. This is certainly true when it comes to this exchange. From a $15 million start-up to a $2 billion+ empire, it is one of the biggest success stories to come out of the recent crypto boom.