Many governments still do not accept cryptocurrencies as a payment method. They aren’t even prevalent amid the masses. While the number of platforms supporting crypto transactions has increased drastically, it’s still difficult to do everything using cryptos.

And cryptocurrency exchanges save the day by bridging the gap between real-world money and cryptocurrencies.

There has recently been a consistent increase in the number of cryptocurrency exchanges. The competitive vibe in the air to become the most widely recognized and used exchange is almost palpable. This real of cryptocurrency exchanges is ruled by major players such as Binance, Bitfinex, Bittrex and so on.

Today, we look at how XinFin’s cryptocurrency exchange AlphaEx.net stands in contrast to the most widely used cryptocurrency exchange Binance.

Technical Aspects

Binance is the cryptocurrency exchange that most successfully surfed the bitcoin wave. Launched in 2017, the exchange saw unprecedented growth and today processes a daily trade volume of over 3 billion dollars. Given the experience of traders trading on the platform, the user interface is built according to them and is hence quite complex for beginners.

On the contrary, AlphaEx.net is an exchange platform launched in 2018 and is built keeping in mind the interest of new traders and investors, hence, keeping the UI simple and easily navigable.

Both Binance and AlphaEx provide price charts from TradingView in order to make the trading experience more smooth and allow users to use a variety of trading tools without hassle.

Both AlphaEx and Binance are a crypto-to-crypto exchange, meaning that they do not facilitate the trade of cryptocurrencies through fiat. Deposits can only be done in cryptocurrencies and then they can be used to trade other cryptos listed on the exchange. Also, there are no deposit charges levied by either of the exchanges.

As of now, the trading fee on Binance is the lowest of all. It only charges 0.10% of the trading amount. And if the traders hold BNB tokens, the trade fees is further reduced to just 0.05% of the trading amount.

AlphaEx exchange currently charges 0.50% of the total trade amount as its trading fee.

The withdrawal fee for both these exchanges varies depending on the currency that is being transacted.

Despite the great value Binance serves to its customers, there have been consistent complaints about how slow their customer service is. It usually takes more than two to three days to get a response from them. However, AlphaEx has maintained a high standard for customer support and ensures customer queries are dealt with within 48 hours.

Currently, Binance allows users to trade from over 517 trading pairs. Currencies can be bought using BNB (Binance’s native token), BTC, ETH, XRP, and 5 other stablecoins. AlphaEx has initiated its journey with 9 trading pairs only.

Tokens, Price and Market Cap

Both Binance and AlphaEx (widely use XDC) have their respective native tokens, named BNB and XDC respectively. At the time of writing the price of each BNB token is $30.88 while that of XDC is $0.000525.

Binance, being the most widely used cryptocurrency exchange, currently has a market valuation of $4.793 billion while AlphaEx still has a long way to go. No valuation data available for alphaex.net

Partnership

Binance has a partnership with TrustToken, Malta Stock Exchange (MSE), Xfers while Alphaex has partnered with CIRCLE and Blockchain open-source platform XinFin.

Headquarters

Both the Company Binance and Alpha Labs have headquarters in Malta.

Conclusion

AlphaEx has a long path to tread before it could start challenging its bigger rivals. But it’s a good sign that AlphaEx has set foot in the right direction and has set up a beginner-friendly exchange. With the crypto industry consistently expanding, there’s a great chance for the AlphaEx exchange to reach out to a wide audience and become mainstream.

It’s now to be seen how things play out for AlphaEx and whether it strikes the right chords of crypto enthusiasts or not.