With a global advancement of Defi, the space becomes more competitive and each year sees fresh players stepping into the game. These days, a stream of P2P exchanges is competing with traditional services, and for a reason – it provides more freedom and independence as opposed to a conventional exchange. Although two of these types share a number of commonalities in fundamental features, the core idea behind each one of them is slightly different.
With a standard exchange, people are free to interchange and trade cryptocurrency while relying heavily on their chosen platform to bring the price quotes and safeguard all their private data. In case with P2P platforms, however, all users are free to set the price at which they want to sell a certain cryptocurrency, thus creating a possibility of earning an additional mark-up.
Besides, the peer-to-peer platform allows to access cryptocurrencies even in countries where certain exchanges are not allowed to operate for legal reasons. Offering a whole range of fiat currencies, P2P provides a possibility to buy, sell or exchange crypto with people from any corner of the world.
To understand the differences in a better way, let’s examine Binance and Neuronex on different criteria, one by one.
#1. Supported currencies
While Binance secured the place for over 150+ cryptocurrencies on its exchange,the exchange didn’t have a fiat option until earlier this year when it added support for 15 fiat currencies that are paired against its base cryptocurrencies i.e., BTC, ETH, and XRP.
NeuronEX on the other hand has more options – while it currently supports only a bunch of cryptocurrencies like BTC, ETH, LTC, XRP, EMC, DASH, and DOGE. But, plans to build on this impressive list by adding seven more coins in the middle of August after launching its mobile app. the additions will include EOS, BCH, BSV, EURT, USDT, CNHT, and XAUT. The exchange provides all possible options of fiat exchange with about 165 fiat currencies supported and over 200+ payment methods including debit/credit cards. This opens up the prospect of fiat-crypto exchange for people from different currency zones, possibly even from different ends of the earth.
#2. Operational expenses
Binance can proudly boast with one of the lowest fees on the crypto market – standing as low as 0.1%. However, there are also some transaction fees levied regardless of the platform – such, Bitcoin costs 0.0004 BTC per external transfer, which is about $4. These fees are unavoidable; that’s why each time, while transacting via exchange to an external wallet, the user is exposed to small losses each time.
With NeuronEx, however, the exchange of cryptocurrency may result in additional earnings instead of losses. First of all, users get a 50% discount on all fees if they pay using the native NRON coin. Also, the exchange rate on the platform is not determined by the algorithm – but rather set by the users themselves. They can define the price at which they want to sell cryptocurrency, which allows them to add and earn a mark-up. There’s also another way to earn, namely through participation in the affiliate program. If users invite an additional participant, they can earn on their commission – but only in case the transaction is conducted in their native token NRON. Fees on this platform are normally minimal consisting of around 1 NRON coin per transaction.
#3. Referral program
Bonus referral programs can bring additional earnings too, once a user holds an account and decides to invite a new member. Binance encourages the community to invite their peers by reimbursing 40% of the commission fee in BNB, which can be shared among invitees or be kept to the referee alone. More than that, Binance gives generous discounts to holders of their native tokens, allowing them to pay less on the commission within the first four years after registration.
Similar scheme applies to NeuronEx, which generously rewards their existing members once they introduce newcomers. This affiliate program gives a chance to earn on the commission of a friend and brings user a reward of as much as 50% of the peers’ fee – and that will be applicable forever. However, for the scheme to run, the transaction has to be conducted in NRON.
#4. KYC & Personal data
Compared to many other cryptocurrency exchanges, the procedure of verification on Binance is relatively simple. In the vast majority of cases, email and password will give access to all core functions. However, to qualify for more advanced ones like margin trading, it will be necessary to pass the verification procedure. Although Binance is considered as one of the most secure platforms on the crypto domain, it is nonetheless exposed to data loss – and the KYC leak that happened a year ago is only one example.
In case with NeuronEx, the system is exempt from such risk. Being a P2P exchange, its platform does not act as a third-party intermediary, but rather acts as a connecting bond between buyers and sellers. Although NeuronEx still asks users to provide basic details about themselves (starting from email and ending with a mobile phone bundled with ID for more advanced features), it runs on a secure NeuronChain, which brings down the possibility of a hack almost to zero. More than that, users can take advantage of a safe wallet with embedded crypto exchange, which will be accessible after the release of the app in August.
#5. Related services
Being the largest exchange in crypto space, Binance is also the most developed one. It sells its own token – BNB, provides a wallet and runs a highly developed crypto exchange with a variety of top-grade features. But, as Binance does not operate on blockchain and is, in fact, a centralized exchange, that makes it more vulnerable to cyber-attack risks and influence of the company’s corporate governance, and sometimes even exposed to geopolitical tensions.
In contrast, NeuronEx is part of a payment system that has its own blockchain, a wallet, native token, and dCards. The exchange serves as an internal P2P marketplace, cross-border services and a growing network of affiliated partners. Combining all together, it turns into a highly secure ecosystem that merges crypto and fiat worlds into one.
Considering that, it is quite possible that NeuronEx will turn into another ‘Binance’ of the P2P realm and become a primary driver in a growing movement of peer lending. In the foreseeable future, the rising titan of the crypto industry has all properties to make a strong rivalry to the biggest crypto exchange.
The post Binance Vs Neuronex: Comparison of Two Cryptocurrency Exchanges appeared first on NullTX.
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