The world of cryptocurrency has expanded to exceptional levels in today’s time. There are so many options available for every element of cryptocurrency that traders are bound to get confused while starting their investment procedures. The first decision they have to make is that of picking up a cryptocurrency exchange, digital currency. The exchange makes trading easier, and this is why it is recommended to connect with it for profitable actions.
However, there are so many options available, even in terms of a cryptocurrency exchange, that you, as a new trader, would have to spend a considerable amount of time finding the one that offers the best possible features. The two most popular exchanges right now are Binance and PancakeSwap.
While comparing PancakeSwap and Binance, one gets to know that Binance is a new cryptocurrency exchange compared to PancakeSwap. Hence, it’s an obvious reality that Pancakeswap would have more people using it than Binance.
If you are confused and have no idea which to choose between these two, this article gives you complete information regarding the differences associated with them. Read on, and you will be able to make a decision.
Pancakeswap
One of the most famous decentralized exchanges with BNB chain-native is the PancakeSwap. Just like Uniswap, it is an exchange where the traders can trade the Crypto coins and tokens with other ones without using any intermediate service. However, traders need to realize that PancakeSwap performs actions on the BEP20 tokens only.
Binance
Created in the year 2017, Binance soon rose in popularity and became a trustworthy choice among traders. Compared to the PancakeSwap which works on BEP20 tokens, Binance focuses more on altcoins. Hence, a lot of people use the Bitcoin trading software along with Binance in order to excel in the profit-making part of cryptocurrency trading.
Currently, Bitcoin, Ethereum, Dogecoin and Litecoin are some of the most commonly traded cryptocurrencies along with 600 other coins exchanged by traders on Binance.
Difference Between Binance And Pancakeswap
Now that you are aware of Binance and PancakeSwap, you would need to choose one between the two. Here are some of the major differences between them, considering which you can make your pick:
a. Leverage Trading
The main difference between these two exchanges is regarding leverage trading. As a trader, you can engage yourself in leverage as well as margin trading. If you are a veteran and have experience in investing, you can easily purchase future contracts by speculating on the price movements.
While trading on Binance, you have huge leverage of making profits. However, at the same time, the chances of encountering losses also enhance. You should opt for Binance if you can really tolerate a high level of risk without getting affected by it.
Comparatively, while using PancakeSwap, You can have a beverage for a size larger than what you have in your account as your overall balance. The initial margin can be traded with 10x leverage easily.
While choosing between Binance and PancakeSwap, you also need to know that the latter doesn’t support margin trading while the former does. Alongside this, P2P Trading, Spot Trading and Mobile Apps are also some features that Binance offers but PancakeSwap doesn’t.
b. Minimum Deposit
Though a lot of heavy investors don’t consider this as a major difference between Binance and PancakeSwap, for small traders, this really matters. The Minimum Deposit Required to have a minus account is $0. This means that you don’t need to keep any balance in your account to be able to use Binance. However, to use PancakeSwap, you need to have at least $0 in your account at all times.
c. Payment Modes
The mode of payment between Binance and PancakeSwap also turns into a deciding factor for the investor when it comes to choosing an exchange. As far as the PancakeSwap is concerned, you can only use Bitcoins to make payments. On the other hand, while using Binance, you can use a variety of payment methods, including Apple pay, Bitcoin payments, Ethna payments, ADV cash, Astropay and many others.
Conclusion
The winner between these two exchanges is surely Binance. It’s not only a trustworthy exchange to opt for but also makes sure to offer you the maximum possible features when it comes to trading cryptos.
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