The Great Flock to Binance - A Natural Transition

The Great Flock to Binance - A Natural Transition

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The Great Flock to Binance A Natural Transition
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Table of Contents

BNB Coin
BNB Coin

Yes, it’s true. Investors who either had a small, mid-sized, or large portion of funds sitting on the exchange, FTX, are now facing turmoil as those funds are currently in jeopardy.

As a result, many are switching exchanges and moving to Binance, one of the world’s largest and most prominent exchanges in sheer trading volume, company valuation, and also in number of trading pairs and user services.

Unfortunately, some investors got so discouraged that they quit crypto altogether. The recent exchange debacle brought exchange rates down to 2020 rates, causing portfolios across the world to crumble under the downward pressure.

For those who believe in the future of crypto and the real-world utility involved (which is most likely you reading this), this isn’t the end of your investing journey. Right now is simply a time to readjust and choose a different financial path to take.

The Downsides to Emotional Investing

Human beings are naturally emotional. Even those who don’t express their emotions or wear them on their sleeve are still inherently susceptible to making decisions based more on emotions as compared to mental strength.

Manual investing, either buying or selling, inevitably ends in the occasional poor decision. Yes, there are indeed multiple advantages to manual investing, but emotion will always be involved, especially when bullish or bearish news overtakes the market and the double-edged sword which is social media.

Investing
Investing

The truth is, timing the top or the bottom of the market is like a catching farfetched dream. One can use their best judgement based on indicators when calling these high and low points, but that’s all that it is, a judgement call. Many argue that dollar-cost averaging mitigates risk and helps set investors at ease.

The use of FTX as an exchange and custodial manager turned out to be a catastrophic decision for some in the end. The infamous saying in cryptocurrency that reads, “not your keys, not your crypto”, rings extremely true inside this bleak and dire situation. Keeping the majority of crypto assets off exchanges and in cold storage is the popular and recommended choice for avid investors.

The Big Switch to Binance

Even though many remain discouraged from the recent FTX debacle, others are in the process of deciding which direction to take next. Binance, founded by Changpeng Zhao, or CZ for short, was initially based in China and founded in 2017.

Even though other big-name exchanges on the market have been around for longer, Binance is a pacesetter, bolstering innovative products in addition to the rising popularity of Binance Coin (BNB).

Signing up for a Binance account is relatively easy, but you must take one of two paths. Path 1 is Binance Global, which excludes US residents from becoming users. Path 2 is Binance US which is strictly designed for US users only. Both platforms are fully Binance, yet Binance US has certain restrictions, all while offering similar products and services to Binance Global.

Running to Binance
Running to Binance

Once signed up for an account on either Binance Global or Binance US, it is important to journey through the verification process to upgrade the security of your account. With this comes the ability to withdraw larger amounts from the exchange at a time along with various other perks.

Binance comes with a lot of bells and whistles, meaning that it can be overwhelming with the number of services and options that are provided to the end user. We feel that simplicity is the name of the game and truly understanding what is being clicked on and pursued as an investment option.

A Simple Trading Transition

As an investor who is transitioning from FTX to Binance, or, if you already had your own active Binance account, keeping time your own and lowering stress levels is imperative to long term success in the crypto industry.

A smart way to retain sanity and build confidence in crypto trading is to utilize a crypto trading system, or bot if you will, that can execute trades on your behalf. Stoic AI is an app that does just that by connecting via API to a Binance account or sub-account, enabling 24/7 trading based upon long term goals and risk-tolerance levels.

Recently, Stoic dropped its default hedge to 0% as the crypto market returns back to 2020 market prices, making right now the perfect time to get started with 1 of 3 unique trading strategies. Why choose this method of investing? Because it makes for an easy and seamless transition over to a new exchange.

The days of strictly using decentralized exchanges are not here yet, as centralized exchanges offer simplified fiat currency on and off ramps, as well as a range of various services not available within the DeFi sector at this point.

Moving Forward

The unfortunate FTX fallout happened, but is now behind us. Moving forward, Binance has a proven track record, and they also displayed their commitment to transparency in a tweet from November 10th:

Exchanges, moving forward, will be more aware of keeping their financials open to investigation in order to prevent another FTX issue from arising. Trust in the crypto space has gone down recently, and it will take exchanges and other large players placing their cards face up on the table for that trust to be rebuilt.

A combination of Binance and Stoic AI is a match made in heaven for investors or potential investors who don’t know much about the space. If you are brand new or fairly new crypto, feel free to visit the free Academy to quickly learn more and to help you make wise and well-thought-out decisions in the future.

Conclusion

Even though the Web3 space has taken a hit as of late, it does not deter the builders, developers, and innovators from continuing to go to another level. Yes, prices are currently down, but, in all honesty, that is the best time to enter the market and take advantage of trading apps such as Stoic AI, an official member of the Binance link program.

Stoic AI App
Stoic AI App

Could another FTX situation arise in the coming weeks, months, or even years? Of course, but, as long as companies and organizations are being transparent with their numbers and straight forward with their communities, the chances would then be much lower.

Thank you for joining in on today's episode.

As always... Keep your fingers on the Pulse!

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Author:
Ken-Melendez-Cindicator--125---125-px- Ken Melendez
✍️ Head of Content @ Cindicator
📊 Certified Bitcoin Professional
🔐 Blockchain Chamber - Chapter President

Who is Cindicator?

Cindicator is a world-wide team of individuals with expertise in math, data science, quant trading, and finances, working together with one collective mind. Founded in 2015, Cindicator builds predictive analytics by merging collective intelligence and machine learning models. Stoic AI is the company’s flagship product that offers automated trading strategies for cryptocurrency investors. Join us on Telegram or Twitter to stay in touch.

Disclaimer

Information in the article does not, nor does it purport to, constitute any form of professional investment advice, recommendation, or independent analysis.