As the world’s largest cryptocurrency exchange by trading volume, Binance is no stranger to being in the spotlight. In recent months, however, a new competitor has emerged that is quickly gaining traction in the space: RFOX.

RFOX is a decentralized exchange built on the Ethereum network that offers a wide range of features and benefits that are appealing to both traders and investors. Here’s a look at some of the key ways in which RFOX differentiates itself from Binance.

Decentralized vs. Centralized

One of the most notable distinctions between RFOX and Binance is that RFOX is a decentralized exchange while Binance is centralized. This means that RFOX is not subject to the same regulations and restrictions as Binance.

For example, RFOX does not require KYC (know your customer) verification for users, meaning that anyone can trade on the platform without having to provide personal information.

This also means that RFOX is not susceptible to hacks or single points of failure like centralized exchanges are. This was made painfully evident when Binance was hacked in 2019, with over 7,000 BTC being stolen from user wallets.

Decentralized exchanges offer a much higher level of security because they are distributed across many different nodes, making them much more difficult to hack.

RFOX also offers a much higher degree of transparency than Binance because all trades are recorded on the Ethereum blockchain. This allows anyone to view the platform’s transaction history and verify that trades are being executed correctly.

By contrast, centralized exchanges like Binance typically keep their order books and other data hidden away from public view, which can make it difficult to know what’s really going on behind the scenes.

Token Listings and Fees

Another area where RFOX shines is in its approach to listing new tokens. Unlike Binance, which charges hefty listing fees (reportedly as high as $1 million), RFOX only charges a small flat fee for new token listings.

This makes it much easier for new projects to get listed on the exchange, which in turn helps to promote innovation in the space.

RFOX also takes a more democratic approach to listing tokens than Binance does. Rather than having a centralized team of experts making decisions about which tokens to list, RFOX allows its community of users to vote on which tokens they would like to see listed on the platform.

This helps to ensure that only the most popular and promising projects are listed on the exchange.

In terms of trading fees, RFOX once again comes out ahead of Binance. While Binance charges a 0.1% fee for each trade, RFOX only charges a 0.05% fee.

This may not seem like much of a difference, but it can add up over time, especially for high-volume traders. Additionally, RFOX offers discounts on trading fees for users who hold its native RF token in their wallets, further incentivizing users to hold onto the token long-term.

Rise to prominence

Since its launch in 2019, RFOX has quickly established itself as one of the leading cryptocurrency exchanges in the world. In just a short period of time, it has managed to amass a large user base and build up a substantial amount of trading volume.

While it remains to be seen whether Rfox can dethrone Binance as the top exchange in the space, there’s no doubt that it is well on its way to becoming a major player in the industry.