Are you not sure if you should use Bitforex or Binance? Luckily for you, we've analyzed both platforms based on KYC requirements, country availability, product offerings, trading fees, deposit methods and beyond. Keep reading to determine which exchange is ideal for you based on your preferences!
Bitforex and Binance are two cryptocurrency exchanges that have gained popularity in recent years.
Bitforex was founded in 2017 and is a beginner-friendly exchange based out of Hong Kong. The exchange offers its users well known services such as spot trading for over 600 cryptocurrencies, perps with over 100X leverage and the options to earn interest on digital assets.
Bitforex is estimated to have between half a million and one million customers and serves users in over 200 countries. Bitforex is also available on Android and IOS where it has received over 50,000 downloads.
Binance is one of the largest and most popular trading platforms in the world. The company was founded in 2017 by Changpeng Zhao and is registered in the Cayman Islands as Binance Holdings Ltd. The company has over 6400 employees and is available in 186 countries, with restricted countries including the US, Ontario, Iran, and Syria.
Binance offers a comprehensive suite of trading and financial services including spot trading, futures trading, staking, earn products, launchpad and much more.
The exchange supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world. Binance has over 120 million users worldwide and the Binance Android app has been downloaded over 50 million times with a rating of 4.4 based on over 1 million reviews.
Overall, both Bitforex and Binance are great options for users looking to trade cryptocurrencies. Bitforex is a beginner-friendly exchange with a wide range of basic cryptocurrencies, while Binance is a more established platform with a much larger user base and a comprehensive suite of trading and financial services.
Bitforex vs Binance Signup & KYC
When it comes to trading cryptocurrencies, it's important to know the signup process and KYC requirements of the exchanges you're considering. Let's compare how Bitforex and Binance deals with this.
Bitforex doesn't require KYC for users to deposit cryptocurrencies and start trading. Signing up is easy and can be done with an email or phone number. However, for those who want increased limits, KYC is necessary.
This involves providing personal information like full name, country of residence, a valid ID, and a selfie. The Bitforex team usually takes 1-2 business days to approve the account.
In contrast, Binance requires KYC for all users before they can trade. Creating an account takes less than a minute on Binance but users must verify their account to unlock full privileges. The KYC process involves submitting information like country of residence, address, and government ID.
The verification process usually takes 15 minutes, but it can take up to 2-3 business days in some cases. Overall, Bitforex is likely to be more appealing to users who prioritize convenience and anonymity, while Binance is a better fit for those who don't mind going through KYC.
Bitforex vs Binance Products & Services
Bitforex exchange offers a decent range of services that will satisfy the needs of both beginners and more sophisticated traders. In terms of trading services, Bitforex offers basic spot trading and perps with up to 100X leverage.
Bitforex has spot trading volumes that frequently exceed $1 billion dollars. This means that liquidity for major cryptocurrencies such as BTC, ETH, LTC, USDC, DOT, AVAX, and others is great.
Users can also lend out their digital assets on Bitforex in order to earn interest on stake them and earn staking rewards.
Finally, Bitforex also offers an NFT marketplace and their own launchpad called Turbo Starter where it's users can access newly launched tokens.
The user experience on Bitforex is great. The exchange has a modern and well-designed interface that is pleasant and easy to navigate.
Compared to Bitforex, Binance provides a larger variety of trading services that includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Liquidity on Binance is one of the best in the world with daily spot trading volumes frequently exceeding $10 billion. Binance offers a max leverage of up to 125X on futures and margin trading is available on Binance with up to 5X leverage.
Binance also offers contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies.
Binance also offers trading bots and copy trading, which allows users to follow and copy the trades of successful traders automatically. Binance provides leveraged tokens and for users who want to earn on their assets, staking, lending, and different types of vaults.
Binance also has its own NFT marketplace and its own Web 3 wallet in Trust Wallet. The user experience on Binance is quite good considering the wide range of products on offer and the exchange manages to offer this wide range without overwhelming the user. While Binance overall offers more products and services than Bitforex, we use and like both exchanges!
Let's take a closer look at Bitforex and Binance and compare their trading fees.
Starting with Binance, this exchange charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%. It's worth noting that trading fees on Binance can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
Now, let's move on to Bitforex. This exchange charges a spot trading fee of 0.1% for both makers and takers. For trading perpetuals, the fees are 0.04% for makers and 0.06% for takers. These are already competitive trading fees, but Bitforex can offer further discounts to market makers who want to apply to receive them.
Overall, both Bitforex and Binance offer competitive trading fees. However, Binance does offer the potential for lower fees if users meet certain criteria, such as high trade volumes or holding a certain amount of BNB tokens. On the other hand, Bitforex can offer discounts to market makers.
Moving on to fiat deposits, Bitforex only allows deposits of cryptocurrencies, while Binance supports 26 fiat currencies, including USD, EUR, AUD, and GBP. Binance offers several deposit methods for fiat currencies, including bank transfers via Swift, Signet, SEPA, and Faster Payments.
Deposits can also be made with Visa, Mastercard, PayID, and Advacash. However, users should be aware of the deposit fees. Deposits made with Visa and Mastercard incur a 1.8% fee, while bank transfers via SEPA come with a 1 EUR fee. Advcash users can deposit with a 1.5% fee.
On the other hand, Bitforex does not offer support for fiat currency deposits. Only cryptocurrencies can be deposited on the exchange free of charge. However, users can buy crypto on the exchange via third-party providers like Coinify, Banxa, and MoonPay, but with high fees.
In summary, Binance is the clear winner with more options for fiat currency deposits with low fees while Bitforex only allows cryptocurrency deposits.
Bitforex also does not offer support for any fiat withdrawals, but users can withdraw all of the cryptocurrencies supported on the exchange. Withdrawal fees for Bitcoin are 0.0005 BTC, for Ethereum it's 0.004 ETH, while Solana has a 0.05 SOL withdrawal fee.
For those that wish to withdraw ERC-20 Tether, that currently has a fee of 15 USDT. These crypto withdrawal fees are on the higher end compared to most exchanges.
On the other hand, Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP). Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. There is a 1 EUR withdrawal fee with SEPA, and free bank withdrawals with many other fiat currencies.
For cryptocurrency withdrawals, the fees are 0.0002 BTC, 0.000768 ETH, 0.008 SOL, and 10 USDT (ERC-20). Both Bitforex and Binance have their strengths and weaknesses but when it comes to withdrawal methods, Binance is once again the clear winner with support for fiat currencies, a wide range of withdrawal options and low fees.
In conclusion, Bitforex and Binance are two cryptocurrency exchanges that offer a wide range of services to their users.
Bitforex is a beginner-friendly exchange with a modern interface and a vast selection of basic cryptocurrencies. The vast number of 600 cryptocurrencies support on Bitforex is wider than what Binance offers (350). This also comes with low spot trading fees (0.1%) and with the ability to begin trading without KYC.
Bitforex also offers a decent range of product and services with good liquidity and high leverage for those that wish to take on more risk.
On the other hand, Binance is a more established platform with a larger user base and a comprehensive suite of trading and financial services. Binance offers similar spot trading fees to Bitforex but also has the option of fee rebates for high volume traders.
KYC is required for all users on Binance but in our opinion, it's worth it for those that wish to access great liquidity, a wide range of services and cheap trading fees.
One big difference between Binance and Bitforex is the support for fiat deposits and withdrawals. Binance supports a wide range of fiat currencies with low deposit and withdrawal fees while Bitforex offers none.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.