Are you torn between BTC Markets and Binance? Look no further! We've done the research for you and compared both exchanges across various metrics, including trading fees, user-friendliness, security, and more. Keep reading to find out which exchange is the best fit for your cryptocurrency trading needs.
When it comes to cryptocurrency exchanges, BTC Markets and Binance are two of the most popular options available today. BTC Markets, founded in 2013 by Caroline Bowler, is a registered Digital Currency Exchange with AUSTRAC.
BTC markets exchange
With a workforce of over 20 employees, BTC Markets is the first Australian owned and operated exchange, catering to over 320,000 Australian traders.
The exchange offers a beginner-friendly environment where users can safely buy and sell cryptocurrencies like Bitcoin, Ethereum, Tether, Litecoin, Algorand, Cardano, and Chainlink. The BTC Markets app is also available on Android and IOS, where it has over 5,000 downloads.
BTC markets app
On the other hand, Binance was founded in 2017 by Changpeng Zhao in the Cayman Islands and has grown to become one of the largest and most popular trading platforms available today. With over 6400 employees, Binance is available in 186 countries, with restricted countries including the US, Ontario, Iran, and Syria.
Binance exchange
The exchange offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking, earn products, launchpad, its own smart chain, and much more. Binance supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange globally.
Binance has over 120 million users worldwide, with the Binance Android app downloaded over 50 million times and a rating of 4.4 based on over 1 million reviews.
Binance app
While both exchanges offer a wide range of cryptocurrencies, BTC Markets is mainly focused on Australian traders, whereas Binance caters to a global audience.
Furthermore, BTC Markets offers a limited range of features, making it more suitable for beginners, while Binance provides a comprehensive suite of trading and financial services suitable for both beginners and experienced traders.
BTC Markets vs Binance Signup & KYC
BTC Markets and Binance are two popular cryptocurrency exchanges with different signup and KYC requirements. Signing up for BTC Markets is a lengthy process as both the signup and KYC procedures must be completed in one go.
This creates more friction for users, especially those who are used to only signing up and completing the rest of the KYC process when they feel like it. KYC is mandatory on BTC Markets, and no user can create an account without getting verified.
BTC markets signup
It's important to note that BTC Markets is only available to Australian residents, and citizens from outside jurisdictions will not be able to sign up to the exchange.
On the other hand, creating a Binance account takes less than a minute, but in order to unlock full account privileges, users must verify their account. Binance requires users to verify their identity through a Know Your Customer (KYC) process, and users cannot trade before having completed it.
Binance KYC
Generally, the KYC verification process on Binance can be as short as 15 minutes, but it can take up to 2-3 business days in some cases to complete. In terms of KYC requirements, BTC Markets only accepts Australian residents, while Binance accepts users from all over the world.
When it comes to trading fees for BTC Markets versus Binance, there are some key differences to take note of. Binance charges a spot maker fee of 0.1% and a spot taker fee of 0.10%, which is a very competitive fee structure compared to other exchanges.
However, Binance does offer the opportunity to lower trading fees if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens. This can be a great incentive for high volume traders looking to save on fees.
On the other hand, BTC Markets' fee structure varies depending on the trading pair. For BTC trading pairs, the maker fee is actually negative (-0.05%) while the taker fee is 0.2%. For AUD trading pairs, the fees begin at 0.85% and can be lowered based on 30-day trading volumes.
The minimum threshold to begin paying lower fees starts at trading volumes that exceed $500 AUD per month. As such, Binance is clearly the much more competitive exchange when it comes to trading fees.
When it comes to depositing fiat currencies, BTC Markets and Binance offer different options to their users.
BTC Markets supports AUD deposits which can be done free of charge through BPay or OSKO payments. In terms of crypto deposit, BTC Markets also offers deposits in cryptocurrencies which are free of charge and they have over 30 coins and tokens to choose from
On the other hand, Binance offers a wide range of fiat currencies including USD, EUR, AUD, GBP, SEK, DKK, PLN and many others. Binance offers bank transfers via Swift, Signet, SEPA and Faster Payments (FSP) as well as Visa, Mastercard, PayID and Advacash.
However, deposit fees for fiat currencies deposited with Visa and Mastercard incur a 1.8% fee while bank transfer via SEPA come with a 1 EUR fee. For those with an Advcash account, they can deposit with a 1.5% fee.
As such, both exchanges offer convenient deposit methods for their users. BTC Markets only offering AUD deposits while Binance offers a wider range of fiat currencies and deposit methods.
BTC Markets offers free AUD withdrawals for users who wish to withdraw their funds via BPay or OSKO. The withdrawal fees for well-known cryptocurrencies such as Bitcoin, Ethereum, Solana and ERC-20 USDT are 0.0003 BTC, 0.005 ETH, 0.01 SOL, and 7 USDT, respectively.
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, while SEPA withdrawals have a 1 EUR fee.
When it comes to crypto withdrawals, Binance charges a withdrawal fee of 0.0002 BTC for Bitcoin withdrawals, 0.000768 ETH for Ethereum withdrawals, 0.008 SOL for Solana withdrawals, and 10 USDT for ERC-20 USDT withdrawals.
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Author
Jack Moreau
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.
