Are you trying to decide whether to use Plus500 or Binance for your cryptocurrency trading? The decision can be tough, but we've got you covered. Our comprehensive comparison of both exchanges' features, fees, and user experience will give you all the information you need to make an informed decision. By the end of our analysis, you'll have a clear idea of which exchange will help you reach your trading goals. So, let's dive in and compare Plus500 vs Binance!
Plus500 and Binance are two vastly different trading platforms with unique features and offerings. Plus500 is an online trading platform that allows users to trade various financial instruments, including cryptocurrencies, commodities, and forex.
It is headquartered in the UK and is available in over 50 countries worldwide with over 20 million registered users. It provides access to over 2800 CFDs across a range of financial instruments, including 17 cryptocurrency CFDs.
Binance is one of the largest and most popular cryptocurrency exchanges worldwide that offers a comprehensive suite of services, including spot trading, futures trading, staking, and decentralized finance (DeFi) solutions. It was founded in 2017 by Changpeng Zhao and registered in the Cayman Islands serving 186 countries worldwide.
The platform supports over 500 cryptocurrencies and numerous trading pairs. With over 120 million users worldwide and over 50 million app downloads on its Android app, it is one of the most popular and reliable exchanges in the market.
Plus500 vs Binance Signup & KYC
When it comes to signing up for cryptocurrency exchanges, one of the most important questions is whether KYC is obligatory.
Before users can begin trading on Plus500, they need to complete the KYC verification process. The basic signup process can be completed quickly on Plus500. The KYC process can be completed at any time after signup and involves providing information about country of residence, address, and a valid ID. Additionally, users must answer over 10 questions to demonstrate their understanding of trading CFDs.
Binance also requires all their users to verify their identity through a KYC process before they can begin trading. Creating a Binance account is quick and easy, taking only 30 seconds to complete. However, users must complete the verification process to unlock full account privileges. This process involves submitting all required documents and information which can take a few minutes to complete. In most cases, the verification process takes around 15 minutes but can take up to 2-3 business days in some cases.
Plus500 vs Binance Products & Services
Plus500 and Binance are two very different exchanges that cater to different types of traders. Plus500 is a CFD trading platform that offers access to over 2800 different CFDs across a range of asset classes, including indices, forex, commodities, and non-CFD shares.
On the other hand, Binance is a cryptocurrency exchange that offers a wide range of trading services, including spot, futures, margin, perps, and options trading. When it comes to liquidity, Binance is the clear winner. Binance consistently has daily spot trading volumes exceeding $10 billion.
When it comes to leverage, Plus500 offers a range of leverages depending on the financial instrument and whether the user is a retail or professional trader. Retail users have a maximum leverage of 2X for cryptocurrencies and 30X for forex, while professional users can access up to 20X for crypto and 300X for forex.
Binance, on the other hand, offers a max leverage of up to 125X on futures. Simply put, if you are looking for a platform to trade CFDs across a range of asset classes, Plus500 is your pick. However, if you are primarily interested in cryptocurrency trading, Binance offers is the choice to make.
Now let's compare the trading fees charged by Plus500 and Binance. Plus500 offers no fees for deposits or opening and closing trades, but they do charge a high fee through the buy/sell spread of 0.7%. Plus500 also has an inactivity fee of $10 per month for those who don't login to their account for at least three months.
On the other hand, Binance has a spot maker and taker fee of 0.10%, a futures maker fee of 0.02% and a futures taker fee of 0.04%. When it comes to trading fees, It's very hard for most exchanges and brokers to compete with Binance and this case in no exception.
Plus500 supports deposits for major fiat currencies such as USD, GBP, and EUR. Users can make deposits via credit or debit card, PayPal, or bank transfer. The best part is that all deposit options for fiat currencies are free of charge. This makes it a great option for those who want to fund their accounts without worrying about any additional fees.
Binance supports 26 fiat currencies such as USD, EUR, AUD, GBP, and PLN. The available deposit methods for fiat currencies include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash.
Users should take note that there are deposit fees for some of these methods. For example, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee, while bank transfers via SEPA come with a 1 EUR fee.
When it comes to withdrawing your funds from an exchange, it's always important to know what options are available to you and how much you'll be charged for each.
Let's start with Plus500. This platform offers free fiat withdrawals via bank transfer, which is great news for those looking to escape fees wherever possible. However, it's important to note that Plus500 only offers CFDs for cryptocurrencies, meaning you can't withdraw actual coins from the platform.
On the other hand, Binance offers multiple methods for withdrawing fiat currency, including USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). While Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, bank withdrawals for many other fiat currencies are free of charge.
When it comes to withdrawing cryptocurrencies on Binance, the fees depend on which blockchain the transaction occurs on. Overall, both Plus500 and Binance offer solid options for the withdrawal of fiat currencies either for free or at a low cost.
In conclusion, when it comes to choosing between Plus500 and Binance, it ultimately depends on the user's trading goals and preferences. For those looking to trade a diverse range of financial instruments, Plus500 offers a much wider range of financial assets not available on Binance. And as mentioned before, on Plus500 users are only trading CDFs, thus never owning the underlying asset.
Binance is the go-to exchange for those primarily interested in cryptocurrency trading, offering a wide range of trading services, better liquidity, and lower fees. When it comes to KYC verification, both exchanges require it. For deposit methods, Plus500 offers free options for fiat currencies, while Binance supports a wide range of fiat currencies but charges fees for some methods.
Whether you're an experienced trader looking for advanced trading tools or a beginner looking for a user-friendly platform, both Plus500 and Binance have something to offer.
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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.