Looking for the perfect crypto exchange? Look no further than our comparison of Revolut vs Binance. We've analyzed everything from fees and deposit methods to product offerings and KYC requirements. Read on to find out which exchange is right for you!
Revolut and Binance are two very different exchanges with their own unique features and offerings. Revolut is a neobank that was founded in 2015 and has since grown to over 7,000 employees. Available in over 60 countries, Revolut is known for its innovative approach to banking and extensive array of features.
Revolut crypto
The exchange supports over 100 cryptocurrencies, making it a popular choice for crypto enthusiasts. With an estimated user base of over 25 million worldwide, Revolut is a major player in the banking and crypto world.
Revolut app
On the other hand, Binance is one of the largest and most popular trading platforms in the world. Founded in 2017 by Changpeng Zhao, the exchange is registered in the Cayman Islands as Binance Holdings Ltd and has over 6400 employees.
Binance exchange
Binance is available in 186 countries but is restricted in others, such as the US, Ontario, Iran, and Syria. The exchange supports over 350 cryptocurrencies and numerous trading pairs, making it the most liquid exchange in the world.
With over 120 million users worldwide and the Binance Android app downloaded over 50 million times, Binance is a go-to exchange for many crypto traders.
Binance app
In short, Revolut is a neobank that also offers traditional banking services such as currency exchange and savings accounts. Binance, on the other hand, is solely focused on cryptocurrency trading. Both exchanges have their own strengths and are popular among crypto enthusiasts.
Revolut vs Binance Signup & KYC
When it comes to signing up for a Revolut account, the process is fairly simple. All users need to do is download the app and follow the instructions provided. Creating a Revolut account takes just a few minutes, and users can start using their account as soon as they have been verified through KYC.
The KYC verification process on Revolut typically takes between 5-10 minutes, up to a few hours in some cases.
On the other hand, creating a Binance account is even quicker and can take less than a minute. However, in order to access all the features of Binance, users must verify their account through KYC. This process involves submitting personal information and documents such as country of residence, address and government ID.
Binance KYC
The KYC verification process on Binance can take as little as 15 minutes, but in some cases, it may take up to 2-3 business days. Overall, both Revolut and Binance require KYC verification to use their services while the signup process on Revolut takes longer as users are essentially opening a new bank account.
Revolut vs Binance Products & Services
Revolut is a fintech bank that offers users simple banking with features such as multi-currency acounts, money transfers, debit cards, saving vaults and cryptocurrencies. In terms of cryptocurrencies, Revolut account holders can buy and sell over 100 cryptocurrencies via the app.
Revolut cryptocurrencies
Revolut also offers staking rewards for 4 cryptocurrencies in Dot, XTZ, ETH and ADA. And for total beginners, Revolut also offers learn and earn where users can learn about cryptocurrencies and earn tokens. Users can also use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet.
Revolut spare crypto vaults
The user experience for buying and selling cryptocurrencies on Revolut is alright. For Revolut, crypto is simply an additional feature in their banking app and not the main product by any means. But it does allow their over 25 million users to quickly and easily get exposure to a decent range of cryptos.
Binance being a fully fledged cryptocurrency exchange provides a much wider variety of products, services and cryptocurrencies as compared to Revolut.
This includes trading services that includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading. Binance also offers contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies.
Binance spot trading
For those that wish to take on leverage (more risk), Binance offers max leverage of up to 125X on futures and 5X on margin trading.
Binance also offers trading bots and copy trading which allows users to follow and copy the trades of successful traders. Lastly, Binance provides leveraged tokens and for users who want to earn on their assets, staking, lending and different types of vaults.
Binance levereged tokens
For those that wish to trade NFTs or store their digital assets in a non-custodial wallet, Binance can satisfy those needs with it's own NFT marketplace and acquired Web 3 wallet in Trust Wallet.
Binance NFT marketplace
The user experience on Binance is quite good considering the wide range of products on offer. It manages to offer this wide range without overwhelming the user. Liquidity on Binance is one of the best in the world with daily spot trading volumes frequently exceeding $10 billion.
While Revolut has done well to integrate basic buy and sell of cryptocurrencies in their banking app, it can not compare to the full stack range of products and services offered by Binance.
Revolut and Binance are two popular companies but when it comes to trading fees, they are not created equal. Revolut charges a steep fee of 1.99% for buying and selling cryptocurrencies, regardless of monthly trade volumes or token holdings.
This is 20X higher than Binance's spot maker fee of 0.1% and spot taker fee of 0.10%. And for those that wish to trade futures, Binance charges a maker fee of 0.02% and 0.04% for takers.
Binance also offers lower trading fees for those with monthly trade volumes exceeding $1 million or holding at least 25 BNB tokens.
Binance spot fees
In comparison, Revolut does not offer any discounts for high volume traders and everyone pays the same fee. When it comes to trading fees, it's clear that Binance is the big winner in this matchup.
When it comes to depositing funds on cryptocurrency exchanges, there are a variety of options available depending on the exchange. Let's take a look at how Revolut and Binance compares.
Starting with Revolut, it's important to note that they aren't your typical cryptocurrency exchange. Revolut is actually a bank, which means that users can simply use the funds they already have in their account to buy cryptocurrencies. This can be a convenient option for users, but it's worth noting again that the fees are very high.
On the other hand, Binance is a traditional cryptocurrency exchange that supports 26 different fiat currencies including USD, EUR, AUD, GBP, and many others. Fiat deposits on Binance can be made via bank transfer or with a credit or debit card.
Binance fiat deposits
They also support other methods such as PayID and Advacash. When it comes to deposit fees, Binance charges a 1.8% fee for deposits made with Visa or Mastercard. Bank transfers via SEPA come with a 1 EUR fee, while those with an Advcash account can deposit with a 1.5% fee.
Revolut offers users the ability to withdraw cryptocurrencies from the app, but with a catch. They charge a network fee plus a service fee on top, which is added by Revolut. Unfortunately, the service fee depends on the amount being withdrawn, leading to higher fees than traditional crypto 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 fiat withdrawal
They do charge a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, but offer a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies.
In summary, Revolut and Binance are two very different exchanges with their own unique offerings. Revolut is a neobank that offers traditional banking services as well as cryptocurrency trading, with over 100 supported cryptocurrencies.
Binance, on the other hand, is solely focused on cryptocurrency trading and supports over 350 cryptocurrencies and is one of the most liquid exchange in the world. Both exchanges require KYC verification for their users, with Revolut's process generally taking longer than Binance's.
When it comes to trading fees, Binance is the clear winner with lower spot fees of only 0.1% with the addition for discounts for high volume traders. Revolut charges a steep fee of 1.99% transaction fee for buying and selling cryptocurrencies, regardless of monthly trade volumes or token holdings.
This is 20 times higher than what Binance charges which means that Binance is easily the preferred options for users that want to save money on fees.
In terms of deposit methods, Revolut allows users to use their existing funds to buy cryptocurrencies, but with high fees. Binance supports a wide range of over 20 fiat currencies for deposits and offers multiple deposit methods, with fees varying depending on the method used.
Overall, the main strenght of Revolut is that existing users can buy and sell cryptocurrencies without leaving the app or signing up to another exchange. The downside is that the fees are super high, they can only buy a limited range of cryptocurrencies, and the product range is limited. For those that want to avoid those downsides, Binance provides a compelling solution.
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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.
