Swissborg vs Binance: We Have A Clear Winner Here! 🤓
7 min read
Swissborg vs Binance: In this comprehensive comparison, have looked at all the major factors that differentiate these cryptocurrency exchanges. From KYC to trading products, trading fees to supported countries, we cover all the essential aspects to assist you in making an informed decision. Keep reading and we promise you will quickly discover the best exchange for your needs!
Binance which was founded in 2017 by Changpeng Zhao is registered in the Cayman Islands as Binance Holdings Ltd. Binance have in 6 short years grown to become the largest and most popular trading platform in the world.
The company has over 6400 employees and is available in 186 countries with the exception of locations such as the United States, the UK, Canada, Iran, and Syria.
Binance offers a comprehensive suite of trading and financial product that includes among others spot trading, futures trading, options, staking vaults and earn products. It supports over 350 cryptocurrencies, numerous trading pairs like BTC, ETH, USDT, USDC, BUSD and is the most liquid exchange in the world.
Binance has over 140 million users worldwide, and its Android app has been downloaded over 50 million times with a rating of 4.4 based on over 1 million reviews.
Compared to Binance, Swissborg is a tiny exchange that was founded in 2017 by Anthony Lesoismer and Cyrus Fazel. Swissborg is headquartered in Lausanne, Switzerland and the company has over 200 employees.
Swissborg is a Swiss-based exchange and wealth management platform that aims to provide a user-friendly mobile app for beginners. It has a userbase of over 700,000 users mainly in Europe.
It's services are however available in over 50 countries across Africa, Europe, Asia, North America, and South America. However, Swissborg is restricted in countries like the US and Turkey.
The Swissborg app has been downloaded over 500,000 times and has a solid 4.3-star rating. Swissborg offers users the option to buy and sell a limited range of 50 cryptocurrencies, including Bitcoin, Ethereum, Swissborg Token, USDC, USDT, BNB, XRP, AVAX, and others.
Swissborg vs Binance KYC Requirements
When it comes to signing up for an exchange like Swissborg or Binance, the process is more straightforward for Binance than Swissborg.
Let's start with Binance. Creating an account on Binance takes less than a minute, which is great for those eager to get started in the world of cryptocurrency trading. However, in order to unlock full account privileges, users must verify their account through the Know Your Customer (KYC) process.
This means submitting all the required information and documents for verification, such as your country of residence, address, and government ID. While this may sound like a time-consuming process, it actually only takes a few minutes tops.
Once your account is verified, which can take as little as 15 minutes or as much as 1-2 business days, you can trade to your heart's content on Binance.
Speaking of KYC, Swissborg also requires all users to go through the KYC process. To begin using Swissborg, users must first download the app on either Android or iOS.
Once downloaded, users must verify their phone number, create a 4-digit passcode, and provide personal details such as their email, residential address, identity verification, and answer a questionnaire. This process take longer compared to Binance, but it is necessary to access the services on the Swissborg app.
Swissborg then typically verifies users within 1-2 business days. So, if you're looking for a quicker signup and verification process, Binance is the way to go.
Swissborg vs Binance Crypto Products
Swissborg is a cryptocurrency exchange that offers a very limited selection of products and services compared to Binance. On Swissborg, users can buy and sell a small selection of 50 cryptocurrencies and earn interest on 16 digital assets.
The exchange also offers its own native token called CHSB that benefits from the growth of the ecosystem. Swissborg is in the process of launching its own multi-asset launchpad where users can access early-stage opportunities.
For users who are sitting on assets such as USDT, MATIC, SOL, BUSD, ETH, USDC, BNB and others, they can also earn interest rewards by lending out their assets on Swissborg.
For more experienced users that want something more beyond the most well known cryptocurrencies, they will need to venture beyond Swissborg.
On the other hand, Binance is a well-known cryptocurrency exchange that provides a wide range of trading services and products. Binance offers spot trading, futures trading, margin trading, perpetual swaps, and options trading.
Users can settle contracts either perpetually or on a quarterly basis using various cryptocurrencies such as USDT, BUSD, or other cryptocurrencies. Binance also offers additional features such as trading bots, copy trading, leveraged tokens, staking, lending, and different types of vaults.
The exchange has its own NFT marketplace and a Web 3 wallet called Trust Wallet where users can access cryptocurrencies in a non-custodial fashion.
Binance also has one of the best liquidity levels in the world, with daily spot trading volumes frequently exceeding $10 billion. Leverage is available only on Binance with up to 100X leverage on futures and up to 5x on margin trading.
So while Swissborg offers a more limited range of products and services for beginners, Binance caters to both beginners, professional traders and institutional clients with its extensive range of products and services.
When it comes to trading fees, Binance charges a spot maker fee of 0.1% and a spot taker fee of 0.10%. When it comes to futures trading, Binance offers a maker fee of 0.02% and a taker fee of 0.04%.
These fees are very competitive and fall well below the industry standard. However, what makes Binance even more attractive is the opportunity for traders to lower their fees.
If monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens, trading fees on Binance can be decreased. This provides an incentive for traders to engage in higher trading volumes or hold BNB tokens in their portfolios.
Now let's switch gears and focus on Swissborg. The exchange offers different types of trading fees, including exchange fees and thematics fees.
The exchange fees range from 1% to 0.25% depending on the account status of each user. For example, users with a Standard account (lowest level) will have a higher fee compared to those with a Genesis account (highest level).
As for thematics fees, they range from 2% for standard accounts to 1% for Genesis accounts. Binance as such offers much more competitive spot trading fees than Swissborg. This makes Binance the obvious choice for users that do not want to overspend for basic buying and selling.
Swissborg and Binance are both popular cryptocurrency exchanges that offer a range of deposit methods for fiat currencies. However, there are some differences between the two exchanges in terms of the fiat currencies supported and the deposit fees.
Swissborg supports four fiat currencies: EUR, GBP, CAD, and CHF. For GBP deposits, users can make use of Faster Payments (FSP) or Swift transfers.
For EUR deposits, SEPA is the recommended method. And for CAD and CHF deposits, users can use Swift transfers. Additionally, Swissborg also allows users to deposit funds with Visa or Mastercard, although there is a minimum fee of 5 EUR and the fees range between 1.5% to 4.5%.
On the other hand, Binance supports a much wider range of fiat currencies, totalling 26 in number. Some of the supported fiat currencies on Binance include USD, EUR, AUD, GBP, SEK, DKK, PLN, and many others.
The deposit methods for fiat currencies on Binance include bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Users can also make fiat deposits using Visa, Mastercard, PayID, and Advacash.
However, it's important to note that there are deposit fees associated with different deposit methods on Binance. For instance, fiat currencies deposited with Visa and Mastercard incur a 1.8% fee, while bank transfers via SEPA come with a 1 EUR fee.
If users have an Advcash account, they can deposit with a 1.5% fee.In terms of fees, Binance charges a fee for fiat deposits made with Visa, Mastercard, SEPA, and Advcash, while Swissborg offers free deposits from a bank account.
Binance provides multiple options for withdrawing fiat currencies. Users can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard. For SEPA withdrawals, there is a fixed fee of 1 EUR, while bank withdrawals with other fiat currencies are free of charge.
When it comes to withdrawing cryptocurrencies on Binance, the withdrawal fees are as follows: 0.0002 BTC, 0.000768 ETH, 0.008 SOL, and 3.55 USDT for USDT (ERC-20).
If you wish to withdraw fiat or cryptocurrencies from Swissborg, there is a 0.1% execution fee. Swissborg's fee structure is unique, as the bigger the withdrawal amount, the higher the fee.
This is obviously a way worse method as users who withdraw more have to pay higher fees, compared to the fixed withdrawal fee offered by Binance.
When it comes to cryptocurrency withdrawals on Binance, the withdrawal fees vary based on the type of cryptocurrency. For Bitcoin, the fee is 0.0002 BTC, for Ethereum it's 0.000768 ETH, for Solana it's 0.008 SOL, and for USDT (ERC-20) it's 3.55 USDT.
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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.