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Bitfinex vs Binance: A Complete Exchange Comparison

When comparing Bitfinex vs Binance, which exchange platform should you use? We explain the key differences to consider here.


  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
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If you've been interested in the cryptocurrency world for any length of time, you've likely heard about two of the industry's most popular exchanges, Binance and Bitfinex. Both rank consistently in the top ten exchanges by trading volume.

So, how do you make a decision when it comes to dominant exchanges like Bitfinex vs Binance? It depends on a variety of factors. For example, Bitfinex recently discontinued service to the US. While a temporary situation, the company has yet to announce when they'll re-establish a stateside presence. 

Fortunately, Binance consistently outranks even Bitfinex in crypto rankings, so users in America will still enjoy stellar service. But there's much more to a final decision than these considerations. 

Keep reading for our full review of Bitfinex vs Binance. 

What Is Bitfinex?

One of the most popular platforms worldwide, Bitfinex consistently boasts the highest or second-highest daily trading volume of any digital currency exchange. When you read a good Bitfinex review, you'll learn that it offers a wide selection of coins and numerous trading pairs, a robust interface, and low fees. 

That said, Americans don't currently have access to the exchange. After discontinuing service to the states temporarily, Bitfinex has yet to make an announcement regarding its return. 

Advantages of Bitfinex

Bitfinex is owned and operated by iFinex, Inc. Founded in 2012, it's headquartered in Hong Kong. There are many compelling reasons that consumers continue to turn to Bitfinex to handle their crypto-financial needs. 

Which coins are supported by the platform? They include a wide variety of cryptos from Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) to NEO and QTUM. Bitfinex's website provides inexperienced traders with an overview of each coin as well as reviews. 

Unlike many other exchanges, Bitfinex offers impressive customer service. The company boasts an entire help center, which provides answers to commonly asked questions. There, you'll find everything you need to know about order types, currency overviews, getting started, and much more. 

Promoted

USD Margin Lending

  • Return rates optimized daily
  • Secure, stable investment growth
  • No minimum
  • No lock-up period, withdraw anytime

Bitfinex Fees

Bitfinex fees vary by each trade based on a fee schedule. Among the two top factors impacting trading fees are maker/taker status and trading volume over the previous 30 days.

Maker fees range from 0.0 to 0.1 percent, and taker fees fall between 0.1 to 0.2 percent. All deposits to the exchange are free, although you'll pay a 0.1 percent fee for deposits via bank wire. 

Bitfinex Security

One of the most compelling features of working with Bitfinex is its heavy focus on security. These security measures protect both your account information and your funds. 

What are some of the security measures Bitfinex provides? They include two-factor authentication (2FA). Bitfinex also uses verification tools such as alerts for malicious activity and IP address detection to ensure you're the only person logging into your account. 

Another safety factor worth remembering with Bitfinex is that 99.5 percent of all funds get held in cold wallets. The other 0.5 percent helps Bitfinex maintain daily operations. These cold wallets require manual authentication by several management team members to render them accessible. 

What Is Binance?

Binance represents another leading crypto trading platform. It offers among the most competitive rates worldwide. The platform is streamlined and easy-to-use, which makes it ideal for both beginners and seasoned traders. 

The company partners with third-party companies such as Simplex, supporting credit cards and wire transfer purchases of cryptos. Just know that these transactions come at a premium.

Based in Hong Kong, Binance was developed in 2017 by Changpeng Zhao (a.k.a. CZ). CZ's company, Beijie Technology, launched Binance with a successful initial coin offering (ICO) of $15 million. 

Those who invested in the ICO obtained Binance Coin (BNB), usable to trade cryptos and pay for fees on Binance. The initial value for BNB hovered around $0.1, but prices have appreciated as the coin's popularity has increased. 

Advantages of Binance

You'll enjoy a variety of services with Binance. They include access to:

  • Binance exchange
  • Peer-to-peer (P2P) trading
  • Credit/debit card
  • SEPA/wire transfers

The platform permits users to exchange fiat for Bitcoin and other cryptocurrencies. There are many different ways you can buy assets via Binance, including a peer-to-peer (P2P) trading service, which connects crypto sellers and buyers directly. 

Through its partnership with Simplex, Binance now offers users a brokerage service that accepts debit and credit cards. This service provides access to 31 cryptos for purchase. That said, be aware that it comes with a premium that can go as high as 3.5 percent on USD purchases. 

The platform now offers SEPA/wire transfer services, too. These services permit Binance to buy crypto directly with fiat using bank and SEPA transfers. You won't be charged any transaction fees with this service, making it especially compelling to users. 

Binance Fees

What do customers pay when it comes to Binance? It doesn't charge fees for withdrawals and deposits. 

How does the exchange get away with this? Because it only offers crypto trading, which proves much cheaper than handling fiat currency trades. 

You'll pay a fee of 0.1 percent on all trades, but you'll enjoy a 50 percent discount on all transactions made using Binance Coin. This simple approach to fees places Binance head and shoulders above the competition. 

Binance Security

Binance provides multiple layers of security for consumers' funds. The platform offers two-factor authentication (2FA) in two forms: Google Authenticator and SMS. 

The company also offers Level 2 Verification for Binance accounts. Level 2 Verification grants users a higher withdrawal limit and better protects them from hackers claiming ownership of their accounts.

Types
Platforms
Coins

Pros & Cons of Bitfinex

Pros

  • The platform offers the widest possible range of order types that includes limit orders, market orders, stop-limit orders, trailing stop orders, take profit orders, and more.
  • It supports a wide range of crypto assets including BTC and more than 160 altcoins.
  • One can instantly purchase Bitcoin through their credit card on Bitfinex. Other crypto assets up for the purchase with your credit card or debit card includes Tether, Tether Gold, Tezos, TRON, Ethereum, or other ERC20 tokens.
  • Bitfinex is a highly trusted crypto exchange with the provisions of anonymity.
  • Derivatives are traded on margin allowing users to access up to 100x leverage.
  • The platform has a demo portal helping users to try out all its features before signing up for an account.

Cons

  • History of vulnerability with 70 million US dollars worth of coins stolen from the site in 2017.
  • The user interface includes lots of features and options that may appear confusing for people who are newly initiated.
  • Comparatively higher 30% limit on balance during margin trading.
  • The wallet services are pretty basic.

Pros and cons of Binance

Pros

  • One of the most trusted brands in crypto
  • Best-in-class features with everything an advanced trader could want
  • Significant advantages when using the native Binance tokens BNB such as decreased trading fees
  • Very fast, easy to use interface
  • Binance offers extremely low transaction fees, particularly when using with their native BNB tokens
  • Assets are insured in case of security breaches. Except for breaches from personal security issues

Cons

  • Can be overwhelming for people who are new to crypto or trading
  • Much of its functionality is being disrupted by decentralised options like Uniswap
  • The platform doesn’t support most traditional payment methods
  • Currently, Binance US does not offer services in New York, Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, and Texas due to missing regulatory requirements
  • Binance does not give comprehensive daily market analysis

Frequently Asked Questions About Bitfinex

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

How Secure is Bitfinex?

Having witnessed a significant cyber-hack in the past, Bitfinex takes its security very seriously. The protection of the user account involves two-factor authentication and the ultra-secure FIDO Universal 2nd Factor (U2F) open authentication standard. It also requires advanced API key permissions, uses email encryption with open PGP, and also puts withdrawals protection into effect. The majority of the funds stay in offline, multi-signature cold wallets with only 0.5% of crypto assets being present in hot wallets for day-to-day platform operation. To keep the overall system secure, the platform leverages up-to-date Linux systems to host the platform and automatic real-time backup of the database, and an automatic Distributed Denial of Service (DDoS) protection.

What is the Fees-Structure of the Platform?

For order execution, the fees depend upon your trading volume in the last 30 days. The maker fees range from 0.020% to 0.100% and the taker fees range from 0.055% to 0.200%. For Margin Funding Providers, the lender’s fee is 15.0% of the fees generated by active margin funding contracts. It can go up to 18% when opened by a hidden offer. There are no fees on crypto and stablecoin deposits. Bank wire deposits are charged with a deposit fee of 0.1%.

Does Bitfinex have any Geographic Restrictions?

According to the Bitfinex rules, no U.S. Person may directly or indirectly use any of the Services or the Bitfinex site. Apart from the US, countries that ban the use of cryptocurrency would not be able to access Bitfinex.

What are the Payment Methods Supported by Bitfinex?

Using credit and debit cards, you can purchase Bitcoin, Tether, Ethereum, and other ERC20 tokens from Bitfinex.

Does Bitfinex Support Token Sales?

Yes. Bitfinex has a dedicated service platform meant to facilitate token sales under certain conditions and guidelines.

Frequently asked questions about Binance

We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.

Which cryptocurrencies does Binance support?
What products does Binance offer?

Binance offers the following products:

  • Binance JEX
  • Binance P2P trading
  • Binance Crypto Loans
  • Binance OTC
  • Binance Savings
  • Binance Staking
  • Binance Chain and Binance Coin (BNB)
  • Binance USD (BUSD) and Binance GBP stablecoin
  • Binance Charity
  • Binance Labs
  • Trust Wallet
  • Binance Cloud
  • Binance Card
  • Binance Jersey
  • Binance US and other localized versions of Binance exchange
Is Binance insured?

Yes, Binance is insured against security breaches through the Secure Asset Fund for Users (SAFU). Binance began contributing 10% of all trading fees received to this fund in July 2018 in order to offer insurance in the event of security breaches.

Does Binance have a storage wallet?

Binance has a stand-alone wallet called the Binance Trust Wallet, that allows users to store cryptocurrency outside of Binance.

How effective is Binance’s customer support?

Binance support staff is receptive and willing to provide detailed advice to traders in need. Help tickets are submitted via the web site’s online form, and answers are sent back via email.

Does Binance have an app?

Yes, the Binance app is available on both iOS and Android.

How much Are Binance transaction fees?

Binance charges a transaction fee of 0.1% for all trades. It also offers a 50% discount on fees for trades made using Binance Coin.

What payment methods are accepted on Binance?

Binance supports the following payment methods:

Bank transfer

Credit or 

Debit card

Cash

What countries can make payments with a bank card on Binance?

Bank card payment is supported in the following companies:

  • Austria 
  • Belgium 
  • Bulgaria 
  • Croatia
  • Czech Republic 
  • Denmark
  • Estonia
  • Finland 
  • France 
  • Germany 
  • Greece
  • Hungary 
  • Iceland
  • Ireland 
  • Italy
  • Latvia
  • Liechtenstein 
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands 
  • Norway 
  • Poland
  • Portugal
  • Republic of Cyprus 
  • Romania 
  • Russia
  • Slovakia 
  • Slovenia 
  • Spain
  • Sweden 
  • UK
  • Ukraine

Bitfinex vs Binance: The Takeaway

What's the final word when it comes to Bitfinex vs Binance? As you can see, there are many compelling advantages that come with using Bitfinex and Binance.

Both platforms rank in the top ten among popular crypto platforms. They come with rave reviews and large trading volumes. But if you live in the United States, you won't have access to Bitfinex at the moment. Fortunately, Binance provides a stellar alternative.

Are you interested in exploring other cryptocurrency platforms on the market today? Check out our comprehensive listings of some of the most popular companies in the industry today.

  • Features
  • Ease of use
  • Security
  • Support
  • Reputation
  • Fees
  • Overall
  • 3
  • 4
  • 3
  • 3
  • 4
  • 4
  • 3.5
Go to site
  • 5
  • 4
  • 3
  • 3
  • 4
  • 4
  • 3.83
Go to site