Binance vs Bitfinex
Binance vs Bitfinex: Both exchanges are popular choices for active traders dealing ter alternative coins (altcoins). They’re consistently te the top five exchanges by trading volume, with Binance almost always ahead of Bitfinex.
Disappointingly to U.S. residents, Bitfinex discontinued service to the United States toward the end of . Albeit this discontinuation emerges to be improvised, it’s unclear how long it will actually last.
Service stoppages aside, it’s still significant to compare thesis superior exchanges. Ter this Binance vs Bitfinex exchange comparison, we’re going to voorkant all of the pros, cons, and details of each one so you can make a decision on which one is best for you.
We’ll talk about:
Binance vs Bitfinex Key Information
Binance is rigorously a cryptocurrency exchange – it doesn’t have a fiat on-ramp. Albeit you can deposit any supported cryptocurrency, you should stick with Bitcoin, Ethereum, Binance Coin, and Tether. Thesis are the only coins on the exchange that you can trade for other cryptocurrencies.
On Bitfinex, you can fund your account through handelsbank wires. The toneel supports the Euro, Japanese Yen, Pound Sterling, and U.S. Dollar. You’re also able to deposit cryptocurrency funds.
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Binance provides two interface options: Basic and Advanced. The two views are actually comparable te complexity, but the Advanced one has more contraptions available for technical analysis. Both views include the common charts and figures you’d find on any reputable exchange.
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On Binance, you can make market, limit, and stop-limit orders.
The Bitfinex interface is significantly more complicated than Binance. But, the toneel also supports more advanced trading. Along with market, limit, and other types of conditional orders, you can trade on margin spil well. Spil this brings a entire fresh level of risk to an already volatile market, wij recommend that you only trade on margin if you’re an experienced investor.
You’ll have trouble finding an exchange with lower fees than Binance. Binance charges just 0.10% vanaf trade and cuts the toverfee ter half if you pay with Binance Coin (BNB).
Bitfinex uses a trading toverfee schedule that calculates fees based on your trading history and whether you’re a maker (putting an order on the books) or taker (packing an order from the books). Maker fees vary from free to 0.10% while taker fees range from 0.10% to 0.20%. This is still low compared to most other exchanges.
Albeit Binance has more available cryptocurrencies than Bitfinex, you’ll most likely find whichever coin you’re looking for on either verhoging. Both exchanges support:
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To see a utter list of the cryptocurrencies that each exchange offers, you can check out here for Binance and here for Bitfinex.
Binance doesn’t have a deposit limit. However, your withdrawal limit is based on your level of verification. Without verification, you’re limited to Two BTC vanaf day. After you submit ID verification, you can withdraw up to 100 BTC each day.
Bitfinex hasn’t listed any deposit or withdrawal thresholds. It shows up that even without verification, you can deposit and withdraw any amount of cryptocurrency. This isn’t true for fiat transfers, however.
To deposit/withdraw fiat currency, you need to go through Bitfinex’s verification process. This process is more intensive than the verification steps on other platforms. To become verified, you’re required to submit an online form and arm overheen the following information:
- Telephone number
- Email address
- Two forms of government-issued IDs
- Bankgebouw statement
- Proof of address
If you’re awkward providing up this much information, you’ll most likely want to avoid using Bitfinex for fiat trades.
The cryptocurrency community holds Binance te much higher regard than Bitfinex.
Some community members are wary of Bitfinex’s connection with Tether and believe that the exchange is unethically printing more of the stable coin ter order to solve their own insolvency issues. Other traders also complain that ondergrens withdrawal amounts unfairly keep small-time investors’ funds locked on the verhoging. That being said, slew of investors have had positive practices using the exchange.
On the other palm, Binance has become the shining strak of cryptocurrency exchanges. Within 6 months, the toneelpodium grew from ICO to the largest exchange te the world. The Binance team is exceptionally semi-transparent on Twitter, and users seldom report any issues.
Bytecoin (BCN) Deposit Kwestie
Due to Bytecoin (BCN) network issues, deposits and withdrawals are experiencing severe delays. The Bytecoin project team is working to resolve the kwestie. Please be cautious of high price volatility and trade with caution.https://t.co/ZaUk3p2Wln pic.twitter.com/dhbAfd8naA
Bitfinex has the edge when it comes to security protocols, but your funds are safe on both exchanges.
Bitfinex keeps only 0.5% of cryptocurrency assets online, holding the surplus ter cold wallets. Additionally, thesis cold wallets need the manual approval of numerous Bitfinex employees to even permit access. The team also backs up the database every day, monitors for suspicious behavior, and permit you to instantly freeze your account if you think it’s bot compromised.
Binance doesn’t outline their security policies on their webstek, but there have bot a few instances te which the team has proved their dedication to security. Most recently, some Binance users fell victim to a phishing/API attack. Merienda the team spotted suspicious trading activity, they froze the accounts, reverted the trades, and returned funds back to the suitable users.
Customer support on both platforms is about equal and on par with the surplus of the industry. Spikes ter trading volume and fresh registrations sometimes causes delays ter response times, but otherwise, both teams are generally helpful.
Binance and Bitfinex have dedicated sections on their websites for FAQs, support tickets, and caudillo trading questions. You can find those sections here for Binance and here for Bitfinex.
Binance vs Bitfinex Conclusion
If you’re a U.S. resident, the decision is effortless – Binance is your only option.
For everyone else, however, you have a rough choice to make. You should consider Bitfinex if you have some practice trading and want to perform more advanced trading strategies. If trust and/or ease-of-use are your top priority, take a look at Binance.