Binance Vs Enormous 7 Step Comparison For You

Binance Vs - Cover


Today, let us compare Binance Vs and see which one is better. These are two of the best Cryptocurrency exchanges in the market today. – An introduction is not an ordinary name, rather it is one of the known names in the crypto industry. It stands among the top 10 Centralised exchanges of the Crypto World. Since 2016, this platform is functioning smoothly and has always been on the popularity charts of the year, and has gotten the title of the emerging crypto exchange. is nothing but a mission that aims at accelerating the transition toward the industry of cryptocurrency. And it is an exchange that supports the trading of cryptocurrencies, investing in them, staking, and wallets to provide security, NFTs, and whatnot. 

Binance – An introduction

The man behind the creation of Binance in 2017 was Changpeng Zhao, also known as “CZ”. When he would have come up with the concept of Binance, he could have never imagined that one-day Binance could become the World’s Largest Cryptocurrency Exchange. Though in the initial phase the Exchange had a lot of trouble with the US Lawmakers. But, when the launch of the final separate version for the US came up, “Binance US“ there was a change in the scenario. Still, it maintains a separate version for other International users. 

In this article, I will compare Binance with Kraken and see which one stands out. But, first, we will discuss Binance including a hot question that many of you ask, ‘ is it safe enough to invest in?”

Binance is a Centralised Cryptocurrency Exchange and has its headquarters in the Cayman Islands; Mahé, Seychelles. Initially, its headquarters were in China. In 2019, Binance acquired WazirX so that it could target the Indian market.

Till now, you know that Binance is a Centralised Exchange. In simple words, the meaning of Centralised Exchanges is that the control, decision making, and operations of the Exchange are Centralised. Therefore, the above-said functions are in the hands of a third party which might either be an enterprise or an association. 

Today the topic of our discussion would be whether is better than Binance. And our judgement would be based on the following factors-

  1. Fee structure 
  2. Trading Options
  3. User Friendliness
  4. Platform Security 
  5. Products Offered 
  6.  Customer Support 
  7. User Verification Process

So, let us begin the comparison between the two.

1. Binance VS Fee Structure

Binance Vs - Fees
Binance Vs – Fees

Binance Fee

When you trade, that means when you buy, sell or exchange your cryptocurrency on any centralised exchange, you have to pay a fee. Each centralised cryptocurrency exchange like Binance puts in a lot of funds in the developing process, innovating the platform and then maintaining these platforms. Hence, this fee acts as compensation in the exchange for letting you use their platform.

Most exchanges charge a small amount of fee. But when the quantum of transactions increases the total amount also becomes massive. Similarly, Binance also charges a fee that ranges between 0.1 to 0.02% for higher ranges of trade. They are known as spot trade fees. With Binance you get access to different trades like Spot, Margin, Futures, P2P. The fees for them vary as well.

Binance charges the fees in a properly organised way. Therefore, it consists of categories. The categories are made based on the 30-day Trading volume of the investors investing in it. For example, VIP0 is for those traders who have the least trading volume. Whereas, VIP9 is for those who have the highest trading value in the tier. Fee

The fee structure of is in the form of a hierarchy. Therefore, it requires time to understand the structure of the platform. Here, is the structure-

Maker Fee

The range of the maker fee is between 0.04% to 0.10%. Similar to Binance,, charges according to the trading volume in the last 30 days. If you trade in derivatives, then the maker fee would be between 0 to 0.025%. The exchange won’t charge you any fees if the buy/sell order is not complete within the limit.

Taker Fee

When the order is completed immediately, then in that case you have to pay the taker fee. This fee ranges from 0.10% to 0.16%. If you are trading in derivatives, then the taker fee would be between 0.15% to 0.04%. Here, too, the final fee is according to the last 30 days’ volume.

Credit/Debit Card Processing Fee in Mobile Phone

The processing fee for the use of credit/debit cards is between 2.99% to 3.99%. You have to pay this fee when you buy or sell cryptocurrency through For the new users, the trading fee is Nil. 

Network Fee

You have to pay the network fee to the miners directly.

2. Binance VS Trading Options

Binance Vs - Trading Options
Binance Vs – Trading Options

Binance Trading Options

Binance Spot Trading

With it, you get various types of spot trading like Market and Stop Limit, and the interface remains simple with no complications. However, if you are an advanced investor, you will require a few more tools like Trailing trade, Ladder limit, etc. And all of them are available for your use at Binance for the time being. Having said that, as a new investor, you require nothing more than what Binance offers you.

Binance Margin Trading

With the help of Margin trading, the investors can leverage their trade by borrowing funds. For example, if you have $100 and you want them into a trade. Then, in that case, Binance can lend money to you in the form of a small commission and leverage this $100. Let’s say you select leverage of 3x then with Binance’s funds, you will be able to enter into a trade having the value at $100×3 i.e. $300. 

With the help of this, you can triple any profit that you make on the trade. However, if you lose, then according to Binance’s algorithm, it automatically squares the transaction, so you do not suffer losses over and above your initial fund which also means less borrowing commission. Therefore, in this way, Binance allows both cross and alone-margin trading.

Binance Options Trading

Options trading allows the investors to have their choice of either buying or selling a crypto asset at the pre-agreed price. There is no obligation to buy or sell as the case may be. However, in either case, the investor has to pay a fee to Binance for entering into the arrangement and avail of the features.

Binance Futures Trading

With the Binance Future Trading, you can either buy or sell a crypto asset at a future price. You do not have to follow the present price of the crypto. Here, the buyer and seller enter into a mutual agreement to buy or sell the asset at a future price on which they both agree. Trading Options

The trading here is done against Bitcoin, Tether, and CRO tokens. The assumption is that over time many more crypto pairs will join the exchange. Apart from the regular trading, we have two other options- margin trading and derivatives trading.

The investors deposit CRO, DAI, USDT, and USDC into the derivative wallet. The different multi-collateral features use automatic and manual conversion among CRO, DAI, USDT, and USDC. With this, the user enjoys different trading fees discounted based on the amount of CRO they hold and the flexibility of use.

3. VS Binance: User Friendliness

Binance Vs - User Friendliness
Binance Vs – User Friendliness UI

Most of the transactions that we make, all happen through the mobile application. The application is available both on iOS and Android devices. If you have traded in cryptocurrency through a mobile phone in the past, then you might be knowing that the experience is surely a good one.

On a mobile application, everything is available in a compact device. It includes a glance at the portfolio too. Here, we get loads of options through which we can perform the trading process and receive better returns by trading in crypto.

There are a lot of charts on Some are easy to understand and depict a lot of data whereas some are very complex. The website has pages containing the details. Through the website, you can learn about blockchain and the cryptocurrencies that it contains for investment purposes. 

Binance UI

Binance is indeed a very user-friendly platform. With the help of a simple and seamless website design and application, it becomes simple for the users to use it. The ‘Lite Version’ of Binance is for the new users, whereas the ‘Pro Version’ targets the advanced users.

With the help of the Lite Version, the users can simply buy and sell the crypto assets without encountering any hassle. The user interface is simple to understand. Because even if you are new to the platform and have never done any investment, do not worry, you won’t get understanding problems with it. Once you are clear with the basics of investing in the Lite Version of Binance you can then jump to its Pro version with a single click. 

With Binance you get full flexibility to anytime switch back to its Lite Version and then to the Pro Version. Though on the website you will only witness one version and it is easy to understand and explore.

4. Binance VS Platform Security Vs Binance - Security Vs Binance – Security

We know that the legal authorities do not participate in cryptocurrencies. Therefore the need for security increases even more.’s Security

It is a safe platform for you to trade. Here, you can trade through a mobile application as well as through your wallet. The cryptocurrencies are stored in cold storage. With you get insurance in case of theft or damage of an amount worth 500 million dollars.

Security Features are as follows-

Multi-signature Hardware Security Modules 

The HSM is vital to protect the HSM wallets. It includes the withdrawals that are secure at the hardware level. The company only has a small portion of the total holdings.

FDIC (Federal Deposit Insurance Corporation)

These are the varied bank accounts that has to save its fiat currencies. Every bank account is insured by the FDIC insurance given by all the American banks.

Real-Time Threat Detection

With the help of encryption for mobile and website, the platform secures cryptocurrency. With the help of firewalls and security measures, it works to avoid any sort of breaches.

2 Factor Authentication

In, you can add 2-factor authentication to the user account. By doing so, you put an extra layer of security into their investments. In this way, you are safeguarding your assets with another layer of protection.

Binance Security

Security is the most concerning aspect for any cryptocurrency investor. Because the Centralised exchanges are vulnerable, therefore people witness different hacking cases. Wondering why is it so vulnerable?

The answer is that the vulnerability of Binance is because the private keys of cryptocurrencies lie with Centralised Exchanges and not with the investors. It means that when you perform a transaction on the Centralised Exchange, you make it with the pool on the Exchange and not the cryptocurrency. You should know that the ownership of the cryptocurrency is with the Centralised Exchange. The CEX displays you as the owner of the cryptocurrency only for record-keeping and trading sake. Nothing more than that.

It is not just the case with Binance but with all the Centralised Exchanges. However, if you go with Decentralised Exchanges, the private keys remain with the investors in their wallets, increasing the security levels.

In the past, even Binance has not been an exception. But, thanks to the financial standing of the exchange, it was able to help them out from the investor’s loss. Once Binance got hacked and lost its funds worth 7000 BTC in 2019. But, the investors got their money back and they did not suffer any loss.

Now, the cryptocurrency is kept in the Cold Wallet by Binance, instead of a Hot Wallet. Why a cold wallet? Because it is safer than the hot wallet, due to the inefficiency of connecting to the Internet.

The Two-Factor Authentication

The next factor to consider in security is- 2 Factor Authentication.

It is a personal recommendation to go for 2 Factor Authentication (2FA) if you perform any sort of transaction at a Centralised Exchange including Binance. With the help of the @ factor authentication, you get extra security for the funds that you own.

Therefore, whenever there is a login or transaction request from your account, the Binance platform asks for an additional code sent on your mobile(SMS), email, or Google/ Binance Authenticator. Accordingly, please check the configuration of the 2-FA with your mobile or Email or Google/ Binance Authenticator beforehand. It will help you understand the use of this feature better.

The interesting fact is that Binance supports hardware 2FA keys like YubiKey too. All you need to do is, physically connect the Yubikey to your device before the occurrence of any transaction from the account. And you are all set to go.

5. Products Offered Vs Binance - Products Offered Vs Binance – Products Offered

Binance Products

Yes, Binance is phenomenally successful, but what might be the reason behind it? The important reason for the success of Binance is its innovative range of products. Before you know more about the products, first let me clarify that they are not the same as the trading options. Binance provides its users with a variety of options through which they can make a profit. And these options are available on the ‘Earn’ tab of their website. Here, is the list of the popular products that Binance offers-


In the Binance’s Staking pool, the investors can pool the cryptocurrencies that they own. With the help of staking, the investors have the surety of getting better returns than what they will receive in solo staking. If you stake a higher amount of cryptocurrency, the chances are that you will receive higher chances of returns. Therefore, do use a Staking Pool for better experience and profit. Currently, in Binance we have 80 products for locked staking and 11 for Defi staking. To understand more about staking and the rewards associated with it. 

Liquidity Mining

Often used irreplaceably with Liquidity Farming, Investors can earn interest or rewards by adding liquidity to the Liquidity pools with the help of Binance. Like staking, Binance has a huge liquidity pool for various crypto assets. More about Liquidity.

Mining Pool

Binance also offers Cryptocurrency Mining pools for investors who want to lend their hash rate.

BNB Vault

BNB is a yield aggregator. Investors can participate in Launchpool, Savings, Defi staking, and other projects using BNB to earn rewards. 

Dual Investment Plan

Dual Investment as the name suggests involves two currencies. You have to deposit currency by subscribing to the plan and get returns in either currency.

Auto Invest

With the Auto invest plan, you can earn a passive income regularly. You just need to pick the cryptocurrency you want to invest in and schedule the plan. You can redeem the cryptocurrency at your will. Apart from the above Binance also has its own: 


Binance operates its native Launchpad. Binance Launchpad and Launchpool are platforms that provide advice to new teams with new projects. It looks after the pre-launch, listing, and even marketing of the projects. So the project team can focus just on the project development and implementation. 

NFT Marketplace

The Binance NFT marketplace is one of the most successful NFT marketplaces around. You can also host your NFTs by creating an account with Binance here. Products

Metal VISA Cards

You can now get offers on your purchases as has a tie up with VISA for transactions with cryptos. You can get a 5% cashback.


Similar to Binance, also showcases NFTs at its platform. You can buy, sell and showcase your NFTs here.

Crypto Earn

With you can earn rewards both on the coin and in terms of CRO ( native currency) by storing your coins with the exchange.

Crypto Credit

You can get a loan against your cryptocurrency with Your currency remains yours and is taken as a collateral for the loan that you take.

6. Vs Binance: Customer Support

Binance Vs - Support
Binance Vs – Support has customer support that solves the problems of the customers through email and live chat. For the queries, there is no specific time allotment, but according to my research, it takes a minimum of 2 days for the customer support to respond to your query.

On a live chat, you get the solution to your queries within 10 minutes. Remember that there is no support available through mobile phones to the customer support of The most common problem that the user faced is with the locked accounts. Therefore, for such queries to dissolve the customer support requires time and it might take a bit longer than usual for the solution to come. 

No such critical & exchange platform that does not witness issues during the work process. If such problems occur with then they have a reliable solution that is customer support. Customer support is a big advantage for this exchange because it acts as a guide for all users. Also, have pages that you can read and resolve the problem by yourself.

Social Handles of

Binance Social Handles:

7. VS Binance US: User Verification Process Vs Binance - Registration Process Vs Binance – Registration Process – Registration Process

The follows the KYC verification process for the verification of its users. If you want to register the customer through KYC in the Know Your Customer Verification Process, you will require the following-

  1. Your Legal Name 
  2. A clear photograph of your government-issued ID. 
  3. One selfie 

 You have to open the account through the app or website. You can not share your information through email or the chat section in the application.

For the verification process, the proof should be a government-issued passport. But, if you do not own a password in that case the driving licence by the government verification will work.

The KYC process is quite simple, all you need to do is provide your information: the ID card photograph and the selfie. Once you submit all the documents you will see that the verification status says pending. The pending stage is the one where the team checks your application. The process can take a few hours or even a couple of days.

If the status does not change from pending within the 3 business days, then you can contact the support team through customer support. However in such cases usually the user is asked to provide additional information for the verification.

If the status shows verification incomplete, then in that case you have to resubmit the application and repeat the entire process from this start. The alternative for this is to contact the support team and ask them to solve the issue. But, it might consume time.

Binance – Registration Process

Binance follows the same KYC verification process. And similar steps. You can register for Binance here.

The final comparison table of Vs Binance

Parameters of ComparisonCrypto.comBinance
Founded In20162017
Website LinkCrypto.comBinance
Founding MembersKris MarszalekChangpeng Zhao
Available in Number of Countries 180100
Minimum Deposit$1$0
Number of Coins Supported383226
Transaction Fee0.10%-0.02%0.04%-0.4%
Summarized Comparison Table of Vs Binance

The Verdict

Though both the exchanges have loads of features and are both customer friendly.

However, looking at the above comparison it is quite evident that Binance turns out to be at a better podium than However, you can keep as a second exchange because there will be certain coins that you would like to invest in that are not available at Binance.

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