Binance or Bitfinex? In this crypto exchange comparison article, we will outline the two most popular crypto exchanges.. Each has both advantages and disadvantages over the other.
Binance or Bitfinex?
Binance is younger; Founded in July 2017. He came to the world by going through the ICO process and selling BNB tokens to his investors. Bitfinex, on the other hand, has been in this market for a much longer time; Founded in October 2012. Both exchanges are from Asia. Although Binance has moved its headquarters to Malta due to the restrictions of the Chinese government, Bitfinex continues to serve in Hong Kong.
By Types of Crypto Exchanges
There are basically two types of crypto exchanges. Crypto-crypto exchanges and fiat-crypto exchanges. On crypto-crypto-type exchanges, transactions are carried out only between cryptocurrencies. Fiat-crypto exchanges, on the other hand, allow you to buy cryptocurrencies in fiat currencies such as USD, JPY, EUR.
Binance is a typical example of crypto-crypto exchanges.. Fiat does not provide a crypto wallet service and is not included in transactions.. Bitfinex is a fiat-crypto type exchange.. You can buy and sell cryptocurrencies on the Bitfinex exchange in Dollar, Euro, Yen and Sterling. Of course, you can trade on both cryptocurrencies.. Bitfinex exchange supports direct deposit and withdrawal orders from your bank.
By Supported Cryptocurrencies
Binance currently hosts 385 cryptocurrencies. Most of these cryptos have Bitcoin and Ethereum pairs.. In addition to these two, the stock market has opened parity with USDT and BNB.. Recently, Tether has started to add another stable coin, PAX, to the parities due to the loss of prestige.
PAX move from Binance to end Tether’s dominance!)
Bitfinex has listed 114 cryptocurrencies. Its list includes major cryptocurrencies such as Bitcoin, Ethereum, Monero, as well as cryptocurrencies with small trading volumes such as Metaverse ETP, Nucleus Vision, and Kyber Network.
Binance has started classifying cryptos! Here are Binance’s ‘gold branded’ altcoins!)
By Number of Supported Countries
You can become a member of Binance from any country in the world, open an account and trade. It is not subject to any country’s restrictive laws as it does not accept fiat money.. It is not subject to the legal restrictions set by the countries.
Bitfinex, on the other hand, is in direct contact with the law-making authorities of the states as it allows fiat currencies.. For example, Bitfinex is not open to US citizens. The identification of some cryptocurrencies listed by the exchange as bonds by the country’s competent authority, the SEC, led to a crisis in 2017.. That’s why it had to withdraw from one of the world’s largest cryptocurrency markets since 2017.. It is not known whether this problem can be resolved in the future, but this is the current situation for now.
It should be noted that Bitfinex does not have problems with other states if the problems with the USA are ignored.. Since one of the fiat currencies it supports is not Turkish Lira, it does not directly appeal to Turkish users.. However, transfers can be made from foreign currency deposit wallets of Turkish banks.
By Ease of Use
If you ask Binance or Bitfinex according to ease of use>, we can easily say that Binance is ahead by far.. Extremely simple interface is ideal even for novice traders. In addition, its mobile application puts it one step ahead of its competitors.
Birfinex, on the other hand, is in a slightly different lane.. You must have professional or at least intermediate knowledge to trade on this platform.. Bitfinex is an exchange that doesn’t want to deal with newbies. That’s why they say you need at least $10,000 to open a membership.. On the other hand, let’s remind that Bitfinex also has a mobile application.
By Membership Systems
The only thing you need to open a Binance account is an e-mail account.. In this way, you can open an account at Level 1. This level gives you the ability to trade 2 BTC in 24 hours, which is already a big enough room to move.. For Level 2 verification, you need to share your identity and address information. This level allows you to trade 100 BTC in 24 hours.
The number one Bitcoin exchange Binance is changing its registration process!)
Bitfinex membership transactions are much more painful.. Membership approval takes 6 or 8 weeks. Bitfinex asks you for your identity information, phone number, full address and e-mail address in the first step of membership.. In addition, if you do not have 10,000 dollars in your account, it does not approve your membership transactions.
User Interface
Binance provides service with two separate interfaces, both basic and advanced.. The basic interface is roughly as follows:
Bitfinex, on the other hand, serves investors with a certain level of knowledge.. The Bitfinex interface is as follows:
We came to one of the most important parts of our Binance or Bitfinex comparison article: interruptions
By Deduction Amounts:
Binance transaction interruption fee at 0.1%. This rate is really low when compared to equivalent exchanges.. Moreover, if you agree to use BNB in your transactions, this deduction is reduced by 25%.. This rate was 50% in Binance’s first year. The second year is defined as 25% and will be reduced to 12.5% after one year and 6.25% after two years.
Free to deposit on Binance exchange. However, withdrawals are subject to different deduction rates for each cryptocurrency.
Bitfinex is between 0% and 0.1% for maker transactions, and 0.055% for taker transactions.
(Commission Fees of Top 10 Crypto Exchanges Including Binance and Bittrex)
Deposits on Bitfinex are not completely free. If your deposit is less than $1,000, you pay some deduction. Bank transfers charge a 0.1% commission fee, not less than 60 Dollars or Euros.
Bitfinex withdrawals are applied at different rates for each cryptocurrency.. Withdrawals made in fiat currencies are subject to a commission rate of 0.1%.. Bitfinex also punishes take-buy logic. So you bought cryptocurrency and didn’t trade for a long time.. If the money just sits in the wallet, Bitfinex charges you a commission in this case too.. If you have crypto money on this exchange, it wants you to activate it with continuous trading.
According to Security Policies:
Binance is known as a secure crypto exchange. No known hacks or serious security vulnerabilities so far. Individual attacks on Binance members do happen, of course, but the attacks on Binance itself have not been successful so far.
Binance runs a program called SAFU to protect customers’ funds in extraordinary situations.. For example, when the password of your account is changed (in case it is not within your knowledge), it freezes the withdrawals within 24 hours.. With the warning e-mail sent to you, you can freeze your account with one click and then get it back.. Binance also has a 2-factor authentication verification system.
Bitfinex last suffered an attack in 2016 that resulted in the theft of 120,000 BTC. The exchange managed to pay its customers losses in USD within 8 months.. The exchange, which updated its security systems after that day, is now defined as 99.5% safe.. Bitfinex, like Binance, has a validation system 2-factor authentication. If you say Binance or Bitfinex on this subject, both seem safe enough for now.
According to Customer Service:
The customer service provided by both Binance and Bitfinex is at a good level.. When you have a problem, you can get an application number from the HELP page and directly tell the customer service representative about your problem.
In conclusion:
Binance is a more preferred platform for Turkish users.. Since Binance does not allow fiat-crypto transactions, you first need to buy crypto money from one of the Turkish crypto exchanges and transfer it to your Binance account.. If the limited number of crypto money purchasing opportunities on Turkish exchanges are not enough for you, Binance’s 385 crypto money will meet your needs to a large extent.. Be sure to pay attention to the commissions for outsourcing cryptocurrencies in the Turkish crypto exchanges you use.. Look at which cryptocurrencies are subject to deductions at what rate and act accordingly.
Bitfinex is a better choice for professional users. Bitfinex also allows leveraged trading, unlike Binance. If you are confident with the leverage rate applied as 3.3 in BTCUSD parity, it is possible to earn more money per unit time.. Of course, this also involves more risk of loss.
Binance or Bitfinex, the decision is yours.
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