Are you a cryptocurrency enthusiastic? Do you want to trade with digital coins? Are you confused between Binance and Bitfinex to trade your digital currency? If you are an active trader then you must aware of both exchanges because all the two secured position in top 10 cryptocurrency exchanges for their trading volume. But there are still more facts which differentiate them from each other. If you want to go for the one and feeling complexity to choose the best exchange then you are in the right place. Here in Binance vs Bitfinex, I will figure out their key differences which will assist you to find out the best exchange according to your requirements.
- 1 Binance vs Bitfinex: Basic information
- 2 Binance vs Bitfinex: Key differences
- 3 Final verdict: Should you use Binance or Bitfinex?
Binance vs Bitfinex: Basic information
Before going further you must have a basic knowledge of both exchanges. Binance was introduced in 2017 and Bitfinex was founded in 2012. Via Binance you can buy and deposit only cryptocurrencies whereas Bitfinex allows you to deposit fiat currencies and cheap cryptocurrencies. Both exchanges give you great customer support and security also.
Binance vs Bitfinex: Key differences
Now its time to throw a light over their dissimilarities which will help you to get the best exchange. So take a look below to be familiar with their differences.
Binance vs Bitfinex: Funding ways
Binance is a typical Cryptocurrency exchange and it doesn’t support any fiat currency. Bitcoin, Ethereum, Tether, Binance coin are the coins with which you can trade on Binance but it enables to deposit any other supported cryptocurrencies. On the other hand, Bitfinex allows you to fund your account via bank transfers. Bitfinex supports Euro, Yen, Pound sterling and Dollar. You can also make your funding with cryptocurrencies on Bitfinex exchange.
Binance vs Bitfinex: User interface
User interfaced is the most considerable aspect when we look for any exchange. Binance gives you two interfaces basic and advanced. When compared all the two then advanced comes with more tools which are very beneficial for the technical analysis. All the two interfaces contain common charts and figures. Now take a look at the interface of Bitfinex, contain more complex interface when compared with Binance. But you can’t deny its advanced trading techniques.
Binance vs Bitfinex: Trading Charges
One of the most confirming factor before switching for any exchange is the trading fees they charge. When things come in terms of trading fees then no one can compete the Binance exchange as it offers you the lowest fees. It charges 0.10% of every trade and if you make payments with Binance coins then it will reduce by half.
Bitfinex charges the trading fees on the basis of trading history. There is a variation in its fees as it charges 0.10% to 0.20%. It is higher when compared with Binance but lower than other platforms.
Binance vs Bitfinex: available digital currencies
Both exchanges support Bitcoin, Litecoin, Bitcoin cash, Ethereum, Dash and many more. But Binance supports more cryptocurrencies than Bitfinex. Binance supports 100+ cryptocurrency and Bitfinex supports 70+ cryptocurrency. There is a visible difference in the number of digital assets.
Binance vs Bitfinex: Company trust
Trust is the topmost requirement before going for any exchange. When taking a sight on both then Binance is most trusted platform than Bitfinex. Binance is known for its transparency and there are some lacks of visibility in Bitfinex.
Binance vs Bitfinex: Security
When you trade via any exchange it is quite crucial that how secure your funds are? In terms of security, both exchanges perform well as they give you proper fund security. In Bitfinex only 0.5% funds remain online and rest remain safe in cold wallets. Although there is no proper outline of security on Binance exchange it is quite secure.
Binance vs Bitfinex: Customer Support
Customer support is another important factor which is necessary for every trading exchange. Binance and Bitfinex both give you great customer support and their team is always ready to help you.
Final verdict: Should you use Binance or Bitfinex?
Finally, its time to get the exact answer of your query whether you should switch for Binance or you should stick with Bitfinex. But there is a variation in the answer and all depends on your trading requirements. For instance, if you are looking for that type of exchange which supports al the two trading Fiat to crypto and crypto to crypto then Bitfinex is the best option for you. On the other hand, if you are searching for that platform which gives access to the wide range of cryptocurrencies then Binance will be perfect for you.
One more thing do your own research before choosing any trading exchange. Compare all the crucial aspects of both exchanges and go for which suits all your trading needs. Still, any query regarding Binance vs Bitfinex then comments below and if you have ever trade with any of them then share your experiences with us. For latest crypto updates stay connected.