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Binance vs Bitfinex: A feature by feature comparison
We compare Binance and Bitfinex head to head to help you choose the best crypto exchange for your trading needs.
Binance and Bitfinex are two of the world’s most popular cryptocurrency exchanges, regularly featuring among the top 10 platforms in terms of 24-hour trade volume.
Both platforms offer competitive fees and allow you to buy and sell dozens of digital currencies, so check out the head-to-head comparison below to decide whether Binance or Bitfinex is the right exchange for you.
At a glance: Binance vs Bitfinex
The full breakdown
|Supports fiat currencies?|
|Range of supported cryptocurrencies?||Large – more than 100||Medium to large – more than 70|
|Customer support||Online help centre, email, social media||Online help centre, email, social media|
|Ease of use||Intermediate||Intermediate to advanced|
|User interface||Slightly confusing for beginners||Better suited to people with some experience trading crypto|
|Set-up for new users||New users must provide:||New users must provide:|
To make a fiat deposit you will also need to provide:
|Supported countries||Global||Global (with some exceptions, such as the US)|
Bottom line: Should you use Binance or Bitfinex?
The answer to this question will vary according to your trading needs. For example, if you want an exchange that supports both fiat-to-crypto and crypto-to-crypto trading, you may choose Bitfinex. However, if you’re looking for the exchange that offers access to the widest range of digital currencies, Binance will be your best bet.
The important thing to remember before choosing any exchange is to do your own research. Compare deposit methods, supported currencies, fees, security level, customer support and other features before deciding which crypto exchange is the perfect fit for your trading needs.
Thinking of using Binance?
- Provides a platform where you can buy and sell more than 100 digital currencies
- Competitive trading fees of 0.1%
- Further discounts available for Binance Coin holders
- You don’t have to provide your personal details or proof of ID to register
- Mobile trading app also available
- You can’t buy crypto using fiat currency
- User interface is a little overwhelming for beginners
- Some mixed reviews of customer support experience
- A relatively new exchange compared to some other platforms
Thinking of using Bitfinex?
- Allows you to buy and sell a wide range of digital currencies
- Fiat-to-crypto and crypto-to-crypto trading available
- Leverage trading of up to 3.3:1 available
- Mobile trading app available
- Reasonably competitive trading fees
- If you’re a high-volume trader, you can access discounted fees
What are the cons of using Bitfinex?
- Has been hacked in the past
- User interface isn’t particularly beginner-friendly
- Must deposit account equity of US$10,000 before you can place a trade
- Better suited to advanced traders, so new crypto buyers may need to consider other platforms
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