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.

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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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

At a glance: Binance vs Bitfinex

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

271
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

168
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
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The full breakdown

Compare some of the key features of Binance and Bitfinex. Information correct as of 05/01/2021.

Binance
Bitfinex
LocationDistributedHong Kong
Supports fiat currencies?
  • USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more
  • USD, EUR, GBP, JPY
Range of supported cryptocurrencies?271 cryptocurrencies168 cryptocurrencies
Customer support24/7 online support, online help centre,

email, social media

Online help centre, email, social media
Ease of useIntermediate
  • Offers both fiat-to-crypto and crypto-to-crypto trading
  • Can toggle between beginner and advanced interfaces
  • Has a learning hub and good customer support
Intermediate to advanced
  • Offers both fiat-to-crypto and crypto-to-crypto trading
  • Range of advanced trading options available
  • Interface will take a while for new users to get used to
User interfaceFeature-rich which may be confusing at first,

but beginner options are available

Better suited to people with some experience trading crypto
Set-up for new usersNew users must provide:
  • Email address

To deposit fiat you will need to verify your identity.

  • Documents vary depending on location
  • May require creating an account with Etana Custody
New users must provide:
  • Email address

To make a fiat deposit you will also need to provide:

  • Your country of residence
  • Your telephone number
  • Your residential address
  • Two forms of government-issued ID
  • A bank statement
  • Proof of address
  • A signed declaration
Supported countriesGlobal (with some exceptions, such as the US)Global (with some exceptions, such as the US)
Learn more


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 with a wide range of cryptocurrencies and fiat support, then you may want to look further at Binance. However, if you are an experienced trader looking for an advanced interface and deep liquidity on a smaller range of coins, then Bitfinex may be more suited to your needs.

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?

What are the pros of using Binance?
  • Provides a platform where you can buy and sell more than 250 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
What are the cons of using Binance?
  • The feature-rich interface may be confusing at first
  • Some mixed reviews of customer support experience
  • Some fiat deposits require the use of a third-party service

Thinking of using Bitfinex?

What are the pros of using Bitfinex?
  • Allows you to buy and sell over 150 cryptocurrencies
  • One of the few exchanges to offer Chinese Yuan (CNH) deposits and trading
  • Leverage trading of up to 5:1 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
  • Basic accounts have access to margin and lending
  • Better suited to advanced traders, so new crypto buyers may need to consider other platforms


Keen to consider alternatives? Check out our comparison of over 50+ cryptocurrency exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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