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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.
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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.
At a glance: Binance vs Bitfinex
The full breakdown
Compare some of the key features of Binance and Bitfinex. Information correct as of 05/01/2021.
|Supports fiat currencies?|
|Range of supported cryptocurrencies?||371 cryptocurrencies||196 cryptocurrencies|
|Customer support||24/7 online support, online help centre,|
email, social media
|Online help centre, email, social media|
|Ease of use||Intermediate||Intermediate to advanced|
|User interface||Feature-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 users||New users must provide:|
To deposit fiat you will need to verify your identity.
|New users must provide:|
To make a fiat deposit you will also need to provide:
|Supported countries||Global (with some exceptions, such as the US)||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 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?
- 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
- 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?
- 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
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