Bitfinex vs Binance 2024: Pros & Cons Compared !?

Bitfinex and Binance are two of the top day trading crypto exchanges available out there. Both exchanges allow you to trade in spot, futures, and other markets and have lucrative trading fees.

But as a trader, choosing one exchange between Bitfinex vs Binance can be really confusing. Hence, to help you choose one, I am going to compare both exchanges at various key factors below.

So let’s deep dive into the Bitfinex and Binance comparison right away:

Bitfinex vs Binance: At A Glance Comparison

Bitfinex is one of the oldest crypto exchanges out there. The exchange was established in 2012, and it allows you to trade in spot and futures markets.

The interesting part of the exchange is that it allows you to trade in different fiat currencies, such as USD, EUR, JPY, and GBP, alongside stablecoins.

Apart from trading, Bitfinex also offers its services in crypto borrowing, lending, and staking.

Binance is known as the largest crypto exchange by trading volume. The exchange is used by millions of users worldwide, and it was established in 2018.

Binance works as a one-stop solution for everything crypto. This means you can use the exchange for trading in spot, margin or futures.

Along with that, you can also use crypto loans, strategy trading, crypto options, and more.

Bitfinex vs Binance: Trading Markets, Products & Leverage Offered

Let’s start the comparison by looking at the market offerings from both exchanges:

Bitfinex

• Spot Trading in USD, GBP, JPY & EUR
• Margin Funding
• Perpetual derivatives contracts with up to 100x leverage

Binance

• Spot Trading
• Spot Margin Trading with leverage between 5x to 10x
• USDT-M Futures with leverage up to 125x
• USDC-M Futures with leverage up to 125x
• Coin-M Futures with leverage up to 125x
• Copy Trading

Verdict: As Binance offers more market types and higher leverage than Bitfinex – it is the winner for this section.

Bitfinex vs Binance: Supported Cryptocurrencies

Binance

Binance Futures has over 500+ crypto tokens and trading pairs across futures and spot markets.

Also, being the largest crypto exchange, it is at the forefront of launching new crypt tokens from time to time. On the exchange, you can find tokens such as:

• BTC
• ETH
• USDT
• USDC
• XRP
• ADA
• DOGE

Bitfinex

Bitfinex is also not behind in terms of supported tokens. As an estimation, you can trade over 270+ crypto tokens and trading pairs on the exchange.

It has a mix of the majorly traded tokens as well as new crypto tokens. Some of the listed tokens on Bitfinex are:

• BTC
• CHSB
• XRD
• MATIC
• AXS
• HMT
• SHIB

Verdict: Binance supports 500+ trading pairs compared to Bitfinex 270+ trading pairs. Hence, Binance is the clear winner.

Bitfinex vs Binance: Trading Fee & Deposit/Withdrawal Fee Compared

As a trader, you must make sure to go with an exchange with the lowest trading fee. So you can save more on your profit and control your losses.

Bitfinex Spot Trading Fee

Bitfinex spot trading fees can be really confusing as it charges you a different trading fees for different trading pairs. For instance, crypto-to-crypto and crypto-to-fiat trading would incur different charges.

Additionally, it also offers you a discount only on taker fees for holding a certain amount of LEO tokens. However, here is what the regular fee looks like:

Bitfinex Derivatives Trading Fees

For derivatives trading, it follows the same maker and taker fees model and offers a discount to the LEO holders.

• Maker Fees: 0.200%
• Taker Fees: 0.0650%

Bitfinex Deposits & Withdrawal fees

There are absolutely zero fees on depositing crypto, stablecoin, and securities on Bitfinex. But if you are depositing fiat currencies, then it will be subjected to deposit fees.

Bitfinex charges you a fee of 0.100% for a Bank wire transfer, and you need to deposit a minimum of 60 USD/EUR. For GBP/EUR transactions, there is a 0.5% charge.

Coming to the withdrawals, for most crypto token withdrawals, there are no fees. But for certain crypto tokens, there is.

Along with that, if you are withdrawing USD/EUR, then it will be subjected 0.100% fee, and a minimum 60 USD balance is required.

For EUR/GBP transactions, there is a 0.5% charge, and for Express bank wire transactions, there is a 0.100% charge for the transfer amount.

Also, there is no P2P trading. So you cannot really enjoy free deposits and withdrawals on the exchange.

Binance Spot Trading Fee

Binance offers you one of the lowest trading fees in the market. It follows a tiered fee model. So the higher your 30 days trading volume is, the lesser your trading fee will be.

On top of that, it offers you a 25% BNB discount if you choose a BNB token to pay your trading fees. So the regular and discount spot trading fee stands at:

Binance Futures Trading Fee

You get to see a similar tiered fee structure with a 10% BNB discount applicable for USDT and BUSD perpetual contracts.

Binance Deposit & Withdrawal Fees

When it comes to depositing crypto tokens, Binance doesn’t charge you any fee. But for crypto token withdrawals, you have to pay certain fees which vary from one token to another.

Coming fiat deposits and withdrawals will be subjected to a transaction depending on what payment method you have selected. However, there is no mention of the applicable charges.

Luckily, with Binance, you are getting P2P trading. So you can use it for free deposits and withdrawals.

Verdict: Binance has the lowest trading fee compared to Bitfinex, and it is the winner for this section. Plus, Binance offers you the room for you to avail heavy discounts in the long run.

Bitfinex vs Binance: Order Types

Bitfinex

• Limit
• Market
• Stop
• Stop limit
• Trailing stop
• Fill or kill
• Immediate or cancel
• Interactive book
• Scaled

Binance

• Limit
• Market
• Stop Limit
• Stop Market
• Trailing Stop
• Post Only
• TWAP

Verdict: Bitfinex is the clear winner when it comes to order types. The exchange has more types of orders than Binance. But on both exchanges, you will find many similar order types. So unless you are looking for something specific, order types won’t make much difference.

Bitfinex vs Binance: KYC Requirements & KYC Limits

Bitfinex

Bitfinex requires you to complete your user verification before you can trade on the exchange.

Without verifying your account, you are not allowed to deposit funds in any way. Also, it has different KYC levels with different deposit and withdrawal limits.

KYC Limits

• Basic Plus: Deposits and withdrawal of digital assets, trading, OTC trading, public pulses etc.
• Intermediate: Derivatives trading, Unus Sed LEO Trading, faster deposits, SEPA transfers, Margin trading & funding etc.
• Full: Bank Wires

Binance

On Binance, it is mandatory to complete identity verification. Without KYC, you cannot deposit, withdraw, or trade. Also, it has different levels of KYC with different deposit and withdrawal limits.

KYC Limits

Binance has three different KYC limits, these are:

• Verified:  It will give you a daily fiat limit of 50K USD.
• Verified Plus: It will give you a daily fiat Limit of 2M USD.
• Verified Plus (2): It will give you an unlimited Fiat Transactions limit.

Verdict: Binance is the winner for this section. Although, both exchanges require KYC verification. But Binance allows you to trade in all the market types with just the basic verification.

Bitfinex vs Binance: Deposits & Withdrawal Options

Bitfinex

• Method 1: Deposit or withdraw cryptocurrency from another crypto wallet or exchange.
• Method 2: Use bank transfer and credit/debit cards to deposit fiat currencies like EUR, CNH, GBP, USD etc.
• Method 3: Deposit or withdraw tether tokens like USDt, EURt, CNHt, XAUt etc.

Binance

• Method 1: Deposit or withdraw cryptocurrency from another crypto wallet or exchange.
• Method 2: Use bank transfer and credit/debit cards to deposit fiat currencies.
• Method 3: Use P2P trading to deposit or withdraw funds using your local payment methods.

Verdict: Overall, I find Binance’s deposit and withdrawal methods much more convenient and easy. Hence, it is the winner for this section.

Bitfinex vs Binance: Trading & Platform Experience Comparison

Bitfinex

• Technical chart by TradingView
• Easy to use order form
• Multiple order types
• Perpetual swaps window
• Trading pair details
• Positions, orders & order history

To know more about the exchange, you can check how to trade crypto futures on Bitfinex guide.

Binance

• Multiple technical chart options, including TradingView
• Pair details
• Order book
• Easy-to-use order form
• Trade history, open orders, PnL records
• User-friendly mobile app

Verdict: Both exchanges have pretty much the same trading platform with the same features. But Binance is still a better choice as the trading platform is much more organized and comes with an advanced mobile trading app.

Bitfinex vs Binance: Customer Support

Bitfinex

You can contact the Bitfinex support team using its live chat option. Alternatively, you can also raise a support ticket if you want to get support through email. However, the exchange does not offer support through its social media profiles like Twitter.

Binance

Binance support can also be reached in the same way. You can use its live chat option to get help instantly. Also, you have the option to reach out to them via email. Or you can use Twitter to contact Binance support.

Verdict: Binance offers multiple ways to contact its, support team. Also, they do have a quicker response time. Hence, Binance wins this exchange.

Bitfinex vs Binance: Security Features

Bitfinex

• Two Factor Authentication
• Monitor withdrawals by IP
• Custom withdrawal check
• Withdrawal address whitelist
• Email encryption

Binance

• Two Factor Authentication
• Passkeys and Biometrics
• Withdrawal Whitelist
• Anti-Phishing Code
• Device Management

Verdict: Both exchanges have similar security features. Hence, it is a tie between Bitfinex and Binance.

Is Bitfinex Safe & Legal To Use?

Bitfinex is one of the safe platforms to trade crypto. It has several security features and keeps its user’s funds in cold storage.

So both users’ data and funds can be protected. Also, the exchange has made KYC a mandatory process for enhanced security. The exchange also performs end-to-end auditing.

Is Binance Safe & Legal To Use?

Binance is the safest cryptocurrency exchange. The exchange has implemented high-end security measures and uses offline storage to keep users’ data and funds protected.

Also, the exchange is compiled with many jurisdictions around the globe, and it doesn’t have any history of hacks at all.

Bitfinex vs Binance Conclusion: Why not use both?

Binance is the best exchange for futures trading out there and the winner for this comparison.

The exchange offers you more market types, higher leverage, lower trading fees, and an easier KYC process compared to Bitfinex.

But Bitfinex is also a solid crypto trading platform.

The exchange is also great for derivatives and margin trading and is most suitable for advanced crypto traders.

Check out how Bitfinex & Binance gets compared to other similar exchanges:

• Bitfinex vs Kraken
• Bitfinex vs Coinbase
• Bitfinex vs Bittrex
• Binance vs Phemex
• Binance vs PrimeXBT
• Binance vs WhiteBIT

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Nayan Roy

Nayan is a crypto and gadget enthusiast who likes to cover topics related to Tech, Startups, Crypto, Gaming, Windows, and other interesting areas. But when he is not working, you can find him playing games or watch random videos on YouTube.

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