Bitso vs Binance 2024: Which One Is For You !!

Confused between Bitso and Binance on which one to use?

Don’t worry; I gotcha.

Bitso and Binance are among the most trending crypto trading exchanges in the market, and choosing the best among them is very complex.

And that is why I have come up with the most sensible and most straightforward comparison of these exchanges that will help you choose the best crypto exchange that would fit your trading needs.

So let’s begin by understanding why these exchanges are so popular.

Bitso vs Binance: At A Glance Comparison

Starting with Bitso, a pioneering Mexican crypto trading exchange that was introduced in 2014 with its headquarters in Mexico. It is the first exchange to offer crypto trading in Mexican Pesos.

There are more than 6 million users worldwide using the Bitso exchange as well as the multi-currency wallet.

On the other hand, Binance Futures is a well-known crypto day trading exchange that started its operations in 2017.

It is one of the fastest-growing exchanges, with more than 120 million users globally. It offers tons of features with some additional crypto-related services like crypto loans, DeFi staking, liquidity farming and more.

Now, let’s see what trading markets, products, and leverage these exchanges offer.

Bitso vs Binance: Trading Markets, Products & Leverage Offered

Bitso

Starting with Bitso again, there is a wide range of products available, which are:

• Spot Trading: Offers a wide range of crypto assets which includes BTC, XRP, DOGE, and TRX.
• Leverage Trading: Enjoy up to 25x leverage.
• Crypto Staking: Earn a 2% annualised rate on your USD stablecoins with Bitso+. Start staking with just 0.01 USD instantly.

Binance

• Spot Trading: Includes all your favourite ones like BTC, ETH, SOL, XRP and many more.
• Leverage Trading: Take advantage of the maximum leverage of up to 20x.
• P2P Trading: Trade TetherUS (USDT) with the lowest transaction fees of <0.10% for all markets and 700 payment methods.
• Futures Trading: For futures trading, you can choose from:

1. Coin-M Futures: Perpetual or quarterly futures contracts settled in crypto coins.
2. USD-M Futures: Perpetual or quarterly futures contracts settled in USDT or BUSD.

• Binance Earn: Enjoy flexible DeFi staking with up to 6.38% and an additional 1.5% APR.

Verdict: Binance undoubtedly has a more more comprehensive range of crypto trading products and leverage making it the winner in this segment.

Bitso vs Binance: Supported Cryptocurrencies

Bitso

On Bitso, there are more than 48 crypto assets available on the platform, seamlessly integrating with all the order types and products; you can have a look at them by clicking here.

Binance

In contrast, Binance has an extensive list of crypto assets, counting to more than a whopping 350 of them. You can have an in detail view of all of them by clicking here.

Verdict: Binance is the clear winner in this segment, offering way more crypto assets to choose from.

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

Now, let’s get to the most awaited topic: how much it will cost you when you trade on these exchanges. Let’s begin with Bitso.

Bitso-Trading Fees

The trading fees on Bitso follow a maker/taker fee model where in, for the maker, it starts from 0% all the way to 0.5%, depending on your trading volume.

The fee model depends on the asset you settle your trades in; for instance, let’s take the example of Market/BTC.

Deposit and Withdrawal Fees

When it comes to deposit and withdrawal methods, the fee again varies depending on your chosen asset. Deposit crypto assets are free.

However, there are fees charged on withdrawals; I have listed some of the most famous crypto assets below.

Binance-Trading Fees

Now, let’s discuss how much trading on Binance costs.

Holding BNB tokens in your account will give you discounts of a flat 25% on the fees; however, the standard fee for trading is 0.1%. Therefore, if you have a high trading volume holding BNB tokens, it would benefit you.

Deposit and Withdrawal Fees

There are no deposit fees charged on Binance; however, when you withdraw crypto, the fee charged on them is dynamic and depends on the market’s status.

Verdict: Binance has a more affordable fee structure, and there are no deposit fees on the platform, making it a clear winner in this segment.

Bitso vs Binance: Order Types

Bitso

Coming to order types, Bitso has a lot to offer.

• Market Order
• Limit Order
• Stop-Limit Order

Advanced Order Types:

• Good Till Cancelled
• Fill or Kill
• Immediate or Cancel
• Post Only

Binance

• Limit Order
• Market Order
• Stop Limit Order

Advanced Order Types:

• Stop Market Order
• Trailing Stop Order
• Post Only Order
• Time Weighted Average Price (TWAP)

Verdict: Both exchanges offer a wide variety of standard and advanced order types; therefore, it’s a tie between them in this segment.

Bitso vs Binance: KYC Requirements & KYC Limits

Bitso

On Bitso, you can create an account just with your email and contact details. However, your trading limits are restricted if your account doesn’t comply with KYC requirements. There are 3 levels of KYC on the exchange, which are as follows:

• LEVEL 1: Trading limit of $32,000 in 30 days

Requirements:

Verification of your cellphone number.

• LEVEL 2: Trading limit of $480,000 in 30 days

Requirements:

Official identification

Proof of residence

Traded at least 5,000 pesos

Funded account via SPEI

• LEVEL 3: Unlimited trading

Requirements:

The signed service contract posted to Bitso

Occupation/origin of funds

Binance

On the other hand, Binance mandates KYC requirements; as soon as you open your account, in order to trade, your account needs to be KYC compliant. The documents you can use to be verified are:

• Driver’s license or Government issued ID.
• Passport
• Social Security Number
• PAN Card
• Voter ID Card

There are 3 levels of verification levels on which your trading limits are capped. These are:

• Basic: $300 Lifetime Buy Crypto & Fiat Deposits/Withdrawal Limit and Max. 0.06 BTC withdrawal limit.

Requirements:

Personal information

• Intermediate: $50,000 Daily Buy Crypto & Fiat Deposits/Withdrawal Limit, Max. 100 BTC withdrawal limit and P2P/OTC/Binance Card Perks.

Requirements:

Basic Information

Government ID

Facial Verification

• Advanced: $200,000 Daily Buy Crypto & Fiat Deposits/Withdrawal Limit, No BTC withdrawal limit, and P2P/OTC/Binance Card Perks.

Requirements:

All intermediate requirements

Proof of address

10 days review time

Now, let’s discuss what are the deposit and withdrawal options offered on these platforms.

Bitso vs Binance: Deposits & Withdrawal Options

Let’s see how you can transfer funds to and from your account.

Bitso

• Bitso Transfers: To transfer USD or MXN.
• Direct Transfers: Direct crypto transfers from existing wallets.
• International Bank Wire Transfers

Binance

• Credit/Debit Cards
• P2P Trading
• Direct Transfers

Bitso vs Binance: Trading & Platform Experience Comparison

Bitso

Bitso offers a user friendly trading interface; the wallet supports a wide range of fiat currencies. The interface is also available in the mobile platform with an equally powerful trading engine.

The exchange offers precise and realtime charting updates with all the trading tools available at your fingertips.

Binance

Binance offers a wide range of advanced trading tools which includes:

• Order Book
• Recent Order
• TradingView
• Easy-to-use order menu
• Multiple Order types with advanced orders
• Easy-to-use mobile app

Binance is known for its trading capabilities and professional trading engines.

Bitso vs Binance: Customer Support

Bitso

Coming to customer support, Bitso is well known for its comprehensive help centre. You can raise a support ticket and live chat with an in detail guide, video tutorials and an extensive FAQ section.

Most of your questions can be solved by going through the FAQ sections; if it doesn’t, you can anytime chat with the support team, who are available 24×7.

Binance

Similarly, Binance is one of the most trusted crypto trading exchanges and among the most important reasons behind that is its support team. It also has a live chat support available 24×7, and you can also email them directly for any of your queries.

You can also contact them via Twitter, and the platform also offers an extensive FAQ section to help you learn to use the tools available on it.

Bitso vs Binance: Security Features

Now I will tell you about what security features these exchanges have to offer.

Bitso

Starting with Bitso, complies with the KYC and AML regulations.

It offers multi factor authentication readily on the platform with multi signature wallets. The exchange also offers PGP public key to protect and encrypt emails from the exchange.

Binance

Coming to Binance, it is nowhere behind when it comes to security. The platform offers all of the industry’s best security features that, include:

• Real-Time Monitoring
• Secure Cold Storage
• Multi-Factor Authentication
• Organisational Security
• Regular Audits
• Advanced-Data Encryption

Is Bitso a Safe & Legal To Use?

Coming to the legality, legitimacy and safety of this exchange. Bitso is undoubtedly a safe platform with top-notch security features and regulations in place.

Bitso not only provides a safe and storage of your crypto funds but also has a superior customer support in case you need help figuring out something.

I want you to know that its safety and legitimacy are the core reason why I am telling you about it.

Is Binance a Safe & Legal To Use?

Similarly, Binance is a well-known name in the cryptosphere, with zero histories of hacks or security breaches on the platform.

The exchange complies with all the security standards and state of security features to ensure a secure and safe ecosystem for high-volume trading.

The cold storage integration and FDIC insurance make it truly an unbeatable crypto exchange platform.

Binance vs Bitso Conclusion: Why not use both?

Both Binance and Bitso are one of the best crypto exchanges in the cryptosphere.

But if you are a beginner in the cryptosphere looking for an exchange to learn and experiment with, then Bitso will be the best choice for you. Its user-friendly interface and wide range of tools will help you learn trading in depth.

On the other hand, Binance will be the best choice for traders who are looking for an advanced trading platform. Other than that, if you want to use Binance in the US, they offer a designated crypto exchange.

So go ahead, check out these exemplary exchanges and start your trading journey today.

Here is How Binance and Bitso Compares To Other Crypto Exchanges

• Binance vs StormGain
• Binance vs Bitkub
• Binance vs Bitrue
• Binance vs KuCoin
• Binance vs Luno
• Binance vs UniSwap

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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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