What are the differences between Binance and Bitpanda? If you consider each of these two crypto trading platforms individually then Binance, in particular, does not need much of an introduction.
On the other hand, Bitpanda is a bit less known and it is comparatively smaller than Binance in terms of exposure to crypto coins.
There are also lots of other differences between these two platforms which are listed in this article. If you know these differences it will be much easier for you when you have to make a choice between them.
Though Bitpanda lags behind Binance by a significant margin, it is their ambition and intention to provide better services to the users that has helped it to be so successful.
This is a name to consider seriously because it has got all the potential to grow exponentially in the future. Check out Differences Between Binance and BitMEX.
However, only time will tell how much this leading European neo broker will be able to accomplish its goal to democratize investing which by itself is a very complex world.
Binance, or Binance.com as you may know, offers the users a wide range of crypto coins to trade with and make payments in different payment methods according to the convenience of the users.
Recently, it has included margin trading as well along with more than one hundred Altcoins for the users to trade with up to 10 times margin.
Now, it is time to find out how Bitpanda fairs in comparison to this most liquid crypto exchange in the crypto industry.
9 Differences Between Binance and Bitpanda
Ideally, both these crypto platforms, Binance and Bitpanda, allow the users to build their financial future but each of it does so on their own terms.
Bitpanda, for example, allows the users to trade 24/7 with low fees and real-time settlement.
Binance, on the other hand, happens to offer a larger trading volume being the largest and most commonly used crypto exchange in the world that supports hundreds of crypto coins.
Right from their respective locations to the features, there are lots of such differences between these two crypto exchanges and that is what you should know to make an informed and educated choice.
Here are some of the major differences between Bitpanda and Binance for you to know in detail.
1. Basic Information
The Binance crypto exchange was initially launched in China but later on its headquarter was shifted to Malta which is more crypto friendly. You can trade more than 150 crypto coins on this platform which is the largest in the industry, and the list is growing every day.
This popular crypto exchange has its own native coin called Binance Coin and is represented as BNB. This coin can be used for trading as well as for paying the fees for transactions which will reduce it significantly.
Binance is typically a crypto to crypto exchange that has become the top crypto platform in the world making the best use of the crypto craze that the world witnessed in 2017.
Bitpanda, on the other hand, is a crypto exchange platform that offers easy services to the users who want to step into the crypto world for the first time.
This platform is also known to be a good and reliable platform that offers digital currency investing service and allows its users to purchase crypto using fiat currencies such as USD, EUR, GBP, and CHF.
Launched in 2014, this particular crypto exchange however supports fewer crypto coins for purchase. However, this platform is quite transparent and does not hide any information regarding its team, licensing and more.
This raises the trust quotient in the users. It has more than a million users visiting their official website and trade through this platform daily. It offers its services in three different languages such as English, French and German apart from others.
Ideally, Bitpanda is a crypto exchange that focuses mainly on buying and selling Bitcoins. Though it offers its services all over the world, the special focus of the platform is on the Euro zone in particular.
The trading volume of Binance is quite low in comparison to Bitpanda. Considering the stats it is literally almost one-fourth of it.
However, the platform offers more than six hundred trading pairs for its users to trade with and it also allows margin trading and fiat trading, thereby offering its users with more trading opportunities.
However, Bitpanda, on the other hand, offers only a handful of trading pairs for its users to trade on the platform though the trading volume is much higher than Binance. And, this platform also does not support margin trading or fiat trading.
The trading fee charged by Binance is standard for all types of trades. It is usually 0.1% but it can be reduced further by 25% if you pay the fees in BNB, the native token of the platform.
Moreover, since last year the Binance platform has allowed its users to buy crypto with fiat currency using the Simplex service and the orders are executed through its daughter company Binance Jersey.
The fees charged for this service is usually 3.5% of the transaction with the minimum being $10 flat.
On the other hand, the fee charged by Bitpanda for buying and trading Bitcoin is 1.49% whereas for selling them they will charge a fee of 1.29%.
However, there is one thing to note here which is that these fees charged by the platform are included in the price in real time already. This means that this particular crypto exchange is not as open and transparent as the other crypto exchanges.
However, if you use your credit card or the SOFORT payment gateway to buy Bitcoin on Bitpanda the fees charged for it will be 2%. For using Skrill there will be an additional fee of up to 3.77% and for Neteller it is a bit lesser than Skrill.
If you want to buy Bitcoin on Bitpanda at the cheapest rate you can use a voucher or Giropay. As an additional service Bitpanda also started its Bitpanda Global Exchange.
Here you can make crypto to crypto trades and the trading fees involved in it will be one of the lowest fees in the crypto industry standing at 0.1% maker and taker fees.
If your 30-day trading volume is favorable enough, this fee can get reduced even further. And if you use the native coin of Bitpanda, BEST, to make the payment you will get an extra discount of 25% on the trading fees.
4. Purchase and Withdrawal Limits
The daily limit of buying crypto with fiat on the Binance platform is $20,000 for every user but in a month the user is allowed to purchase a maximum of up to $50,000.
On the other hand, if you purchase crypto with crypto there are no buying limits imposed for it by the platform. However, when it comes to withdrawing the limit is just 2 BTC if your account is unverified. But, if your account passes the KYC verification process this limit will be removed.
As for Bitpanda, the purchase limits imposed are mainly dependent on the mode of payment used as well as the type of your account – verified or light verified.
If your account is light verified, you can make a deposit or withdraw from the exchange any amount by using your credit card or Zimpler. However, if you want to make payments through bank transfer the daily limit of making a deposit is up to 50k Euros and that for withdrawal is 500k Euros.
On the other hand, if your account is duly and successfully verified the daily deposit limit by using NETELLER and Skrill is 10,000 Euros and the same is 2,500 Euros if you use a credit card, Zimpler, and iDEAL and none of these limits can be increased any further.
And, as for SEPA deposits, the daily limit is up to 49,999 Euros.
5. Methods to Deposit and Withdraw
On the Binance exchange, you can make deposits and withdrawals in any of the hundreds of crypto coins supported by this platform. While making withdrawals you will simply have to mention the address on the blockchain of the particular coin.
You can also buy crypto using fiat as said earlier through the third-party partner, Simplex. This service provider is also responsible for processing the credit card payments made, if any.
On the other hand, for Bitpanda, the verified account holders can make a deposit in fiat money into their Euro Wallet in lots of different ways such as through SEPA, iDEAL, SOFORT, GIROPAY/EPS, NETELLER, Skrill, Visa, Zimpler, and Mastercard.
On the other hand, if you have a USD Wallet and your account is verified you can make your deposits with Visa, Skrill, and Mastercard. You can also redeem the Bitpanda To Go vouchers directly for cryptocurrencies.
As for the withdrawals, the Euro users can do so via SEPA, Skrill, amazon.de, and NETELLER and the USD users can only use Skrill.
6. Countries Supported
The Binance platform can be accessed from most of the countries across the globe but it is not accessible by the US residents and China. This is due to the inability of this platform to meet with the regulatory standards of the United States and because cryptocurrency has been banned in China.
That is why the company launched an entirely new platform Binance US for the US residents. This particular platform is however accessible to the residents of 43 states out of 50 in the United States.
The traders residing in Idaho, Louisiana, Connecticut, Hawaii, Texas, New York, and Vermont cannot access Binance US.
On the other hand, Bitpanda is a global crypto exchange that can be used by people to make crypto to crypto trades. Users from as many as 54 countries can also use this platform to make fiat deposits to the Bitpanda global exchange in Euros directly.
The countries where Bitpanda is accessible include the entire European Union along with Norway, Iceland, Liechtenstein, Switzerland, Monaco, Australia, Argentina, Brazil, Canada, Egypt, Colombia, Georgia, Israel, Hong Kong, Jamaica, Japan, Mexico, Malaysia, Philippines, Singapore, Peru, South Africa, Taiwan, South Korea, and Tunisia.
The list does not include the USA and China due to regulatory reasons.
7. Supported Coins
The Binance exchange is known to support the highest number of crypto coins. The list seems to be ever-growing with new names added to it and includes BNB, DOGE, USDT, ADA, XRP, ETH, LTC, LINK and more than hundred other crypto coins by using your credit card easily and safely.
In comparison, the offering of Bitpanda is also growing in terms of coin support every month. As of now, the platform supports some of the major crypto coins that includes and is not limited to Bitcoin, Ethereum, DASH, Litecoin, XRP, EOS, ADA, BCH, IOTA, BAT, Lisk, Tron, LINK, Waves, Cosmos, Tezos, ZCASH, ETC, NEO, XLM, Augur, OMG, 0x, PAN, and the native coin of the platform BEST.
8. Customer Support
The customer support service of Binance is pretty good and reliable as compared to that of its peers. It is provided in seven different languages including English.
You can use their customer support section to place your request or query which will be answered within one working day. Though they do not have a dedicated phone support, you can always use their live chat support option if you need help within their usual working hours.
However, you may not need any help if you go through the FAQ section of the Binance website which is quite detailed and includes everything that you may need an answer to.
In comparison, the customer support service of Bitpanda is based mainly on emails but it is very much according to the industry standards. The queries are cleared with exceptional speed and efficiency.
However, there is still room for improvement in this specific type of customer support. They are also very active on the social media channels as well as reliable rating sites such as Trustpilot.com and therefore you will always get a quick response from them whenever you need it.
They also have a helpdesk that offers comprehensive support to the users with loads of FAQs and answers.
9. Other Differences
Here are some other differences that will help you to make the right choice in the end.
The Binance exchange was founded in 2017 whereas Bitpanda has been around in the market for a longer period of time being launched in 2014 with its head office located in Austria.
The Binance platform was hacked several times in the past in which it lost personal data and information of more than 60000 users and money worth $40 million within two years after its launch.
However, now the platform has an upgraded security feature for which it has been awarded information security accreditation by the International Organization for Standardization.
Bitpanda, on the other hand, has never been hacked primarily due to its strict Anti-Money Laundering and Know Your Customer verification.
All the crypto assets are stored in a cold storage to ensure safety of funds and additional security to the accounts is provided through the two-factor authentication.
Binance is an ever-growing platform with newer and better features added to it frequently. Some of the latest features included in the platform are OTO options for traders and margin trading.
Bitpanda also keeps on adding new services but they mainly emulate major crypto exchanges such as Coinbase but it does not support margin trading, as of now.
Which is Better – Binance or Bitpanda?
When it comes to choosing which among Bitpanda and Binance is better, you will need to consider several factors such as their respective characteristics, trading features and fees, safety and security aspects, and even their social media presence.
Simply judging the two by their ratings found in several review sites will be an unwise move.
In addition to the differences between the two exchanges, you should also consider the time during which they have been active in the crypto market.
This is important because crypto exchanges that are older tend to be more reliable and have a better reputation than those that are new.
In that aspect, Bitpanda should be your first choice.
Ideally, Binance is a good choice for its specific traits such as an easy to use interface and platform, good support provided, low fees charged and an exceptionally long coin listings offered.
In comparison, Bitpanda is a suitable platform to go for if you want to have a robust security and trade at very low fees.
This platform will also offer you a wide variety of payment options. The website is neat, modern and fully functional making it a good one for the beginners in the crypto space as well.
Therefore, all in all, the entire thing can be summarized as below:
- In terms of fees, Bitpanda is quite cheap when it comes to purchasing crypto for fiat as compared to Binance.
- In terms of currencies supported, Binance is the clear winner.
- In terms of licensing and regulatory compliance, Bitpanda is better than Binance since it is regulated by the Austrian financial authorities officially.
- In terms of deposit and withdrawal methods, Bitpanda offers a lot of different methods.
- In terms of reputation, Bitpanda is again the winner since it has never been hacked.
- In terms of trading features, Binance is definitely the winner due to its feature-packed dashboard.
However, the final choice should be eventually made according to your needs and the situation.
If you do not know the differences between Bitpanda and Binance crypto exchanges it will be a bit difficult for you to choose the right platform for your crypto needs. But, not anymore. This article has surely helped you do that easily.