Digital Surge vs Binance | Cheapest Exchange For Trading?
Jack Moreau
Feb 2024
7 min read
Fact checked
Digital Surge vs Binance: In this comprehensive comparison, we dive into the key features and offerings of both cryptocurrency exchanges. From user experience to security measures, trading fees to available cryptocurrencies, we assess every important aspect to help you make an informed decision!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Digital Surge and Binance differ significantly in terms of their scale, services, and reach.
Binance which was founded in 2017 by Changpeng Zhao is one of the largest and most popular trading platforms in the world. It is registered in the Cayman Islands as Binance Holdings Ltd and has over 6,400 employees.
Binance exchange
Binance is available in 186 countries but is restricted in the United States, Ontario, Iran, and Syria. The exchange offers a solid suite of trading services that includes spot trading, perpetuals and futures trading, staking and earn products, and its own blockchain called Binance Smart Chain.
Binance supports more than 350 cryptocurrencies, numerous trading pairs like BTC, USDT, USDC, and BUSD and has the most liquid exchange in the world.
With more than 120 million users worldwide, the Binance Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Binance app
On the other hand we have Digital Surge which is a smaller cryptocurrency exchange founded in 2017 by John Lehman and Dan Rutter. It is registered and based in Brisbane, Australia, and has just over 20 employees.
Digital Surge exchange
Unlike Binance, Digital Surge is only available to citizens of Australia and New Zealand. The exchange focuses on providing an easy-to-use platform for Australians to buy, sell, and trade over 300 cryptocurrencies and NFTs.
With an emphasis on simplicity, security, and customer support, Digital Surge aims to offer a simple trading experience for beginners. While the exact number of users is not provided, it is estimated to have less than 50,000 users. The Digital Surge app is available on Android and iOS and has over 5,000 downloads.
Digital Surge app
As such, Binance is a global powerhouse in the cryptocurrency exchange industry while Digital Surge is much smaller in scale and limited to the Australian and New Zealand markets.
Digital Surge vs Binance KYC Requirements
When it comes to signing up for cryptocurrency exchanges, each platform has its own unique process and requirements.
Digital Surge offers a smooth and fast signup process as all you need is an email and password to open an account. However, if you plan on buying and selling cryptocurrencies on Digital Surge, you'll need to pass their KYC process.
This means providing an Australian phone number, personal information, and a valid government ID. Once you've submitted these documents, you can expect to get verified within 5-10 minutes, assuming all the information is accurate.
On the other hand, Binance's signup process is even quicker. Creating a Binance account takes less than a minute. However, to unlock full account privileges, users must also verify their account through the KYC process.
This involves submitting all the required information and documents for verification such as your full name, country of residence, address, and government ID.
While the verification process can take as little as 15 minutes, it can sometimes take Binance up to a business day or two to complete approval.
Digital Surge vs Binance Crypto Products
Digital Surge is a cryptocurrency exchange that offers a basic range of trading services. The platform allows users to buy, sell, and swap over 300 cryptocurrencies including Bitcoin, Ethereum, USDT, BNB, USDC, and XRP.
It also offers recurring buys for dollar-cost averaging and price alerts to keep users updated on market trends. Additionally, Digital Surge has its own NFT marketplace where users can list, buy, sell, and trade NFTs.
The exchange provides a user-friendly experience with a well-designed website that is easy to navigate, making it simple for beginners to get started with cryptocurrency trading.
However, the lack of advanced trading features and a limited product range may not be suitable for experienced traders or investors looking for a wider range of services.
On the other hand, Binance is a leading cryptocurrency exchange that offers a comprehensive range of products and services. It provides spot trading, futures trading, margin trading, perpetual swaps, and options trading.
Users can settle contracts either perpetually or on a quarterly basis using various cryptocurrencies such as USDT, BUSD, or other cryptocurrencies. Binance also offers trading bots and copy trading, allowing users to automate their trading strategies or follow and copy the trades of successful traders.
The exchange provides leverage tokens, staking, lending, and different types of vaults for users who want to earn on their assets. Binance also features its own NFT marketplace and a Web 3 wallet called Trust Wallet.
The user experience on Binance is considered to be quite good, considering the wide range of products on offer. The platform manages to offer these products without overwhelming the user and provides a beginner-friendly interface.
In terms of liquidity, Binance has one of the best in the world, with daily spot trading volumes frequently exceeding $10 billion. The exchange offers a maximum leverage of up to 125X on futures and margin trading is available with up to 5X leverage using various cryptocurrencies as collateral.
So while Digital Surge focuses on providing basic spot trading and swap services with a user-friendly interface, Binance offers a much wider range of products and services.
When it comes to trading fees, let's take a closer look at each exchange's fees and see how they compare.
Digital Surge charges a high 0.5% transaction fee on each trade, regardless of the trading volume. While there are no discounts for high volume trading, it's worth noting that everyone pays the same fee. With a transparent fee structure, Digital Surge ensures that traders understand the costs involved in their transactions.
On the other hand, Binance offers a tiered fee structure. For spot trading, Binance charges a maker fee of 0.1% and a taker fee of 0.10%. These fees can be further reduced if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
This provides an opportunity for active traders to benefit from lower fees by increasing their trading volumes or holding BNB tokens. In terms of futures trading, the maker fee on Binance is 0.02% and the taker fee is 0.04%. These fees can also be lowered by meeting certain criteria, such as reaching high monthly trade volumes.
So whether you're an active trader with high trading volumes or just want to invest in cryptocurrencies, Binance offers much lower fees than Digital Surge.
When it comes to deposit methods, both Digital Surge and Binance offer a variety of options for their users.
Digital Surge as an Australian-based exchange only supports fiat deposits for AUD. Users can easily deposit funds into their Digital Surge accounts using two main methods: PayID (bank transfer) and POLi.
With PayID, users can deposit money in as little as 60 seconds, and the best part is that it's completely free. This is a convenient option for those who want to quickly add funds to their Digital Surge account.
On the other hand, POLi deposits on Digital Surge have a limit of $8k per day and come with a small transaction fee. While there is a fee involved, POLi is a trusted and widely used payment method in Australia, offering a secure way to transfer funds.
Moving on to Binance, they support a wide range of fiat currencies, including USD, EUR, AUD, GBP, and many others. Binance offers several deposit methods to cater to the needs of different users.
One of the options is bank transfers via various channels such as Swift, Signet, SEPA, and Faster Payments (FSP). This allows users to transfer funds directly from their bank accounts to their Binance accounts, providing a secure and convenient way to deposit fiat currencies.
In addition to bank transfers, Binance also supports fiat deposits through Visa, Mastercard, PayID, and Advacash. This means that users can deposit funds using their Visa or Mastercard credit/debit cards, PayID (commonly used in Australia), or Advacash accounts.
Deposits made with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA come with a 1 EUR fee. If users have an Advcash account, they can deposit funds with a 1.5% fee.
In summary, Digital Surge and Binance both offer convenient deposit methods for their users. Digital Surge focuses on AUD deposits while Binance supports a wide range of over 20 fiat currencies.
In regards to withdrawal methods and fees, Digital Surge allows users to withdraw AUD through two different methods.
The first method is NPP/Osko withdrawals, which provide a quick and hassle-free way to withdraw funds. The second method is through a normal bank transfer process. Users can choose the method that suits their needs best.
Furthermore, the minimum withdrawal amount is $20, and there are no withdrawal fees associated with withdrawing AUD from Digital Surge.
When it comes to withdrawing cryptocurrencies from Digital Surge, users will encounter some fees. For Bitcoin withdrawals, there is a fee of 0.0002 BTC. Ethereum withdrawals come with a fee of 0.006 ETH.
If you're looking to withdraw Solana, it will cost you 0.01 SOL. Lastly, if you want to withdraw ERC-20 Tether, a fee of $7 USDT will be applied.
Moving on to Binance, this exchange offers multiple withdrawal methods for fiat currencies. If you wish to withdraw USD, you can do so via SWIFT.
For EUR withdrawals, SEPA is the available method. GBP withdrawals, on the other hand, can be done through Faster Payments (FSP).
Binance also offers free bank withdrawals with many other fiat currencies, giving users a wide range of options.It's essential to note that Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard.
However, if you choose to withdraw EUR through SEPA, there is a fixed withdrawal fee of 1 EUR. Overall, Binance provides users with various options for withdrawing their fiat currencies.In terms of cryptocurrency withdrawals, Binance imposes specific fees depending on the digital asset.
For Bitcoin withdrawals, the fee is 0.0002 BTC. Ethereum withdrawals come with a fee of 0.000768 ETH, while Solana withdrawals have a fee of 0.008 SOL. For USDT (ERC-20) withdrawals, a fee of 0.008 SOL applies.
Digital Surge vs Binance: Is Digital Surge better than Binance?
In conclusion, Binance and Digital Surge cater to different audiences and offer distinct services.
Binance has the advantage when it comes to scale, services, and global reach with over 6,400 employees, availability in 186 countries, and a comprehensive suite of trading and financial services.
Binance supports over 350 cryptocurrencies which is more than what is available on Digital Surge but also offers much better liquidity overall.
Binance also offers advanced features such as futures trading, margin trading, and trading bots which are not available on Digital Surge.
Digital Surge is a smaller exchange focused on providing a user-friendly platform for Australians and New Zealanders. It has a limited offering of over 300 cryptocurrencies and NFTs and aims to provide an easy to use experience for beginners.
In terms of trading fees, Digital Surge charges a fixed transaction fee of 0.5% on each trade while Binance offers much lower maker and taker fees of only 0.1%.
When it comes to deposit and withdrawal methods, Digital Surge only supports AUD while Binance supports over 20 fiat currencies.
Overall, Binance has the advantage in terms of product range, cryptocurrencies, lower trading fees, more fiat currencies and more options overall!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
