Latoken vs Binance | Why Binance Is Better For Trading & Fees
Jack Moreau
Apr 2024
7 min read
Fact checked
In this comparison article, we delve into the key differences between Latoken vs Binance. We have analysed various aspects including product features, supported countries, available cryptocurrencies, trading fees, deposit methods, and more. Keep reading and learn which exchange is the best fit for you!
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.
While Binance is a global exchange with a wide range of services and a massive user base, Latoken targets a more niche audience with its accessibility and user-friendly interface.
Binance was founded in 2017 by Changpeng Zhao (also known as CZ), is registered in the Cayman Islands as Binance Holdings Ltd.
Binance offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking, and its own smart chain.
It supports over 350 cryptocurrencies and numerous trading pairs, making it the most liquid exchange globally.
Binance has amassed a user base of over 150 million worldwide. The Binance Android app alone has been downloaded over 50 million times, demonstrating its popularity among users.
Similar to Binance, Latoken also has a separate list of restricted countries, including the United States, Turkey, and several others.
Latoken distinguishes itself through it's supports of over 800 cryptocurrencies and 1100 trading pairs, including popular assets like Bitcoin, Ethereum, Chainlink, Near, and Solana.
Despite being accessible without KYC requirements, Latoken is relatively small compared to Binance, with a user base of over 1 million.
latoken app
When comparing the two exchanges, Binance clearly stands out in terms of its size and global reach. It offers a more extensive range of services and has a larger selection of cryptocurrencies available for trading.
Latoken vs Binance KYC Requirements
Signing up for Latoken is quite simple. Users can choose to provide either their email or phone number and then select a password. Once they have entered the email activation code, their account will be created.
One thing to note is that for users who simply want to sign up, deposit cryptocurrencies, and begin trading spot on Latoken, KYC (Know Your Customer) verification is not obligatory. However, KYC is necessary for users who wish to increase their withdrawal limits or access additional features.
Latoken KYC tier 1
For users who opt for KYC verification, there are two tiers available. Tier 1 requires users to include their full name and phone number.
By completing this tier, users have their 24-hour withdrawal limit increased to $9,999, as well as access to high IEO (Initial Exchange Offering) limits.
And for those who desire even more benefits, Tier 2 verification must be completed. This tier includes providing additional information such as residence details, uploading a valid government ID, and taking a selfie. Users who pass Tier 2 verification gain access to a daily withdrawal limit of $100,000.
Binance offers a quick and efficient signup process as creating a Binance account takes less than a minute, and users can get started by simply providing an email and creating a password.
To unlock full account privileges and access to trading features, users must verify their account through a KYC process.
Binance KYC requirements
This verification process typically takes a few minutes to complete and requires that users submit all the required information such as full name, country of residence, address, and government-issued ID.
As such, the big difference here is that users can signup and trade on Latoken without KYC whereas on Binance, all users must pass KYC to begin trading.
Latoken vs Binance Crypto Products
Binance is a leading cryptocurrency exchange that offers a wide range of products and services to its users. One of the key features of Binance is its spot trading service which allows users to buy and sell a variety of cryptocurrencies.
Binance spot trading
The exchange also offers futures trading, where users can trade derivative contracts based on the price of cryptocurrencies. Binance provides margin trading, allowing users to trade with borrowed funds to amplify their potential profits.
Binance cryptocurrencies
In addition, Binance offers perpetual swaps which are derivative contracts that have no expiry date and options trading where users can buy and sell options contracts based on the price of cryptocurrencies.
Binance options
Binance also has its own NFT marketplace where users can buy, sell, and trade non-fungible tokens. The exchange also offers trading bots and copy trading, enabling users to automatically follow and copy the trades of successful traders.
Binance NFTs
For users who want to earn on their assets, Binance provides staking, lending, and different types of vaults, allowing users to earn interest on their cryptocurrencies. Binance also offers leveraged tokens, which are tokens that provide leveraged exposure to a specific cryptocurrency.
Binance earn
The exchange has its own web 3 wallet called Trust Wallet, allowing users to securely store and manage their cryptocurrencies.
In terms of user experience, Binance manages to offer a wide range of products without overwhelming the user. The website is well-designed and easy to navigate, making it suitable for both beginners and experienced traders.
Binance product offering
When it comes to liquidity, Binance is one of the best in the world, with daily spot trading volumes frequently exceeding $10 billion.
On the other hand, Latoken is an exchange that offers a wide range of over 800 cryptocurrencies for trading. Users can buy and sell these cryptocurrencies on the spot exchange or via card from third-party providers.
Latoken spot trading
Latoken offers multiple opportunities for users to earn on their digital assets through lending and borrowing, staking programs, and airdrops and giveaways.
Latoken dashboard
The exchange also has its own NFT marketplace, where users can buy and sell NFTs. Latoken also offers a native launchpad, where new token listings occur.
Latoken cryptocurrencies
In terms of trading volumes, Latoken frequently reaches trading volumes between $50-100 million, which is on the lower end compared to other exchanges. The user experience on Latoken is average, with a somewhat hastily put together interface that can be confusing for beginners.
When it comes to trading fees, Latoken and Binance are two popular cryptocurrency exchanges that cater to different types of traders.
First up, let's talk about Binance which charges a spot maker fee of 0.1% and a spot taker fee of 0.1%. For futures trading, the futures fees are 0.02% for makers and 0.04% for takers. These are very competitive trading fees.
Binance trading fees
What Binance stand out even more is its tiered fee structure. Trading fees on Binance can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
This means that high-volume traders and BNB token holders can enjoy even lower fees, which can significantly impact their trading costs.
On the other hand, Latoken charges a spot trading fee of 0.49% for both makers and takers for the majority of tokens listed on the exchange.
Latoken trading fees
This is a much steeper fee starting point than what Binance offers. Similar to Binance, Latoken also offers discounts for those trading above $10,000 during a 30-day period.
While Binance supports a wide range of fiat currencies for deposits, Latoken does not support any fiat currency deposits. Let's take a closer look at the deposit methods offered by each exchange.
Binance, being one of the largest cryptocurrency exchanges, supports a whopping 26 fiat currencies for deposits. These include USD, EUR, AUD, GBP, SEK, DKK, PLN, and many others.
This wide range of supported fiat currencies makes it convenient for users from different parts of the world to deposit funds on Binance.
To deposit fiat currencies on Binance, users have several options. They can choose to deposit funds via bank transfers using Swift, Signet, SEPA, or Faster Payments (FSP).
Additionally, fiat deposits are also possible with Visa, Mastercard, PayID, and Advacash. With so many options available, users can select the method that is most convenient for them.
Binance fiat deposits
For fiat currencies deposited with Visa and Mastercard, there is a 1.8% fee. Bank transfers via SEPA come with a 1 EUR fee. If users have an Advcash account, they can deposit with a 1.5% fee.
On the other hand, users on Latoken can only deposit cryptocurrencies to trade, or they have the option to buy Bitcoin, Ethereum, Tether USD, or Circle USD via credit/debit card through third-party providers that Latoken works with.
Latoken buy crypto with third parties
However, note that buying via these third-party providers comes with fees up to 10% commission, which is significantly higher compared to other exchanges.
Starting with Latoken, fiat currency withdrawals are not available on this exchange. Instead, Latoken focuses solely on cryptocurrency withdrawals. For Bitcoin withdrawals, Latoken charges a fee of 0.0005 BTC, while Ethereum withdrawals come with a fee of 0.014 ETH.
Solana withdrawals on the other hand incur a fee of 0.01 SOL while users wishing to withdraw ERC-20 Tether will have to pay a fee of $10 USDT.
Now let's turn our attention to Binance, which offers multiple methods for withdrawing fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance fiat withdrawals
Binance does charge a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard. For EUR withdrawals made with SEPA, there is a fixed fee of 1 EUR. Interestingly, bank withdrawals with many other fiat currencies are free of charge.
Moving on to the cryptocurrency withdrawal fees on Binance, Bitcoin withdrawals come with a fee of 0.0002 BTC, Ethereum withdrawals incur a fee of 0.000768 ETH, and Solana withdrawals have a fee of 0.008 SOL.
In conclusion, Binance clearly has the advantage in terms of offering the much more comprehensive exchange compared to Latoken.
With a massive user base, extensive services, and support for over 350 cryptocurrencies, Binance is the most liquid and widely used exchange globally.
Latoken targets a more niche audience with it's support for over 800 cryptocurrencies that contain a lot of shit coins!
One benefit that Latoken has over Binance is that users can signup with just an email and deposit cryptocurrencies in order to trade, without the need to KYC.
This is no longer possible on Binance that requires all of it's users pass KYC in order to begin trading.
While Binance offers more products than Latoken such as futures, perps and options, Latoken still offers features such as lending, borrowing, staking programs, and an NFT marketplace.
In terms of trading fees, Binance offers much more competitive fees than Latoken with 0.1% for makers and takers compared to 0.49% for Latoken.
Binance also offers a wider range of services including futures trading, while Latoken focuses solely on spot trading.
And for those that wish to deposit and withdraw fiat currencies, that is not possible on Latoken, only on Binance.
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.
