Revolut vs Binance | Best Place To Buy & Sell Crypto?
Jack Moreau
Feb 2024
9 min read
Fact checked
Looking for the perfect crypto exchange? Look no further than our comparison of Revolut vs Binance. We've analyzed everything from fees and deposit methods to product offerings and KYC requirements. Read on to find out which exchange is right 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.
Revolut and Binance are two very different exchanges with their own unique features and offerings.
Revolut is a neobank that was founded in 2015 and has since grown to over 7,000 employees. Available in over 60 countries, Revolut is known for its innovative approach to banking and extensive array of features.
Revolut crypto
The exchange supports over 100 cryptocurrencies, making it a popular choice for crypto enthusiasts. With an estimated user base of over 25 million worldwide, Revolut is a major player in the banking and crypto world.
Binance is available in 186 countries but is restricted in others such as the United States, Canada, UK, China, Iran, and Syria. The exchange supports over 350 cryptocurrencies and numerous trading pairs, making it the most liquid exchange in the world.
With over 120 million users worldwide and the Binance Android app downloaded over 50 million times, Binance is a go-to exchange for many crypto traders.
Binance app
In short, Revolut is a neobank that also offers traditional banking services such as currency exchange and savings accounts.
Binance, on the other hand, is solely focused on cryptocurrency trading. Both exchanges have their own strengths and are popular among crypto enthusiasts.
Revolut vs Binance Signup & KYC
When it comes to signing up for a Revolut account, the process is fairly simple. All users need to do is download the app and follow the instructions provided.
Creating a Revolut account takes just a few minutes, and users can start using their account as soon as they have been verified through KYC.
The KYC verification process on Revolut typically takes between 5-10 minutes, up to a few hours in some cases.
On the other hand, creating a Binance account is even quicker and can take less than a minute. However, in order to access all the features of Binance, users must verify their account through KYC.
This process involves submitting personal information and documents such as country of residence, address and government ID.
Binance KYC
The KYC verification process on Binance can take as little as 15 minutes, but in some cases, it may take up to 2-3 business days.
Overall, both Revolut and Binance require KYC verification to use their services while the signup process on Revolut takes longer as users are essentially opening a new bank account.
Revolut vs Binance Products & Services
Revolut is a fintech bank that offers users simple banking with features such as multi-currency acounts, money transfers, debit cards, saving vaults and cryptocurrencies.
In terms of cryptocurrencies, Revolut account holders can buy and sell over 100 cryptocurrencies via the app.
Revolut cryptocurrencies
Revolut also offers staking rewards for 4 cryptocurrencies in Dot, XTZ, ETH and ADA. And for total beginners, Revolut also offers learn and earn where users can learn about cryptocurrencies and earn tokens.
Users can also use their spare change to buy cryptocurrencies or buy items in the real world with cryptocurrencies in their wallet.
Revolut spare crypto vaults
As the world's largest cryptocurrency exchange, Binance stands at the forefront of the digital finance revolution with an impressive user base of over 150 million.
The platform is engineered to cater to a diverse range of users, from beginners dipping their toes into crypto trading to seasoned traders and large institutional clients.
Central to its appeal is the user-friendly interface, both on the website and mobile applications, designed to simplify navigation and make the world of cryptocurrencies accessible to everyone.
The cornerstone of Binance's offerings is its expansive spot trading platform which supports the trading of over 350 cryptocurrencies.
This vast selection includes popular names like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and stablecoins such as USDT and USDC, among many others.
Binance spot trading
For those looking to leverage their trades, Binance offers margin trading with leverage ranging from 3X to 10X, depending on the cryptocurrency.
Understanding the evolving needs of its users, Binance also provides a rich selection of automated trading bots, with thousands of active strategies available.
Binance Trading Bots
These bots, covering approaches from spot trading to Dollar-Cost Averaging (DCA), auto-investing, and portfolio rebalancing, are particularly useful for beginners seeking to navigate the trading landscape with more ease and efficiency.
For the more advanced trader, Binance offers futures trading with products like perpetual contracts and options, offering up to 125X leverage.
The platform includes hundreds of USD-Margined futures contracts, ideal for those who prefer to mitigate the volatility of cryptocurrencies by settling trades in stablecoins.
Binance Perpetual Contracts
Conversely, Binance also caters to those seeking to leverage the volatility of cryptocurrencies with hundreds of coin-margined futures contracts, available in both perpetual and delivery forms.
The options trading platform at Binance is another noteworthy feature, incorporating built-in leverage to enable traders to hedge their portfolios.
With over 700 contracts across five underlying assets, including BTC, ETH, BNB, XRP, and DOGE, traders have a broad range of options at their disposal.
Binance Options Contracts
Binance’s trading platform also features advanced charting tools for detailed technical analysis, various order types for effective risk management, and high liquidity.
Binance offers the highest liquidity across both spot and futures trading with over $60 billion in 24-hour trading volume, ensuring that large trades can be executed seamlessly.
Binance Volumes & Liquidity
Beyond trading, Binance offers a suite of financial products for those looking to earn interest on their digital assets.
The Binance Earn platform is a comprehensive hub where users can participate in staking, savings, and liquidity farming, earning interest on various assets with the option of flexible or fixed durations.
Binance Earn
For those inclined towards more speculative investments, Binance provides early access to new token projects through the Binance Launchpad.
Additionally, the platform meets the growing interest in the NFT market with a dedicated section for buying and selling NFTs on major blockchains like Bitcoin, Ethereum, and BNB.
Binance NFTs
In terms of transactional services, Binance offers OTC Trading for individuals and institutions looking to execute larger transactions in a private, secure manner without affecting the market.
Binance OTC
Binance’s innovation extends to the development of its blockchain, the Binance Smart Chain, a place for developers to create DeFi applications and users to engage with non-custodial wallets.
Binance Smart Chain (BSC)
Supplementing this is the acquisition of Trust Wallet, a versatile Web 3 wallet, continuously enhanced to offer a range of features, including in-wallet trading and earning.
Binance Web 3 Wallet
Security is paramount at Binance, demonstrated through initiatives like the Secure Asset Fund for Users (SAFU), an emergency insurance fund, and the implementation of proof of reserves, ensuring clients can verify the full accounting of their assets.
This is 20X higher than Binance's spot maker fee of 0.1% and spot taker fee of 0.10%. And for those that wish to trade futures, Binance charges a maker fee of 0.02% and 0.04% for takers.
Binance also offers lower trading fees for those with monthly trade volumes exceeding $1 million or holding at least 25 BNB tokens.
Binance spot fees
In comparison, Revolut does not offer any discounts for high volume traders and everyone pays the same fee. When it comes to trading fees, it's clear that Binance is the big winner in this matchup.
When it comes to depositing funds on cryptocurrency exchanges, there are a variety of options available depending on the exchange. Let's take a look at how Revolut and Binance compares.
Starting with Revolut, it's important to note that they aren't your typical cryptocurrency exchange. Revolut is actually a bank, which means that users can simply use the funds they already have in their account to buy cryptocurrencies.
This can be a convenient option for users, but it's worth noting again that the fees are very high.
On the other hand, Binance is a traditional cryptocurrency exchange that supports 26 different fiat currencies including USD, EUR, AUD, GBP, and many others. Fiat deposits on Binance can be made via bank transfer or with a credit or debit card.
Binance fiat deposits
They also support other methods such as PayID and Advacash. When it comes to deposit fees, Binance charges a 1.8% fee for deposits made with Visa or Mastercard. Bank transfers via SEPA come with a 1 EUR fee, while those with an Advcash account can deposit with a 1.5% fee.
Revolut offers users the ability to withdraw cryptocurrencies from the app, but with a catch. They charge a network fee plus a service fee on top, which is added by Revolut.
Unfortunately, the service fee depends on the amount being withdrawn, leading to higher fees than traditional crypto exchanges.
On the other hand, Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance fiat withdrawal
They do charge a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, but offer a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies.
In summary, Revolut and Binance are two very different exchanges with their own unique offerings. Revolut is a neobank that offers traditional banking services as well as cryptocurrency trading, with over 100 supported cryptocurrencies.
Binance, on the other hand, is solely focused on cryptocurrency trading and supports over 350 cryptocurrencies and is one of the most liquid exchange in the world.
Both exchanges require KYC verification for their users, with Revolut's process generally taking longer than Binance's.
When it comes to trading fees, Binance is the clear winner with lower spot fees of only 0.1% with the addition for discounts for high volume traders.
Revolut charges a steep fee of 1.99% transaction fee for buying and selling cryptocurrencies, regardless of monthly trade volumes or token holdings.
This is 20 times higher than what Binance charges which means that Binance is easily the preferred options for users that want to save money on fees.
In terms of deposit methods, Revolut allows users to use their existing funds to buy cryptocurrencies, but with high fees.
Binance supports a wide range of over 20 fiat currencies for deposits and offers multiple deposit methods, with fees varying depending on the method used.
Overall, the main strenght of Revolut is that existing users can buy and sell cryptocurrencies without leaving the app or signing up to another exchange.
The downside is that the fees are super high, they can only buy a limited range of cryptocurrencies, and the product range is limited. For those that want to avoid those downsides, Binance provides a compelling solution.
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.
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