Abra vs Binance | Here's Why Binance Is The Clear Winner
Jack Moreau
Apr 2024
8 min read
Fact checked
Abra vs Binance: In this comprehensive comparison, we have analysed Abra and Binance across various factors to help you in determining the superior exchange. Our evaluation includes aspects such as KYC verification requirements, supported countries, range of products, trading fees and much more!
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.
As one of the largest and most popular trading platforms, Binance offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking, earning products, and its own blockchain BSC.
Binance supports over 350 cryptocurrencies and is one of the most liquid exchange in the world. It has over 120 million users worldwide with the Binance Android app alone being downloaded over 50 million times.
Binance app
On the other hand, Abra was founded in 2014 by Bill Barhydt and is registered in the Philippines as Plutus Technologies Philippines Corporation. Abra has its headquarters in Mountain View, has over 200 employees and operates in 130 countries.
Abra exchange
It offers a mobile app that provides users with the ability to buy, sell, and hold over 100 cryptocurrencies. Abra is available in different regions including the Philippines and provides services to users in a user-friendly and accessible way.
In short, Binance has a larger user base and supports a greater number of cryptocurrencies compared to Abra. Additionally, Binance offers more advanced features such as futures trading, staking, and earning products.
On the other hand, Abra focuses on simplicity and accessibility for users, particularly in regions like the Philippines.
Abra vs Binance KYC Requirements
When it comes to signing up for Abra and Binance, there are a few differences in the process and KYC requirements.
Creating an account on Binance is a breeze which takes less than a minute to complete. However, to unlock full account privileges, users must go through a verification process.
Binance KYC Requirements
This involves submitting the necessary information and documents for KYC verification such as country of residence, address, and a government ID.
The verification process on Binance typically takes around 15 minutes but in some cases, it can take up to 1-2 business days.
On the other hand, signing up for Abra requires downloading the Abra app and entering your name, email, and phone number. Once this is done, you need to write down the recovery phrase.
KYC is also required on Abra which means that users have to go through an identity verification process in order to use the services.
The KYC process on Abra involves providing personal details including uploading a government ID, which is then processed by Jumio. This process can take anywhere from 2 to 4 days to complete.
Abra vs Binance Crypto Products
Abra is a mobile app-based cryptocurrency exchange that offers a limited range of services. Users can purchase cryptocurrencies, participate in lending and borrowing activities and earn rewards from staking.
Abra earn
The user experience on Abra is average as the app can be a bit buggy and lacks some features found on other exchanges.
On the other hand, Binance is a leading cryptocurrency exchange that provides a wide range of trading services. It offers spot trading, futures trading, margin trading, perpetual swaps, and options trading.
Binance spot trading
Binance allows users to settle contracts either perpetually or on a quarterly basis, using various cryptocurrencies as collateral. In addition to trading services, Binance also offers other features such as trading bots, copy trading and leveraged tokens.
Binance futures contracts
Similar to Abra, Binance also offer it's users the opportunity to earn on assets through staking, lending, and vaults.
Binance earn
Binance of course has also developed its own NFT marketplace, aquired a Web 3 wallet in Trust Wallet and has also launched it's popular Binance Smart Chain.
When comparing user experience, Binance provides a good experience considering the wide range of products offered. The interface is designed to avoid overwhelming users and allows for easy navigation.
Binance interface
On the other hand, Abra's app can be buggy at times and lacks some features found on more comprehensive exchanges.
In terms of spot trading volume, Binance has one of the best liquidity pools in the world often exceeding $10 billion in daily trading volume. Abra has a more limited trading volume which results in lower liquidity and higher spreads.
Binance crypto markets
For those that want to trade using leverage, Binance offers up to 125X leverage on futures trading and up to 5X leverage on margin trading. Abra does not provide any leveraged trading options.
Binance options trading
Overall, while Abra offers a simple and limited range of services, Binance provides a comprehensive suite of trading options and additional features.
Binance's wide range of products, high liquidity, and leverage options make it a popular choice among both beginner and professional traders.
Let's move on and take a closer look at Abra's and Binance's fee structures and see how they compare.
First, let's talk about Binance trading fees. This exchange charges a spot maker fee of 0.10% and a spot taker fee of 0.10%. When it comes to futures trading, Binance offers a maker fee of 0.02% and a taker fee of 0.04%. These fees are on par with the best major exchanges in the industry.
Binance trading fees
What sets Binance apart is that traders have the option for even lower trading fees If monthly trading volumes exceed $1 million or if they hold at least 25 BNB tokens.
Now, let's turn our attention to Abra. Unlike Binance, Abra does not offer spot, futures, or margin trading. Instead, it focuses on providing a simple and user-friendly platform for buying and selling cryptocurrencies.
While this may seem limiting to some traders, it also means that Abra can keep its fee structure straightforward by taking a spread between trades. This spread can be up to 1-2% of each trade which is much higher than what Binance charges.
Starting with Abra, this platform supports the deposit of two fiat currencies which are USD and PHP (Philippine Peso).
In terms of deposit methods, Abra allows users to deposit funds through ACH bank transfers, bank wire transfers, and Visa/Mastercard payments via MoonPay.
ACH bank transfers are free of charge providing a convenient and cost-effective option for users to deposit funds into their Abra accounts.
However, it's worth noting that MoonPay charges a fee for Visa/Mastercard transactions. For purchases below $141, there is a fee of $4.99 plus 3.5%, and for purchases above that amount, the fee increases to 7%.
On the other hand, Binance supports a wide range of fiat currencies, including USD, EUR, AUD, GBP, SEK, DKK, PLN and many others, totaling 26 fiat currencies.
Binance fiat deposit
Users can make deposits through bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Additionally, fiat deposits can also be made with Visa, Mastercard, PayID, and Advacash.
Deposits made with Visa and Mastercard incur a 1.8% fee while bank transfers via SEPA have a fixed fee of 1 EUR. Users with an Advcash account can deposit funds with a 1.5% fee. Binance as such supports a wider range of fiat currencies and offers more deposit methods than Abra.
Abra allows users to withdraw fiat currency via US or PH bank transfers. The best part is that these bank withdrawals are completely free of charge.
Abra understands the importance of easy access to funds and ensures that users can efficiently transfer their money without incurring any additional fees.
On the other hand, Binance offers a wide range of withdrawal methods for fiat currencies. Users can withdraw USD via SWIFT transfers, EUR via SEPA transfers, and GBP via Faster Payments (FSP).
Binance aims to provide convenience to its users by supporting multiple fiat withdrawal options, making it easier for them to convert their cryptocurrency holdings into traditional money.
Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and Mastercard. For EUR withdrawals via SEPA transfers, there is a fixed fee of 1 EUR.
On the bright side, Binance offers free bank withdrawals with many other fiat currencies, making it an attractive choice for users who want to minimize withdrawal costs.
In terms of cryptocurrency withdrawals, Binance supports popular digital assets like Bitcoin (BTC) and Ethereum (ETH).
The withdrawal fees for these cryptocurrencies are relatively low, with a fee of 0.0002 BTC for Bitcoin and 0.000768 ETH for Ethereum.
Binance also supports Solana (SOL) and USDT (ERC-20), with withdrawal fees of 0.008 SOL and 4 USDT respectively.
In conclusion, Binance has a larger user base and supports a greater number of cryptocurrencies compared to Abra.
It also offers more advanced features such as spot and futures trading, staking and earning products, NFTs, web 3 wallet and much more.
On the other hand, Abra focuses on simplicity and accessibility for users in regions like the Philippines.
When it comes to the user experience, Binance provides a comprehensive suite of trading options and additional features, making it a popular choice among both beginner and professional traders.
In terms of trading fees, Binance offers competitive maker and taker fees for both spot and futures trading while Abra provides a more expensive fee structure centered around high cost spreads.
In terms of deposits and withdrawals, once more Binance is much more well rounded than Abra by offering more fiat and cryptocurrencies and lower costs.
The choice between Abra and Binance depends on individual trading needs, preferences, and priorities. Binance caters to beginners, traders and investors looking for more cryptocurrencies and features and lower costs.
Abra which can't compete against Binance appeals to users seeking simplicity, accessibility, and an easier to use trading experience.
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.
